Students may be hungry for adventure as the new academic year begins, but new research from Nationwide has revealed almost half (42%) are struggling to budget when it comes to food.
On average, students are splashing out a whopping £150 on takeaways each month, with nearly one in five (17%) spending upwards of £200, and one student even claiming they spend as much as £600 a month! What’s more, a quarter (24%) blame their delivery dependance on being too lazy to cook (24%).
As over half (51%) reveal they’re only able to cook up to five meals, it’s no wonder students are relying on takeaways and splashing the cash. Amongst the most popular meals, instant noodles (34%), eggs on toast (31%), and the classic jacket potato (21%).
When it comes to the most common budgeting mistakes, students admitted to making the following blunders when it came to their mealtime money management, including:
- Buying too much food which goes off in the fridge - 35%
- Eating out more often than they can afford to - 34%
- Overspending on takeaways - 30%
- Relying on others for food instead of cooking for themselves - 27%
- Not buying proper recipes to cook a meal - 20%
Despite limited student budgets, a cheeky takeaway remains the one guilty pleasure many students refuse to sacrifice. Whether it’s a late-night bite after a night out (34%) or a fry-up with friends the following morning (23%), it’s clear that students are more than happy to spend a little extra to enjoy a treat and hang out with friends.
To help students learn from their foodie faux pas and to manage their money better, Nationwide has enlisted TV personality Olivia Attwood and viral social media superstar Joe Baggs as part of the launch of NationFried, a pop-up café serving up free fry-ups, money tips, and all the universi-tea in East London. Proving that nothing brings together a flatshare or course mates like a greasy spoon fry-up, the charismatic duo served up a side of life advice to students with the help of Nationwide.
The activation celebrates the launch of Nationwide’s FlexStudent account*, an interest-free student current account dishing out tasty perks to help student’s money go further, including £100 free cash, £120 worth of Just Eat vouchers and an interest-free overdraft for up to £1,000 in your first year. Students can also bag an extra £40 in Just Eat vouchers for referring up to two friends.
Speaking about all things student life for the campaign, TV presenter, Olivia Attwood, said: “Starting university is such an exciting time, but let’s be honest, learning to look after yourself and manage a budget can be a real challenge. Like many others, I’ve had my fair share of pasta nights, which is why it was so fun to pass on my advice and serve up some much-needed fry-ups to those getting ready to embark on their university journey!”
Social media star and podcast host, Joe Baggs, said: “When you’re trying to meet new friends and make the most of your newfound freedom, it's not always easy to balance a budget. When I flew the nest, I found it hard not to overspend and always gave in to buying myself little treats on my way to the checkout. Having learnt a lot over the years, it was so exciting to be able to help students kick-off their Freshers Week with a full belly and some top tips that I hope they don’t hold me to!”
Nationwide also spoke to several students about the biggest lessons they learnt about budgeting when it comes to food:
Esme, a paramedic science student at Anglia Ruskin university said: “I’m a huge fan of cooking and spend between £200-250 a month on food and will usually eat out once or twice a month. My weakness is Korean fried chicken with loads of ranch dressing. Opening a student bank account has been hugely helpful for managing the bulk of my money as well as accessing student perks, but I’d also recommend a second account to make things easier.”
Nell, a sociology and criminology student at Manchester Metropolitan university said:“I spend around £50 on takeaways a month and around 100-120 each month on the food shop. My guilty pleasure is a McDonalds after a night out! The best lesson I learnt was to make a food plan at the start of each week to avoid so much food going to waste!”
Fred Powell, Head of Product at Nationwide said: “Food plays such a huge part in student life. It’s not just about meals, it’s about socialising, comforting dishes, and the first taste of independence. But, with many learning to budget for the first time, and the cost of living higher than ever for students, it can be tricky to find that balance. Our FlexStudent account helps students to stay on top of their finances, manage their money more easily and gives them tasty perks so that they can save money and enjoy treats like a delicious takeaway”.
For those outside of the capital, NationFried will be hitting the road and going on tour across the country, with freebies and free food available for Freshers this September in Cardiff (23rd), Salford, Manchester (24th), and Glasgow (25th)**.
To sign-up for Nationwide’s FlexStudent account* and to learn more about the NationFried pop-up, head to nationwide.co.uk/nationfried.
