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Real money lessons from over 5,000 UK students

Student Handover Report

Students reveal the key lessons and practical tips they wish they’d known before heading to university.

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Key findings in short Open in new window
Save early, and save consistently Open in new window
Don’t let social pressures drive your spending Open in new window
Be resourceful to stretch your budget Open in new window
Biggest surprise university costs revealed Open in new window
Avoid money fraud and scams Open in new window
Download the Student Handover Report Open in new window

As student life evolves, today’s university goers face financial pressures and challenges that are very different to previous generations.

Two thirds of students (66%) who received uni tips from parents say at least some of them were incorrect or outdated. This shows the need for real-world lessons – from real students – who have been there and done it.

To help the next generation get uni-ready, the Student Handover Report from Royal Bank of Scotland offers a peer-to-peer guide, highlighting the financial realities of university life in the UK.

Built on the experiences of second- and third-year students, it shares practical money lessons and everyday tips, plus the unexpected costs people wish they’d known about before starting as freshers.

By turning real experiences into practical guidance, Royal Bank is helping budding students to become more prepared and confident from day one.

Our survey of 5,019 UK university students in years 1-3 was conducted between June 24 and July 13 2026 by Savanta.

Student Handover Report: key findings

  • Almost all (99%) students wish they had known more about money management before starting at university – especially around budgeting.
  • The top financial lessons students have learned include switching to cheaper products and comparing prices – and they plan to keep following these rules after graduating.
  • Budgeting and spending trackers (46%) are the most sought-after banking app features among students, followed by spending alerts (37%).
Read the full Student Handover Report Open in new window

Save early, and save consistently

With groceries, transport, course materials and other expenses to navigate, university goers have become more financially savvy as a necessity.

Most students (69%) started university with some savings, but nearly all of them (98%) have adopted money-saving habits since going there. Common habits include switching to cheaper products (43%), regularly budgeting their finances (40%), and cooking in batches (39%).

Over half (57%) of students say the biggest surprise of university was learning how much everyday life really costs. Close to half (44%) of them also said they were shocked by how quickly small purchases can add up.

When reviewing the tips and guidance they got, nearly all students (99%) wish they’d known more about managing money before university. This covers budgeting (44%), saving (43%), and avoiding impulse purchases (43%).

Don’t let social pressures drive your spending

For the current generation of students, money concerns go well beyond budgeting. Modern student life now forces them to juggle studying, work, finances, socialising, and wellbeing – all at the same time.

Nearly half of students (45%) have started a job to help manage their living costs. While 24% revealed they have started a side hustle. Overall, 43% of students said they work more than 10 hours each week, while 24% work 11-15 hours, and 14% are employed for 16-20.

This balancing act is having an impact on students’ social lives. More than nine in 10 (92%) have declined a social event because of money factors. As a cost-effective alternative, students often choose to spend time together through movie nights (47%), studying (40%), and going on park walks (37%).

“One of the most interesting findings is how closely money and student relationships are linked. Whether it's deciding what you can afford socially, managing different budgets within a friendship group, or balancing financial pressures with the desire to make the most of university life, money shapes many of the decisions students make every day.

“The students who navigate these pressures most confidently are those who set clear boundaries, make informed choices and feel comfortable doing what works for their own circumstances.”

Paul Slinger, Head of Customer Onboarding at Royal Bank of Scotland

Be resourceful to stretch your budget

Many UK students are turning to money-saving hacks to help balance their budgets. Some 52% have sold old clothes or belongings to make money, 28% have earned income from freelancing or side projects, and 21% have given tutoring sessions.

Meanwhile, close to half (49%) have filled up a water bottle before going out and 40% cooked one big meal and ate it across multiple days.

But there are some things students are still keen to prioritise. Food (22%), going out with friends (15%), and gym/fitness (15%) are the top categories they’d never cut from their budget.

Biggest surprise university costs revealed

From cooking to nights out, here are the main unexpected costs students face – and the things they wish they’d budgeted for before arriving at university:

Avoid money fraud and scams

In a digital world, UK students face a growing range of scams and fraud attempts. Accommodation scams, fake job opportunities, and messages impersonating their bank are just the tip of the iceberg. As a result, only 27% of students say they feel very confident about spotting scams.

But with more than two-thirds (69%) encountering scams, many university goers are passing on what they’ve learnt to friends and sharing their experiences.

Friends’ and flatmates’ experiences (24%) are among the top fraud awareness drivers for students. They also flagged their bank’s fraud alerts and guidance (29%), and social media and news (42%) as useful resources.

When encountering fraud, social media scams (35%), fake emails and texts (30%), and ticket and travel scams (25%) are the most common risks that students face.

As part of their efforts to stay financially secure, uni goers say they value practical banking tools, like spending and budget trackers (46%) and spending alerts (37%).

Explore our Student bank account

With our Student bank account, you can access a range of features and benefits like:

  • £100 cash plus a 4-year free tastecard (T&Cs apply)
  • No monthly account fee
  • Interest-free overdraft from year one (18+, subject to status).
Discover our Student account Open in new window
Information Message
  • To apply, you must be 17+ and have been living in the UK for at least 3 years. Online applications only.
  • To confirm you’re a student and eligible for this account, we require your unique 16-digit UCAS code. Courses without a UCAS code are not eligible for our Student account.
  • You need to be a full-time undergraduate student (on at least a 2-year course at a UK university/college) or on a nursing course lasting a year or more. You can apply within 6 months of your course start date.
  • You must use your Student account as your main account by depositing student finance, wages or other regular income into it.

More help and support for students

From freshers to final-year students, you can never have too much support while at university. Check out our guides to learn more about student loans and other financial options:

Student finance and loans Open in new window
Student loan repayments guide Open in new window
Student overdraft Open in new window

Student Handover Report – FAQs