The current strike wave has come off the back of a historic cost-of-living crisis facing workers and their families, with real household income set to shrink by 7% in the next two years, the largest fall since records began.
For university students, this historic collapse in living standards has come at twice the pace. While inflation soared towards a 41-year high of 14% in the autumn, student maintenance loans for 2022/23 increased by just 2.3%. This amounts to a 7% cut in the value of maintenance support over one year. As a result, the average monthly shortfall between students’ loans and living costs has risen to £439 this year, up from £340 in 2021/22, and £223 in 2020/21.
With pay from part-time jobs and parents’ income also squeezed, an unprecedented number of students this year have been pushed to extremes to compensate for a record gap between government maintenance support and living costs. Sixty-two percent of students are now cutting back on essentials, while 52% are using their savings, and a staggering 25% have reported taking on new debt to finance their living costs. Polls have also consistently reported around 10% of students using food banks this year.
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