Bank of Ireland research shows today's Students adopt a 'Work Hard, Play Harder' approach to college life

Students spend almost half their earnings on socialising!

Bank of Ireland's annual research into student finances

Wednesday 19th July 2006 ; Research conducted on behalf of Bank of Ireland to launch their 2006 third level student banking package shows that having fun is the number one priority for today's students who are spending an average of €121 each month on socialising and going out. The findings also demonstrate that 'Mum and Dad' no longer foot the bill for student socialising as 41% stated that they receive most of their income from part-time employment. Only 32% now cite their parents as their main source of funding during college. The research further highlights how hard students are working, with 43% of those in part-time jobs working between 10 and 20 hours per week and most earning more than €300 per month.

With 62% of students now living away from home, the research shows that accommodation is the highest monthly student expenditure - costing an average of €251. However, while accommodation costs may be high, students are also budgeting carefully in order to ensure that they have saved enough to see the world after graduation. When asked about their financial priorities, 61% of students stated that having money set aside for travelling is of greatest importance to them. Testifying to this is the fact that 47% of student credit card holders state that travel was the primary reason for taking out their card. Further down the list of priorities comes spending money on cars, further education and home ownership, with only 25% hoping to buy a house five years from now.

The research marks the launch of Bank of Ireland's 2006 student banking package. Nicola Brady, Marketing Manager, Personal Segments said, "As the costs of student living continue to rise, we have tailored a student banking package that best meets the daily banking and lifestyle needs of today's students as identified by our research. Our package is tailored to tackle cash flow issues while recognising the fact that students don't have the income to support large interest repayments. For example, our Grant Advance Overdraft allows students to get this money upfront and interest free when they need it at the beginning of the college year. In addition, our nine-month interest free Travel Loan gives students the freedom to work abroad for the summer and then repay us when they return without costing them anything." Bank of Ireland will be announcing full details of their 2006/2007 student package shortly.

Details of this years financial package;

Students can also apply for:

-Ends-

For reference:

Bank of Ireland:
Nicola Brady
Marketing Manager
Personal Segments
Bank of Ireland
01 6043739

or

Laoise O'Shea
01 6043675

Sharon McDonnell
Consumer Communications Manager
Tel: 01 604 3750

Sources of Market Research Information:

See Below: Note to Editors:

Bank of Ireland's Student Survey looked at a range of issues affecting student finance, savings and spending habits. Here is a sample of the findings:

Student spending habits