The cost of living is soaring, and students are feeling the pinch. Many are cutting back on food to make ends meet.
A recent survey by the Office for National Statistics (ONS) found that nine in 10 students were worried about the cost of living. Some students had to skip meals or leave the heating off to help with rising costs. Careful budgeting was not enough to keep costs down, forcing some students to take on debt or dip into savings.
Another survey by website Save the Student found that student living costs have increased by £154 per year. Every category of spending had increased, but the biggest was a £21 a month increase in rent.
Students said they had a poorer university experience as a result, with the rising cost of living affecting their academic performance, skills development, health, and wellbeing.
Here at Debt Free Advice, our help is always available for everyone who feel they’re struggling with the daily living costs. It’s very common to have money worries, particularly during this unprecedented time. Our advice is free and impartial, and our non-judgmental support will guide customers towards financial freedom. We will also help you to boost your income as part of your debt free journey, ensuring your resilience to face future challenges.
We have seen an increase of 50% calls to our service from last year, reflecting the ongoing need for support. With one in three customers struggle to pay their rent, it’s not surprising that they also cited the cost-of-living increase as their second main reason for debt.
If you’re a student or you know anyone who is struggling with their daily living costs, please reach out to us as early as possible. Debt Free Advice is open 7 days a week, from 8am to 8pm. Call or send a WhatsApp message to 0800 808 5700 or visit debtfreeadvice.com.
Our advisors are available through phone and video call, or through face-to-face appointments at our advice centres across London.