A Government review into university costs can’t come soon enough according to students, who say they’ve been forced to live at home rather than going into halls due to costs.
UNiDAYS, the world’s largest student affinity network, have revealed that 43% of UK students are now living at home. 39% of them say it is due to being unable to afford the expense of moving out, as tuition fees and other living costs continue to rise.
This means that of the 2.28 million students in the UK, 980,000 of those are forced to live at home and are losing out on friendships and independence, the research discloses.
The research also reveals that students who live at home feel as though they have a worse quality of life compared to those that have flown the nest.
Those that live at home attribute this lower quality of life to the lack of independence (59% say they’re missing out on this), missing out on valuable life experiences (46%), not being able to form new friendships (39%) and even being able to find love (15%).
When students stay at home, it costs parents dear. A 2017 study by banking firm Aldermore found that those over 18 living at home increase parents’ outgoings by £4,996 a year, which over a three-year period at university adds up to almost £15,000.
Mai Fenton, Marketing Director at UNiDAYS commented: “It’s no surprise, with the rising cost of living and staggering tuition fees, that many students are just unable to afford the cost of living away from home whilst at university. This highlights the need for careful budgeting and savvy spending over the course of your studies.”