South African students are spending like there’s no tomorrow.
This is according to the latest Student Village 2015 Student Spend Survey.
According to the survey, students spend more than the average South African consumer and that this has increased by 7.95 percent over the past four years.
The survey shows that students typically save only to buy expensive items such as branded clothing, electronics and tickets to parties and concerts.
A third of students don’t save a cent while 58 percent saves between R1 and R540 a month.
Most students indicate a willingness to learn more about saving. Only 14 percent wanted to learn more about credit.
Close to 60 percent of students are in debt. About a fifth of students have a credit card and about a quarter have a store card.
Students spend an average of R2702 per month on living expenses in 2014, up by eight percent on 2013.
The average South African spends R2100 per month.
Male students spend more than female students.
White students spend more on travel while black students spend more on going out. Black male students spend a lot on alcohol while coloured students prefer to blow it on clothing.
Listen to the audio for our interview of Ronen Aires, CEO of Student Village.