General information about livelihood

The Summary of the Article

  • Financial stress is common: Over half of university students worry about their financial situation, impacting their ability to focus on studies and engage socially or recreationally..

  • Holistic effects of financial strain: Inadequate finances contribute to academic struggles, social isolation, and physical and mental health issues.

  • The importance of financial skills: Effective budgeting, creative problem-solving, and adaptability are essential for managing limited funds. Newly independent students are particularly at risk for problem debt due to unexpected expenses.

  • Learning financial management: Practicing financial planning and seeking tips for budgeting can help students navigate their financial challenges and reduce stress.

You can read the full article below.

Studying is never-ending pinching and scraping – an association that most people have with the words ‘student’ and ‘money’.

Students' own experience of their financial situation

More than half of university students are concerned about money and their financial wellbeing. Continuous stress about making ends meet is a burden and takes away energy from concentrating on one’s studies. Lack of money reduces opportunities for self-fulfilment and social interaction when you can’t afford hobbies or even a bus ticket.

Uncertainty about one’s income is no small burden; it affects the wellbeing of the student in a very holistic way. Inadequate livelihood causes stress. It is linked to issues in academic performance, social functioning, and physical health. It is also a significant risk factor for mental health problems.

Everyone needs financial skills

Flexibility, budget-friendly shopping choices, and creative problem-solving skills help students keep their finances in balance. These are financial skills whose mastery varies from one individual to another. Furthermore, in a new life situation, such as the start of one’s studies, your spending can take you by surprise. Indeed, young adults who are newly independent and have recently moved away from home are at significant risk for problem debt. These students’ disposable income is often low, and they do not always know how to relate their spending to their new life situation.

However, you can practice financial skills and learn to plan how you spend your money. Great tips for managing your finances

Uncertain livelihoods affect student wellbeing.

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