Although the news today was that inflation has fallen, we are still near a 40-year-high, meaning the cost of living is still astronomical. With young people just starting their venture into the adult world, how does the rise in inflation affect students?
Today (December 14), it was announced that inflation was eased to 10.7 per cent in November compared to October’s 11.1 per cent. Whilst that sounds like a good thing, and it’s certainly a step in the right direction, it does not mean we are out of the cost of living crisis.
October’s figure was a 41-year high, and the November one is still very close to that. Simply, it means that you would pay £110.70 in November for something that would have cost you £100 last year. That’s still a huge increase.
Although everybody is suffering from the cost of living crisis at the moment, young people are only just starting out. With student loans, housing and finding a graduate job plaguing the mind, inflation rise is another troubling thought for students.
Students Are Already Struggling
Already, students are fighting a losing battle as maintenance loans cannot keep up with rising inflation costs. Dozens of universities are stepping in to help struggling students, but the worry is that the situation will deter young people from attending university in the future.
In the last ten years alone, student accommodation prices have risen by 60 per cent. Now, the average rent for student homes is more than the average maintenance loan students receive, with a difference of over £400. This means that students are having to get jobs to pay all their rent, let alone for food, travel expenses or just enjoying life.
The Guardian reports that the cost of rent for students is actually increasing more rapidly than inflation, meaning accommodation will become more and more unaffordable. London is the worst, with accommodation prices exceeding the national average by 60 per cent, making the average cost almost £11,000 per year.
With stressful sleepless nights in a room they can’t afford, how are students meant to succeed at university, let alone enjoy it?
The Affect Of Inflation On Students
Although inflation has eased slightly, it is not enough to make a real difference. That means that the cost of living will still be incredibly high. The Bank of England expects that inflation could rise to a huge 13 per cent by the end of the year.
Unfortunately, for students, this means accommodation prices, groceries and travel costs will cost them even more.
More than ever, students will be looking to friends and family for support. They’ll be working jobs that eat into their study time or taking out of savings that were intended for their future.
It also means they’ll be more of a demand for graduate jobs and rental places straight out of university. It’s very likely that a high number of students will be moving back home, losing the independence gained at university. Looking even further afield, mortgages will be harder to get with a huge demand for expensive houses. And that doesn’t take increased interest rates into consideration either.
Undeniably, it is bleak.
If you are looking at this worried about your future, then know that you are not alone. Universities have provisions in place and speak to loved ones where possible.
