Runaway debt: It’s the new norm for university students

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Iona Bain – as featured in The Independent

Peer pressure and the FOMO phenomenon is driving students into unnecessary debt as half of all undergraduates run out of money before the end of the month, research has shown.

Financial education firm Blackbullion said nearly a third of students blame “unexpected expenses” for the shortfall in their finances, while 38 per cent admit they splash out more often than expected.

The Money Charity has already warned that some students in England may need as much as £750 a month to pay for their accommodation, even after receiving the maximum funding available through maintenance loans. This could leave the average English student based in London with just £449 to live on each month, while that figure drops to £350 if they live outside the capital – the equivalent of an adult on a £21,000 salary paying more than £1,000 a month in rent and bills per month.

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