City’s 70,000 students contribute half a billion pounds to the economy each year

AS a city boasting major universities and a vibrant college scene, Glasgow receives a significant boost each year from its student population.

According to recent research, students living in the city contribute more than half a billion pounds to the economy each year.

About 70,000 people – more than 10 per cent of the city’s population – are enrolled in higher education in the city it is estimated they spend on average £6,500 a year through accommodation costs and socialising, with part-time students, many of whom also work, spending an average £11,000 a year.

A study of impact of students on the city’s economy based on data from Glasgow, Strathclyde and Caledonian universities, Glasgow School of Art and the Royal Conservatoire of Scotland found that the proportion of students was greater than any city with a population of over 500,000.

And while only one in five come from the city itself, almost half settle once they have finished their studies.

Meanwhile, tourist agency Visit Scotland estimates that students also bring a vital boost to attractions through out the city and to bars, hotels and restaurants.

Statistics for the past five years show that students on a break spend an average of £45 a night taking in attractions, contributing £12 million to the city’s economy each year.

However, Glasgow has also been judged the least affordable city in the UK for students.

A recent study by the Royal Bank of Scotland found that people studying in Scotland’s largest city have the poorest term-time income and receive the lowest amount in bursaries and scholarships while paying above average household bills.

Glasgow students had the lowest total income at just £786.60 a month. The bank found that the average Glaswegian student gets £182 a month from their parents, £103 from term-time work and £52 from a bursary. Student loans was the main source of income for most.

Despite their perilous finances, Glasgow’s students spent the most when they go out compared to anywhere else in Scotland, confirming the city’s reputation for nightlife.