Students are 'staying at home to save money'

University students are choosing to stay at home with their parents rather than live in halls of residences or in rented accommodation in an effort to keep their finances under control, it has been revealed.

A poll by Lloyds TSB found 79 per cent of future university attendees intend to live at home with their parents as they see it as an easy way to save money.

This option is especially crucial given that 31 per cent of those questioned were of the opinion that should they not be able to live at home it would not be possible for them to take their places at university due to added expense.

Meanwhile, 27 per cent plan to live at home as a way of managing student debt.

However, Caroline Brady of Lloyds TSB student banking believes there are ways to get around this.

"Students face higher levels of debt than ever before and whilst it’s essential that they find ways to keep costs to a minimum it is also important that students think carefully about all the options," she advised.

"Savvy budgeting skills can really help students to start off on the right foot while they get to grips with managing their own money.

"A smart approach is to plan ahead and seek guidance now on how to manage your finances to avoid getting into trouble later on."