Abacus Daily Debt News

Expensive lifestyle ‘causing student debt’

Expensive living is one of the main causes of student debt, according to one professor.

Kevin Sharpe, who specialises in Renaissance studies at the University of London, wrote for Times Higher Education that the blame for people graduating with substantial arrears does not lie solely with the fees they have to pay.

He indicated that the difference between the standard of living of today’s students and those of a few decades ago is massive and suggested more frugality could ease the financial strain.

"We should not ask our students to return to the fleapits of an earlier age, but a bit less luxury might mean a lot less debt," the academic remarked.

Mr Sharpe noted that many students seem to have accommodation that is better than most would expect of their own homes, while there is also a penchant for expensive gadgets, eating out and buying food from high-end supermarkets as opposed to economy stores.

According to the Push Student Debt Survey, those who started at university last month should expect to graduate owing approximately £23,200.

By Chris Trimble