Students have always struggled financially. Even back when grants rather than loans funded higher education studies, it was common for students to struggle to pay for stuff. Budgeting is an important life skill for anyone and certainly no harder lessons come than those learnt at university. Then and now, students filled the gap with part-time work.

Pandemic Financial Statistics

Staying at home and not on campus helped some students save money, it hasn’t actually followed that students in the 2020-21 academic year were better off. NUS noticed a few trends, some of which may suggest stress and anxiety with causes other than purely financial issues.

•         36% of students thought about dropping out due to financial reasons, according to a student money survey
•         10% of students lost hours, lost their jobs, or took unpaid leave for several reasons
•         Around 50% of students said a financial supporter (such as a parent or guardian) lost out financially during the pandemic
•         80% were worried about their ability to budget with tighter limitations brought about by the pandemic
•         Long-term, 71% (that’s nearly three-quarters) worry about their future employability due to studying during the pandemic

The Results of Constant Financial Difficulty

Money is one of the major stressors of modern life. Lack of money is linked to increased anxiety, poor sleep patterns including lower quality sleep. In turn, this can fuel anxiety, depression, more stress, and lack of concentration. This is a lethal combination for students already under pressure to study for their degrees.

Earlier this year, the universities minister stated that £50m worth of funding would be made available for students struggling during the pandemic. While there are no fixes during the pandemic, there are some steps students can take to minimise outgoings and save money. We regularly share money saving tips here, so be sure to bookmark the site.

Check with your university whether they have bursaries and grants available for such hardship, pandemic related or otherwise, to help you through this challenging time.

Potential Long-Term Impact

In the last year, availability of jobs for student has been much lower due to the pandemic. This means more students than ever have struggled financially while pandemic anxiety and safety fears prevented many more from applying for jobs. These jobs are not just vital for student income, but also work experience in building a CV and learning vital skills for their long-term careers.

There are also risks with accepting dangerous work such as paid medical trials (which can lead to negative health impacts through side effects), or even illegal activity like selling drugs. The latter has the potential to ruin a career if caught and end up with a criminal record.