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Debt worries affecting the
mental health of more students in the North West than anywhere else in UK
ACCORDING to research by NUS Insight;
on behalf of and commissioned by Future Finance, the UK's 1st specialist student
lender, 44% of students in the North West are worrying about their finances to
such an extent that it is affecting their mental health, raising huge concerns
about the pressure students face. This compares to the South East, where under
of 3rd of students (32%) feel the same way. Scotland and the South East both
have the most students (46%), who disagree that worries about debt affect their
mental health.
The research, which questioned over 2,000 students across the UK, finds that the
North West has the greatest level of students in the regions (74%), who worry
about finances all the time or very often, while Scotland has the lowest
proportion of students who worry about these matters at 52%. 59% of students in
the neighbouring North East worry often or all the time.
These levels of financial worry are now driving students to consider work that
could affect their wellbeing, the North West has the 2nd highest number of
students (45%) who say that a lack of funding for their studies had led them to
do this, compared to 38% nationally. Wales tops the tables, only slightly above
the North West, at 46%.
A quarter of this subgroup, students across the UK[1] mention various types of
jobs. A quarter of this subgroup cite shift or night work as the most common
type of work which affects their wellbeing, followed by 13% who mentioned
medical trails. 10% of students from the same group reported considering work in
the sex industry, including:- pornographic webcam shows, nude modelling, being
an escort, stripper or working on chat lines.
Commenting on the findings, Brian Norton, Chief Executive of Future Finance,
said:- "These statistics are truly shocking. Everyone deserves the chance
to fulfil their dreams through higher education. And every student should have a
sensible financial platform to help them do just that. But sadly, credit cards
and payday loans, with their extortionate rates, are being used as the get out
solution all too often by students today. And it's not just hitting their
wallets, it's now also damaging their health. Students are unaware of the full
range of finance solutions available to them. Many are in meltdown simply
because they don't know there is another way. We urgently need the British
government and the universities to help inform students about their lending
options, and give them the support framework they so desperately need through
their education journey."
Despite these challenges, students in the region are a resilient bunch. When
asked if they are likely to drop out of university due to a lack of funding, the
majority (68%) disagreed, highlighting their resilience and the value they place
on education. 54% of students in the North West agreed with the statement that a
good education is worth the cost and sets you up for life.
This is reinforced by government statistics. A university education is a
valuable investment with graduates making them more employable, more likely to
work in high skill jobs and earning more than non-graduates, according to the
Graduate Labour Market Statistics. The research highlights the graduate premium;
the increase in earnings enjoyed by graduates over non-graduates. Working age
graduates and postgraduates can expect a £10,500 and £16,500 earnings premium on
average compared to non-graduates of working age.
If you are a student worried about your finances, your university's student
services or Students' Union advice service will be able to give you advice.
Students can also find out more about mental health support at:-
StudentMinds.Org.UK. |
