NatWest Student Living Index 2026 — What It Really Tells You
The NatWest Student Living Index is the most comprehensive annual survey of what UK students actually spend. Here's what the latest data shows — and what it means if you're choosing where to study in 2026.
Every year NatWest surveys thousands of UK undergraduates about their finances: what they spend, where the money goes, how much they borrow, and how far their maintenance loan actually stretches. The 2025 index — published last autumn and still the most current data available — surveyed 5,001 students across the UK.
The headline finding is stark: the average student is £502 short every single month. They spend £1,142 on living costs but receive just £640 from their maintenance loan. That gap is filled — incompletely — by parental support, part-time jobs and, increasingly, debt.
The key numbers
The £640 average loan figure is important context. The maximum loan is £878/month (outside London) — but household income determines how much you actually get. Students from higher-income households receive significantly less, widening the gap further. Students from households earning over £62,000 receive the minimum loan of just £4,767/year — around £397/month.
Where does the money go?
Rent is by far the biggest cost — typically 40–55% of a student's total monthly spend. After that it's groceries, transport, and utilities. The NatWest index breaks down average spending across categories:
| Category | Avg monthly spend | % of total |
|---|---|---|
| Rent / accommodation | £560 | 49% |
| Food & groceries | £155 | 14% |
| Going out & socialising | £112 | 10% |
| Transport | £85 | 7% |
| Bills & utilities | £72 | 6% |
| Clothing | £58 | 5% |
| Personal care | £42 | 4% |
| Other | £58 | 5% |
Rent dominates to such a degree that choosing a cheaper city can make a bigger difference than nearly any other financial decision a student makes. The rent gap between Hull (the cheapest) and London (the most expensive) is roughly £370/month for shared accommodation — that's £4,440 a year, or over £13,000 over a three-year degree.
City-by-city: how far does the loan go?
This is where the index gets really useful. Monthly costs vary dramatically by city. Using data from the NatWest Student Living Index 2025, Save the Student, and ONS regional figures, here's how each major university city stacks up:
| City | Monthly costs | Avg student rent | Loan covers? |
|---|---|---|---|
| Hull | ~£641 | £380/mo | Just covered |
| Plymouth | ~£702 | £420/mo | £176 short |
| Sheffield | ~£708 | £420/mo | £170 short |
| Newcastle | ~£715 | £425/mo | £163 short |
| Coventry | ~£735 | £440/mo | £143 short |
| Durham | ~£735 | £470/mo | £143 short |
| Liverpool | ~£725 | £430/mo | £153 short |
| Leicester | ~£733 | £440/mo | £145 short |
| Leeds | ~£762 | £460/mo | £116 short |
| Nottingham | ~£741 | £450/mo | £137 short |
| Cardiff | ~£756 | £460/mo | £122 short |
| Glasgow | ~£789 | £480/mo | £89 short |
| Manchester | ~£820 | £500/mo | £58 short |
| Birmingham | ~£810 | £480/mo | £68 short |
| York | ~£829 | £490/mo | £49 short |
| Edinburgh | ~£900 | £610/mo | £122 short |
| Exeter | ~£893 | £530/mo | £115 short |
| Bristol | ~£924 | £580/mo | £146 short |
| Cambridge | ~£975 | £680/mo | £197 short |
| Bath | ~£959 | £640/mo | £181 short |
| Oxford | ~£1,002 | £660/mo | £224 short |
| London | ~£1,155 | £750/mo | +£ (higher loan) |
Note: London students receive a higher maintenance loan (up to £1,147/month) which partially offsets the higher costs. Outside London, the maximum loan is £878/month.
The key takeaway: Even in the cheapest cities, most students on the maximum loan are still £100–£180/month short. In Oxford or Cambridge, you're looking at a £200+ monthly gap even on the maximum loan. The maintenance loan was never designed to cover full living costs — it's a contribution, not a salary.
How students are bridging the gap
The NatWest index is honest about how students cope. It's not pretty:
| How students fund the shortfall | % of students |
|---|---|
| Part-time work | 58% |
| Parental / family support | 52% |
| Savings from before university | 34% |
| Bursaries or scholarships | 18% |
| Overdraft or credit card | 21% |
| Student hardship funds | 8% |
58% of students working part-time is a number worth sitting with. That's a majority of undergraduates trying to balance study, assignments and a job. The NatWest index found that students working more than 15 hours a week reported significantly higher financial stress and lower academic satisfaction.
What's changed since previous years?
The 2025 index showed a modest improvement compared to 2023–24. Maintenance loans increased by 3.1% for 2024/25 and a further 3.4% for 2025/26. But rental costs in most UK cities rose faster than that. In Manchester, Edinburgh and Bristol — cities that have seen significant rent inflation — the gap between loan and costs has actually widened since 2022.
Energy bill increases in 2022–23 hit student houses particularly hard. While bills have stabilised somewhat, the typical shared-house utilities bill is still around £60–£80/month per person — significantly higher than pre-2022 levels.
What this means if you're choosing where to study
The index makes a compelling case that where you study matters financially almost as much as where you work after graduation. A student in Hull on the maximum loan graduates roughly £6,000 less in debt than a comparable student in Bristol — just from lower living costs, before any difference in tuition or part-time earnings.
That said, cost is just one factor. Sheffield's low cost of living comes with strong universities and a decent graduate job market. Oxford's high cost comes with genuinely different career outcomes for many students. The index is most useful not as a reason to avoid expensive cities, but as a planning tool — so you're not surprised by the gap when you get there.
Our student cost of living comparison tool lets you compare any two university cities side by side — including how far the maintenance loan stretches in each — using the same underlying data from the NatWest Student Living Index.
Compare any two university cities
See rent, food, transport and bills side by side — and exactly how far your maintenance loan will go.
Open the student comparison tool →Frequently asked questions
When is the NatWest Student Living Index published?
The index is typically published in the autumn, covering spending data from the previous academic year. The 2025 edition (covering 2024/25) was published in autumn 2025 and remains the most current edition available.
Is the NatWest Student Living Index free to access?
Yes — NatWest publishes the headline findings publicly. The full report with detailed city-level data is available on the NatWest website. Key findings are also widely covered by student publications including Save the Student and The Student Room.
How does it compare to the Save the Student survey?
The two surveys broadly agree but measure slightly different things. The NatWest index focuses on actual spending behaviour across a larger sample (5,001 students). Save the Student's annual survey focuses more on attitudes to money and budgeting, with a slightly smaller sample. For city-level cost comparisons, the NatWest data is generally more granular.
Does the index cover Scottish and Welsh students?
Yes, though Scottish students receive different maintenance support — the SAAS (Student Awards Agency Scotland) provides grants rather than loans for Scottish students studying in Scotland, which changes the financial picture significantly.
Sources: NatWest Student Living Index 2025 (5,001 UK undergraduates, Aug–Sep 2025); Save the Student Annual Student Money Survey 2025/26; Student Finance England 2026/27 loan rates; ONS regional living cost data.