April 2022
Featured in this insight: Education, Financial services
Two thirds of students are 'extremely worried' about the rising cost of living: A survey of university students and parents has revealed that 66% of students are 'extremely worried' about the rising cost of living, with almost three-quarters of parents saying the same (73%).
The survey by Unite Students polled 1,000 undergraduates and 1,000 parents or guardians of undergraduates in March 2022.
It found that almost a third of students (32%) do not feel comfortable asking a a parent or guardian for money when they are experiencing financial difficulty, with 29% admitting that they hide debt from their parents. It also found that 43% of students are worried about the financial burden that their university experience is placing upon their parents at a time when costs are increasing exponentially.
The feedback from parents was that 36% are finding it difficult to support their child with their university costs.
As the cost of living crisis deepens, with UK inflation reaching a record high and the cost of energy and fuel skyrocketing, half the students polled (50%) said that financial issues are affecting their mental health, with 41% of parents/guardians polled said the same. More than half the parents polled said that spiralling costs are having an negative impact on their family life (54%).
Some students also revealed that when it comes to costs at university, they believe their parents do not understand just how much things cost (37%), with 49% saying they work part time jobs alongside their studies to help boost their finances. Around a third of students (32%) said they have had up their part-time hours to ease the financial pressures they are facing, although more than half (52%) said they turn to their parents once a month or more for financial support.
The majority of parents polled said they would encourage their child to seek part-time employment to help pay their way through university, however, 49% said they are concerned about the impact that working alongside their studies could have, with 61% of students saying the same.
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