Sheffield students are spending five times more than they earn claims survey

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Sheffield students are spending over five times more than they earn, according to a national survey.

The NatWest 2015 Student Living Index found students living in the city are spending more than students in Edinburgh, Nottingham and Manchester compared to what they earn.

Sheffield finished seventh in the index of 25 cities ranked by whose students were smartest with money – moving up from 14th position in 2014.

Students in the city are working fewer hours than the national average – but are earning more money.

Nationally, more than one third of students do not have a term-time job and most rely on their student loan as their main source of income, followed by money from their parents.

Students in Sheffield spend £83.17 a week on rent, compared with the national average of £85.31.

Students in the city spend less time studying compared to the national average - 26.85 hours in Sheffield compared with an average of 27.49, but they also spend an hour more socialising.