A recent poll conducted by insurance company Urban Jungle and student discount website UNiDAYS found that 16% of students have belongings worth £10,000 or more.
Over a fifth of the 2,046 students polled (21 percent) had items valued at £5,000 – £10,000 and 41 percent of students said their personal effects are worth between £1,000 and £5,000.
When students were asked: ‘What’s the total value of every item you need for university?’, over a third (37 percent) gave answers above £5,000.
Urban Jungle’s research, carried out in November 2020, indicates that attending university is an expensive business during the pandemic, with students spending heavily on laptops for online lectures and bikes to avoid public transport.
Jimmy Williams, CEO of Urban Jungle, said: “Students haven’t been getting out much this year, but they are still spending money. Clearly, they aren’t going to the pub as much or eating out, but there have been many other things to spend cash on such as TVs, consoles and computers for home entertainment and work.
“With lectures mostly being online, they’ve been spending money on top of the range laptops, while mobiles remain a ‘must have’ for all of us. Clothing is also important so, despite being stuck inside, it seems young people are still very fashion conscious.
“There’s also been a big boom in cycling this year as we all avoid public transport. However, students need to be aware that bike thefts have risen sharply this year and so they need to think about security.”
Some students appear to have big cash to spend. However, the poll did uncover some big differences in responses, with 13% of students valuing their property at less than £1000. Also, nine percent of students ‘didn’t know’ how much their property was worth.
“Not all students have cash to spare on expensive items, some are very hard up, and will be concerned about a lack of job opportunities, poor prospects and debt.”
Meanwhile, a previous survey of 1,680 students by Urban Jungle and UNiDAYS revealed that fewer than one fifth (18 percent) of students were protecting their belongings with contents insurance. In the July 2020 survey, cited by The Times, over half (51 percent) admitted they did not know what contents insurance was.
“Young people are entering into a time of life when they are having to make a lot of financial decisions,” added Jimmy. “I think there’s a lot that need to be done to ensure they are better informed and educated.”