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Spiralling cost of living hits local students
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by: Dave Saltonstall
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As a European recession was confirmed last year amid a 0.4 percent fall in output over two quarters, local students are feeling the pinch as rent in all-inclusive accommodation and grocery bills rise.
Climbing utility costs, which started to increase at the onset of the credit crunch a year ago, have meant that rent prices in student halls – which typically include utility bills as part of the rent – have risen by an average 7% across all types of lettings. Other reports published claimed that these increases in living costs, including those prompted by an increase in utility costs, are forcing nearly half of students into part-time jobs during term-time in order to handle rising prices – a move which is set to earn students in the Leeds area around 10 million during the academic year.
More recent figures however also suggest that unemployment in the UK is set to rise above 2 million for the first time since 1997, and with students undoubtedly being some of the worst affected demographic when the recession worsens, could mean that finding a job and subsidising costs is more difficult than ever.
Although unfortunate for students around the country, increases in prices could mean a spike in custom for budget supermarkets such as Netto, Aldi and Lidl – the former enjoying a doubling of its operating profit last year alone - amongst a host of other business set to profit from changes in shopping habits in the midst of a UK recession.
In an on-line debt advice guide for hard-up students, Charlie Leyland, the YUSU Academic and Welfare Officer had this to say to students, “The best thing you can do is to sit down with all of your financial information: how much interest free overdraft you have, the incoming of loans, any additional income against rent costs, living costs, and other things like phone bills, socialising and make sure that it’s realistic. If there is a shortfall and you feel that you cannot free up some money then get debt advice, don’t ignore it.”
About the Author
Dave Saltonstall has been working in the financial markets for many years -- previously a student himself; He recommends students utilise debt-free.org.uk debt management services for a specific reason!
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