Two-thirds (67%) of university students would consider relying on cryptocurrency to cover the cost of university, according to recent research by student accommodation provider UniHomes.
A survey of 1,365 students on 19 May this year revealed that university students are twice as likely to invest in crypto then the general population, with an estimated 189,000 UK undergraduates currently owning some form of the currency.
|Estimated number of crypto owners|
|Population segment||Estimated number of crypto owners||Approx % of population|
|UK Undergraduate Students||
While the crypto market remains volatile, it is thought that 3.4m people across the country have invested, amounting to approximately 5% of the population and placing the UK 11th in the global rankings for investor prominence. By comparison, 10% of the student population currently own crypto, amounting to 188,948 young people.
In terms of cryptocurrency ownership by employment status, university students come second only to military personnel (20%).
“Students are becoming more entrepreneurial, with out-of-the-box thinking when it comes to financial savviness, compared to previous generations” – Phil Greaves, UniHomes
The survey also confirmed that many students are keen to maintain their grasp of the crypto market, with 18% saying they are still keeping money aside to invest in the likes of cryptocurrencies, stocks and shares.
While the opportunity for crypto transactions remains limited, students are keen for this to change, with 67% saying they would consider using the fruits of their crypto investments to cover the cost of their university tuition, rent, and even the general cost of living if they could.
|Average tuition fees||
|Save the Student|
|Average cost of living||
|Save the Student|
|Tution + average cost of living|
|Total for three year degree||
|Annual total x 3|
|Coin Desk (May 17th, 9am)|
|Bitcoin required to cover three year degree||
|Three year cost / Bitcoin value|
The study found that the average overall cost of higher education in the UK is £18,024 a year. With Bitcoin currently valued at £28,175 (as of 20 May), students studying a three-year degree could comfortably cover tuition and life expenses with just 1.92 Bitcoin at current market rates.
“With cryptocurrency such a new form of investment, it’s interesting to see just how many students would consider this a viable currency in the future,” said Phil Greaves, co-founder and director of UniHomes.
“Students are becoming more entrepreneurial, with out-of-the-box thinking when it comes to financial savviness, compared to previous generations.”