8 out of 10 students struggle to make ends meet according to new research from Save the Student. 48% of these students say it affects their studies, and 63% say it affects their diet, arguing they have to pay rent and other costs ahead of eating healthily
1 in 5 students gamble or sell their body for extra cash, often citing the reasons as denied access to fair pay jobs, or they don’t have a ‘fair student loan’.
Two thirds of students struggle to live off their maintenance loan alone. While most students rely on parents to cover living cost, the number of students relying on payday loans tripled this year compared to last (up form 1% to 3%). Similarly, the number of students relying on savings jumped from 10% to 38%.
Many students rely on part-time work, however due to the lack of availability and low wages many are starting their own businesses.
71% of students rely on their parents and 46% rely on their overdraft for money.
The biggest cost for students was rents, coming in at an average of £373 a month, followed by food at £110 a month.
82% of students believe the student loan is ‘unfair’ and 1 in 3 believe their parents don’t give enough financial support.
See the full results of the survey below.
Students and Money: An infographic by the team at Save the Student.