Jun 1 2006
School leavers underestimate the cost of university living by some £110 million, according to the latest research.
Figures from the Royal Bank of Scotland (RBS) found students expecting to graduate in 2006 underestimate the cost of accommodation by £47 million and the cost of living by £63 million.
Sixth-formers were asked to consider what they will spend whilst at university on a range of items from rent to books and supermarket food shopping to going out and then the amount was compared with actual undergraduate spending.
Of the 15 popular UK universities researched by the bank, the cost of studying at Aberdeen was underestimated the most by new graduates.
The average Aberdeen applicant estimates that they will spend a potential £2,519.90 each term on rent and living expenses, but the research revealed students studying in Aberdeen actually spend a potential £3,180.50 - a deficit of £660.50 per term.
Other universities with high deficits from underestimations included Birmingham, Cardiff, Cambridge and Bristol.
RBS offers the Student Royalties Account with an £2,500 interest free overdraft and two per cent gross credit interest, and an Instant Access Savings account.
"RBS is one of very few banks to allow sixth-formers to open their student account early - as soon as they have a conditional or unconditional offer of a university place," said Paul Jeffrey, head of student banking at RBS.
"This means that students can sort out their finances in good time and concentrate on planning for university life with one less thing to think about when term starts in September."
Barclays is another bank that offers good options for students and parents to save and invest for the future, for more information click on our free brochures page.
