The cost-of-living crisis has affected everyone around the UK as we see prices of almost everything shotting up over the last year. This has particularly impacted people from lower socio-economic backgrounds. The House of Commons Library posted on their website that “higher education students are at risk of becoming the forgotten group of the cost of living” which highlights a growing financial concern for students which students like Millie Atkins who attends Marjon University have noticed “some people are lucky enough to have parents fund them but with prices going up it is quite difficult for anyone.”
Research carried out by the National Union of students shows that 96% of students have said they are having to cut back. Consequently, this causes students grave anxiety about their spending habits and what they can and cannot afford. This has been appealed by a NUS spokesperson who released a statement saying, “huge increases to the prices of bills, food and living costs coupled with soaring rent has students on brinks.”
First year student Millie Atkins has had to budget her shopping due to this “I used to have to go around with a calculator because I was so worried about prices” she shared, “I’m very cautious of prices.” However, Confused.com statistics show this is not an uncommon feeling amongst people attending university with 82% expressing they have financial worries.
The average Maintenace loan for students living away from home is around £496 per month or £5925 a year which students find isn’t enough to help fund them whilst they are away from home. Research By Save the Student, a charity spreading awareness about the injustice students are facing, found that 56% of students had to get part-time jobs to receive some sort of income alongside their full-time studies. This has led to many people feeling like they are missing out on the ‘uni experience’ by either not having the time due to picking up as many shifts as possible or just simply can’t afford to. “There have been many times I wanted to go out with my flat mates, but they couldn’t afford it.” Millie told us.
However, students living at home like Caitlin Kerswill found their maintence loan did help a lot, “I’ve been able to get a laptop which I couldn’t get beforehand.” which shows how the loan may be more useful for some more than others.
Marjon University is very aware of the struggle’s students are facing and have tried to come up with ways to try and support them by posting links on their website such as tips on budgeting, finding jobs and mental health services to be there for anyone who finds themselves impacted by the cost-of-living crisis and you could even apply for a university hardship fund if you are in desperate need of Finacial help.