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September 2022 - Education

82% of students are worried about making ends meet at university: The National Student Money Survey has revealed that 82% of students are worried about making ends meet at university, with four out of five admitting that they have considered dropping out. And of these, almost half (52%) have thought about leaving their course due to worrying about their finances.

The survey, now in its tenth year, reveals the hardship facing students due to the ongoing cost of living crisis, with rents, food and other living costs increasing at unpresendented rates. This is while maintenance costs in England have increased by just 2.3% for the current academic year, despite inflation far surpassing that. Maintenance loans now for the average student do not even cover half of the money needed to pay their monthly living costs.

The survey also revealed that students, are in fact, facing inflation which is higher than the national average, with living costs rising 14% since the last survey just a year ago. Costs for the average student are now £924 per month, while in London, the average is £1,089.

While in 2021 the shortfall between the average maintenance grant and how much a student needs to meet their living costs each month was £340, in 12 months, this has risen to £439, making it even harder for students who are experiencing hardship.

Areas affected by money worries

Students were asked in the survey about how different areas of their lives at university are affected by worrying about money, with one in six (59%) saying their mental health suffers as a result. Almost half said they diet suffers (47%), while four in 10 said that their sleep is affected (38%). Others saw their relationships suffer (35%) and for almost a third (31%), their grades. The greatest area affected, however, was their social life, with almost two-thirds saying that it suffers due to worrying about their finances.

The survey also revealed that the situation has been so bad for some students that one in 10 have turned to food banks. 

Speaking about the findings, Jake Butler from Save the Student, said: "This is the most worried I've ever been about the financial situation students are facing. In a decade of running the National Student Money Survey, this year's findings are bleak. And we expect much worse is yet to come."

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