SURVEY: HOW SOUTH AFRICAN STUDENTS SPEND MORE MONEY EACH MONTH THAN THE AVERAGE PERSON
Students spend more money a month than the average South African, according to a report by marketing agency Student Village.
The report, titled A Brand Me Generation, Buying Experiences, tracked 3,249 students’ spending behaviour to learn what students spent their money on and where they get their income from.
The average student spent Rand 32,568 ($2,520) a year compared to the average South African, who spent R31,215 ($2,414).
The report said “student spending has only increased slightly from R2 702 [in 2015] to R2 714 a month”, according to a story in today’s Mail & Guardian.
Student Village’s Marc Kornberger said in the report that because inflation wasn’t taken into account, “which has hovered around the 5-7% mark … the money students are spending is worth less”.
Students spent the most on home loan repayments (R4 068), rent (R2 400), car payments (R1 576) and clothes (R1 361). There was also an increase in online shopping, “with students blurring the lines of what constitutes online shopping … and not necessarily being aware they are doing it”.
Parents and family provided the bulk of students’ spending money. Other sources of money were full- or part-time work and bursaries and scholarships, according to the report.
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