An official survey indicates that fifty percent of students in England are experiencing financial difficulties due to the soaring cost of living.
According to research conducted by the Office for National Statistics, more than three-quarters are concerned that rising expenditures may hinder their academic progress (ONS).
The official rate of inflation is 11.1%, which is the highest it has been in 41 years.
As their mental health deteriorated, students reported incurring greater debt.
In general, students are not eligible for government cost-of-living reimbursements.
However, universities and colleges are providing students with a variety of aid, including increased hardship funds, inexpensive meals, and free menstrual products.
As part of a £9 million support program, the University of Manchester announced last week that it will provide its full-time students a one-time payment of £170 to assist with living expenses. It also stated that it would supply e-books, eliminate library fines, and implement more cost-cutting measures.
According to the ONS, its survey was the first official study of its sort, was experimental, and was based on the opinions of 4,000 students.
In reaction to escalating food and energy costs, one in four individuals reported incurring new debt. In contrast, nearly half reported that their mental health had declined.
The ONS found that 91% of students in higher education reported an increase in their cost of living compared to the previous year, with the same proportion being somewhat or extremely concerned about the growing cost of living.
In addition, respondents reported the following effects on their studies:
- 29% of students miss non-required lectures or tutorials to save money.
- Around 31% of students choose not to attend additional, fee-based course-related events, such as field trips or conferences.
- And 40 percent of students are studying at home more to save money.
Nearly one-fifth of college students indicated they have contemplated relocating back home and commuting to school.
Multiple surveys indicate that rising prices hurt the financial and emotional health of college students.
One in ten adolescents has utilized a food bank within the previous six months.
The online survey queried a representative sample of 2,719 British youths between the ages of 16 and 24 about their concerns.
In September, a separate study conducted by the website Save The Student revealed that 80% of respondents had considered dropping out of college. Half of the respondents cited financial concerns.
More than eight out of ten of those surveyed expressed concern about making ends meet, as the average maintenance loan falls short of covering living expenses.
