53 Virtual Brochure – February 2024 this, a National Union of Students (NUS) survey of 3,500 students in June 202212 highlighted that there has been an increase in students seeking financial support. The main sources of support were identified as financial support from family (42%), savings (40%) and using credit cards (33%). A further 20% said they had accessed support from the UK Government and 9% had used their University Hardship Fund. The reliance on credit cards to fund living costs is a concerning trend and inevitably unsustainable. This may lead to future debt issues and increasing financial pressures for some students. The NUS survey also highlights that around a third of students believe institutions could be doing more to support them, including financial support, addressing tuition fees and support with accessing more affordable food. The National Student Money Survey13 20225 found that over two in five students in the survey (43%) felt as though they had not received enough information about the funding that could be available to them. This highlights the importance of universities providing clear and concise information and signposting to hardship support schemes, eligibility criteria and application processes. It is also important to ensure that there is clear messaging and timescales around financial support application processing to manage expectations and identify those students who may need more immediate support. 12 https://assets.nationbuilder.com/nus/pages/38/attachments/original/166609 4362/NUS_Cost_of_Living_Research_June_2022_- _Students_and_Apprentices.pdf?1666094362 We have undertaken a benchmarking exercise - see Appendix C - comparing a sample of university websites in terms of the clarity of messaging, application processes and FAQs. This highlighted a good level of information and signposting in relation to hardship funding and support, including eligibility and processing timescales. The one area that was inconsistent was around information on the documentary evidence that might be required for the application process. This varied between mentioning that bank statements would be required to providing a detailed checklist of the types of evidence that may be required. Providing as much information as possible on supporting evidence up front could help prevent delays with students providing evidence during the application process. Impact on Students The cost-of-living crisis has come in the wake of the COVID-19 pandemic, which itself brought many challenges for students. In dealing with the impact of COVID-19, student mental health was a concern. In July 2022, Student Minds commissioned a survey of 500 university students, half (51%) of the students surveyed said that the rising cost of living was impacting their mental health. This was the number one issue identified, above studying and exams (45%), loneliness (36%), and the Covid-19 pandemic (12%). The survey also found that almost one in three students were struggling financially14. 13 https://www.savethestudent.org/money/surveys/student-money-survey2022-results.html 14 https://www.moneyandmentalhealth.org/cost-of-living-students/
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