According to a recent poll conducted by the Office of National Statistics, 92% of students are worried about their finances in the face of the recent cost of living crisis – stats show significant numbers regarding the number of students taking out loans, with some even considering the possibility of withdrawing from higher education as a result.

Primarily due to the increase in energy prices, the UK has recently been in the midst of a cost of living crisis, with the student community being described as ‘the forgotten group’. Maintenance loans do not sufficiently support student spending, seeing many students look to their families for support. Unfortunately, those from poorer backgrounds are unable to receive this support, even leaving some skipping meals in order to save money. 

The Office of National Statistics have supported these claims by publishing statistics regarding the relationships between students and the financial crisis. While 92% of students are worried about their finances, almost half (49%) of students feel they have financial difficulties, with a third (33%) saying these were minor and 16% saying they had major financial difficulties as a result of the cost of living crisis. 

In response to this, experts have revealed tips to try and support students through this difficult time. Careers experts at RateMyPlacement have shared tips such as budgeting, talking to your university and prioritising your mental health. Generating new sources of income and saving money through student discounts were also suggestions made by experts. 

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