Students give £245 million boost to local economy

STUDENTS contribute £245.8million to the local economy, it has been claimed.

There are some 56,000 students at Coventry and Warwick universities and new research shows they spend on average £146.10 a week on items such as groceries, clothes, transport and rent before they pay their tuition fees.

Rent represents the biggest portion of students’ outgoings, accounting for almost half (48 per cent) of their weekly spend, according to Santander which surveyed 1,000 students.

Professor Nigel Thrift, vice-chancellor of University of Warwick, said: "This confirms just how much money is spent by students in the local economy but we should also acknowledge how much time students give to our local communities, helping out in schools, and community projects, and in raising money for good causes."

Regional news »