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PRESS RELEASES |
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LATEST RESEARCH REVEALS A PICTURE OF STUDENTS UNDER REAL FINANCIAL PRESSURE
- nearly half of undergraduates work over 16 hours per week
- 81% work during summer vacation
- 58% receive £5000 from their parents
- 50% of students leave their course because of debt
(London, 14/09/06) Much has been written about the financial plight of students. However, the latest research from student-debt.org, the financial advice and live forum site for students and graduates, has today revealed the true extent of the financial rigours currently facing students. What emerges is a harsh picture of long hours of work to subsidise study, high levels of hardship grants, onerous financial contributions from parents and, ultimately, a high level of eventual failure and course withdrawal by impoverished students.
The survey, conducted online with over 450 students and graduates across the UK, revealed that almost half (45%) of students work at least 16 hours per week during term-time to supplement their income. The research also found that a massive 81% of students work during the summer break (35% part-time and 46% full-time).
62% of students report that they struggled financially during their time at university with more than 1 in 10 (11%) claiming a hardship loan and almost 1 in 5 (19%) receiving hardship grants while at university. And the financial pressures associated with higher education extend beyond the students themselves. The survey found that 58% of students receive at least £5,000 from their parents/guardians while studying.
58% of those surveyed reported that they drew up a budget to help them manage their finances while at university. Women proved to be the more financially savvy with 61% budgeting compared with 55% of men. But for some pressures of debt are too great. Of those students who did not complete their course, 50% cited financial difficulties as their main reason for leaving.
Those who do make it through to graduation can expect to leave with average debts of around £15,000 and are unlikely to receive quite the financial returns they might have expected. 34% of recent graduates consider themselves to have a debt problem and more than half of graduates (58%) report that they are earning less than they expected they would following graduation. Broken down by gender, this equates to 62% of female graduates and 54% of male graduates.
A student-debt.org.uk spokesperson commented:
“The financial pressures associated with a course of higher education should not be underestimated. These results show that university is as much about hard work outside the classroom as within it. The majority of students do budget, but if they are to emerge from university financially stable, it is increasingly vital that they are well educated about how to manage their money.”
- Ends -
About student-debt.org
Student-Debt.org provides comprehensive information and a live forum for students and graduates wishing to find out more about the financial issues which affect them.
Student-Debt.org was formed in 2005 in association with Accommodation for Students, the UKs No 1 student accommodation website, to cater for the tremendous demand from the UK student population for debt solutions and finance management advice.
For more information please contact:
Alison Melville (PR121)
Alison@pr121.com
+44 (0) 20 8832 1257
Notes to Editor
The research was conducted online in September 2006 with 473 students and recent graduates across the UK.
RESULTS
Gender
Male 39%
Female 61%
Age
18 - 21 9%
22 - 25 57%
26 - 30 25%
31 - 40 7%
41 - 50 1%
50+ 0%
Did you study full-time or part-time?
Full-time 94%
Part-time 6%
What year did you graduate?
Before 1990 1%
1991 0%
1992 0%
1993 0%
1994 0%
1995 1%
1996 0%
1997 1%
1998 0%
1999 0%
2000 0%
2001 2%
2002 5%
2003 10%
2004 18%
2005 &nb
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