How the cost of living crisis is affecting UK students
The impact of the ongoing cost of living crisis has taken a toll on students and it seems it won’t be ending any time soon.
Walking down the food aisle at a supermarket in the UK these days is a consumer horror show. Prices are soaring because of the high inflation that has overtaken the economy. The war in Ukraine, Covid, Brexit and even the death of Queen Elizabeth II have destabilised one of the most developed nations in the world. And that is having a massive negative impact on the welfare of students in the UK.
Amongst G7 nations, the UK’s economy is growing the least. Food prices, for instance, have gone up by 19.1%, according to the Office for National Statistics, and students are feeling the effects. “I haven’t been able to go out much, because prices have been going up on everything,” says Suha, 22, a theatre student at Birkbeck, University of London.
Inflation is at 10.1%, a 45-year high. At my local Tesco recently I was taken aback by the price of the smaller can of Heinz baked beans: £1.15. This is in no way accessible for a student who lives on a government loan of £12,000 a year. To top it all off, student loans have not kept up with inflation, which means prices have gotten progressively worse since the dawn of Covid.
According to a House of Lords Committee, a 13.7% increase in student loans would be required to bring back the 2020-21 value of loans.
Rising travel costs are another factor pushing students further into financial hardship. Thiago, 28, also a theatre student at Birkbeck, says: “Underground tickets are incredibly expensive at the moment. A return ticket into central London is nearing £7 from Zone 3.”
Indeed, tube fares have had an increase of 6.7% as of March – the biggest rise in a decade. Bus fares have also gone up by 10p.
“An exemption in transport fares would be of huge help, especially to students who are suffering with the cost of living crisis”
The National Union of Students says 51% of students are cutting back on transport costs, which prompted them to create a petition for free transport for students. It has currently over 10,000 signatures. “An exemption in transport fares would be of huge help, especially to students who are suffering with the cost of living crisis,” Thiago said.
Rent is another area which normally will slice off most of students’ allowances. No wonder, rents in the UK have increased by 11.1% in January 2023 compared to same month a year previously, according to Zoopla. TikTok videos of gigantic viewing queues for a single flat in London have sparked shock and, quite frankly, humorous comments.
At University of the Arts London, as part of their Cost of Living support, students are being offered free food parcels, which is a great initiative, but apparently not enough.
“I feel like it’s a nice gesture, but, at the end of the day, it’s like putting a plaster over a bigger problem”, says Megan, 21, a Journalism student at London College of Communication, one of its six colleges.
It has been reported students were being turned away at the first handout after the spring break.
The parcel includes grains, vegetables, fruits and even toiletries. The last batch was made available at Central Saint Martins on 11th May with the details for the next one being informed soon.
The Bank of England has said inflation should come down to around 5% by the end of this year and then to their targeted 2% by late 2024. It seems hopeful, but, until then, more help with the cost of living is desperately needed.
Suha adds: “My friends haven’t been able to go out much with me because they can’t afford it. So any time they did get to, they were too tired. They were working double shifts just to pay their bills. So, it was exhausting, especially for one of my closest friends. It was heart-breaking to hear that from her.”
Feature image by Fellipe Pigatto