[This is a piece I wrote for UEA’s Student Newspaper, Concrete]
Rising prices of petrol and the weekly food shop might not be the kind of news young people would immediately rush to read, but as the cost of living crisis continues to affect households around the country, young people’s attitudes have arguably shifted. It has been underestimated how young people’s decisions on money have been affected by the environments in which they reside, with their family’s economic situations influencing this.
In June, the BBC reported many university students have suffered mental health and anxiety issues as a result of financial pressures. A university education is already made somewhat exclusive by the paywall needed to access basic accommodation, textbooks and supplies, as well as the overall cost of living away from home. With most students barely being able to cover their accommodation with their maintenance fees, they are left with little to no money for everyday necessities like food or travel. While some parents may be able to help out by sending small amounts of money each month, with the cost of living crisis continuing, they will be less likely to support their children and as a result, more likely to encourage them to earn for themselves through a part-time job, for instance, or avoiding social events or clubbing in order to save money.
Anxiety around money also extends into graduation. With the impact of the pandemic and rising inflation, students are having to reflect more on graduate prospects and which jobs will give them the most financial security. This has perhaps also had an impact on the kinds of degrees students are leaning towards pursuing at university too. In a piece from The Guardian last year, it was reported that the number of students applying to study English Literature at university had fallen more than a third, according to data from UCAS. In contrast, they reported that subjects such as computer science, psychology and maths had seen an increase in applications. As a Creative Writing and English Literature student myself, I am more than aware of the unpredictable career prospects that come with studying such a degree. It is not a degree you pursue because you believe you will be granted a job at the finish line or a stack full of cash. It is a degree you pursue because you love the subject and have a passion to learn more about it. Though, the problem this presents is the need to have a back-up plan, a ‘day job’ that will keep you financially secure. Those who study STEM are not often faced with the same problem. They are more likely than those studying arts degrees to leave university with a stable job ahead of them, thus why more students may be considering this career path.
It is also important to note that students on a lower income are more likely to have to work a part-time job at university than those with a higher income. As a result, disadvantaged university students are more likely to see their grades suffer after not having enough time to study compared to those at university with a more comfortable lifestyle.
There must be more understanding of the effect financial issues can have on young people, and how academic institutions can support them, including helping them consider career prospects to avoid future financial anxiety.
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