Worrying about money affects over a third of students’ mental health

Earlier this month, an NUS Insight survey revealed over a third of UK students say financial worries have affected their mental health negatively.

Almost two thirds (63 per cent) of all students say that they worry about their finances all the time, and only half believe that their higher education is worth the cost and will set them up for the rest of their lives.

The study, commissioned by private student loans company ‘Future Finance’, also found that a worrying 38 per cent of students had considered paid work that could affect their mental wellbeing, including nightshift work, medical trials, and sex work.

Universities in the North West region have the highest percentage of students who feel that their financial situation is affecting their mental health, at 47 per cent, whilst only 32 per cent of students in the South East feel the same way.

Financial pressures appear to affect female students more than their male counterparts, with 70 per cent saying that they worry about money regularly, compared to just over half (55 per cent) of men.

Brian Norton, CEO of Future Finance, believes that more should be done to combat mental health issues related to financial worries. In a statement on the subject, he said: “Financial awareness among the student population must be vastly improved. Each and every university should have a support framework in place to help students tap into sound financial advice, help them make mature decisions with their money and protect them from the lure of payday lenders and other high-cost credit services.

“Under no circumstances should a student’s aspirations and future be corrupted because of an ignorance to the mental health issues so prevalent across the UK’s campuses today.”