Lloyds TSB: Students turn to part-time work for debt relief

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Lloyds TSB: Students turn to part-time work for debt relief

Tue 17th Aug 2010

Many students are choosing to take up part-time jobs in order to provide debt relief throughout their studies, new research has found.

According to Lloyds TSB, 34 per cent of students have a job during term time at university.

Figures showed that they work an average of 13.9 hours a week and collectively earn in the region of £4 billion a year.

Lloyds TSB said factors such as student debt, rising living costs and the current economic climate are fuelling this trend.

The company stated that this can have a number of advantages, such as equipping students with relevant work experience and money management skills.

However, it added that a part-time job can add an "additional pressure as they balance working life with their studies".

This coincides with a study from NatWest, which revealed that students are increasingly saving their income from part-time jobs rather than using it to fund social occasions.

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