According to a new study from the National Union of Students, one third of 18-24 year olds are too scared to check their bank balance. Sound familiar?
Shelly Asquith, the vice-president for welfare for the NUS says we are facing a 'national crisis' of student poverty thanks to 'rents on the rise and grants being cut back.' She continued; 'This is not just having an impact on student' wellbeing. But on who can and cannot access education. At NUS we are making the case for more generous financial support and calling for action on the living costs students face every day.'
As well as being too scared to check their bank balance, the study also found that 46% of 18-24 year olds admit to losing sleep over their financial situations. One third said they expected to go into debt this year.
With the average monthly rent hitting £816 (and that's the whole country; not just London) and thousands of future students who could have relied on grants faced with the prospect of turning to loans this September thanks to the government's decision to take them away from students from low income families, the crisis only looks set to get worse.
Just a few weeks ago The Debrief went to meet a group of UCL students who went on rent strike to protest the £542.36 a month rent they were being forced to pay at their university halls. According to them, rent has increased in Max Rayne House by 56% since 2010.
Anecdotally to us at The Debrief - these numbers and ages sound like they're just the tip of the iceberg. Six years out of university I still have 20k + in debts and one member of Team Debrief said she's always been too scared to check her bank balance; 'I never check my balance, I just keep going until it stops me taking money out.'
** You might also be interested in:**
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This article originally appeared on The Debrief.