How do students really use their money?

With the news of increased student living costs still causing a stir amongst university communities everywhere, the media has been awash with stories about students going to drastic measures to make ends meet.

A study by The Mail on Sunday has now revealed that up to 85 per cent of students will never pay their student loans back, despit earlier government claims that 60 per cent will be able to clear the entire debt during their lifetimes.

Now, with tuition fees up to three times the amount of those prior to 2012, students are resorting to somewhat unconventional methods to ensure they are financially solvent once they graduate. In a survey by Save the Student, it was revealed that an incredible 20 per cent of students admitted to having turned to gambling as a means of making extra income throughout their studies.

Second year Manchester University student Joseph Carney said: “When my student loan was running out I knew that I only had £10 a week to live on for two months before receiving the next installment. I heard from friends they’d made some good money from gambling online so I turned to that as a way to make quick money because I don’t have any time for a job and I’m not from a wealthy background either.

“Overall I made about £50 which isn’t much, but at least I didn’t lose anything.”

The revelations come as further evidence of the increasing markets being reached by today’s online casino sites, which are turning over huge profits as a result. In 2013 alone, one year after the introduction of the higher fees, betfair had 1 million registered customers, making close to £400 million in the process.

But while gambling might be one vice to which students are turning, other participants in the survey also admitted that 25 per cent would consider working in the adult entertainment industry to make some extra cash.

The reports show the perhaps troubling side of student life, but further polls have revealed some slightly more positive results when students were asked who they would turn to in an emergency.

Despite the prevalence of modern day pay day loan companies, just two per cent of students considered turning to lenders such as Wonga. 17 per cent said they would turn to their bank for the cash, while 10 per cent enlisted the help of a credit card, but, to the relief of parents everywhere, a huge 51 per cent admitted they would go there first.

 

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