Student Money Survey 2016 – Results

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In the direction of the tip of the educational yr we cease speaking and begin listening to what present college students must say about their monetary state of affairs at college.

Student money survey 2016

Over 2,000 of you spoke up in our Nationwide Scholar Cash Survey this yr, so an enormous thanks to all of you who took half!

The opinions and insights beneath characterize a vast spectrum of the scholar inhabitants – and a few of the outcomes are fairly stunning.

Strap your self in: it is time to discover out what college students actually take into consideration their funds.

What’s it like dwelling on a pupil price range?


Students and money

Whereas nobody expects dwelling on pupil price range to be a simple trip, we had been shocked to listen to 80% of scholars fear about having sufficient money to get by.

We additionally discovered that cash worries have an effect on how (or whether or not!) college students eat, and may even knock their grades, with some having to stability finding out towards paying lease and different prices.

Scholar feedback:

– As a pupil I’m continually broke and nervous about cash. I really feel as if I am unable to get the very best out of uni life due to lack of cash.

– Worrying about cash has led to me skipping lunch frequently to economize.

– I price range for £20 per week on meals as a result of in any other case I’d not have had sufficient financial savings to purchase my meals for the entire uni yr. This tends to imply that I haven’t got sufficient cash to purchase a full weeks price of meals and must solely have 4-5 meals per week.

– I do not obtain sufficient pupil mortgage, subsequently I’ve to work rather a lot which has effected my grades.

I’ve needed to drop out of college because of not with the ability to afford to stay right here!

– I’ve walked into exams emotionally and mentally drained with out right diet. Scholar finance makes us really feel like we’re cavemen dwelling off of scraps at occasions.

– My posh flatmate eats fondue and Haagen Daas whereas I am left with a loaf of bread in my fridge.

Student Budgeting

One cause so many college students battle with cash worries could also be because of poor budgeting abilities: 1 in 4 of these surveyed admitted they’d by no means budgeted earlier than of their lives! That will additionally clarify why our budgeting information is probably the most standard on this website, with college students attempting to get clued-in on stuff they are saying they are not taught in school.

The upkeep mortgage is not sufficient


Student Maintenance Loan not big enough

The most important monetary subject for almost all of scholars is that the upkeep mortgage merely would not stretch far sufficient.

As demonstrated by the gauge above, the typical pupil spends £790 per 30 days (full stats right here), however the common upkeep mortgage for a pupil dwelling away from house and out of doors London is simply £540 per 30 days – an enormous £250 shortfall each month. That leaves college students struggling to make up the distinction.

Student Finance is unfair

Unsurprisingly, the scholars we requested overwhelmingly agreed that the mortgage system sucks. The bulk say they want more cash to assist with dwelling prices, and a fairer technique to assess how a lot they get.

How do college students generate income?


To begin with, the place does the cash come from? Here is what college students advised us about their sources of revenue.


The coed mortgage might not be massive sufficient but it surely’s nonetheless the primary port of name for many, with 2 in 3 college students turning to their people to assist plug the gaps. An identical quantity work half time whereas finding out with a view to get by.

Apparently, the hole between the variety of college students counting on their mother and father for monetary help and people turning to part-time jobs has shrunk since final yr. Fewer college students are asking their people for top-up money, whereas a rising quantity depend on part-time work – which suggests college students try to be extra financially impartial.

However, there’s been a big enhance in college students turning to paid on-line surveys and playing as their primary supply of revenue. Future college students take be aware: it sounds as if the battle to make ends meet is simply getting tougher, and lots of are turning to extra determined measures.

The excellent news is that the reliance on payday loans firms has dropped, presumably because of our campaigning towards them.

What about financial savings?


Virtually half our ballot say they flip to non-public financial savings for help – however how a lot do college students have squirrelled away for a wet day?

Student Savings

The chart above paints a reasonably spectacular image of savvy savers stocking-up to offset the prices of finding out.

