Magoosh GRE

Students Battle With the Cost of Living

| October 17, 2011 | 2 Comments

Anyone who thought that being a student somehow insulated a person from the economic woes that the rest of the population is currently experiencing needs to think again; the cost of living for students in the UK has risen dramatically by 34% since 2004.  According to a study published by Family Investments, the average cost of being a student has risen by a staggering £42.56 per month in just the last 12 months alone.  Family Investments goes on to state that the average cost of living per annum for a student living away from home is £9,541 compared to £9,031 just last year.  This figure relates solely to the cost of living and does not factor in the cost of tuition fees.

Major Increases

In most cases, rent is the single biggest expense for students, with most paying out around £163 per month for accommodation.  The monthly expenditure on food has also risen sharply, as it has for everyone in the UK, jumping some 38% since 2004.  It is estimated that students pay around £65 per month on food alone.  Clothing, recreation, electric, gas, and oil have all seen sharp increases in their prices as well, which has added to the stress many students feel as they try and cope with life away from home and find a study/life/work balance which allows them to meet all their obligations.

Possible Consequences

As prices continue to rise across the board and the UK seems to be heading for a double-dip recession, cost of living increases experienced by students (and the rest of society) show no sign of slowing down any time in the near future.  In many ways there has never been a tougher time to be a student in the UK, and the financial pressures being exerted on this vulnerable segment of society could very well start to take their toll and result in more and more young people deciding against taking up the chance to further their education.

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Category: International Student Guide

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