How Students are Navigating the Cost-of-Living Crisis
The ‘UCAS Student Lifestyle Report 2023’ published by UCAS reveals that the dynamics of university student spending is evolving as the cost-of-living crisis is continuing to impact student living.
Every year, millions of students start their university journey, leaving their hometowns and embracing a new chapter of their lives. However, the COVID-19 pandemic disrupted this migration pattern, leading to a surge in students staying home.
As the world gradually recovers, the number of students moving away is slowly rising, but it raises questions about the future of the traditional university experience.
Traditionally, the vast majority of British undergraduates would leave their hometowns for university. However, the pandemic prompted a significant change with fewer students choosing to move away.
While the numbers are now rebounding, the shift towards staying at home raises speculation about the emergence of a new normal. Hometowns offer familiarity, friends, and financial security, which are attractive factors for students facing the cost-of-living crisis.
Despite the challenges posed by the cost-of-living crisis, students remain committed to pursuing higher education and are exemplifying self-sufficiency.
The number of applications continues to rise, and the demographic of 18-year-olds is on an upward trend. In a recent report, UCAS predicted the UK student accommodation sector will have to house one million students by 2030.
However, while the population of students is rising, certain practical aspects of student habits have changed. The UCAS lifestyle report shows students are becoming more self-sufficient, as financial support from parents dwindles. They are taking on part-time jobs to cover expenses and relying less on parental assistance for purchases such as textbooks, laptops, and entertainment.
Living at home offers certain conveniences for students, but it may not provide the full university experience they envisioned. The allure of campus life, shared accommodations, and halls of residence remain an integral part of the appeal.
The gradual increase in the number of students moving away suggests a desire to reclaim the pre-pandemic experience, highlighting the significance of physical presence and social connections.
Contrary to expectations, the NatWest Student Living Index reveals positive news. Despite the cost-of-living crisis, students find themselves in a better financial position, with increased incomes and relatively stable expenses. They have adapted to the circumstances and managed to make the most of their resources.
Students are finding ways to navigate the cost-of-living crisis by making smarter financial choices.
University students are leveraging discount platforms, shopping at budget supermarkets, and opting for cost-effective mobile phone plans. The Student Money Survey indicates that students are exploring various revenue streams, including part-time jobs, self-employment, paid surveys, and even investing in stocks and cryptocurrencies. Their entrepreneurial spirit is reshaping the traditional student image and fostering higher financial literacy.
Recognising the challenges faced by students, efforts are being made to alleviate financial burdens.
Scottish university halls freeze rents, Northern Irish maintenance loans are increasing, and UK tuition fees are fixed for the next two years, thanks to a dedicated hardship fund. While these measures may not solve all the problems, they provide some relief and demonstrate a commitment to supporting students during these uncertain times.
What can we learn from this report?
The cost-of-living crisis has undoubtedly affected the lives of students, altered their decisions and reshaped the university experience. However, Gen-Z has shown remarkable adaptability and resilience. They have responded by becoming more self-sufficient, embracing entrepreneurial opportunities, and making smart financial choices. While challenges remain, there is much to admire about the resourcefulness and tenacity of current university students.
If you are interested in promoting your properties to students, accommodationforstudents.com is the UK’s leading student accommodation website.
