According to Lloyds TSB, a student embarking on a three-year course can expect to face an average living cost of Â£16,146, while those in London are even worse off with an average standing at Â£20,358.
Marcus Banks, of Lloyds TSB student banking, commented: “Students are expected to go from having no experience of managing their money and no debt whatsoever to having to deal with multiple bills and escalating expenses.
“To help students prepare for this burden, parents should take time to talk to their
children about the importance of budgeting and the financial options available to them during their time at university.
“Starting out on the right foot is essential, as budgeting from day one can help avoid more serious financial problems in the long run.”
It would appear that students aren’t completely ignorant to the debt that they might rack up at university though, with three in four planning to get a job to help pay their way, while one in five would consider living at home to ease the financial burden.