Some pretty interesting research was released today by the Financial Education and Research Centre at Massey University, who surveyed nearly 300 students about their views towards money and their finances.
What’s pretty alarming are the numbers that show the burden of debt and the struggle for students to get by day-today:
- 34.9% said they’ve had to change their eating habits in the past six months because of insufficient funds
- 40.8% admitted that money is a significant source of worry for them
- 11.5% said they’re struggling to make ends meet
- 10% said they couldn’t manage on a day-to-day basis without borrowing money.
These are worrying stats.
The data hasn’t been broken down this far, but it’d be interesting to know how many of these students were postgraduate students, and how this has changed since the Government removed their access to allowances.
Anecdotal info we’ve had from a number of postgraduate students shows they’re really struggling since the introduction of this short-sighted policy, and many have been forced to walk away from their study.
We need a smart approach to tertiary education that invests in the future and lessens the burden of debt, as well as ensuring that students have enough to live on while they’re studying.
Instead, this Government is being short-sighted by pulling the rug out from under students by chipping away at allowance eligibility and increasing student loan repayments, making it a struggle for students and graduates to get by.