54 Virtual Brochure – February 2024 Findings from the National Student Money Survey 2022 also highlighted that: • students are experiencing inflation that is higher than the national average. Living costs have seen a 14% increase since 2021, with the average student • now spending £924 per month. In London, the average is £1,089 per month • the average student's Maintenance Loan falls short of covering their living costs by £439 every month. This is a big increase from last year, when the • shortfall between average Maintenance Loans and living costs had been £340 • one in ten students in the survey has used a food bank in the last academic year • eighty-two percent of students worry about making ends meet • four in five have thought about dropping out of university at some point. This includes 52% who have thought about dropping out due to money worries. This shows that financial pressures are impacting on students’ mental health and forcing many students to think about leaving their studies. Demand for pastoral support services is likely to rise, given the reported increases in student mental health issues and anxiety associated with the cost-of-living crisis. The NUS survey also highlighted that two in five respondents indicated that the cost-of-living crisis is having a major impact on their income, while a third claim it is having the same effect on someone who supports them financially. Disabled respondents, parents and carers and estranged respondents are particularly affected. The increased cost of living is hitting all households and students who have, in the main, relied on financial support from their parents, may now not have access to the same level of support. This also means that students from low-income families are under even more financial pressure and will be disadvantaged if they do not receive adequate support. With increased travel costs, students who commute to university have also been further impacted, and international students who do not have access to maintenance and support will be experiencing the pressure of the rising cost of living. Examples of University Hardship Support Initiatives The universities have introduced a diverse range of initiatives to help students with basic living costs. From a review of website information, we have identified the following examples of practices relating to these schemes across the sector: • Food voucher schemes – providing students with a £50 gift card for a low-cost supermarket near the university. The card allows students to purchase essentials such as: groceries, infant formula milk, toiletries such as shower gel and toothpaste and home essentials such as laundry products. • Emergency food boxes – emergency boxes with three days’ worth of food. • Grocery shelves - across campus and in halls with food and essentials to take for free.
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