It represents a rise of 3% since last year when university-goers were asked by Save The Student as part of its annual survey.
Just under a tenth (9%) have used a food bank, which is half the amount who said they did last year. Over half (53%) said their diet suffered due to the panic over staying afloat financially, compared to 60% who said their mental health was impacted.
The levels of concern among students about their finances have remained at a similar level for the last three years, with 81% worrying about how they will make ends meet. This is just a 1% drop from the 2023 and 2022 surveys among UK students.
While food poverty has continued to hit undergraduates, one factor hampering their finances was the maintenance loan, which differs depending on the earnings of your household when you are at university.
With the average student loan in England coming to £7,202 a year, there is a monthly shortfall of £504 for student’s average living costs, due to rising costs of rent and everyday essentials.
Wellness and wellbeing holidays: Travel insurance is essential for your peace of mind
Out of the pandemic lockdowns, there’s a greater emphasis on wellbeing and wellness, with
Sponsored by Post Office
Across the UK, students in London pay the most in living costs at £1,264 a month, with the South West of England paying the next highest each month (£1,189).
The South East of England was in third place, with a month setting students back £1,187.
At the other end of the scale price-wise was Northern Ireland as the cheapest region to rent for students at an average of £926 per month.
‘Maintenance loan has lagged behind inflation’
Tom Allingham, communications director of Save the Student said: “The results of this year’s survey underline the stark reality that the cost of living crisis is here to stay for students.
“Fortunately, one or two stats have shown some signs of improvement – namely, the rate of inflation experienced by students, and the proportion using food banks. However, in the main, the results are just as bad as we found at the peak of the cost of living crisis.
Allingham added: “Sadly, this is not a surprise. In England in particular, the maintenance loan has lagged behind inflation to such an extent that on average, it now falls short of living costs by £504 per month. Students are having to cut back on even the most basic necessities to make ends meet, with 67% skipping meals at least some of the time.”
The survey follows a separate study from Generation Rent which showed just a sixth of student rooms in the UK are considered to be affordable.
On the battle students face to afford to live during their degree, Allingham said: “While there’s been a lot of media attention on the financial crisis faced by universities, it’s vital that those studying receive the funding they need too. Just as students need their universities to stay afloat, universities need their students to have the money to attend.
“We’re calling on the government to fulfil its manifesto promises to “deliver for students” by increasing Maintenance Loans to catch up with inflation, and end the financial peril faced by those at university.”
