At least one in five students will live at home when they start university later this year in order to relieve money worries, suggests research.
According to a report by Lloyds TSB student banking, over a third (35%) of the 500 students questioned say if they didn’t live at home, it would be too expensive for them to go to university while almost two-fifths (38%) say it would be possible to leave home, but they would need to take on additional debt to do so.
The study points out a potential 424,560 young people are planning to start university this year, and a third (32%) can’t stay at home as the university they have chosen is too far away.
At the same time, however, while some students might be happy to stay at home while completing their education, evidence suggests home, Mum and Dad would prefer them leave home according to a new report from Lloyds TSB student banking.
Nearly three quarters (73%) of parents surveyed confessed if money wasn’t an issue, they would want their offspring to move out of home when they go to university in order for them to regain their independence.
This is perhaps not helped by the fact two-fifths (42%) of young people admit living at home is ‘an easy life’ and even if they could afford to move out, they’d choose to stay put.
Those who say they would live away from home if they can afford it when they begin university, almost six out of 10 (58%) think the independence they’d get is worth the extra financial burden.
Half of the students questioned say they plan to live in university halls of residence during their first year while 44% intend to live in a shared house.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Julie Henderson on 020 7968 4571 or email [email protected].IFAonline
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