Young people have never had it so good… or have they? Although certain newspapers like to blame the ‘entitled’ younger generation for t...

How money worries are making students miserable...Guest Post

By September 07, 2018

How money worries are making students miserable...Guest Post

Young people have never had it so good… or have they? Although certain newspapers like to blame the ‘entitled’ younger generation for the world’s ills on an almost daily basis, there’s evidence that ‘moaning’ millennials and Gen-Ys actually have a point.
Yes — recorded happiness among young people has hit its lowest level in almost a decade, research suggests. And the biggest decline was seen in relation to education and work, health and money: in fact, over half (54%) of 16- to 25-year-olds are worried about their finances, according to the Prince’s Trust.
It’s at university that money worries are really likely to kick in, with a massive 78% of students worrying about mhaking ends meet, and half saying this causes their mental health to suffer.
Is it any wonder? Between unmanageable tuition fees and inadequate maintenance loans, the average student is left £221 short each month to cover essentials like rent, bills and food shopping. As a result, England’s graduates now owe more money than anywhere else in the English-speaking world.
Student Minds is a mental health charity that aims to help. Its policy manager Rachel Piper says: “At university, it may be the first time that a student is managing their own finances, and we know that the cost of living can pose a significant challenge to a number of students — and this stressor may impact on their wellbeing.
“Equally, if you’re experiencing a mental health difficulty, you might find that you feel isolated or anxious about your ability to manage your finances. You may also feel unable to make informed financial decisions and you might be incurring treatment costs.”
Research has already confirmed the link between mental health issues among students and financial worries, so support in getting by on a tight budget is crucial to helping keep anxiety at bay. Universities offer advice and resources to students who are struggling with money and feel it is having an impact on their mental health, plus are a number of external organisations that offer help and advice, including the National Association of Student Money Advisers, Studential and The Student Room.
“Being a student is a great experience but it comes with its fair share of challenges — living within a strict budget being one of them,” says Ashley Tate, chief executive officer at online student bill-sharing tool Split the Bills.
“As it’s often the first time they’re financially responsible for food, rent and utilities, students can understandably feel daunted and stressed.
“Accessing help can take that burden away and bring a sense of shared responsibility among housemates.”

If you feel overwhelmed by money troubles or you know someone that is, talking is the best first step you can make. There is help out there and you don’t have to struggle on alone.

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Written by: Helen Bird - You can find Helen Here :D

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