Nearly nine in 10 (86 per cent) students starting their first year at university believe the cost-of-living crisis has made them more worried about going to university from a financial perspective, according to a survey.
Three-quarters (76 per cent) of new university students said living costs were a key consideration when choosing the location to study, Nationwide Building Society found.
Just over seven in 10 (72 per cent) considered living at home during the first year due to money concerns.
Over half (56 per cent) of new students said their parents or guardians will be able to support them financially during their first year at university.
But the cost-of-living crisis is also a factor for parents, with 69 per cent of students saying it has impacted the level of financial support that parents and guardians can provide this year.
Censuswide surveyed more than 1,000 students across the UK who are starting their first year at university for the research.
Heading off to university should be a joyous time for students, but our research shows they are making that journey with a significant amount of financial trepidation— Tom Riley, Nationwide Building Society
Tom Riley, director of retail products at Nationwide Building Society, which offers a FlexStudent account, said: “Heading off to university should be a joyous time for students, but our research shows they are making that journey with a significant amount of financial trepidation.
“This is especially prevalent at the moment with the cost-of-living crisis impacting how much support parents and guardians can provide.
“It can be tough for students financially as it’s often the first time they’re managing their own household budget. Outgoings can sometimes outstrip income, which is usually why many students are likely to turn to part-time work to top up their income.”
