By Josie Ball
A recent study carried out by vouchercodes.co.uk has uncovered some worrying statistics concerning money troubles at University.
In fact, 78% of students who were questioned will have used up the, “entire first installment of their maintenance loan in less than six weeks.”
The study has shown that part time jobs are the largest additional source of student income after student loans at £242. A bank overdraft is next at £228 and just behind is the ‘bank of mum and dad’ at £152. Surprisingly, friends and siblings had been reported to chip in up to £85 for struggling students.
There have been some hard hitting statistics on the physiological effect of a lack of money on student’s welfare. 78% of students surveyed admitted, “having regular concerns about their financial situation at University.” The issue is further emphasised by the 1 in 5 students who find it hard to concentrate in lectures due to money anxiety and 1 in 10 who are having sleepless nights. 14% of students even skip meals due to lack of funds.
Emmet Cleaver, Sheffield Hallam University’s Welfare and Community Officer, when faced with these statistics said, “It comes as no surprise to hear about the distress brought about by financial constraints. I have heard of similar stories of student making significant sacrifices in order to make ends meet.”
“With so many government cuts, poorly paid jobs, increasing transport and expensive energy bills having to be paid, students absolutely do not have it easy contrary to popular belief.”
What can I do if I am struggling to manage my money?
If you are struggling to manage your money effectively, there are plenty of resources available to help people like you. Emmet said, “A great deal of my role is spent working with the University to ensure there is the right amount of financial support available to students who may face abject financial difficulties. The advice centre here at the Students Union has lots of invaluable information about how to manage finances properly whilst at University”.
Another useful tool that many students could benefit enormously from is getting in to the habit of budgeting. A useful website is http://www.moneysavingexpert.com/students/student-guide.
Finally, a part time job can be a good way of funding your lifestyle at university. However, be cautious not to over work yourself and try to balance university, social and work life, unlike, 1 in 8 students who claim to regularly missing lectures to go to work.
If you are experiencing any money worries, please visit Emmet in the Student’s Union. Or you can visit https://www.hallamstudentsunion.com/advice_help/money/ which has some general advice for students about schemes available to them.
If you have any of your own budgeting tips please tweet us @SHUlifeNews
Statistics courtesy of – A survey of 1500 students was conducted by One Poll on behalf of VoucherCodes.co.uk between 6th August 2014-20th August 2014.