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Students' living costs soar five times more than their funding

News

Student Engagement Expert

London

09 Nov 2022

Students' living costs soar five times more than their funding

The cost of living crisis is front of mind for most Brits; in fact, 18,100 of us are keying it into Google each month. But what about the student cost of living crisis? native have uncovered just 40 monthly searches for this term on average, despite students being worse off than other demographics. Yes, really. University students' living costs have risen five times more than their funding, according to recent research by Save the Student.

In response to the crisis, students have had to adapt. They are changing the way they spend; cutting back on non-essentials (76%), looking for new products (67%), and travelling less (42%). They’re also topping up their bank balances through part time work (49%), savings (37%) and seeking financial support from friends and family (27%). 

This all comes at a cost. A whopping 92% of students report an impact on their mental health (NUS). 

At native, our mission is to transform the student experience to ensure every student has an amazing time at Uni. Evidently, the cost of living crisis is threatening this, which is why we’ve partnered with Mental Health UK to #standwithstudents. 

We can’t do this alone. Students’ Unions are at the heart of the student experience. They’re best placed to support their student members and 43% of students trust their Students’ Union to deliver financial and mental wellbeing advice. Despite this, our research of 1,433 students revealed just 19% are currently accessing this advice from their Students’ Union.

Together, native and Mental Health UK have set out to provide Students’ Union teams with the tools and knowledge needed to be there for their students. 

Following on from "Talk Money Week", all SU Staff have been invited to join a live webinar on ‘How to encourage conversations about mental health and money on campus’ on the 22nd November at 12-1pm. 

Laura Peters, Head of the Mental Health and Money Advice service at Mental Health UK said “We’re delighted to partner with native on this initiative to help support more students with their mental health. Getting students talking about mental health and money worries is a great starting point to help break down stereotypes and improve wellbeing across campus”.