My second set of responses came from 20 students aged 18-25.
From my results, I can conclude a number of potential problems in relation to students and their finances. Most students rely on student finance to fund their studies and this student finance funds everything including maintenance, tuition, rent, food and even luxuries.
Most people do not have a budget and most people that do have a budget admitted to not sticking to their budget. I found that a reasonable amount of money being spent for academic purposes are most common and most people typically spend around £30-£50 a month on luxuries. Most participant’s money went on going out (clubs, pubs, bars, events) and rent.
People ranged variously from slightly concerned to concern and one participant being extremely anxious about their financial situation.
The results for the effect on studies were reasonably split between yes, no and sometimes and the ranges of extent were split.
The complete breakdown of my results are below:
- Most of the participants (58%) were ages 17-19.
- 64% of participants rely on student finance
- 29% partially rely on student finance.
- 41.2% of people said student finance fully funds everything
- 11.8% said student finance funds rent or living cost but not luxuries
- 5.9% said student finance funds their tuition fees only.
- 23.5% said student finance partially funds rent and living costs but fully funds tuition fees
- 5.9% said student finance partially funds tuition fees and rent
- 5.9% said student finance barely funds tuition fees or living cost
- 5.9% said they do not use student finance
- 3 people said their parents or relatives help them fund their studies
- 1 person said they work while studying to fund their studies.
- 1 other person uses their personal savings to fund their studies
- 52.9% said they have a budget
- the other 47.1% do not have a budget
- 46.2% of people do not stick to their budget
- 23.1% mostly stick to their budget
- 15.5% rarely stick to their budget
- 11.8% spend very little on academic purposes (>£10 a month)
- 54.8% of people spend a reasonable amount of money for academic purposes (>£30 a term)
- 29.4% spend a considerable amount of money a term (<£50 a term)
- 11.8% spend very little on personal luxuries (>£10 a month)
- 29.4% spend a reasonable amount (>£30 a month)
- 29.4% spend a considerable amount (<£50 a month)
- 17.6% spend a large amount (<£100 a month)
- 11.8% spend a very large amount (<£200-£300 a month)
- 35.3% of people spend most of their money on going out
- 17.6% of people spend most of their money on food shopping
- 5.9% of people spend most of their money on travel
- 35.3% of people spend most of their money on rent
- 5.9% of people spend most of their money on academic purposes
- 47.1% of people felt slightly concerned about their current financial situation
- 11.8% felt worried
- 29.4% felt concerned
- 11.8% felt extremely anxious
- 35.5% of people said their financial situation affects their studies
- 29.4% said their financial situation affects them sometimes
- 35.3% said their financial situation does not affect them
- 22.2% of people said their financial situation barely effects them
- 27.8% said their financial situation affects them to a small extent
- 27.8% their financial situation affects them to a reasonable extent
- 22.2% said their financial situation affects them to a large extent