Students turn to gambling and medical trials to fund university
Survey of 2,300 students finds 80% do not have enough money to live on, with one in five turning to gambling to find extra funds
Average monthly outgoings for students have risen by £77 to £763 a month. Photograph: Image Source/Rex Features
Students are resorting to high-risk strategies to fund the ever-increasing cost of living, according to a survey by money advice website Save the Student.
In an attempt to get hold of extra cash one in five students has turned to gambling with their limited funds, while one in four said they would consider selling their body for medical trials or take a job in the adult entertainment industry.
A small proportion (2%) said they would consider contacting a payday loan company to access cash.
The survey of 2,332 students found that living costs had soared over the last 12 months, with 80% of respondents worried about having enough money to live on.
The average monthly outgoings was up by £77 to £763. Rent remains the biggest factor, with the average amount spent on this rising by £128 a month to £358.
Securing a part-time job is still the most popular way students look to tackle money troubles, with two-thirds holding such a role or looking for one. More than a half of students rely heavily on their parents for financial support, despite nearly two-thirds claiming they feel their parents don't help them enough. Meanwhile, only 8% would turn to their university in a financial emergency, preferring instead a trip to their bank.
Jake Butler, editor of Save the Student, said: "It is clear that now more than ever before students require much more in the way of support, awareness and wider education when it comes to personal finance.
"Maintenance loans only go so far to cover the rising cost of living. It's also important that students are made aware that support is there for those who really need it."
Pete Mercer, vice-president for welfare at the National Union of Students (NUS), said his organisation's own research had revealed similar stories from people struggling to make ends meet.
"Students are having to take ever more desperate measures to raise money including dangerous jobs, gambling and payday loans. Students tell us that even small amounts of commercial debt significantly increase stress and stop them concentrating on their studies," Mercer said.
"Students are far from the only people facing these kinds of pressures but their traditional financial support networks of government loans and family gifts are not covering costs as they once were. Some students may lack the experience or knowledge to understand the risks hidden by irresponsible advertising."
In an attempt to get hold of extra cash one in five students has turned to gambling with their limited funds, while one in four said they would consider selling their body for medical trials or take a job in the adult entertainment industry.
A small proportion (2%) said they would consider contacting a payday loan company to access cash.
The survey of 2,332 students found that living costs had soared over the last 12 months, with 80% of respondents worried about having enough money to live on.
The average monthly outgoings was up by £77 to £763. Rent remains the biggest factor, with the average amount spent on this rising by £128 a month to £358.
Securing a part-time job is still the most popular way students look to tackle money troubles, with two-thirds holding such a role or looking for one. More than a half of students rely heavily on their parents for financial support, despite nearly two-thirds claiming they feel their parents don't help them enough. Meanwhile, only 8% would turn to their university in a financial emergency, preferring instead a trip to their bank.
Jake Butler, editor of Save the Student, said: "It is clear that now more than ever before students require much more in the way of support, awareness and wider education when it comes to personal finance.
"Maintenance loans only go so far to cover the rising cost of living. It's also important that students are made aware that support is there for those who really need it."
Pete Mercer, vice-president for welfare at the National Union of Students (NUS), said his organisation's own research had revealed similar stories from people struggling to make ends meet.
"Students are having to take ever more desperate measures to raise money including dangerous jobs, gambling and payday loans. Students tell us that even small amounts of commercial debt significantly increase stress and stop them concentrating on their studies," Mercer said.
"Students are far from the only people facing these kinds of pressures but their traditional financial support networks of government loans and family gifts are not covering costs as they once were. Some students may lack the experience or knowledge to understand the risks hidden by irresponsible advertising."
http://www.guardian.co.uk/money/2013/may/31/student-gambling-medical-trials-fund-university?CMP=twt_gu
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