With the cost of attending university forecast to increase by £5000 this year alone, it is becoming increasingly difficult for students to access higher education. Despite the minimal support provided from student loans, the cost-of-living crisis had meant that students are finding it near impossible to afford just basic necessities such as food and rent. Beyond this, the cumulative hidden costs of textbooks, transportation, and social activities is pushing many students to their absolute limits, which has resulted in a 28% rise over 5 years in the number of students dropping out of a university programme. The newspaper The Express conducted a poll on 500 undergraduates, which revealed that a huge 85% were worried about how they were going to afford living costs for the upcoming term, with 75% saying they will have to resort to savings in order to afford living at university.

The cost-of-living crisis has seen massive increases in rent, energy bills, and food prices — with rent prices in Cardiff alone increasing by an average of 11% since 2021/22. Despite this increase, the government is still unwilling to provide students with enough in order to afford these increases, meaning that the option of attending university is becoming impossible for many young adults who don’t have financial support from their family to fall back on.

It is evident that all students have been somewhat affected by the increase in living costs; however, it is important to note that not all students have been impacted equally. Socioeconomically disadvantages students have been hit the hardest by this financial pressure, often having to seek paid employment just to pay their bills — working 30-hour weeks alongside their studies. These students have reported having to skip classes, often falling behind on work as a result of having to prioritise earning money. Researchers have said that unless action is taken urgently, this financial crisis could reverse the progress in equality within higher education by making university accessible only to the most privileged groups in society.

Apart from putting students in significant financial uncertainty and insecurity, the cost-of-living crisis has also had a detrimental knock-on effect to their mental health and wellbeing. With students having an extremely limited budget, this is causing many to have to choose between simply eating and socialising — with a survey from the polling company Savanta reporting that over a quarter of students are having to skip meals in order to save money on food. This is consequently having a significant impact on their health and concentration, in turn affecting their academic performance.

Many also reported not being able to take part in social events and societies due to lack of finances. This is preventing people from being able to make friends, forcing many students into an extremely isolating and lonely environment. Whereby university is advertised as being the ‘best years of your life’, for many the reality is far from this — living off beans on toast, working long hours, and not being able to heat their freezing accommodation.

Whereby university is advertised as being the ‘best years of your life’, for many the reality is far from this — living off beans on toast, working long hours, and not being able to heat their freezing accommodation.

The cost-of-living crisis is an issue that needs to be addressed by educational institutions, policymakers, and society in general. It is jeopardising the academic success of current students and preventing access to higher education for thousands of individuals. The Russell Group Students’ Union is as organisation which has been set up to represent over 70,000 students at Russell Group Universities, partitioning for the government to increase maintenance loans in line with inflation and consider the reintroduction of maintenance grants to support the most disadvantaged students.

Cardiff University has a support system in place for students struggling financially, with a number of scholarships and bursaries available to UK students. The Financial Assistance Programme is also an emergency hardship fund which can be applied for to help with unexpected short-term financial problems. Students are also available to book appointments with the financial support team (located in the Centre for Student Life) for free advice and support.