Managing money is a major concern for students, with rising living costs, increased reliance on part-time work and limited financial support affecting wellbeing and university life. The following resources provide insights and guidance:
NatWest: Student Living Index 2024
This annual survey offers an overview of what students earn, how they spend their money and what they budget for. It highlights the increasing reliance on parental support and part-time employment, as well as the rising costs of living.
This survey provides accessible and impactful statistics that help to understand the worsening financial situation of students in the UK.
OfS: Studying during rises in the cost of living
The OfS surveyed over 4000 students to understand the impact that rising living costs are having on students and their decision to continue studying.
It provides a list of recommended actions by universities to improve financial assistance. The report covers issues such as living costs, the increase in part-time working, meeting food needs and missing out on the full student experience.
University of Edinburgh Podcast: Student Wellbeing and the Hidden Costs of Financial Hardship
To build on the statistics in the above reports, this podcast discusses the impact of financial hardship on students. The podcast is led by Tessa Warinner, Student Wellbeing Adviser at the University of Edinburgh and chats with Grace Clark, president of the University of Edinburgh branch of the 93% club. The 93% Club name refers to the percentage of people in the UK who are state educated and this podcast touches on their financial hardships and how this affects their wellbeing.
Financial struggles whilst at university impact a student’s sense of belonging and whether they can participate in social activities.
The Brilliant Club: Roadblocks and Roadmaps: Navigating the University Journey. 3. Financial Pressures
‘Cost pressures mean students are taking on more paid work alongside their studies and have poorer mental and physical health and therefore reduced attendance and less time to study (Office for Students, 2023).’
The report states clearly how maintenance loans fall short of the funds required to have an acceptable standard of living. It also provides student interview responses, student advice and recommendations.