A noticeable however predictably massive chunk of scholars don’t have any financial savings in any respect to fall again on, however a mean of £475 in college students’ financial savings accounts is not unhealthy in any respect (and it is £133 up on final yr). Having mentioned that, the typical UK citizen reportedly has over £1,000 stuffed of their financial savings account, so it is nonetheless properly beneath the nationwide common!

With over half the scholars surveyed having lower than £500 in financial savings, it will probably imply quite a lot of catching as much as do after college as, in any other case, some monetary targets (akin to shopping for a home) appear fairly slim.

One pupil mentioned:

I’ve used all of my financial savings on dwelling bills this yr, I had £1500 earlier than I got here to school from a summer season job and after issues as a result of necessity to lease privately this has been depleted to £30

The place do college students flip in a money disaster?


With the upkeep mortgage merely not stretching far sufficient, sudden payments or bills could be main stresses for college kids.

We needed to understand how college students cope in an emergency: the place do they flip to first once they’re in determined want of fast money?

Where do students turn in an emergency

The financial institution of mum and pop stays a sturdy lifeline however, as soon as once more, this yr we discovered that 1 in 10 college students resort to playing or promoting their physique for emergency money. Each clearly carry their very own dangers – to not point out the emotional fall-out.

I’ve 3 half time jobs totalling 40 hours of labor per week and nonetheless do not have sufficient for the fundamentals.

We additionally found that regardless of mother and father being a best choice for money …

Parent support at uni

Parental top-ups is a difficult one to deal with. What the authorities stumps up in pupil loans varies by how a lot a pupil’s mother and father are incomes – with the belief that mother and father pays for the extras.

Nevertheless, everyone knows each household state of affairs is totally different, and a few mother and father are both unable or much less keen to offer their youngsters further funds.

Whether or not parental revenue ought to be the idea of pupil finance (or further help) in any respect is a contentious subject, with an enormous break up in opinions from college students caught within the center.

Scholar feedback:

– I discover it very exhausting asking mother and father for further finance particularly when the majority of my expenditures go on socialising and ingesting

– Though my mother and father’ mixed earnings are over £50k this doesn’t imply they can give me cash in the direction of my prices of dwelling, it could be higher if loans had been based mostly upon a mixture of parental revenue, college location (price of dwelling), required examine hours and grades

– Mother and father shouldn’t be anticipated to proceed to help their youngster by means of training after 18.

– I feel the best way pupil finance is labored out is completely unfair. I’ve quite a few associates who’s mother and father are incomes in a few of the highest brackets however that their outgoings are virtually the identical, which means they don’t seem to be in a position to give their children as a lot cash as wanted to outlive uni.

– I am from a financially secure background and have household who can help me if i need assistance, in contrast to a few of my shut associates who use their mortgage to assist help their very own household.

Essentially the most stunning methods college students generate income


We requested college students to inform us the craziest issues they’ve achieved to show a buck at college. Some cash makers turned out to surprisingly ingenious –  however others are decidedly riskier.

Scholar feedback:

– I ate a whole flower for £20

– Ate a fish eye for a wager

– Being a date for an older woman

– Shopping for a Uni grammar e-book on eBay after which promoting it again to the College e-book store for a revenue.

– Checking for pound cash left in grocery store trolleys and thereafter pushing the trolleys to their level of storage.

– For a dare, I stripped down for £50 (very embarrassing).

– Ghostwriting different college students’ coursework (I do know it isn’t moral, however I’ve no different option to pay for my very own training, so mainly, after I end my very own diploma, I’ll most likely have accomplished a minimum of ten different full levels on the identical time, together with undergraduate, postgraduate and even two full PhDs).

– I let a man take an image of my excessive heels, simply the heels, not even my foot, for £25.

– Performing on-line in grownup webcam reveals.

– Promoting my used underwear.

– I used to be provided a job as knowledgeable companion. All this included was going to tea, dinner or lunch in a public place with folks and having conversations with them. I needed to costume to a particularly excessive normal – costume, heels, jewelry and so forth and sit and have a dialog with a consumer for about and hour or two. It included no touching or holding arms, no kissing or something concerned with prostitution. It was actually simply sitting and talking with these lonely individuals who did not have any associates. I used to be paid round £200 this one time!!

