We are all being affected by the constant rising costs of living. We see it in our energy bills, weekly food shop, plus other rising costs. So it is no surprise that this also affects those wanting to study and gain qualifications. Which is why we are talking about how students are affected by cost of living.
Table of Contents
How Students Are Being Affected
With the rising cost of student fees and rent increases, it is no wonder that for many student finances are affecting their mental health. Which in turn will affect their education.
HSBC Carried Out Research On Student Finances
The research showed the following concerns –
- More than half of Britains students (54%) agree that financial concerns are having a negative impact on their mental health
- Nearly 1 in 2 prospective students (45%) say that they have switched choice of university because of the worries of the cost of living
- 46% of the student population say they do not feel they have had enough education on how to budget
- Students are changing their original choices of university, with 1 in 2 having done this. To cut back on spending and borrowing more which take them into more debt. As they worry about the cost of living.
Those Already Studying
- A staggering 94% say that they have made changes to their financial behaviour in the past 6 months. With 55% saying they have cut back on spending
- Students who receive money from their parents orr family receive on average £352 a month. With this going up on average by £80 a month in the past 6 months
- A large focus on a students budget is food, where we have all seen an increase in prices rising. Students have started to cut back by shopping at the cheaper supermarkets, cutting out takeaways which includes student staples of pizza, and buying cheaper ingredients
Not Just A Financial Impact On Students
Sadly the impact is not just financial. More than half of Britain’s students (54%) have reported a negative impact on their mental health, including –
- 43% feeling anxious
- 42% feeling stressed
- 41% feeling worried
- 45% say that their diet is suffering
- 45% say they are losing sleep thinking about money
Nearly half of all students chose their university based on the quality of the course. Which was then followed by reputation, proximity to home and cost.
money
Sadly, when it comes to knowing how to manage their money 46% of all current students say. That they do not feel as if they have had enough education on how to budget. With 55% of all current and prospective students saying that they would welcome more budgeting advice and tips from their bank.
How Can We Help As Parents
We can not do anything about the rising costs of living, but there are other areas we can and should be teaching our children.
- Budgeting – We give our children pocket money. This is a great opportunity to teach them about savings and budgeting
- Cooking – Teach them to cook meals that are easy to prepare. Maybe some that can be frozen for when they need to save time.
- Shopping – Help them learn how to shop to get the most for their money. Think about what meals they can make.
- Be There – They may have moved away from home. But let them know you are always there for them. That they do not need to worry alone.
Has the impact of the cost of living changed any plans your children have had on where they study?
I can understand how difficult it must be for the kids. I I feel Budgeting is really important.
Budgeting is more important now than it has ever been, and something we should be teaching at home
With the current economic crisis of the cost of everything rising, I can imaging the stress and anxiety this must be causing a lot of students. Budgeting is the key to this and children and parents, need to learn how to do this
I agree, it is something we as parents can teach our children as it is such an important thing to know and learn.
I think that college tuitions need to be reevaluated and also I think as a society we need to talk about encouraging kids to pick up trades. Not every child is built for college and not every child ends up using their degree. There’s a societal pressure that every kid fresh out of high school needs to rush to university for the ‘college experience’ without knowing for certain what they want to do and take out huge loans to live up to expectations that are just unrealistic. Not only are you strapping the student down with doubt but you’re also strapping the family down because it then falls upon the parents to help out and sacrifice more to help pay off the college costs. It’s a huge mess.
This is very true, but sadly from leaving school there is nothing in between for kids these days. My friends daughter experienced this last year, as she was struggling with what she wanted to do career wise.
I am currently a mature student and am struggling with the cost of living 🙁
I do feel for all students, theer should be more help
As a parent, I know how students can struggle with the high cost of living. And I love to help by cooking, budgeting and just being there for them. You made a lot of good and important points here.
As a parent like you these are things I have taught, and it is something we should all be doing as parents
So sad to read this. My son is approaching his third year but luckily he is at home so doesn’t have to worry about other costs.
It is sad yourr son is lucky, C will be studying from home so does not have to worry about rising costs but so many are suffering
It’s so important to teach the kids how to fend for themselves when they leave the nest. The cost of living can be mitigated somewhat if they know how to do things for themselves.
I agree and we should be doing this as parents
I Knew it is very tough for students right now but this was difficult to read. I am sad that we’re doing so little to support future generations…
It is scary to read, I am teaching my daughter about budgeting, preparing meals and how to save on shopping
Such a worry for people who shouldn’t need to worry but unfortunately it is a sad time we are in. I am hoping I can put my son through University but I am worried about the cost and if we can afford it but I want him to have a choice.
It is worrying, also with the cost of living constantly rising, where parents could help, they are finding that they need to use that money to live
University is a great experience – with help and support our younger generation can still have a blast
I do agree as friends children are at University, but they have huge support from their parents. Sadly, this is not the case for everyone
This is so sad to read. I can’t imagine what it would be like when my kids are ready for university. But hopefully I can teach my kids to budget early. I would like to think we budget well in this family and hopefully if I involve my kids with some decisions we’re making, they can pick it up for when they are young adults.
I worked in banking for many years, so we have always talked about budgeting, savings etc. A lot of preparing our children for life after school is by teaching them the basics on how to budget.