Context

As household expenses and bills have increased across the UK, university leaders have expressed concern that higher education students are particularly at risk of further financial strain. Students from minority groups and lower socio-economic backgrounds are most affected by this rise in financial pressure (Lewis 2023). In fact, it was reported that the average monthly spending of university students in the UK increased by over 17% (Brown 2023). However, students now view the cost of living as an accepted economic reality rather than a temporary ‘crisis’ (Blackbullion 2024). The rising costs aren’t only impacting students’ financial capabilities, but also their mental wellbeing. In a survey by the National Union of Students (2022), 90% of students reported that their mental health was negatively affected as a result of these rising costs.

Recognising the financial risk to equal opportunity, the University of Bath provides a comprehensive Student Money Advice service to support students to take control of their finances ahead of getting into financial difficulties.

Evaluation Questions

• What is the relationship between the cost of living and students’ university experience?
• What is the perceived importance of financial support services on managing the cost of living?
• How effective are the Student Money Advice interventions in alleviating financial pressures amongst students?
• What is the impact of the Student Money Advice interventions on students’ mental health and wellbeing?

Methodology

• 12-20 semi-structured 1:1 interviews with random sample of Undergraduate students with a household income below £62,347 . This household income threshold is the eligibility threshold for the minimum Maintenance Loan for those living away from home, outside of London.
• Some students may have engaged with the Student Money Advice Service, others may not.
• Advertisement sent to all eligible students, those who expressed an interest were randomly allocated an interview based on a stratification sampling method.

Type of evaluation evidence

Using the OfS standards of evidence this project will produce Type 1 (narrative evidence) / Type 2 (empirical evidence).

References

• Blackbullion (2024). Student Money & Wellbeing 2024: How has not having enough money reshaped today’s university experience?https://business.blackbullion.com/download/student-money-wellbeing-2024/
• Brown, L. (2023). Student Money Survey 2023-Results. Save the Student! https://www.savethestudent.org/money/surveys/student-money-survey-2023-results.html
• Lewis, J. (2023). Research briefing: Students and the rising cost of living. House of Commons Library December 01, 2023. https://commonslibrary.parliament.uk/research-briefings/cbp-9886/
• The National Union of Students UK. (2022). Student Cost of Living Report. Nation Builder. https://assets.nationbuilder.com/nus/pages/37/attachments/original/1666093713/StudentCostofLiving-NUSreport.pdf?1666093713

Published report

At the end of the project timeline, a report will be published on this webpage.