To cover their living expenses, an increasing number of UK students are investing in cryptocurrencies. According to a recent survey by the British financial advice website Save the Student, the percentage of students who make money from crypto has tripled from 2% to 6% in the last year.
Between May and August 2021, the National Student Money Survey 2021 polled 2,038 university students in the United Kingdom. According to the findings, 76 percent of surveyed UK students are concerned about making ends meet, up from 71 percent in the previous year’s survey. Students face monthly living costs of GBP 810 (USD 1,120) on average, forcing many to seek additional income through side hustles or small businesses.
Despite the fact that, compared to the previous year, a lower percentage of students engaged in side activities or businesses to supplement their income, the latest increase occurred. According to the survey, 40% of students said they had made money from their own business or side hustle, down from 43% last year.
The site commented on the survey’s findings, saying, “There has been a lot of media attention this year about the growing number of new investors getting involved in trading crypto, as the likes of bitcoin and ethereum experienced a ‘boom’ in the market.”
According to the survey, “with a growing proportion of students saying they’re investing in cryptocurrencies, it’s clear that young people need clear, balanced information about crypto to ensure they’re making careful financial decisions.”
The average monthly wage for students who declare having a part-time job is GBP 404.
“Despite the fact that the proportion of students with a part-time job is decreasing, the amount that students in work earn from their job has increased, rising from GBP 326 per month in 2020,” according to the website.