Leicester, named amongst the most affordable cities in the UK

Home to profound universities like De Montfort University, University of Leicester etc., Leicester is ranked ninth in the list of top 10 most affordable cities in the UK before towns like Manchester, Liverpool, Bristol, Leeds and London.

NatWest, a banking giant, published the ranking in its Student Living Index 2021. The index looked over affordability and gazed upon other facets like mental health, for which Leicester is ranked fifth in the nation regarding the issue and the support from the universities. 

The NatWest calculated the affordability of each city by estimating a student’s average monthly spend on accommodation, activities, and essential items and dividing it by their average monthly income.

According to the research, Leicester stood out as one of the affordable cities for a night out, with an average cost of £23.40 on drinks and club entrance, and a student in Leicester was able to save an average of £93 each month. 

When it came to how much a student anticipated to pay for a pint, the disparity in cost between London and the rest of the country was evident. It cost a little over £4 in Leicester and £9.10 in London!

The data emerged as NatWest, like many other banks, has cautioned that as the country emerges from its state of emergency and adjusts to the new normal, the average expenditure would undoubtedly rise.

“The cost of being a student is growing, making it more vital than ever that students correctly manage their finances,” said Andy Nicholson, Head of NatWest Student Accounts.

Across the board, students spent the bulk of their cash on grocery shopping, whether it came from loans or jobs. The average student shopping bill is about twice as large as any other expenditure form, accounting for a fifth of total monthly expenses.