LIVERPOOL students are worth less to the city’s economy than two years ago, a new study has revealed.
Researchers studying undergraduates’ spending across Liverpool’s universities have estimated they will contribute £154m per year to the city’s economy, £98m less than in 2006.
The study reveals they will spend £62m on rent alone, £12.6m in supermarkets, £11.4m on going out, and a further £6m on their mobile phones.
This compares to the same estimates for 2006 of £20.6m in supermarkets, £18.6m on going out and £4m on books and courts material.
The results show more conservative estimates for this year’s spending in the wake of the credit crunch and worries of recession.
But despite this, Liverpool, for the third year running, has been ranked in the top 10 places to live for students wanting to keep their finances in check.
According to the Student Living Index 2008, the city comes 8th in the cost-effectiveness league, but has dropped three places on last year.
The study analyses weekly expenditure on living and housing costs against income from term-time employment.
Mark Worthington, head of student banking at NatWest, said: "We hope that the index is a useful tool for students and their parents to give a realistic idea of what costs are involved and how they can potentially be offset by a part time job.
"There are many things that students can do to combat higher costs of living, including budgeting, calculating sources of income, balancing their books, offsetting their costs and taking financial advice."
Students in Liverpool spend on average £249 per week on living and housing costs but offset this with weekly earnings of £101 from part-time work.
In Manchester, ranked 24th, the average student spends £243 per week, but makes just £64 from employment.
This means that an undergraduate working part- time could save £1,500 over an academic year if they chose Liverpool over Manchester.
Half of the city’s students are expecting to be in part-time employment this coming academic year, earning £62m collectively.
On average, Liverpool students work 17 hours, well above the national average of 14 hours per week.
Liverpool sat top of the table in 2005, but slipped to 9th place in 2006 after the weekly earnings for students dropped from £150.
