Student expenditure accounts for over £80 billion of UK output and generates 830,000 UK jobs, a report has found.
The NUS study, entitled ‘Student Contributions to the UK economy,’ found that for every pound invested in Higher Education, graduates return £3.22 cashable benefits to the economy during their lives.
The number of people directly and indirectly supported by student spending was greater than the population of Liverpool. In Scotland almost four out of every 100 people were in employment due to student contributions to the economy.
The report featured a breakdown of student spending, indicating that each year the average student spends £9204 on living expenses, £1300 on food and £832 in bars and clubs.
Higher Education institutions were found to contribute massively to the local and regional economy, with the University of Birmingham alone supporting 11,800 jobs and generating 2.2% of Birmingham’s wealth.
NUS President Toni Pearce said, “This report proves the tremendous social return on investment in students…The benefits are also highly significant at regional and local level. Through their subsistence spending, students contribute to regional value creation and support local and regional employment.
It’s the simple value of students living within a community. More worryingly, our report highlights the dire economic implications that would result from a reduction in student enrolment in many areas across the country, and shows that this would be most severe in the most deprived areas.