August 06, 2022

Students in UK Hit by Cost-of-Living Crisis, Job Insecurity and Soaring Food Prices

T The "class of 2022" has graduated into the worst cost of living crisis in decades due to skyrocketing energy prices, rising food prices, and the possibility of a recession. According to Shreya Nanda, an economist with the Institute for Public Policy Research's Centre for Economic Justice, students have been experiencing their own crisis for many years as a result of stagnant wages, rising rents, high marginal tax rates for children, and a reduction in state spending.

Numerous university commencement ceremonies have taken place recently throughout Britain, and more are still scheduled for this month or later this year. Those who have finished their studies and celebrated their success with friends and family now have to make tough decisions because of shifting student loan repayment thresholds, job insecurity, and rising rents.

…over the past year, it has been challenging for me to save enough money to go on vacation over the summer while still making rent, bills, and food payments…

A University of Edinburgh geology and physical geography student claims that the cost-of-living crisis significantly influenced her decision to accept a job upon graduation rather than travel or go on vacation.

"A major worry was that [going on vacation] would require time away from work, and I'm aware that I don't have a sizable sum of money saved up at this time, she continues. Over the past year, it has been challenging for me to save enough money to go on vacation over the summer while still making rent, bills, and food payments," she added.

Another student, who wished to remain unnamed, told the media that she had moved back to her parents' house in Brighton because of the high cost of living. She claimed to have found a position in marketing management despite using hybrid working arrangements. I don't really want to live with my parents, she asserts. "I've enjoyed my freedom while attending school and want to keep it after I move out of my parents' house. The rising cost of living, however, and my desire for that freedom and independence are in conflict with one another. In the competitive London rental market, she claims that "£800 plus for a good place” cost "with bills on top of that."

Posted in News and tagged News, UK, Students, Cost-of-Living, Job Insecurity, Food Prices
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