How the cost-of-living crisis is negatively affecting students at the UK's best universities
According to recent research by the Russell Group Students' Unions, and reported by HR Grapevine, the cost-of-living crisis is having a detrimental effect on students at some of the UK's best universities.
From struggling to make rent payments to relying on job platforms like redwigwam to cover food and other living costs, this crisis is having a real and lasting impact on students.
In this blog post, we'll look at how the cost-of-living crisis is negatively affecting students at the UK's best universities.
The negative pressures of the cost-of-living crisis
New research from the Russell Group Students’ Unions (an institution representing some of the UK’s elite universities) has revealed the alarming pressures the cost-of-living crisis is having on university students. With the current economic climate, many students struggle to make ends meet and manage their finances while trying to stay on top of their studies.
The cost of living has become increasingly high, with rent and other bills becoming a significant financial strain for many students. A survey conducted by the Russell Group revealed almost two-thirds of students were forced to take on additional part-time jobs to earn extra cash and make ends meet.
This often meant working long hours, which took away valuable study time.
This financial pressure can significantly impact a student's mental health and well-being, as they are constantly worrying about money and being able to make ends meet.
The survey found almost half of the students surveyed reported feeling anxious about their finances. Many students felt they had no choice but to take on extra work and turn to services such as redwigwam to make enough money to pay their bills.
It's clear the cost-of-living crisis has a substantial negative impact on university students and creates overwhelming pressure for them to juggle studies, work, and finances.
The burden of student debt
The cost of living crisis has put an immense financial burden on university students in the UK. A recent survey by the Russell Group Students’ Unions revealed that students in some of the UK’s top universities are struggling with debt and working long hours to make ends meet. With rising living costs, students are forced to take on multiple jobs and rack up even more debt to stay afloat.
The average student in the UK has around £14,000 of debt, which can be significantly higher for those attending universities within the Russell Group. The need for additional jobs or part-time work can further compound this debt burden. For example, many university students turn to platforms such as redwigwam to earn extra cash, often taking on roles such as tutoring, retail and hospitality work.
This pressure to work can have a significant impact on the mental health of students, leading to increased levels of stress, anxiety and depression. The fear of debt and the need to work longer hours can also detract from study time, resulting in lower grades or slower progress through university courses.
The cost-of-living crisis is detrimental to university students across the UK. With rising debt levels and an increased burden of work, it is essential that universities and other organisations take steps to address this issue and ensure that students have access to the resources they need to succeed.
The pressure to work while studying
The cost of living crisis is profoundly impacting students at universities, and has caused many to turn to employment to make ends meet.
The need to earn extra cash has seen more and more university students taking on part-time jobs while studying.
This pressure to work can be difficult for students to manage, as it can take away their study time and add additional stress. With this in mind, some organisations, like redwigwam have created platforms specifically designed to help university students find flexible, remote work opportunities to manage their studies and work commitments easily.
The benefits of using platforms such as redwigwam to source flexible work opportunities are clear; students can use their skills and knowledge from their studies to find relevant work and earn extra cash without committing to set hours or a physical location.
This allows them to make the most of their studies and earn money to help offset the rising costs of living while at university.