Save the Student’s recent National Student Accommodation Survey 2024 has uncovered startling data regarding the financial difficulties that students in the UK experience. The survey, which gathered responses from over 1,000 students, indicated that two in five students have contemplated dropping out of university due to the soaring cost of rent, with 3% having already taken this drastic step.
The study also shed light on the harsh reality that 7% of students have experienced homelessness during their academic journey. Save the Student’s Communications Director, Tom Allingham, expressed deep concern, stating that the survey’s results underline how the cost of living crisis is becoming the norm for students.
The survey revealed that 20% of students paying rent face continuous challenges, while 44% encounter occasional struggles, showcasing that nearly two-thirds of students grapple with rent expenses at least periodically. On average, students paying rent reported a monthly cost of £550 (€643). Three out of five students resort to borrowing money to cope with insufficient maintenance loans, relying on sources such as parents, banks, friends, universities, credit cards, payday loans, or employers.
According to the study, 72% of surveyed students say that rental costs have an impact on their health, with 53% saying that they have some impact and 19% saying they have a significant impact. Accommodation issues also affect studies, with 45% reporting an impact on their academic pursuits.
Persisting accommodation challenges include dampness affecting 37% of students, water or heating shortages (29%), and disruptions due to construction work (18%). Notably, 35% of students face delays of over a week in addressing their housing concerns.
Looking to the future, the survey explores students’ expectations for home ownership, with the median age mentioned being 30. Disturbingly, 14% of respondents do not plan to buy a house, and 7% won’t consider it until age 40 or older, citing high property prices and post-graduation debt as deterrents.
Save the Student emphasises the need for government intervention, urging an increase in maintenance loans by well above 2.5% to address the inflationary gap and alleviate the financial strain on students. The National Association of Student Money Advisers Chair, Kellie McAlonan, advocates for a comprehensive revamp of the current system, asserting that students cannot be expected to bridge the gap between living costs and inadequate funding.
The survey underscores the urgent need for systemic changes to ensure the well-being and academic success of the student population in the UK.
