January 2021
Featured in this insight: Education, Financial services, Medical & healthcare
73% of students are concerned about how they will manage financially as the country goes into lockdown again: A survey has found that as the UK goes back into lockdown, students are concerned about their financial stability as the coronavirus has impacted their income.
Six in ten students (61%) polled said they have been impacted financially by Covid-19.
The annual survey by the National Union of Students polled 1,932 university students, seeking to capture their opinions and experiences.
The research found that with the closure of many retail, hospitality and leisure businesses, one in five students have had their hours cut, with one in 10 losing their job due to Covid-19.
The proportion of students in part-time employment has dropped by a third since the country re-closed its hospitality industry in November, found the research.
Half the students polled said they are financially supported by their family to attend university, with many revealing that Covid-19 had also affected their family's income. Because of the scarce job opportunities and cuts in work hours, one in three students have had to use savings, and one in five have used credit cards to help them out, found the poll. Almost one in 10 (9%) said they have had to rely on food banks and institutional hardship funds for support.
The survey also highlighted the lack of support for students. NUS President, Larissa Kennedy, said that students urgently need more financial backing with many struggling to afford essential bills and food, and some even struggling to pay their rent.
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