Context

In an ever-changing environment, NatWest’s annual Student Living Index offers a snapshot of what it is like to be a student at university. Running now for over a decade, the index has ranked the UK’s most affordable university cities into a single list, providing school leavers, parents and existing students with valuable insights. It was expanded in 2024, enabling it to include a large sample, encompass 32 student towns and cities and ask 40 questions.

The Student Living Index is defined as average monthly living and accommodation costs divided by average monthly income (excluding student loans).

The study

NatWest commissioned Red Brick’s survey panel to collect data which would provide an understanding of university city differences, motivations and expectations, and costs of university life for the 2023-24 academic year. The survey was undertaken in April and May 2024, and achieved a sample of 6,186 students living in the UK.

The survey explored all aspects of university life, including:

• time spent studying on campus and at home
• life away from lectures and text books
• what students were spending their money on
• how they were earning money.

Key findings

Some figures have been rounded for the purposes of this summary.

• Overall ranking: Belfast ranked highest on the index for 2024, followed by Bath and Derby.
• Finances: Students spent an average of 46 hours per month in part-time work, an increase compared with 2023. Parents and family contributed a large share of students’ monthly incomes, at an average of £505, more than for 2023 (when it was measured at £321). 52% had run out of cash before term ended. The average monthly cost of household bills was £158, also an increase compared with 2023. Rents had risen above inflation.
• Social lives: 61% had nights in without alcohol at least once a fortnight, the most popular social activity. The costs of takeaways, nights out, coffee on campus and a meal out were all also higher than for 2023. The average cost of a student pint of beer was £4.17. The average time spent on hobbies each month was 71 hours, compared with 41 hours for 2023.

Points to consider

Methodological strengths or limitations

• Few details about the survey methodology are provided, and the report makes no claims about the likely representativeness of the sample to the population of university students. As such, the findings for 2024, and the comparisons to previous years, should be treated with caution.
• No reference is made in the report to statistical significance testing of differences.

Applicability

• The report should be of interest to school-leavers and their parents who are making choices about higher education options.
• The report should also be of interest to existing students and administrators, welfare officers and other staff at universities who wish to understand the student perspective and potentially improve it for their institution.