Students spend more money a month than the average South African, according to a report by marketing agency Student Village.
The report, titled A Brand Me Generation, Buying Experiences, tracked 3 249 students’ spending behaviour in 2017 to learn what students spent their money on and where they get their income from.
The average student spent R32 568 a year compared to the average South African, who spent R31 215.
The report said “student spending has only increased slightly from R2 702 [in 2015] to R2 714 a month”.
Student Village’s Marc Kornberger said in the report that because inflation wasn’t taken into account, “which has hovered around the 5-7% mark … the money students are spending is worth less”.
Sources of students’money include full- or part-time work and bursaries and scholarships. (David Harrison, M&G)
Students spent the most on home loan repayments (R4 068), rent (R2 400), car payments (R1 576) and clothes (R1 361). There was also an increase in online shopping, “with students blurring the lines of what constitutes online shopping … and not necessarily being aware they are doing it”.
Parents and family provided the bulk of students’ spending money. Other sources of money were full- or part-time work and bursaries and scholarships, according to the report.
On average, students save 17% of their money, but this money is often budgeted for short-term events such as concerts or material goods (clothes, technology).
“Students also appear to be more financially educated or needing less information on finances, with only 29% wanting to know more about savings vs 61% in 2015,” the report said.