Concerns about money are hugely widespread among students across the UK and for a significant proportion those issues are having a negative impact on mental wellbeing.
That’s according to the findings of a recent study by an organisation called Save the Student, which has highlighted the impact that financial problems can have on young people and others in higher education.
As many as 79 per cent of students say that they worry about making ends meet on a regular basis and 57 per cent say that it’s having a harmful effect on their mental health.
In addition, around a third (35 per cent) of students say that money worries have an impact on their studies, while the same proportion say that those issues sometimes damage their relationships with other people.
Another concern for students who are worried about money is that they might lose sleep as a result and 41 per cent of those polled by Save the Student say that they’re already doing just that at least some of the time.
“Student life and money go together like chips and gravy: it’s great when it clicks, but tough to stomach when it doesn’t,” Save the Student says.
“Unfortunately, this year’s National Student Money Survey reveals that more students than ever before are struggling to make ends meet – and the stress is very real.”
The organisation behind the recent research makes clear that “being skint” is bad for the mental health of students across the country, with a lack of funding and more general support cited as key reasons why those problems are now so widespread.
There are lots of different sources of money available to students as they attend university, with parents often making crucial contributions and maintenance loans taken up by a majority of full-time students.
But debt also has a big role to play in the finances of students, with significant numbers using credit cards and overdrafts, and others even turning to the high cost credit available through payday loans.
Save the Student says students should always focus on budget plans if they’re really worried about money and the organisation emphasises the importance of accessing grants and other forms of financial support if they’re available.
As many as one in four Scottish renters or mortgage holders are worried about whether they’ll be able to cover their housing costs over the course of this year.
Rules relating to Debt Arrangement Schemes (DAS) have been relaxed in ways that should provide extra breathing space for Scots whose finances have been adversely affected by the Covid pandemic.
Our Scottish based team can help advise you on your debt problems.