Three in four students feel ignored during the cost of living crisis, new report says

The ‘mini budget’ only adds insult to injury

Three quarters (74 per cent) of all students feel ignored by the government when it comes to the cost of living crisis, according to a new Student Beans survey.

The announcement of the “mini-budget” this morning has further angered young people since tax cuts and deregulation seem to be prioritised with little to no mention of students or their problems.

Jessica Pinkett, Head of Youth Insights at Student Beans, said: “Students are crying out for financial support in the cost of living crisis, but they are continuously being left behind to fend for themselves.”

In light of the ever-rising costs of living, a majority of young people (52 per cent) are now calling on the UK government to better support them, by providing better access to financial support in line with the cost of living.

Cuts to stamp duty feel almost cruel to young people, when for many of us, owning our own home feels like a distant dream, especially when rising costs make saving impossible.

Data from Student Beans reveals over two thirds (69 per cent) of students are worried about being able to afford basic costs at university, and today’s announcement has provided them with little financial relief because it feels as though tax cuts and deregulation have been more of a priority for this government than young people.

Roughly a quarter (24 per cent) of students believe that we need a young person’s crisis package, with targeted support aimed at our specific financial struggles.

Providing more education on managing your finances is also supported by many (17 per cent), which makes sense as, according to the Student Money Survey, roughly three quarters of students wish they’d had better financial education.

Pinkett continues, “Young people need to feel supported during this economic crisis, whether that’s through a dedicated support package, better signposting to existing aid, or simply making financial literacy more accessible. Whatever the solution, it needs to come soon.”

Featured image: Shutterstock / Monkey Business Images

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