Money trouble for 69% North East students

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A recent survey revealed that 69% of students in the North East worry about making ends meet on a monthly basis.

This statistic comes from a survey conducted by Save the Student which investigated the budget of the typical North East student.

According to the study, the average monthly spending of students in the North-East sits at around £802.

Most of this covers rent at £450 and groceries at £95, with a significant part also spent on social activities, transport, and household bills.

Parental support lies on average at £186/month

Save the Students also found that most students get money from their student loans (74%) or their parents (75%). However, for many, this simply does not stretch far enough; 66% still have to work a part-time job, and 43% are forced into their overdrafts.

One Durham University student told the surveyors that “It’s extremely difficult to cover the cost of living without a lot of extra support”.

Worries over money have a big impact on the student experience, with social life, and mental health being the primary consequences of such worries for 69%, 46% and 44% of students, respectively.

66% still have to work a part-time job

Despite these serious financial concerns, the majority of students feel unsupported by the government.

For 61% of students, SFE’s maintenance loan is not enough to cover their expenses. One student said their maintenance loan “is never enough” and that “the boundaries of how much parental income equals how much loan are warped.”

Another student claimed that the loan “doesn’t cover my rent never mind anything else”. Coupled with the insufficiency of maintenance loans, 31% of students also feel they don’t get enough support from their parents.

Parental support lies on average at £186/month. With this amount of average funding, students have called it “unfair to assume” that if your parents earn more, “they will then fund you more”.

One particularly common grievance with the student finance system is that it“treats an only child the same as someone with 6 siblings”.

A sense of frustration over the lack of information is also present in the study.

Around 34% of students feel as if they’re not made sufficiently aware of scholarships and bursaries, and only 33% feel well- informed on their student-loans.

Only 33% feel well-informed on their student loans

Photograph by iluvgadgets via Flickr and Creative Commons

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