University is an increasingly expensive experience for young people in today’s world. The fees alone can stretch past £30 000 without factoring in aspects like food, rent and any number of other expenses. This leaves many students struggling under a crushing amount of student debt once they graduate that can take many years for them to pay off. With the costs only set to increase in the upcoming years, going to university is becoming a decision based mostly around finances rather than for degrees and life experiences in the eyes of many young people across the UK.
According to a study by the National Student Money Survey of over 3000 students, the financial situation for the majority of students is bleak. Just under four out of five students worry constantly about being able to make ends meet which in turn sees 57% suffer from poor mental health due to their financial situation; a rise of 11% from just the previous year.
To avoid this, students are having to resort to relying on parents for more and more support in regards to money with 71% of those surveyed stating that have had to ask their family for money because of their situation. Only maintenance loans of a bigger source of financial support for students with 74% utilising them in some way, but this only leads to a larger amount of debt they will need to repay once they’ve graduated. For 4% of students, the situation has got so bad that they have resorted to doing some sort of adult work as a way to earn money, double the number from the previous year. On top of this, 6% of those said they would try some form of adult work if they required emergency funds.
Two-thirds of students resort to a form self-employed work to help pay their way through university, but more students could benefit from utilising the gig economy and side-hustle work that is blossoming in the UK.
Gig work essentially relates to jobs that are considering to involve independent contracting that can be picked up as and when necessary. Working for companies like Lyft, Deliveroo or Handy can be a short-term, flexible way for students to earn extra income around their studies and other responsibilities. This can allow them the financial ability to pay for rent and living costs without having to borrow money from other family members.
Due to the rising cost of being at university, more and more students are embracing their entrepreneurial side and starting side-hustles. This can be anything. Whatever your skills are, they can be utilised to help you stay financially afloat during these years. Some students design, make and sell clothing items such as t-shirts and jewellery, others can earn money doing make-up and nails whilst some are paid to tutor other students. There is literally no limit to what you can do and in some cases, everything can be done without having to leave your bedroom.
The important things to remember in regards to a side-hustle is to play to your strengths. Find what you do well and offer your skills and services to others, it can go a long way to helping you through university and can even help you set up for a post-university career if you are able to turn your passions into a full-time job.
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