Month: November 2022

University students face financial and mental health struggles amid cost of living crisis, says study News Briefing

University students face financial and mental health struggles amid cost of living crisis, says study

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Students are struggling to live on their student loans (Picture: Getty Images/iStockphoto)

A new study has revealed that half of university students in England are facing money problems due to the cost of living crisis.

The results of the survey, conducted by the Office for National Statistics, suggested that these financial difficulties may also be impacting students’ mental health.

More than nine in 10 of those surveyed said they felt either somewhat or very worried about the rising cost of living crisis.

Not only that, one in four students have taken on new debt in response to rising costs – this includes those who borrowed or used more credit than usual – 66% of whom reported doing so because their student loan was less than their living costs.

When participants were asked how their cost of living had increased, 93% reported that the price of their food shop had shot up, while 60% said their rent or mortgage also increased.

Nearly one in five respondents have considered moving back to their family home and commuting to university instead, with 6% of all students planning to do so. 

Many students are having to cut down on their daily spending (Picture: Getty Images)

The majority of students surveyed said they were cutting back on both essentials and non-essentials, including over a third who have been using less gas and electricity at home and more than half who have used their savings to cover costs.

The impact of this is detrimental – the average level of life satisfaction among higher education students (5.9) was significantly lower than the adult population in Great Britain (6.8).

As well as that, 45% of respondents felt their mental health and well-being had worsened since the start of the autumn term this year.

Data from Endsleigh’s Student Assistance Programme supports these findings. According to the 24-hour support service, calls seeking financial and housing help have increased by 39% and 46% respectively.

‘This new data highlights the severity of students financial concerns,’ says Alison Meckiffe, CEO of Endsleigh Insurance.

‘The impact of the cost-of-living crisis is pushing more students into debt and many struggling to make ends meet.’

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