– Promoting Nitrous Oxide to associates.

– Promoting movies of my ft (no joke)

One pupil even mentioned:

Though it feels like a joke to start out with, many college students will flip to unlawful dealings or promoting their our bodies with a view to get cash. Resulting from rap songs and social media, these actions have been made commonplace.

What do college students spend their cash on?


What do students spend money on

This yr noticed the typical pupil spend soar a whopping £45 a month. Lease prices have risen, however the most important enhance we have noticed is on meals – up £14 a month, equating to £168 a yr.

We additionally seen that common spent on socialising has dropped: are college students chopping again on ingesting to make ends meet? Realistically, many college students cannot even cowl the essential price of lease with their upkeep mortgage as costs have soared whereas the mortgage has remained comparatively stagnant.

Though lease continues to be the most important burden for college kids, lease strikes throughout universities in London and a current name for the abolition of property company charges suggests the state of affairs may very well be set to enhance.

One pupil mentioned:

Lodging costs for college kids are too excessive, I get rather a lot from my upkeep grant and mortgage and I nonetheless solely have £11 per week to stay off as soon as paying my lease.

Do college students perceive their loans?


There’s been quite a lot of confusion these days concerning the supposed enhance in pupil mortgage rates of interest by the federal government, in addition to the privatisation of the loans (each of which we revealed to be myths).

One factor that is clear is that college students merely do not know sufficient concerning the big monetary settlement they’ve entered into when taking up a pupil mortgage.

Student loan confusion

Unbelievably, we discovered over 67% do not perceive how their pupil mortgage works. Meaning an enormous quantity are signing as much as borrow huge quantities of cash with no clue about what their repayments will likely be, how a lot curiosity they will be charged, or the small print of pupil finance.

Most say their cause for getting into these agreements blindly is that “everybody else does it” and that “there aren’t any alternate options” to the scholar mortgage.

One pupil mentioned:

I’m nervous concerning the new phrases of paying again loans, I don’t know what’s true or if adjustments have an effect on me.

The confusion and misunderstanding results in college students dwelling in concern of getting to pay again big money owed (not helped by media scaremongering!). 7 out of 10 college students say they fear about having to repay their loans, which itself comes with long-term and drastic penalties.

Students worry about loans

Scholar feedback:

– Cheated by authorities with pupil loans repayments. That is the most important fear now from uni.

– Completely shocked after I obtained my Scholar Loans Finance invoice by means of the publish – there was far more curiosity to be paid that I had realised!

– The principle factor that worries me is that if the federal government can change the phrases and circumstances of our pupil loans so it should by no means get written off!

– I am very nervous that I will by no means be capable to pay my pupil finance mortgage again. I will be in £100,000 of debt by the point I graduate and curiosity alone will likely be over £3000/yr alone

One large issue behind all of the confusion will be the training younger folks get about loans and pupil finance – in truth, it is clear most do not get sufficient recommendation earlier than or throughout college.

Student Finance Education

So, what is the deal – are lecturers, mother and father and the federal government failing to get younger folks financially savvy sufficient to deal with college?

Effectively, 4 in 5 college students declare they began college with out important cash abilities – that is something from recommendation on renting a property to understanding the scholar mortgage rates of interest.

What’s extra, only one in 5 of these who requested for cash recommendation at uni discovered it straightforward to get. Whether or not that is because of a scarcity of help, funding or recommendation, or simply not sufficient signposting to the sources, it is a glum statistic.

Scholar feedback:

– Monetary training ought to be within the curriculum or a minimum of taught a bit of in secondary faculties! It might cut back the quantity of those who come out of uni with money owed, overdrafts and so forth.

– Colleges want to offer higher training on methods to deal with cash, when a pupil leaves highschool and might get a mortgage it often will get blown on ingesting and nights out and so forth.

– Universities ought to give extra monetary help contemplating we pay £9000 a yr.

– NO ONE – i imply NO ONE – prepares you for the skint pupil life. Nobody explains monetary help or the place to go for that and completely nobody explains how f*cking exhausting it’s to get assist!!

