Financial Pressures at University: How Small Changes Can Make Big Differences

Life at university can be extremely stressful. Academic expectations are very high and rising house, food and transport costs are putting additional weight onto the burden of students. Financial issues have increased drastically alongside inflation and the cost of living crisis is impacting students deeply. In this article, Chloe Lockett, who works at the Students’​ Union at Bournemouth University – SUBU, explores her own experiences working at a major UK university and how the financial strains are impacting students’ mental health. The work done by SUBU to support its students is commendable and highlights how change doesn’t need to cost a fortune – sometimes just having guidance can change people’s experiences.

Working in advice and support, Lockett is on the frontline of the student struggle at Bournemouth University. She began by highlighting how one of the most common things students need help with is financial struggles. Rising costs in almost every area of life, from rent and food to transport and social events, have drastically increased the financial pressure faced by students. Not to mention the student debt they are accumulating to enrol into university. These pressures are both emotional and physical, causing stress and anxiety, with some of the worst impacted having to skip meals or studies to work and earn money.

Financial pressures often involve rising rent, food and energy costs, student debt and a limited access to bursaries or emergency funds. All of this pressure sits on top of the expected university pressures of achieving good results and staying on top of assignments. Lockett notes that these pressures often lead to anxiety, fear of eviction, stress, isolation, guilt, shame and social withdrawal.

Financial Pressures and University Support

Chloe Lockett has already seen how these financial challenges are impacting academic performance, with more and more students having to contend with balancing funds with studying. In recent years, financial advice has become one of the most common reasons people contact SUBU. University is already stressful, with looming deadlines and high expectations, and for most people, it is the first time they have lived on their own. Throwing financial pressure into the mix just makes every part of being a student naturally more difficult. Another area that often gets overlooked is how students will skip out on non-essentials to save money for food. Things like social events, days out and hobbies are important to make friends and have a good time – but most importantly, to relieve stress,

Universities do offer financial support for struggling students, but Lockett believes that the current systems are too complex.

“There needs to be a transparent process with clear criteria, deadlines and communication. A lot of the forms that we’ve seen have been 20 working days. A student will fill in a 10 page form, giving bank details, explaining breakdowns of where they spend their money, and then for 20 days they have to wait just for an outcome.” – Chloe Lockett

20 days is a long time for someone who is struggling financially. It leaves students who are struggling in limbo, unsure if they will be getting the help they need. These requests need to be seen as urgent and responded to within a day or two. For some, the outcome of that request could dictate if they have food on the table.

How Universities Can Support Students

Lockett is proud to say that the SUBU (Students’ Union at Bournemouth University) offers a supermarket voucher, which students who are struggling can access almost immediately, all they have to do is talk to an advisor. This is important as having access to instant support and an instant short-term solution, can help people to stay afloat in the long run.

So, through less complicated application processes, faster decision times and better mental health integration, financial aid services can be drastically increased in universities.

The Students’ Union at Bournemouth University have begun hosting financial education workshops. Lockett believes that it is often assumed that people who go to university have been taught how to look after their money. This is not necessarily true, and for a lot of people university is the first time that they have to budget their own food shopping, rent and energy bills themselves. This can be quite daunting and can lead to students making mistakes, potentially spending too much too early, for example. The SUBU hosts these workshops where they discuss budgeting, saving and spending wisely. They are interactive sessions so attendees can ask questions and get direct support.

“Something that would be really simple, say you went into a Tesco Express and something was £1.20, if you went to the bigger Tesco, it could be only 70p. Explaining little things like that can make a big difference.” – Chloe Lockett

The next area that the SUBU supports students is through mental health support for financial stress. This covers a wide range of topics, whether people need hands-on help with planning budgets, or if they just need someone to talk to. Unfortunately, modern day therapy is very expensive, so for students, it is often unattainable. These free services are essential for supporting those struggling and it should be of paramount importance that students are aware of these services and able to access them seamlessly.

The service also covers guidance on how to balance part-time work and university. Lockett believes that part-time work can be really healthy for students, it allows them to earn money, gain experience and make new friends at work. However, if the company is not flexible, it can be a real challenge to work this around a university timetable. SUBU provides support in creating schedules where both work and education thrive.

These kinds of support systems aren’t complicated – but they are very effective. If more universities could do this for their students, more people could get help with their financial pressures.

Support systems in the UK are generally lacking when it comes to youth and education. Did you know that almost a million people aged 16-24 are not in education, employment or training? This unemployment signifies a failing of the youth in the UK, which our upcoming The National Not in Employment, Education or Training (NEET) Conference will explore. It is on the 3rd of December and will feature industry leaders and experts on how we can re-engage the youth and drive economic activity and career prospects in young people.

SUBU’s Initiatives

As mentioned earlier, part-time work can be brilliant for students. SUBU hosts career fairs, holds job boards and teaches time management workshops to try and encourage people to work whilst studying. The most important thing is ensuring that there is balance. If work becomes too much of a burden, it can begin to impact education.

“We advocate the students to work and feel empowered to be in control of their studies and their finances.” – Chloe Lockett

Chloe Lockett highlighted some of the other impressive initiatives SUBU offers on campus. They have developed a community kitchen, which works in partnership with FareShare and Caboodle to have surplus food delivered. It features a hot drink station and a microwave, and can be a good place for students to make meals on campus, as they understand that paying for food out can be very expensive.

Another initiative is the community garden, where they grow food to be put into the community kitchen. It is run by student and staff volunteers and is an excellent space to get fresh air, grow food and socialise.

“A lot of students who are experiencing loneliness come to the garden and it’s nice to watch their confidence grow and they feel like they have a purpose and they’re part of something bigger.” – Chloe Lockett

For a lot of students, it can feel like they just follow a pattern of going from their classes to their accommodation and back again. Being outside amongst nature, in the fresh air and away from the stresses of either dorm life or the lecture hall can be very beneficial to mental health and outlook. Additionally in this third space between class and home there is an opportunity to socialise and connect with people, which a lot of students can find difficult. Moving away from home to a new city and not knowing anyone can be extremely isolating and spaces like a community garden, which are non-committal and free to attend can be really beneficial.
It is worth highlighting that none of these efforts are particularly systematically ground-breaking. Setting up a communal space for a garden doesn’t require a massive sum, just some effort from volunteers. These spaces can have a huge positive impact on people, as proven at Bournemouth University.
The same can be said for the free financial advice that is offered. This service could transform a new student’s life, especially if they don’t have home support systems in place. If more organisations, colleges, universities, schools and workplaces could make small changes like SUBU, It can go a long way in transforming spaces into places of positivity and helping people who need it in a way that doesn’t cost money or require large amounts of money or time.

We’d like to thank Chloe Lockett for delivering this interesting case study at The Student Mental Health and Wellbeing Conference. Having a window into the initiatives SUBU have set up is extremely useful. These kinds of support systems are easily set up but can be unimaginably helpful for students at university. The expectations placed on students are very high, and financial pressures just make things worse. These expectations go beyond just students, as seen by the increasing number of 16-24 year olds not in work, education or training. Our NEET Conference will look at how we can address this issue and re-engage the youth in the UK.