Young people about to start university this autumn may already be worried about running up credit card debt and other financial problems, but new research has found student finances will be stretched even further.
Abbey, having studied students’ shopping baskets and prices on Tesco.com, found inflation has pushed annual food bills up by £127.40 in one year.
Students were asked which food products they bought weekly were on the Office of National Statistics Consumer Price Index – the tool used to calculate inflation.
The results found the ten most popular items for students, such as bread, dairy products and cereals, had all been “seriously affected” by increased prices recently.
Banking director Steve Shore said: “Inflation is eating into student spending power at an incredible rate and for those heading off to university this year the increased cost of basic goods is likely to come as a nasty surprise.”
Students are reminded that debt help is available and products such as a consolidation loan may be useful in the future.
Also in finance news, Newcastle Building Society found students are risking burglary and has urged them to take basic security measures such as locking windows and doors.
By Morwenna Kearns