The cost-of-living crisis began in 2021 and is still ongoing. Prices in the United Kingdom have been increasing faster than the average household income can sustain. Students across the country have been particularly impacted by the fluctuating rent prices.
Over the last year, finding affordable accommodation in the city has become a challenge for Londoners. It is a situation that has been especially stressful for students who might struggle financially.
According to the Office for National Statistics, private rental prices paid by tenants in the UK rose by 3.4% in the 12 months to August 2022, up from 3.3% in the 12 months to July 2022.
Students interviewed by Westminster World explained that the public funding they received to support themselves throughout their studies was insufficient. With the rising costs of living, it is extremely challenging for them to cover their rent and daily expenses.
“A lot of student loans aren’t high enough,” said one student. This is especially important, as most of the students are living in rented accommodation, which can be expensive. Students are more likely to resort to self-funding, which becomes difficult for those of working-class backgrounds.
A student said: “Give me money” when asked what the government can do to help students.
“Ours barely covers our rent, and we still have to top it up. In London, there’s never any houses; we had to find our houses in the last few months. So, the government can’t really do much except increase student finance. And even then, there’s not any houses to rent out,” says a local resident.
Other students interviewed by Westminster World believe that more financial support programs should be available for them. For example, some have suggested the introduction of new travel discounts and reductions in essential day-to-day life items.