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More students struggling to make ends meet, says study

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According to a survey by Lloyds TSB, more students than last year are struggling to make ends meet.

Almost one in five students surveyed during 2012 and 2013 are struggling to pay for their monthly outgoings, and nearly 40% are only just managing to pay.

Over half of students surveyed believe that because of their dependency on student loans they will end up with debts of over £10,000, with the estimated debt being nearly £17,000.

The situation is worse for first year undergraduates, whose estimated debt will be nearly £28,000. It is not a surprise then that 55% of first years were worried about the levels of debt they would get themselves if they decided to do a degree.

Over 10% of first years also said that the tuition fee was a key factor in why they chose their university, while 40% considered it one of the factors of why they chose their university.

51% of students decided to get a job during their degree, which is three percent more than the previous year. Four in ten got paid jobs to supplement what they already have, such as student loan. 43% of graduates say that they use the job to make ends meet and fund themselves throughout university, but with first years this rose to 52%. Only a small percentage of students (16%) attain jobs because they want to bulk up their CVs.

Hourly wages have increased from previous years. The estimated hourly wage is now £8.18, which is six pence higher than it was in 2012 and much higher compared to 2011 (£7.89). 69% of students this year worked for less than 15 hours a week, whereas last year it was 75%.

However due to the need of part time work, almost a third of students have claimed it has had a negative impact on their studies and this year the percentage of students who claimed that they have the right balance between work, study and socialising was only - 7% lower than it was 2011.

The director of current accounts at Lloyds, Philip Robinson, said: “Following the rise in tuition fees, our research shows that the majority of students are expecting to leave university with a high level of debt, with most expecting to see this extend well into five figures.

“Increasing debt has seen many students take on paid work, however, despite their best efforts, students are still struggling to make ends meet.”




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