36% Of Students Admit They Will Spend Loans On Going Out

Student loans are being used to fund summer festival trips whilst essential are willingly overlooked, according to survey.

 

AS THE dreaded exam season approaches for university students across the country, many are using their upcoming summer plans as a source of motivation to achieve the best results possible, often to the detriment of their finances; reveals a study conducted by online retailer On Buy.

 

12 popular and well-attended UK universities were surveyed. Students said that the focal point of their time off will be going to music festivals, with those from London admitting they would spend an average of £363.71 on these outings per year.

 

Those based in Manchester and Birmingham came close to London in the spending stakes, allocating an average of £351.46 and £336.14 respectively.

 

On the other end of the scale, university students in Oxford are expected to spend the least on music festivals this year, at an average of just £197.34. Slightly above those university students in Oxford will be those in Hull, who will on average spend £208.66 this festival season.

 

The research also revealed that the second most popular method of festival-funding will be asking parents or family - 30% of respondents planned to do this, whilst 18% stated they would be using an overdraft.

 

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