Half students' incomes for socialising - survey

Irish students spend nearly half of their disposable incomes on partying, a survey revealed today.

The study showed that the average student spends €121 a month on going out.

The average student spends €121 a month on going out

However, the survey found that parents are not necessarily always left footing the bills for their children's entertainment, with 41 per cent of students claiming they get most of their income from part-time work.

Some 43 per cent of those with jobs work between ten and 20 hours a week on top of their heavy study workloads. Most of them are earning over €300 for their labours. Nearly two thirds of students live away from home. According to the survey, which was conducted on behalf of Bank of Ireland, accommodation is the highest expenditure they face. Average rent is €251 per month.

It's not all spend, spend, spend, with modern students becoming more and more prudent with their money. Most save for the future, with 61 per cent citing having money to travel as a priority. Other reasons for saving include cars and further education. A quarter said they hoped to buy their own home within five years.

The release of the figures coincides with the launch of Bank of Ireland's new student banking package.

Meanwhile, a new study by Ulster Bank reveals only half of students plan to look for work as soon as they finish their course. Of them, 70 per cent plan to stay in Ireland. They expect to earn around €29,000 a year in their first jobs. Engineering and languages graduates have the highest salary expectations, ahead of medicine and science students.

Of those planning to seek work abroad, a quarter plan to go to the US, a fifth will go to the UK and one in eight intend to try to find work in Australi. Some 17 per cent will travel to other EU countries.

Of those not intending to get jobs immediately, a fifth plan to travel, a sixth plan further study and 16 per cent are undecided.