Cost of living: Students struggling with impact of soaring prices

Student in a library

Students are facing financial and mental health concerns as soaring prices take a toll on their wellbeing, a survey has suggested.

More than eight in 10 of those asked said they worried about making ends meet, with the average maintenance loan falling short of living costs.

The survey, run by the website Save The Student, suggested four in five had considered the prospect of dropping out of university.

Half of those blamed money worries.

“This is the most worried I’ve ever been about the financial situation students are facing,” said Save The Student’s Jake Butler.

“In a decade of running the National Student Money Survey, this year’s findings are bleak – and we expect much worse is yet to come.”

Rent is by far the largest outgoing for students, followed by groceries. Living costs have seen a 14% increase since last year’s survey, according to the responses, with the average student now spending £924 per month.

That is higher than the official inflation rate of 9.9%, which tracks how the cost of living changes over time. Save The Student suggested that a typical maintenance loan in England fell £439 short of covering these costs every month.

Source – BBC