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Credit card charges: Student living cost increases by £42

The monthly cost of living for students has increased by £42.56 compared to last year, meaning some young people may end up incurring credit card charges.

Research by Family Investments reveals that students' living costs have increased by 34 per cent since 2004.

In total, the annual cost of student living has increased from £9,031 to £9,541 - equating to £510 per year.

Kate Moore, head of savings and investments at Family Investments, said: "With increased tuition fees now on the horizon, the total cost of a degree and the economics of student life look set to change dramatically.

"Young adults face unprecedented financial commitments and the steadily rising cost of living is yet another factor they will have to consider as costs such as food creep up."

The biggest single expense students have to pay is rent. The average student now spends £163 per month on accommodation, up from £156 last year.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

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