Nearly a quarter (23 per cent) of the UK's 2.5 million university students cannot even afford their required textbooks as the cost of living crisis escalates, a study has found. A poll of 1,000 university students revealed the impact that soaring inflation is having on their studies – with one in six considering quitting their course to get a job, due to financial pressures.
Almost a fifth of students (19 per cent) have needed to visit a food bank to eat, or have a coursemate that has needed to do so. And with 35 per cent of students relying on financial help from their family more than ever before, there are fears that those from underprivileged background are at risk of being priced out of higher education.
The Student Cost of Living Study 2022 was carried out by OnePoll, on behalf of learning experience and engagement platform Kortext.
The research found that almost a third of students (32 per cent) say the financial crisis has made them consider the value for money they have been getting from their course, following the last two years of online learning. And 38 per cent feel that at least some of their tuition fees should be refunded, to help ease mounting financial pressures.
The research also found how student's hopes for the future were impacted, with two in five now believing they will never be able to pay off their Student Loan.
And three in ten (31 per cent) are even worried that they will never be able to afford to raise a family. The study was conducted by Kortext, which is used by over 130 UK universities to provide anywhere, anytime access to digital learning resources, to over 1.7 million students.
Kortext founder James Gray said: “The cost of living crisis is gripping the entire nation, and the research shows the burden it is placing on students. Rising inflation means less money in student pockets, which creates heightened financial pressures, which have been proven to limit student potential.
“Meanwhile, universities are feeling the cost of living impact, as students already paying an average of more than £9,000 per year in tuition fees are at serious risk of leaving their course, as they simply cannot afford to live. With new measures launching to publicly track all universities’ student retention rates, the pressure on a university to help its students complete their degrees has never been higher.
“As such, it will be of great concern to university leaders that a sixth of their students are contemplating quitting their course, due to living costs.”
The research also highlighted the elevated risk that the economic crisis is causing for underprivileged students.
James Gray added: “It’s deeply concerning to see how the cost of living crisis is further impacting those students from less privileged backgrounds. We hear a lot about a Government focus on social mobility and “leveling up”.
“However, in times of financial crisis, it’s those with the least who suffer the most, and the research shows evidence that those from underprivileged backgrounds are most at risk. For example, we know from historic studies that Law students are more likely to be from more affluent backgrounds, compared to those studying Arts courses.
“Our new research shows an Arts student is nearly twice as likely as a Law student to be financially relying on their parents, due to the cost of living crisis (39 per cent vs 22 per cent).
“Equal access to learning opportunities is critical for any progressive society. However, we are at risk of making a university education out of reach for hundreds of thousands of bright young minds from underprivileged backgrounds, unless more is done to reduce the financial pressures upon all students.”
