Belfast is the cheapest university town or city in the UK, according to a new survey by Ulster Bank.
Out of 32 popular university towns and cities, Belfast was rated the most affordable, mainly because it has lower rents on average than other locations.
The average monthly rent in Belfast is £554, as compared to a national average of £689.43.
Belfast students spent the lowest amount on takeaways overall, although the cheapest takeaways were found in Londonderry, costing £14.65 on average.
The student living index survey also found that, across the UK, students are spending significantly more time working part-time jobs and are more reliant on family for financial support.
It also found that students are having to take drastic measures to deal with increased costs, with over a third of respondents saying that they were skipping meals to save money.
The survey from Ulster Bank ran from late April to the end of May this year and had 6,186 responses from across the UK.
A new survey has found Belfast is the cheapest city for students in the UK
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In contrast to Belfast’s average rent of £554, London students’ average rent is now £1,032. Rents have increased across the UK by an average of 17%, which is notably ahead of the rate of inflation.
Students in Northern Ireland in general paid less on other living expenses than their UK counterparts.
Belfast students reported paying £57 per month on household bills which was £100 less than the average cost.
But some parts of student life in Belfast are more expensive than other towns and cities. For example, an average night out in Belfast costs £55, £11 more than the national average.
Terry Robb, the head of personal banking at Ulster bank said: “This year’s Student Living Index paints a pretty realistic picture of the financial experience university students are having in 2024.
“Students haven’t been immune to cost of living increases so it’s unsurprising to learn that outgoings such as rent, household bills, and supermarket spending have all risen this year.
“We see that students are proactively making changes to increase their income through part-time work and reducing their spending when socialising with friends.
“This highlights the impact everyday spending is having on student finances and the measures they are going to to mitigate the effects.”
The increased cost of living nationwide has resulted in students across the UK taking steps to raise more money and reduce spending.
The average student is working 154% more hours at part-time jobs. The 2024 figure of 46.39 hours per month is a 65% increase from last year’s figure of 18.3 hours.
While 93% of students said they were having to make lifestyle changes to manage financial pressures, 38% said they eat fewer meals per day to save money.