Knowing how to manage money whilst at university is fundamental to students’ wellbeing. Deciding where to live, how they spend their free time and even what food they eat, are all important choices for students. Having money worries can negatively impact students’ ability to keep motivated and concentrate on their studies.
With the cost of living rising, it’s no surprise that students are finding it harder and harder to comfortably live away from home and sustain their student lifestyle. Many students are struggling with their money despite having several jobs alongside their studies. According to Blackbullion’s second annual report ‘Student Money & Wellbeing 2022’ 75% of students worry about money and 57% of those say that money worries negatively impact their mental health, including causing anxiety and depression.
With pandemic restrictions lifting, and the implications of Brexit finally coming to light, the uncertainty of the future has seen a huge rise in concerns about finances and mental health issues. As surveyed by Blackbullion, it was found that ‘1 in 5 students feel pessimistic and lack confidence about their financial future, with the rising cost of living being overwhelmingly the most acute concern for students’. It’s now more important than ever to recognise students’ financial worries and address the support available to shape and support their time at university.
Universities provide support for students experiencing financial hardships, mental health support as well as careers advice during and after their studies. Online financial education is readily available for students.
Blackbullion offers several educational courses to develop essential money skills for life. Their financial wellbeing platform provides insight on how to budget and build healthy money habits. It offers tips on navigating student finance focussing on the financial skills you will need as a student. The platform gives you access to university funds, scholarships and bursaries. There are also options to set financial goals to develop your money skills.
Most universities offer their students free access to Blackbullion’s platform. Set up your account today to access their online courses and tools here.
As a dwell student you also have access to wellbeing support and advice through Health Assured. Support can be accessed through the app ‘My Health Advantage’* which offers various tools such as setting goals to improve sleep, fitness and tips on managing stress. They also have a 24/7 anonymous and confidential helpline where trained counsellors can offer support on issues such as stress and anxiety, financial wellbeing, exam pressure, relationship and family issues.
*Use app code: MHA152540 to download and start using My Health Advantage