Cost of Living Crisis: 87% of Students Want the Government to provide more Financial Funding

The majority of students in the UK say that both the government and their university could do more to support them during the cost-of-living crisis.

VoucherCodes.co.uk’s Student Value Report 2022 reveals that 87% of students believe the government could do more to support them financially during the cost-of-living crisis, with almost half of students feeling this strongly (47%). Students also believe that the government could do more to support their mental and physical health as the crisis deepens, with two fifths believing this strongly (41%). 

This month, students are heading back to university in the midst of a cost-of-living crisis and many are looking to their universities for extra support. Almost three quarters of students say their university could do more to support them financially during the crisis (73%), and 28% of students believe this strongly. 

With inflation, bills, rents and everyday living costs rising rapidly, the crisis’ impact on student mental health is worsening. As a result, the research found two-thirds of students believe that their university could also do more to support their mental and physical wellbeing (67%), with 24% believing this strongly. However, just one-quarter of students say their university has made any adjustments or allowances to alleviate financial pressures (25%). 

With prices rising at record rates¹, students are struggling financially so it’s no surprise they’re looking to the government and their universities for support. Over one third of students say they are worried about being able to afford rent and bills (36%). Likewise, half of students say they now have less disposable income to spend on luxuries and treats (49%), and 17% say they can no longer afford luxuries and treats altogether.

Students’ social lives are also suffering as one-third say they have to choose between socialising and making essential purchases, such as food and bills (32%). Plus, to bridge the financial gap, one in five students are having to work more hours so have less time to socialise with friends (20%).

Concerningly, 61% of students also say their mental health has been negatively affected by the cost-of-living crisis, and 22% believe this strongly. Likewise, with less money to spend on fitness classes and healthy food options, two-fifths of students say their physical health has been negatively affected (40%). 

Anita Naik, Savings Expert at VoucherCodes.co.uk, comments:

“Students are really feeling the impact of the cost of living crisis and are having to make significant cutbacks to afford to carry on their studies and enjoy their university experience. It’s therefore unsurprising that many are calling on the government and their university for additional support. 

“With gas prices set to rise again in October and student loan repayment rates rising in September, for many students government and university intervention can’t come soon enough.

“For anybody at university looking for financial support and advice, the best place to start is  checking to see if they qualify for additional financial support from their universities, for example many have University Hardship Funds for students who need some extra help. The Citizens Advice website also has loads of in-depth resources for help with budgeting, debt management, and seeking financial aid.”