Student Cost of Living Report
The cost-of-living crisis is having wide-reaching effects; inflation is at a 40 year high and people across the country are feeling its grip. This research, however, shows that students have been forgotten. Although the government has responded to the crisis with various packages of support, there has been an absence of targeted support for students. Maintenance loans have not risen in line with inflation, the parental threshold for maximum student finance support has been frozen since 2008, and students in halls and Purpose Built Student Accommodation (PBSAs) have been unable to access the government’s energy bills support scheme.
In January 2023, Russell Group Students’ Unions commissioned research into the experience of students during the cost-of-living crisis. The crisis follows the Covid-19 pandemic, Brexit, and a protracted period of austerity. This report draws together these findings and reveals a deeply disturbing picture of the struggles that students across the country are facing daily. The report has been produced on behalf of Russell Group Students’ Unions by Students’ Union UCL’s Policy and Research department.
Key findings
The impact of the cost of living crisis on students is systemic and widespread. 94% of students are concerned about the cost of living crisis, and 94% have also seen their cost of living increase in the last 12 months.
The cost of living crisis is impacted negatively on students academic experience and outcomes, over half reporting a negative impact on their academic experience and 1 in 5 considering dropping out because they cannot afford to continue. Students report having to increase paid employment to cover bills and essentials leaves them with less time for studying, that skipping meals hinders their concentration and the high cost of transport has led them to skip on-campus teaching.
Students’ mental health and social wellbeing is also suffering. 72% report that their mental health has suffered, 73% report reducing the amount of socialising they do, and 55% have stopped taking part in extra-curricular activities because they cannot afford to.
Many students are questioning whether their degree is ‘good value for money’ in light of the cost of living crisis. This is not related to the quality of their course or content taught, but reflective of concerns that financial insecurity will prevent them from achieving a good grade and therefore a good graduate job. 57% of students are not confident about finding work after graduation, and 43% regularly worry about their student loan repayments.
Students from less privileged backgrounds are impacted the most, with disabled students, students with caring responsibilities, students who are estranged or care-experience and part time students being disproportionately impacted on nearly all measures.
The survey was open from Monday 9th January to Monday 20th February 2023. It was promoted via Students’ Unions to their respective student populations. We received responses from 14 institutions. These included: Cardiff University, Durham University, Imperial College London, King’s College London, London School of Economics, Queen Mary’s University of London, University College London, University of Birmingham, University of Exeter, University of Leeds, University of Oxford, University of Sheffield, and University of York.
The overall response rate was 8,800 and these respondents were self-selecting. The results were weighted by London vs non-London respondents.
