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STUDENTS STRUGGLING TO FUND THE RISING COST OF LIVING

Published on:June 6, 2013Author:The Debt Advisor

According to a survey by Save the Student, students in the UK are often relying on high-risk methods to fund the rising cost of living.

The survey highlighted the various methods used by students to make extra cash to fund their lifestyle.

The survey of 2,332 students found that the cost of living had soared over the past 12 months. 80% of those asked said they were worried about having enough money to live on.

The survey showed that one in five students had turned to gambling with their limited funds. Shockingly, a quarter said they would consider taking part in risky medical trials.

The average monthly outgoings for a student have risen by £77 in the past 12 months to £763.

The survey showed that part-time jobs were still the most common way for students to earn extra money. Two thirds of those asked currently had a part-time job.

Half of those asked said that they still heavily rely on their parents for financial support although two thirds said that they don’t feel their parents are helping them enough.

Reassuringly, only 2% of students questioned said that they would consider using payday lenders to access extra funds.

Jake Butler, editor of Save the Student, said: “It is clear that now more than ever before students require much more in the way of support, awareness and wider education when it comes to personal finance.

“Maintenance loans only go so far to cover the rising cost of living. It’s also important that students are made aware that support is there for those who really need it.”

With students facing financial pressure, it’s easy to see how so many can get into trouble.

If you’re facing financial difficulty, you should speak to a financial solutions provider who can advise on the best solution for you.

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