This year’s National Student Money Survey has been answered by over 2,300 university students: many thanks to those who took part and gave their time to respond to this survey!
We finally have a clear picture of university/college students’ life and their financial across United Kingdom. A number of issues we discovered is worrying, and a few needs government intervention — however, the remainder is testament to the way students persevere when the odds are against them.
To anybody who has ever been frustrated with expressing stereotypes about uni/college students, those stats are for you: read, share, and — most importantly — use them to start a plan.
Living And Surviving On Student Budget
With today’s unpredictable economy, living and surviving on student budget can be a daunting thing to do. More and more students concern about their financial. Nearly 84% say they’re worry about getting enough money to get through a day or a month (that is 4% of increase from 2016). The amount of money even affects how many meals you can have per day and whether you’re able to stay on top of your research.
How Money Affects Our Overall Mental Health
Trying to make ends meet every single day put huge stress on our mental health, which could lead to and triggers all sort of mental illness. As such, this past year poll probed to exactly how much effect money has on students’ mental wellbeing. Worryingly, half of the students participated in the survey told that they had experienced mental health issues as a consequence of financial issues, along with other 42% additionally stating the hardship puts a great toll on relationships with friends and loved ones. Unsurprisingly, we received a lot of comments saying being bad in uni can be a lonely experience.
As for the concerning connection between wealth and wellbeing, students who reported to have mental health issues stated they did not get sufficient financial education prior to uni, or sufficient financial aid from parents when they began their course.
Earning The Money — But From Where?
Parents are very likely to be feeling the pressure nowadays, with 71% of students relying on cash from their parents to make ends meet, an increase from 69% in 2016. This really is such a massive problem that we generated a parental donation calculator that reveals just how much parents must really be helping their children outside in uni.
More students than 2016 also state that they work for themselves: self-employment is a clear fix for a shortage of local jobs or hefty research commitments, therefore we would not be surprised to see that this continue to rise. The Student Loan stays the go-to for uni money — that explains the reason not getting enough of it may result in considerable issues.
Since predicted past year, the pressures of leasing prices and limited earnings opportunities signifies a few of pupils continue to rely on gaming and adult function as ways to earn money.
Savings And Budgeting?
one out five students never keep track of their earnings and expanses, means that they’re not using a clear budget of just how much money you have today, and whether it’s going pay future expenditures. On the other hand, 80% possess cottoned on to the way simple budgeting is.
Unfortunately, we discovered the single thing which affects even the most solid budgets isn’t earning enough money to begin with. Nowadays, most adults have a couple more choices at their disposal: get a better paying job or apply for loans. Both these choices benefits are not fully accessible for full-time students.