Students to cut back spending as part-time employment dries up

Seven in 10 first- year university students fear the coronavirus pandemic will leave them unable to find part-time work to support their studies, a survey has found.

Some 7 1% of those surveyed believe they will struggle to find employment in the current climate, with female students particularly likely to take this view, Nationwide Building Society found.

Nearly three-quarters (74%) of female students were of this opinion, compared with twothirds ( 66%) of male students.

More than 1,000 firstyear university students were surveyed online between September 29 and October 1.

Without employment at university, more than half (53%) of first-year students believe they will end up in more debt once they finish their first year and when they eventually graduate, the sur ve y found.

Financial concerns and coronavirus restrictions have led some freshers to cut back their spending.

More than one-third (38%) plan to spend less during this academic year as a result of Covid-19, with women more likely to be planning to spend less ( 41%) than men (35%).

Socialising, travel and hobbies are the three most common areas where students expect their spending to be lower than expected.

But more than onequarter ( 27 %) plan to spend more on other items, including on food and drink at home, online learning materials and new or better gadgets.

James Broome, head of current accounts at Nationwide, which has a FlexStudent account in its range, said: “Starting out at university in 2020 will undoubtedly have been an unusual experience.

“The ability to manage money has become even more important for students on a tight budget.”