Typically, £119 will be devoted to buying presents for family and friends, with £51 left over for festive partying after a tough first semester.
Some 77% of students admit they will struggle financially this Christmas. Despite this, only 57% have been saving cash to tide them over into the New Year.
Young women feel the squeeze most – with 79% of them worrying where money will come from. But, under intense social pressures to be generous, they will spend £14 more on gifts than male students.
In contrast, the guys are planning to splash out £7 more on socialising… the equivalent of two pints in the local boozer.
Life is toughest right now for the Arts, Media & Design students of the North West, where 85% say they’ll struggle to balance their books in the coming weeks.
Yet Mathematicians, true to form, claim to be more efficient bean counters. Only 72% are going to find Christmas financially taxing. Their secret is spending an average of just £88 on presents for loved ones – 26% less than most students.
The nationwide survey of 2,166 students did show the importance of a strong financial education. Approximately 9% of struggling students are planning to splurge £200 to £300 on gifts. In contrast, just 7% of their financially independent counterparts plan to do the same.
Popular buzzwords from respondents included “plan”, “early” and “Black Friday” – showing how the US phenomenon has become a bastion of the UK shopping calendar.
Other tips from students on how to afford Christmas included cutting out takeaway coffees, eating out less and using effort (rather than cash) by lovingly preparing homemade presents.
“We carry out this survey every year, and overall Christmas spending is up £9 on 2013,” comments Save the Student’s editor, Jake Butler.
“Students love deals – and the fact they’re making their money stretch further through homemade presents and Black Friday bargains is wise.
“But budgeting is still a tool that’s neglected – and if there’s one New Year’s resolution that students should seize upon, it’s balancing the books. Being financially sensible should be for life, not just for Christmas.”
We wish you a Merry Christmas, however much you end up spending!
What do you think about our survey results? Have you found any great ways to avoid a financial squeeze this Christmas? Comment below… we’d love to hear from you!