The results of the 2022 money survey are now out. There were no surprises. If anything, it was always going to be a foregone conclusion in a year of rampant inflation leading to a cost-of-living crisis hitting the poorest of the poor.
Students are often the forgotten demographic, but the National Student Money Survey is a chance to highlight these issues.
Maintenance loans
Despite that inflation has been around 10% since summer 2022, with average costs rising 14% from the last survey to the next. The maintenance loan – the main way by which students fund their living costs while at university – went up by only 2.3% in England, 3.5% in Wales, 4.5% in Scotland, and most shocking – it hasn’t increased at all in Northern Ireland.
This means the amount of money students need to simple cover the cost of living falls short every single month by around £439.
Two thirds of students said the maintenance loan is not enough to live on currently.
General finance issues
The cost-of-living increase has also had an impact on other sources of income. In past years, students have relied on parental support (66% in 2021) and part time work (66% in 2021) to make ends meet. The most recent survey showed that both these two sources dropped last year.
Students do not typically have savings, but those who do are relying on them far more (50% in 2021 up to 57% in 2022).
Food banks
The poorest in society have been relying on food banks for a few years while the bar to who constitutes the poorest keeps rising. Unsurprisingly, students are among them. According to the most recent survey, around 10% of students across the UK used food banks during the last academic year.
Most concerning though is the number of students saying they have skipped meals to make ends meet. Others claim to have gone days without eating anything.
Stress and anxiety
Of course, these money issues do not exist in a bubble. There are major mental health impacts on students who are struggling financially. We know from repeated studies over the last few years that money issues can lead to sleeplessness, lack of concentration and it could impact academic performance – exacerbating mental health problems.
The survey found that a massive 82% of students worried about money while a similar figure had considered dropping out of university because of those money worries.
- 31% said their grades are suffering because of money worries
- 35% said their relationships have suffered
- 38% report affected sleep
- 47% say their diet is worse
- 64% said their social interactions have suffered
- 59% said all this had a negative impact on their mental health