Money

67% of students would consider cryptocurrency to pay for the cost of university according to new research

Published

1 year ago

20th May 2021

Editor

women wearing white long sleeved collared shirt holding bitcoin

Two thirds of students would consider using cryptocurrency to pay for university costs, reveals student accommodation provider UniHomes.

Research has revealed students are twice as likely to invest in crypto than the general population, with an estimated 189,000 undergraduate students in the UK owning some form of cryptocurrency.

Despite the volatility of cryptocurrencies, an estimated 3.4m people in the UK are thought to have invested. This equates to around 5% of the total population, placing the UK 11th in the worldwide rankings in terms of investor prominence.

Yet, students are much more likely to invest; with 10% of UK students owning crypto.

Students take second place when looking at owners of cryptocurrency by employment status, sitting only below military employees (20%). This means as many as 188,948 undergraduate students are thought to be investors.

It’s also clear that many students are keen to maintain this modern form of potential income, with 18% of students continuing to set money aside to invest in the likes of cryptocurrencies, stocks, and shares.

Currently, the opportunity to transact with cryptocurrencies is limited, but it’s clear that many students are keen for this to change. 67% stated that they would consider using their cryptocurrency to pay for university tuition, rent and even the general cost of living if they could.

UniHomes found that, on average, the overall cost of university comes to a whopping £18,024 a year. With one Bitcoin currently valued at £28,175 (as of 20th May), students studying a three year degree could cover the cost of university life and tuition with just 1.92 Bitcoin at current market rates.

Co-Founder and Director of UniHomes, Phil Greaves, said: “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.

Students are becoming more entrepreneurial, with out-of-the-box thinking when it comes to financial savviness, compared to previous generations.”

Survey of 1,365 students carried out by UniHomes (19th May 2021).

Do you own any cryptocurrencies (Bitcoin, Ethereum, etc)?

Answer	Respondents
No	90%
Yes	10%

Estimated number of crypto owners

Population segment	Estimated number of crypto owners	Approx % of population
United Kingdom	3,360,591	5%
UK Undergraduate Students	188,948	10%

Would you consider using cryptocurrency to pay for things like university tuition, rent or the general cost of living if you could?

Answer	Respondents
No	33%
Yes	67%

Do you set money aside to invest in the likes of cryptocurrency, stocks and shares etc?

Answer	Respondents
No	82%
Yes	18%

Data Description	Data Point	Source
Average tuition fees	£9,000	Save the Student
Average cost of living	£9,024	Save the Student
Annual total	£18,024	Tution + average cost of living
Total for three year degree	£54,072	Annual total x 3
1 Bitcoin	£28,175	Coin Desk (May 17th, 9am)
Bitcoin required to cover three year degree	1.92	Three year cost / Bitcoin value