Financial Difficulties and Social Relationships at University

Introduction

Financial difficulties are a common challenge for many students during their university experience. Balancing the demands of university life with the stress of managing finances can be difficult, especially when it seems others are more carefree or socially engaged.

This page was created specifically for students facing financial challenges by a dedicated team of students, researchers, and professionals. Our goal is to provide valuable insights, strategies, and support to help you confidently navigate your university journey.

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Understanding Financial Difficulties and Social Relationships

Did someone say “cost of living”? For the average home student in the UK, your maintenance loan falls short of your living costs by £582 per month [1]. 56% of students have a part-time job to cover the costs of university [1], and 20% of students report living at home due to financial necessity [2]. One in three students consider dropping out because of money worries, and 62% say financial concerns negatively impact their social life [1]. Research shows that both working long hours and living away from campus are associated with lower social integration and belonging [3]. Financial difficulties have been linked to low mood and anxiety among students [4; 5], which can become a further obstacle to participating in social opportunities [6].

What Can I Do?

Building a Plan of Action

Here are some ideas for actions that might help:

  • It can be awkward to talk about money, but many students are in the same boat. Good friends will understand and support you if you say you want to see them but need a budget-friendly way to hang out.

  • A night in watching a film or playing a board game, a walk around the local park, or a trip to a free museum can be inexpensive and fun ways to spend time with friends. The Meet-Up app can connect you with free events based on your interests and hobbies.

  • If you are finding it particularly difficult to make ends meet, applying for hardship funding from your university might be a viable option. Many universities offer financial support to students facing unexpected financial difficulties, which can help cover essential expenses like rent, utilities, or course materials.

    Hardship funding is typically available through emergency grants or special funds designed to assist students in crisis. To apply, you will usually need to demonstrate your financial need and provide supporting documentation, such as proof of income or details of your financial situation.

    It’s worth noting that 21% of students have received hardship funding [1], indicating that such support is a common and accessible resource for those who need it. Contact your university’s student services or financial aid office to learn more about the application process, eligibility criteria, and deadlines. They can guide you through the steps and help ensure you receive the assistance you need.

  • Develop a simple student budget based on your income and expenses, and track your spending. Prioritise the essentials and allow for a buffer to manage unexpected expenses (like repairs). Budgeting tools such as the Save the Student Rent Calculator or Money Saving Expert Student Budget Planner can be helpful.

  • Having a part-time job at university can be a rewarding experience that benefits your well-being and skills. Some students find tutoring or student ambassador roles flexible and manageable with their studies. Use websites or apps like Handshake, Indeed, or Student Circus to find job opportunities, and leverage CV-building tools or templates to help with applications.

Ask a Friend

Lisa offers practical advice on how to control your finances and save money as a university student while ensuring that your grades aren’t affected [Read Time: 5 minutes] Student Minds Blog: Keeping a Healthy Pocket During University

Anna provides a comprehensive guide to saving money and budgeting, including advice on cheaper transport options. [Watch Time: 12 minutes] How to Budget at University | Money Saving Tips for Students (youtube.com)

Caroline shares her personal experiences and strategies for dealing with financial issues and the stress associated with them [Read Time: 5 minutes] Student Minds Blog: How I Cope with Financial Problems and Stress

Alphie shares his strategies for making the most of his money while living in London, one of the most expensive cities for students. [Watch Time: 7 minutes] How I Budget for University in London (youtube.com)

Share Your Story: Help fellow students learn from your experiences and feel less alone. Contribute to Student Minds, the UK’s leading student mental health charity, and ensure your voice reaches those who need it most.

What Other Support Is Available?

  • Student Minds offers a range of resources to help students handle rising costs and financial challenges, including advice on budgeting and finding additional funding. [Read Time: 10 minutes]

  • Dr Gareth Hughes writes for Student Space about the impact of financial stress on mental health and provides strategies for managing money-related worry. [Read Time: 5 minutes]

  • Created specifically for young people, this resource from YoungMinds offers guidance on managing money and provides advice on supporting someone who is struggling with financial troubles.

  • A comprehensive website offering advice, resources, discounts, and guides on managing student finances effectively. Save the Student - Student Money, Discounts, and Jobs

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Social Expectations vs Reality
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Check Out Our Sources:

  1. Save The Student (2023) Student Money Survey 2023 – Results. Available at: https://www.savethestudent.org/money/surveys/student-money-survey-2023-results.html#key (Accessed: 08 September 2024).

  2. Blackbullion (2024) Student Money & Well-being 2024. Available at: https://business.blackbullion.com/download/student-money-wellbeing-2024/ (Accessed: 08 September 2024).

  3. Benson-Egglenton, J. (2019). The financial circumstances associated with high and low well-being in undergraduate students: A case study of an English Russell Group institution, Journal Of Further And Higher Education, 43(7), 901-913. Https://doi.org/10.1080/0309877x.2017.1421621

  4. Richardson, T., Elliott, P., Roberts, R., & Jansen, M. (2017). A longitudinal study of financial difficulties and mental health in a national sample of British undergraduate students. Community Mental Health Journal, 53(3), 344–352. https://doi.org/10.1007/s10597-016-0052-0

  5. Richardson, T., Elliott, P., Waller, G., & Bell, L. (2015). Longitudinal relationships between financial difficulties and eating attitudes in undergraduate students. International Journal Of Eating Disorders, 48(5), 517–521. Https://doi.org/10.1002/Eat.22392

  6. Richardson, T., Elliott, P., Roberts, R. (2018). Relationship between loneliness and mental health in students. Journal of Public Mental Health, 16(2), 48-54. https://doi.org/10.1108/JPMH-03-2016-0013