Students tighten belts and put books above booze

On average, students spent £65.43 on alcohol during their first month at university, and £76.34 during that period on books, according to the Credit Confidential poll.

It also reveals that new students are now more frugal when socialising than they were in the past. The findings show that students currently in the first year of their degree spent an average of £40.93 on alcohol during the first month of their studies, while those currently in their third year spent an average of £65.24 in the first few weeks of their course.

But when it comes to books, current first year students spent £86.59 on reading materials during their first month of university, while current third year students paid out £73.09.

The survey, which questioned more than 700 students and recent graduates, also found that nearly a third have borrowed money from friends and family, while 13 per cent have credit card debts and nine per cent have a bank loan.

More than two-fifths said it is normal these days for them to have debt, while a third admitted they were worried about what they owed.

Paul Lewis, vice president of Credit Confidential, said: “These findings fly in the face of the commonly held view of student life.”