The average student’s weekly term-time living spend has risen by five per cent over last year, according to new figures, demonstrating the importance of good debt management skills.

This increase in costs comes despite more than half of students saying they have cut back on day-to-day spending, the Halifax survey shows.

Unsurprisingly, students in London and the south-east face the highest living costs, while those in the north-east and Northern Ireland have the cheapest way of life.

Those studying in the capital spend an average £247.90 each week during term time, will students in the north-east can survive on just £157.50 per week.

Around the country, accommodation accounts for the majority of outgoings, and the positive news is that spending on cigarettes was the one area to see a decrease.

"At the moment it’s more important than ever for students not only to set a budget and stick to it, but also to minimise the cost of any borrowing," said Mike Regnier, current account director for Halifax.

A survey released by Push this week also highlighted the importance of good debt management for undergraduates.

Its figures reveal that students starting university this year could graduate with debts of £23,500.