Students shunning university rentals for home Published: 01/08/2008

The state of the property market could change university life forever as more and more prospective students are shunning halls to stay in the family home.

Research from Lloyds TSB showed that 27 per cent of young people are choosing to live at home with mum and dad to avoid spending money.

One in three students would not have been able to go to university if they had not been able to rely on their parents because they cannot afford to rent property near their university.

The highest figure of students choosing to stay at home was 31 per cent last year and this year the numbers are four per cent lower but still high.

Around 26 per cent of prospective students are concerned as to how they are going to be able to manage their finances while at university, but many say they do not receive help in financial planning.

Catherine McGrath, director of current accounts at Lloyds TSB, said: "Going to university isn't just about getting good grades, it also has to make financial sense. For many, living at home or taking on a job is a sensible option to help cut down the cost of their studies.

"However, university is also a great time to spread your wings and get a little life experience. By making the time now for some financial planning and careful budgeting, cash-strapped students should be able to enjoy further education without worrying unduly about making ends meet."

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