Majority of Students Fear Financial Strain at University

It’s no secret that students worry about money.

In fact, Stagecoach research has found that half of students worry about having enough money for essentials, and according to the latest UCAS insights report, 58% of students feel concerned about managing their finances once they start university.

“Students are increasingly feeling the financial pinch,” explains Debra Goodwin, Chief Customer Officer at Stagecoach “We’re seeing more and more students having to work alongside their studies to make ends meet – with others scaling back on social activities, club involvement and travel.

“Transitioning to further education is an incredibly exciting, once-in-a-lifetime experience – which is why we want to make the journey easier and more affordable for today’s students.

“Funding your studies, finding the best way to commute and learning to budget are all part of the transition to university – and there are many underrated ways to save money on the things that can sometimes cost a lot.”

The financial lifesaver

According to Stagecoach research, the majority (74%) of students say their study mainly involves classroom-based learning, but to save costs, just under half (44%) have spent more time at home, and 19% have considered switching to a remote course.

Nearly a third say travel takes up between 25%-50% of their total expenditure – and due to the cost, almost three-fifths (59%) are missing out on socialising with friends, nearly half (44%) are skipping visiting family, and 38% are no longer taking part in sports. 

The UCAS report also showed that most parents actively support their children with transport costs, with 40% saying they contribute towards daily commuting and 55% helping fund trips home.

“Being able to commute conveniently between lecture halls, local hotspots and even trips home, is vital for students’ overall wellbeing and university experience,” says Debra. “Travelling by bus can offer flexibility at a student-friendly price-point – but only two-fifths (41%) of students use the bus to commute to lectures, with almost a quarter (23%) driving instead.”

For a student, it can cost around £4,000 per year to maintain car costs, including fuel, insurance and repairs – that’s roughly £328 per month. On the other hand, an annual student bus pass in England costs between £300-450 – from as little as £25 per month.

In fact, students can save up to 40% on bus travel across the UK. In England, some student bus passes offer travel for under £2 per day; in Wales, under 22s can travel for just £1 with My Travel Pass; and in Scotland, under 22s go free with a valid Young Scotland National Entitlement Card (NEC).

“We know how important it is for students to save money through every possible avenue during their academic years,” adds Debra. “Some students may even opt to live further away from their city campus to save money on accommodation, meaning commutes may be more than walking distance away.

“If that’s the case, we don’t want students to worry about parking or taxi costs. Student bus passes are designed to make travelling easy, affordable and more environmentally friendly, so students can focus on studying – not stressing over how to get from A to B.”

Make the most of your time – and your city

There’s so much more to student life than lectures and libraries. Whether you’re heading to societies, sports matches or on a night out, being able to travel more affordably makes all the difference.

And for many students, university is the first time they’re living away from home – and the first time they’re navigating a new city or town alone; understandably, that can be a little overwhelming. In fact, Stagecoach research shows that 40% of students worry about how to get around a new area.

“Public transport not only takes the hassle out of commuting, but the regular schedules, well-planned routes and updates via mobile apps make it incredibly user-friendly. You can map out your routes ahead of time, eliminating the travel anxiety that comes with navigating a new place,” explains Debra.

From travelling to your part-time job to exploring your new surroundings, Debra shares:

“A student bus pass offers cost-effective convenience and freedom, ensuring you can travel wherever and whenever you need to, without breaking the bank.”