Is college good worth for cash?


Naturally, we needed to find out about the true backside line: is college definitely worth the spend?

Is university good value for money

Shockingly, over half of these surveyed say college shouldn’t be good worth for cash – and one of many primary causes is the lack of job prospects after commencement. Ouch.

Scholar feedback:

– I really feel very strongly that my diploma was not definitely worth the cash spent on it (£9000). I accomplished a BA during which I used to be supplied with little or no contact hours with lecturers and was very a lot left to work by means of my diploma myself.

– What’s the level of doing a level? We’re all going to finish up in a component time job which we may have gotten, with out the diploma we studied and careworn over

– College course charges are obscenely costly. I’m paying the identical quantity (£9000) per yr for an BSc(Hons) Equine diploma, which is not any the place close to as tutorial, time consuming or as tough as, for instance, a medical, pharmaceutical, regulation diploma. My diploma shouldn’t be price £9000.

Eager about life after college


Employment After graduation

Scholar feedback:

– I used to really feel assured find a job after graduating, however since making use of to a couple I am feeling extra anxious about it.

– It’s tough to search out work expertise after graduating when many locations anticipate you to work for nothing for placements or internships however cant afford to tackle these alternatives due to cash struggles.

Graduate Expected Salaries

The typical graduate wage expectation of these questioned was simply £22,000 – not nice whenever you’re spending £9,000+ every yr on a top-notch diploma. And, whereas most graduates can anticipate their wage to go up over time, a low beginning wage leaves many struggling of their first few years on the job market.

You will additionally discover the stunning hole between what women and men anticipate to earn of their first job after commencement. In accordance with our survey, feminine graduates anticipate to earn £3,500 lower than their male counterparts when touchdown their first job.

The worrying factor is that anticipating much less now might imply a good greater gender pay hole as soon as college students get a foot on the job ladder – however simply who’s placing out the message that ladies ought to anticipate to earn, or be price, much less?

Masters Degree PGL

Earlier this yr, the federal government introduced a Postgraduate Loans for Grasp’s levels in 2016/17. The brand new mortgage will give graduates entry to as much as £10,000 to assist with the price of postgrad tuition charges and dwelling prices.

Our survey confirmed over half of present undergrads are extra more likely to do a Grasp’s diploma now there is a new mortgage in place. That might imply way more college students going into larger research – or it may imply the competitors for locations on MA programs will get a lot more durable!

Both manner, it is nice to see extra college students having entry to training past an undergraduate diploma – however whether or not the cash worries ease up stays to be seen.

One pupil mentioned:

Although Masters loans have come into place, they simply aren’t sufficiently big, and I’ll at all times be dwelling in debt. Is it price it for a greater training? I am much less and fewer positive on daily basis.

In gentle of the outcomes Save the Scholar’s Founder, Owen Burek, feedback:

The outcomes converse for themselves: college students are exhausting achieved by. Not solely do they battle to make ends meet on a lacklustre mortgage, however they’re additionally disillusioned with the phrases and circumstances bundled in with pupil finance.

It is a unhappy state of affairs that some college students are turning to drastic measures to make ends meet however, for a minority, there may be little various. On this occasion I’d inform all college students that if they’re having any cash worries in any respect they should get in contact with their college or pupil union for help.

After three or extra years of hardship, commencement would not at all times spell the tip of cash worries – and it appears that evidently college students are getting into the graduate world questioning if their diploma was actually definitely worth the cash they’ve paid for it.

It is time to overhaul the scholar loans system to make it fairer and extra sensible, and to offer college students a combating probability of their future lives. I urge Theresa Could to face by her dedication for a fairer authorities by wanting into pupil finance as a precedence.

Do college students get a simple trip, or do you are feeling under-valued and over-charged? Tell us within the feedback beneath!

Wish to know extra concerning the survey, or want case research, feedback or quotes? We’re pleased to assist – simply drop us a line.

  1. Survey polled 2,127 college college students within the UK and ran Could-June 2016
  2. 2015 statistics taken from the identical survey performed final yr (supply).

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