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According to the survey, the average student will have used up their first term's loan by November 20 – just 51 days into term – but one in six will spend their way through the entire borrowed amount within just 28 days.

"Our research shows the current crop of students will be running out of cash three and a half weeks before the end of their first term," said Duncan Jennings, co-founder of discount website VoucherCodes.co.uk, which commissioned the research.

The research found that one in three students claimed they "regularly drink expensive cocktails", while another 13% of students regularly indulge in beauty treatments.

Alcoholic drinks were the second-largest area of expenditure for students – on average £45 each month per student – with only supermarket shopping taking more out of students' pockets.

The survey also found regional variations in spending habits. Students in Scottish universities were found to be the most spendthrift, managing to use up their term loan within just 43 days on average. Their more parsimonious Welsh counterparts fared best, stretching out borrowed finances for an average of 56 days.

The results were based on a survey of over 1,000 current university students, which asked about their spending habits excluding tuition fees payments. The average maintenance loan – the means-tested portion of a student loan allocated to living costs rather than tuition fees – is £3,600 per year.