The average British student is 50 per cent richer than they were ten years ago, according to new research.

Figures from Direct Line home insurance reveal that with the addition of laptops, iPods and PDAs, today's undergraduates own on average £2,900 worth of possessions compared with £1,900 in 1996.

The growth is thought to be driven by 'must have' technical accessories as two out of three students own a laptop, 55 per cent own iPods or other MP3 players, nearly 50 per cent own DVD players and 12 per cent own wide-screen televisions.

"The wealth of today's students really is proof that times are changing and that the majority now enjoy a degree of affluence," said Simon Ziviani of Direct Line.

Combined, graduates are spending some £1.8 billion to fund their university lifestyle and half of this is funded by loans, overdrafts and credit cards.

However, the research shows that almost a quarter of students fail to insure their essential and expensive possessions.

"With university set to start back shortly, students are advised to either take out their own insurance or check to see if their parents' policy covers them," Mr Ziviani said.

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