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Hepi report suggests cost of living crisis continues to bite
A third of students say they are at risk of quitting their course because of the cost of living crisis, according to a 2,000-strong survey of university learners.
In polling commissioned by the Higher Education Policy Institute (Hepi) and conducted by Savanta, 58 per cent of respondents said their financial situation had deteriorated over the past year, with one in three saying they were at risk of dropping out of university as a consequence.
Some 60 per cent of the sample said money worries influenced which university they chose to go to, and 54 per cent said their finances were having an impact on their mental health.
If students were given an extra £500, 47 per cent would put it into savings and 24 per cent would buy food, the survey found. Conversely, if they had £500 less to spend, 42 per cent would cut back on social activities, 40 per cent would have fewer nights out and 42 per cent would do more paid work.
Only 36 per cent of students in England and 37 per cent in Northern Ireland think the system of maintenance support in their country is fair, compared with 58 per cent in Wales and 59 per cent in Scotland. And just 30 per cent of students are satisfied with their own institution’s response to the cost of living crisis.
Publishing the figures on 2 May, Hepi said that “the vast majority of students (86 per cent) are more likely to ask for support if they can do so easily online”.
Alarm bells
Josh Freeman, policy manager at Hepi, said the financial situation of many students had “worsened in the last year”.
“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,” he said. “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.”
Next week, Hepi will publish what it terms “a major report” on student maintenance and living costs.