Students consider living at home and skipping meals to save money

AROUND one-third of students in Scotland would consider living at home or skipping meals to cut costs while they are at university, according to a poll.

The research showed that 31% of students polled would consider living at home to avoid accumulating too much debt, while 28% would consider skipping meals and 35% would switch off the central heating.

Students in Scotland expect to graduate with a debt of £12,500, more than half the UK average of £23,700, despite the fact Scottish students do not have to pay tuition fees north of the Border.

The YouGov poll for the Money Advice Service showed 26% would avoid buying course textbooks and 18% would consider trying to sell off valuable items to raise money if they had too.

For Scottish students, the most common debt taken on during their university years is a student loan, with 69% of students and graduates having taken out at least one loan.

But 28% are borrowing money from family members while 31% have an overdraft and 15% use credit cards.

The research said 47% of students are worried about the levels of debt they will leave university with, and 32% of graduate respondents wished they had managed their money more carefully while studying.

The Money Advice Service said it is possible to control debt with money management.

Director Karen Broughton said: “Students have to make major choices about budgeting and banking. It’s vital to get the right advice before taking on debt and make plans to get a grip on money matters. Otherwise uncontrollable debts can become very expensive to pay off long after graduation.”