If there’s anything that we know about #studentlife, it’s that it’s an expensive exercise! Regardless of whether or not you follow a strict budget, you’ve probably wondered how your spending habits compare to those of other South African students.
According to a study conducted by Student Village, the average SA student spends approximately R32 568 a year. This is R1 353 more than the average South African! It works out to be about R2 714 every month.
The question is, what is it that students are spending this kind of money on? The answer in most cases? Alcohol, brand-name clothing and bling!
Spending According to Demographics
Would you believe that it’s the male students who are spending more than their female counterparts? They’re spending their dough on things like motor insurance, alcohol and footwear. The ladies on the other hand, are shelling out for hairdressers and cigarettes.
In terms of race, the study showed that black, coloured and white students also tend to spend quite differently. The research shows that black and coloured students are more likely to buy clothing, take-aways and computer software, whereas white students splurged on expensive toiletries and music.
Spending According to University
According to the study, the most exuberant spenders came from UCT. They are closeley followed by the students of Tuks, The University of Kwa-Zulu Natal and Wits, respectively.
Did you know that despite online shopping becoming more and more popular all around the globe, the study seemed to suggest that most South African students weren’t taking part in this trend. Could this be because very few students have access to a credit card? Either way, most listed their favourite brick and mortar stores as Woolworths, Edgars and Markhams – some of SA’s most expensive!
The Good News?
While it is true that most of the aforementioned big student spending is often funded by parents and part-time jobs, many students surveyed stated that they were able to keep their lifestyles up by running their own businesses – a total of 11% said that they were entrepreneurs!
Interested in learning more about creating and sticking to a budget? Click here.