Students boost Leicester's economy by £169 million
ISSUED BY SANTANDER
With the start of the new university term seeing over 39,000 students return to the city, new research from Santander UK reveals that the student population contributes more than £169 million to Leicester’s economy each year.
The research shows that students studying in Leicester spend an average of £144.10 per week on items such as groceries, clothes, transport and rent, clearly demonstrating how they benefit the local economy, even before tuition fees are taken into account. This compares with the average figure for the UK of £175.20 per week.
Rent represents the biggest portion of students’ outgoings, accounting for more than two fifths (41%) of their weekly spend. This is followed by groceries – which take up 21% of their budget – going out (12%) and retail transport (7%). When asked how their overall spending had changed since the previous academic year, 36% of students claimed that it had gone up, with rises in groceries, transport and rent the most commonly cited reasons for this increase.
Fewer than one in six students said that they had managed to reduce their overall expenditure since the previous academic year, although a quarter have cut their spending on going out and retail.
Students in the East Midlands spend the lowest amount each week of all those studying in the UK, with average outgoings of £144.10, while those studying in London spend the most - an average of £212.70, £37.50 (or 21%) more than the UK average figure of £175.20.
Luis Juste, Director, Santander Universities, UK said: “It’s clear from the research that students play a major role in the city in which they study, making a key contribution to the local economy. Santander is a significant supporter of universities across the UK, and we believe that attracting a vibrant student population provides a region with academic and economic benefits, both in the short and long term.”
Richard Taylor, Director of Corporate Affairs from the University of Leicester, said: “'It is very pleasing to see the very positive economic impact Leicester students have on our city. Students contribute in many ways to the life of the city. We are particularly proud of the many thousands of hours of volunteering that our students give each year'.
Santander UK collaborates with 64 British universities and Higher Education institutions, providing over £7 million in funding in 2012 through Santander Universities. Santander works closely with universities to give students the best foundations for employment once they have graduated, promoting schemes such as international exchange, entrepreneurial activities and mobility grants to ensure that students are able to explore and achieve their full academic potential. Last July the bank announced a new internship scheme which will help 500 university students experience work in an SME.
Santander has 38 campus branches across the UK and provides Current Accounts for both international and domestic students. The Student Current Account features a £1,500 overdraft for first year students, along with an offer of £50 for students opening an account before 30th November 2012.
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Notes to editors:
Banco Santander is a retail and commercial bank, based in Spain, with a presence in 10 main markets. Santander is the largest bank in the euro zone. Founded in 1857, Santander had EUR 1.418 trillion in managed funds, more than 102 million customers, 14,569 branches – more than any other international bank – and 187,000 employees at the close of June 2012. Santander UK plc is a full-service retail and commercial bank providing services to 25 million customers, with more than 1,300 branches and 33 regional business centres.
About Santander Universities
Santander Universities Global Division was born in 1997 with the aim to support higher education as a means to contribute to the development and prosperity of society. Today, over 1,020 universities in 17 countries are members of the Santander Universities network.
Since establishing in the UK in 2007, Santander Universities has collaborated with 62 British Universities and Higher Education Institutions, with agreements focusing on promoting international exchange, entrepreneurial activities and the mobility of students and researchers within the network.