Other money matters

There are many other financial matters that students need to be aware of. This section of the site aims to clarify matters for students in areas such as paying tax and work related issues, benefits, and bank accounts!

Paying tax

There is confusion as to whether students pay tax at work.

This is because it depends on when they work and how much they expect to earn.

If you have a job during the University year, you are liable to pay tax. Check to see if you are paying too much.

If you only work during the main summer period, you may not have to pay tax. Check to see if you are exempt.

Bank Accounts

All students will need a bank account during their stay at University. It is important to educate yourself about the types of bank accounts and how to apply for them. Many University related functions such as loan payments and accommodations will require bank accounts with specific features.

Use the links at right to learn more about UK bank accounts and banks.

Please note: The University does not vouch for, or recommend, any single bank.

Minimum wage

There is a national minimum wage to make sure that employees receive fair pay for their labour.

Current National Minimum Wage Rates

• £5.93 per hour for workers aged 21 years and older
• £4.92 per hour for workers aged 18-20 inclusive
• £3.64 per hour for workers aged 16 to 17.

Rates from 1 October 2011

The NMW rates are reviewed each year by the Low Pay Commission and from 1 October 2011:

• the main rate for workers aged 21 and over will increase to £6.08
• the 18-20 rate will increase to £4.98
• the 16-17 rate for workers above school leaving age but under 18 will increase to £3.68 
• the apprentice rate, for apprentices under 19 or 19 or over and in the first year of their apprenticeship will increase to £2.60

Living costs

The University of Glasgow estimates that a single student in self-catering accommodation should allow £8,040 per year (12 months) and a minimum of £12,000 for a married couple. An extra £2,000 per year should also be added per child.

A very rough breakdown is:

Per month     

Accommodation (including bills): £320
Food: £170
Clothes: £60
Bus, underground, train fares: £30
Laundry, stationery, stamps, toiletries: £30
Entertainment: £60

Per year     

Books: £300
UK Travel: £200