But where do students really spend their money? The Varsity Vibe 2024 Student Spend Survey, capturing 18,819 responses, provides a fascinating look into how students in South Africa allocate their funds.
What’s clear from the data is that many students are unprepared for the true cost of living in South Africa. Moving out of home for the first time and being confronted with the responsibility of doing their own shopping comes with a financial learning curve, and our respondents expressed shock at the frequency and scale of their expenses.
Groceries and household items emerged as the biggest monthly expense, with students spending an average of R1,701. Nearly half of respondents (49.58%) reported that this category consumes most of their budget, highlighting the financial strain of basic necessities.
Takeout culture is another key player in student spending, with 38.36% of respondents admitting they spend a significant portion of their money on it. While home-cooked meals are often the more economical choice, the demands of university life – long class hours, assignments, and social activities – make convenience a top priority.
Social and entertainment expenses followed, averaging R796 per month.
Beyond food, students also prioritise fashion and beauty. Clothing and accessories account for an average of R992 per month, while nearly a third (30.82%) of students dedicate a notable chunk of their budget to cosmetics (skincare essentials, makeup, etc.).
We know that financial independence isn’t always easy, but that’s where we come in.
Our partnerships with the likes of Dis-Chem, Superbalist, H&M and Nando’s provide students with cost-saving opportunities on essential purchases, from groceries and self-care products to fashion and food. With these deals, students can make smarter spending choices without sacrificing the things they love.
This survey highlights a major adjustment for students managing their own finances for the first time. As the cost of living continues to rise, Varsity Vibe remains dedicated to ensuring students can live better for less and #NeverPayFullPrice.
