Students are in crisis. Loans are not keeping pace with the rising cost of living and universities are feeling the pressure to deliver emergency support to many more students than ever expected. Emergency financial support for students need a new approach.
Our report will help you understand:
68% of students know someone who has left their course due to cost of living
55% of students have had to use a food bank as they could not afford food
49% believe gift cards would be an effective way to deliver emergency financial aid
Students have told us that cost of living support is, at best, patchy. Many have told us they receive no support at all, while others have said the support on offer has not made a lot of difference.
What is clear is that students do not want to leave university, they feel they have to financially.
Universities don’t want students to leave. They lose revenue and their reputation suffers. It’s time to rethink the system. According to the IFS inflation and the cost of living will have an increasingly negative effect on students going into next year.
Let’s change things.
Emergency support is just that, a crisis payment. How can you be certain that the money you give is used on those vital essentials? Our UK Student Cost of Living Report 2023 explores the state of the student nation and how universities can simply and effectively improve their emergency support payments process.
Students are struggling. And according to our latest research, they are struggling so much they are leaving their degrees.
This is bad for them, bad for institutions and bad for those sectors where degree-level education is critical – health, law, advanced engineering and many more.
Left unchecked, the cost of living crisis presents a real risk to the reputation and viability of our universities and the hopes and aspirations of a generation of students.
Our UK Student Cost of Living Report 2023 digs deeper into the real issues facing students, where emergency financial support has fallen short and how universities can transform the way they offer cost of living support to make it simple, effective, consistent and accountable.
The cost of living crisis is having a significant impact on students. Maintenance loans are not keeping up with inflation and with emergency loan support inconsistent nationwide, many students are using food banks, delaying paying bills and even considering leaving their studies.
The emergency funding system needs a rethink, and Love2shop offers a solution through its gift cards and contactless e-gift cards. Accountable, secure and simple to distribute, our products give students and universities peace of mind.
