With the Bank of England predicting inflation to reach 13% in October, many people in the UK are struggling to make ends meet. University students are one of the groups in UK society being affected by the rise in prices and future students are questioning whether going to university is a wise financial decision.

A survey conducted by the National Union of Students has revealed that 96% of students are cutting back on spending as the price of student accommodation, gas, and food has increased in the last six months. An increasing number of students are also searching for additional financial support, as over half of students believe that their loan or bursary alone do not cover the cost of living.

96% of students are cutting back on spending as the price of student accommodation, gas, and food has increased

Housing costs are the number one pressure on finances, followed by the rising cost of energy. NUS UK President, Larissa Kennedy, says that ‘thousands of students are already being forced to choose between heating and eating,’ as one in four students are left with less than £50 each month after paying housing costs.

University students think that the student loan is not enough, with over 60% of respondents saying that the student loan and bursary do not cover the cost of energy bills nor the cost of living comfortably, and most students believe that the student loan won’t cover their expenses in the future.

Despite nearly half of university students working while studying, they are seeking additional means of financial support. The number of students asking their parents for financial support has risen by 10% between January 2022 and June 2022. The use of credit cards as well as credit schemes has also risen between January 2022 and June 2022, with the use of both going up by over 10%.

The survey also found that close to 70% of students are cutting back on socialising, luxury items, and clothes. Food is also being cut back on by 50% of students, with disabled students, estranged students, and students from a lower socio-economic grouping being impacted the most. 11% of students are now turning to food banks, over double the number that was using them in January.

11% of students are now turning to food banks

However, the cost of living crisis is not only impacting current students; it is also affecting prospective students. According to a recent survey conducted by Indeed Flex, over 90% of A-level students say the cost of living has affected how they feel about attending university, with over a third questioning if getting a degree is worth the money. 14% of prospective students have considered deferring university for a year as a result of the cost of living crisis.

4% of prospective students have considered deferring university for a year as a result of the cost of living crisis

According to COO and co-founder of Indeed Flex, Novo Constare, because of the cost of living crisis, this year’s prospective students aren’t just worried about their A-level results, but ‘the rising cost of food, rent and bills is also weighing on their minds.’

Over two thirds of university students believe that the government is not doing enough to help students during the cost of living crisis. Considering the rising prices and impact that the cost of living crisis has had on student mental health, NUS is calling on the UK government ‘to put in place a tailored cost of living support package for students as a matter of urgency.’

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