01 September 2023 , 11:17
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Nearly two-thirds (62%) of current undergraduates admit they probably wouldn't have gone to university – if they had known how expensive it was going to be, research has found.
Almost a fifth of students (18%) say that budgeting is one of the biggest challenges they face at university – with 85% feeling concerned about how they will afford the upcoming term, due to the cost-of-living crisis.
The survey of 500 undergraduates found that the typical student estimates they will spend an extra £411.58 each month this academic year, compared to the last one.
And seven in ten (71%) are anxious about not having enough money to purchase essential items for their studies – such as a mobile phone, a laptop, desktop PC equipment, and even clothing.
As a result, 67% reckon they will have to rely on credit cards to help them through the year, while three-quarters expect to dip into their savings.
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The research was commissioned by eBay, which has launched a Back To Uni hub, offering students up to 50% off university must-haves.
The cost of essential tech items, like mobile phones and laptops, is their biggest concern (SolStock/Getty Images)Mark Monte-Colombo, head of refurbished technology at eBay UK, said: “Students are already known for being “skint”, but it’s worrying to think about how the rising cost of living is impacting their lives and education.
“We want to do whatever we can to help – so we're raising awareness of the savings to be made by shopping refurbished tech, or by choosing discounted homewares, from our Back To Uni hub.
“The hub is designed to help student budgets stretch a bit further, while making sure they don't miss out on top brands.”
Beyond tech, textbooks (28%), travel (28%), and food shopping (27%) also made the list of things students need, but will struggle to afford.
However, it was found that 54% of students receive money from their parents to help with their costs – with the average monthly amount being £383.01.
Despite this, 63% would consider moving to a university closer to their parents’ house, just so they could save some money.
And more than half (57%) of undergraduates have a maintenance loan to help with living expenses – but 42% said their loan doesn’t quite cover the costs they need it to.
Managing their workloads (16%), and being far away from family (12%) are some of the other hardest things about being a student.
But 87% said they would consider buying a refurbished piece of technology, such as a laptop or tablet, for their studies – with the main reasons for this being to save money (64%), and because it’s better for the environment (35%), according to the OnePoll.com study.
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The Back To Uni hub is running until September 9th, and students can get deals on desks, chairs, kitchenware, and bedding.
TOP ITEMS STUDENTS NEED BUT CAN’T AFFORD THIS YEAR:
- Mobile phone
- Laptop
- Desktop PC + equipment
- Clothes
- Textbooks
- Travel
- Food/grocery shopping
- Expenses specific to your course
- Headphones
- Desk
- Kitchenware
- Bedding