High student debt is leading to stress and poor mental health
22nd Mar 2017
It is a well-known fact that the majority of students accumulate debt whilst at university, with tuition fees and independent living costs all whilst many students have generally low-paying part time jobs or no employment all together. A recent study has found that financial worries amongst students are contributing to stress and mental health issues.
Research conducted by the financial technology company Intelligent Environments, has suggested that up to 75% of students feeling stressed about their finances, with 39% stating they could not afford weekly food shopping and 27% admitting to missing rent payments.
University debt is going as far as damaging friendships, relationships and harming exam results.
University of Manchester Students Union Wellbeing Officer Izzy Gurbuz said: “Financial pressure can have a huge effect on students’ wellbeing, from worries about debt affecting your mental health, to the need for a part time job leaving you with no time for socialising or sports.”
One student stated, “now that I’m in my final year, with no time for a well-paid job, I’m realising that it was in fact my wages that were helping me stay out of my overdraft every month – now I’m constantly in the red.”
The University of Manchester’s Press Office added: “We know that 4 out of 5 students worry about having enough money to get through the academic year, and that money worries can affect diet, academic performance, and mental health. With this in mind, the University has partnered with Blackbullion, an online financial education resource designed for students and is available for free, helping skills in saving, budgeting, and more.
With such a well-known problem of student debt and mental health issues, how can we collectively collaborate to deal with this type of ‘vulnerable’ person? Join us as we explore best practice and case studies of dealing with debt and mental health.
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