Ucas launches budget calculator amid cost-of-living concerns

Students applying to university can now calculate how much they are likely to spend each month by using a new budgeting tool that breaks down cost-of-living expenses in different towns and cities across the UK.

Launched by Ucas, the interactive budget calculator allows applicants to build a personalised monthly budget by comparing average spending on accommodation, bills, food, transport and other everyday expenses.

Available through students’ Ucas Hub accounts, the tool gives cost breakdowns for more than 100 locations across the UK.

The estimates are based on “aggregated, anonymised real-world student spend data” from student finance platform Blackbullion and accommodation spend data from StudentCrowd. 

“Every student should be able to choose where and what they study with confidence, knowing the monthly costs are realistic for them,” said Jo Saxton, chief executive of Ucas.

“This tool will help applicants understand what they’re likely to spend and plan their finances before they make those decisions, something universities and colleges highlight as important in helping students make informed choices.”

Ucas said its research suggests concerns over living costs continue to weigh heavily on prospective students. While most understand how the student loan system works, fewer than one in three said they felt informed about how much money they would need to support themselves at university.

Aisha Khan, a 19-year-old urban planning, design and management student from London, said the calculator could help reduce uncertainty for young people, particularly those from lower-income households.

“When you’re from a low-income family like mine, and you see everything going up in price, it’s very scary. If you’re 17 or 18, you’re completely new to this,” she said in a statement. 

“Having a tangible tool like this will allow a lot more young people to make smarter financial decisions because it’ll be easier to predict spending and there’s less uncertainty."

seher.asaf@timeshighereducation.com