The average student has almost £5,000 worth of possessions with them at university

• Mobile phones, laptops, headphones and TVs were some of the most popular items for students.
• Monthly expenses for students have also increased by 40% in comparison to graduates. Students are spending around £1,300 on other financial commitments.
• And for those who have a car with them, this could cost a further £3,460 a year when factoring in general maintenance, fuel and insurance.
• With so many outgoings to consider, it’s clear that students need to be savvy to protect their finances as much as possible. But 2 in 5 (44%) said they haven’t got any contents insurance protection.
• Matthew Harwood, home and lifestyle expert at Confused.com explains the benefits of having students insurance, especially as the cost of living remains high.

The average student has almost £5,000 worth of belongings with them at university.

That’s almost 23% higher in value than in comparison to past students who attended university since 2012. That’s according to the latest research by Confused.com, which asked both past and present university students about their financial situations. And although living costs do naturally increase every year, the research found that current student outgoings are more expensive than ever. That’s as financial commitments for both possessions and annual living costs could exceed £20,000. And when comparing to past students, that’s around 35% (£5,467) higher.

According to the research, current university students tend to have more expensive tech than any other items. And although these are popular items for many, even for students 10 years ago, the price of these items has increased over time too. That means that although behaviours may not have shifted too much over the 10 year timeframe, the value of the items have. And that’s costing current students more in the long run. For example, the most popular item for students to have with them at university was a mobile phone. This costs students £564, on average, which is £247 more expensive than graduate students who said their mobile phone cost them around £317. After this, laptops, computers or tablets were also one of the most popular, setting current students back £566, on average. And headphones cost around £164.

But it’s not just the technical possessions that are costing students money. Around 7 in 10 (69%) said they needed specialist books or equipment with them at university too. And the price of these are around £186, on average. When looking at costs from graduates, around 78% needed these too, but the price was also cheaper. Back then, this cost students around £157, on average - a difference of £29. And that’s money that could go towards things like a food shop, or even a night out.

But even the cost of university life is increasing for students. When looking at things like public transport, household bills and food shops, expenses totalled around £1,327. This is 40% more than graduates, who said their monthly outgoings were around £949 when they were at university.

Here’s a full breakdown of costs from most expensive to cheapest for both past and present students:

And that’s not just where the expenses end. Around 2 in 5 (39%) students currently have a car with them at university. When looking at monthly expenditure for things like fuel, parking permits and general maintenance, students say this costs them around £346, on average. So when you consider that a typical academic year for university students is around 10 months, costs could exceed £3,000 per year. And in comparison to post graduates, motoring costs are around 64% higher. That’s as these motoring costs were around £211, on average, per month.

But for some current students, motoring costs could be even higher again. Latest data by Confused.com shows how younger drivers are paying some of the highest prices on record. For drivers aged between 17 and 20, the average cost of insurance is currently £2,623. So for students who choose to have a car with them at university, their motoring costs could be more than they thought.

And although current university students will pay more than those who graduated many years ago, the rate of inflation is increasing faster than ever before. So it could be a problem for many, especially as the stereotype of being a UK student is usually prominent with living on a tight budget. But when today’s students also have possessions that could be worth as much as £5,000, there could be a lot at risk. That’s as around 1 in 4 (26%) said they’ve accidentally broken or damaged their personal belongings while at university. And around 1 in 8 (15%) said they’ve had things damaged when throwing a house party. But despite this, around 2 in 5 (44%) say they haven’t got any type of insurance protection. This means that if expensive possessions, such as headphones or laptops, are lost, stolen or damaged, students might have to pay to replace them. And with student’s monthly outgoings already close to the average salary for full-time workers aged between 18 and 21⁽¹⁾, this could result in people spending outside of their means.

Home and lifestyle expert Matthew Harwood at Confused.com home insurance comments:

“Life as a student is a huge jump into adulthood. It can be expensive, especially as you have to adjust to things like paying rent and having to budget. But as the general cost of living is on the rise, what’s clear from our latest research is that students are now spending more than ever when it comes to their day-to-day expenditure. And this isn’t the only thing that’s costing them a lot of money.

“On average, personal belongings taken to university are around £5,000. That’s a lot of value, and if any of these items are damaged, lost or broken, it could lead to financial strain. And with technology at the forefront of almost everything we do, many of these items could be a lifeline and not just for university. So if you had to go without, it could really cause some disruption.

“With that in mind, some students admit to not having any type of protection for these items. But with so much money in the equation, student contents insurance could be a lifesaver. It can protect all the essentials, such as your mobile phone, laptop and study books. So that means you can focus on studying (or partying) without having to worry about where the extra finances might have to come from.”

-ENDS-

Notes to editors

Launched in 2002, Confused.com was the UK's first digital marketplace for car insurance and is one of the leading brands in the sector, generating over one million quotes per month. It has expanded its range of comparison products over the years to include home insurance, van insurance, motorcycle insurance, and car finance comparison, as well as a number of tools designed to save consumers money.

Confused.com is not a supplier, insurance company or broker. It provides an objective and unbiased service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.com’s service is based on the most up-to-date information provided by UK suppliers and industry regulators.