The Student Money Survey 2017

Written by admin

We knew that the UK’s students were having a hard time supporting themselves but it was still pretty shocking to find out that a whopping 84% of students worry about making ends meet. No wonder 67% of students now have part-time jobs. Shockingly, though, some have ended up taking rather desperate measures – 7% of students rely on gambling to make themselves some cash, while 12% use credit cards.

The stats are from the new National Student Money Survey 2017 from savethestudent.org , which interviewed 2,300 students. Worrying comments included,

‘Student life is constantly a battle between surviving and eating and getting an education,’

and,

‘Student life is poverty but the experience and degree is worth the stress’.

Punchy annual university fees (around £9k a year) and inadequate student maintenance loans (they come up as much as £221 short of what students need to live on per month) are largely to blame.
But there is also another factor at play – 1 in 5 students admitted they had never budgeted before. Meaning they arrived at uni with little or no idea how to work out what they should be spending on food, rent and socialising per day or week, often having a nasty shock at the end of the month and racking up debts.

It’s not easy balancing the books when you don’t have enough coming in and the average student has monthly outgoings of £821 – that’s up by £31 from this time last year. Rent is the biggest gobbler of finances, accounting for almost half of the total. If that wasn’t bad enough, the real strain comes at the start of term, when students are expected to hand over big money for rent in advance.

So is all the financial hardship and stress of getting a degree worth it? It’s a pretty even split – 51% of students voted no and 40% said yes. No doubt this is coloured by the fact that 51% also doubt they’ll find work after graduation.

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