Recent falls in inflation do not seem to have relieved financial pressures on UK students, with more than half saying their situation has got worse over the past year, according to new polling.
More than 2,000 students were surveyed by Savanta on behalf of the Higher Education Policy Institute (Hepi), with a third saying they might drop out because of money worries.
Although prices are not rising as steeply as they were a year ago, the cost of living is still weighing heavily on the minds of those polled, with more than half reporting they have missed out on experiences because they could not afford them.
Three-fifths say money concerns affected which university they chose to go to and more than half say their financial situation is affecting their mental health. Nearly two-thirds say financial challenges have “significantly” affected their university experience.
Asked what they would do with an extra £500, 47 per cent of the students say they would put it into savings, while a quarter say it would be spent on groceries.
If the students had £500 less to spend, 42 per cent say they would cut back on social activities and 40 per cent say they would have to do more paid work.
Sixty-four per cent say they are already undertaking paid employment and 67 per cent of these students say they are finding it difficult to balance these commitments with their studies.
Asked about the fairness of the maintenance support available in their country, just 36 per cent of English students say it is fair, compared with 58 per cent of Welsh students and 59 per cent of Scottish students.
After rising steeply to a high of 11.1 per cent in October 2022, the consumer price index of inflation dropped to 3.2 per cent in the latest update in March 2024.
Josh Freeman, the policy manager at Hepi and author of the research, said that although the prime minister, Rishi Sunak, had said people were starting to see the benefits of a recovering economy, “these results suggest the benefits of any economic upturn have not been felt by students”.
“The financial situation of many, already challenging, has worsened in the last year,” he added. “The high number of students indicating they are at risk of dropping out should set off alarm bells, as these students are hard-working and capable enough to be in higher education, but they may no longer be able to stay there.
“Just as worrying is what students must give up to stay in higher education – social events, extracurricular experiences and good grades, in favour of cutting back and taking on ever more hours of part-time work.”
