Students who contribute to a kitty to manage shoestring budgets are seeing their money go further while they are at university and for years afterwards, a study has found.

Just under half (45%) of a group of 1,500 students surveyed at universities across the UK contribute to a central pot of money, otherwise known as a kitty, as a means of paying for household supplies and bills, birthday gifts, and group nights out, the study by Barclays Bank found.

Of those, two thirds contribute at least once a month to kitties, with the average student saving £171 a year on expenses when a kitty is part of their life, said the study’s authors.

“Some save in excess of £750,” said Barclays spokesman Dan Wass.

Survey participants included Oxford, Cambridge, Bristol, Edinburgh, Southampton, Manchester, Sheffield, London, York, and Lancaster university students.

Regionally, 60% of students at Oxford universities were likely to manage shoestring budgets by contributing to a kitty, compared to 49% of students from Bristol, 46% from Edinburgh, 41% from York, 40% from Lancaster, and a third (33%) from Cambridge.

Cambridge students contribute on average £11 a month each to kitties, Oxford students £19, and Bristol students £34.

Mr Wass said keeping a kitty was likely to equip students with sound skills for managing money after university.

Of those surveyed, almost seven out of 10 sat down with friends to discuss management of kitties to ensure pooled funds were spent wisely.

Mr Wass concluded: “It’s very encouraging to see that so many students are taking a sensible approach to managing their money to help them cope with university’s financial pressures. The budgeting and communicating involved are key life skills that will help see students through university and beyond.”