24% students ‘more likely to drop out’ due to costs

NEARLY one in four students say they are less likely to finish their degree as a result of the cost-of-living crisis, a survey suggests.

More than three in five (63%) students are spending less on food and essentials this academic year as a result of increases in the cost of living, according to a Sutton Trust report.

More than a quarter (28%) of students say they have skipped meals to save on food costs, and students from working-class families (33%) were more likely to report skipping meals than their peers, the survey found.

The social mobility charity is calling on the government to review the amount of support available to students so they can afford to take part in courses.

The survey, of 1,050 current undergraduate students across the UK carried out by Savanta between January 13 and 17 this year, suggests 24% of students are less likely to complete their degree due to the cost-of-living crisis.

Students report stopping or reducing going out with friends (47%) and using less fuel, such as electricity or gas, in their homes (43%), while 6% report moving back in with their family to save money on rent or bills.

Nearly a fifth (18%) say they are avoiding buying university supplies they need for their course, such as laptops and textbooks, while 9% are stopping or reducing attendance at university societies.

Many students (45%) are turning to parents for additional financial support, the survey reveals, while 4% have taken out additional private loans and 2% have used a food bank or other charity support.

One student, who has skipped meals and reduced socialising, said: “The cost-of-living crisis is making me worried and stressed as I’ve now had to sacrifice my study time to get a job to support my financial needs.

“Balancing all-day university clinical placements and working is impacting my academics.

“I come from a low-income household so I haven’t got the ability to ask my family for financial support.”

Welsh students are set to see a rise in maintenance support amid the cost-of-living crisis.

The Welsh Government has announced a rise of 9.4% for the 2023-24 academic year, subject to new regulations.

The amount the average fulltime student can claim in maintenance grants and loans will increase from £10,710 to £11,720.

In contrast, the UK Government has announced a 2.8% increase for students ordinarily resident in England.