A new study has shown one in three university students experience financial insecurity.
The Toward a Financially Inclusive Higher Education System Report highlighted economic pressures faced by students and made recommendations to improve the inclusivity of academic institutions.
The University of Wollongong-led study found economic stresses impact students’ academic success, wellbeing and overall quality of life.
UOW Public Health Nutritionist Dr Katherine Kent said there were flow-on effects of economic insecurity.
“We found that many students are struggling to meet basic needs, with some experiencing food insecurity and housing challenges,” Dr Kent said.
“Students are often forced to work long hours to make ends meet, which in turn affects their ability to attend classes and complete assignments.”
Source: Australian Center for Student Equity and Success
As outlined in the report, financial hardship describes circumstances where an individual is temporarily unable to meet monetary obligations, such as a loan or debt, often due to a loss of employment, illness or other unmitigated circumstance.
UOW Support and Wellbeing provides a range of free services, including accessibility and inclusion assistance, Student Support Coordinators, and financial counselling services.
Student Support Coordinator Rebecca Moulds said support is available on campus for all students.
“There is no shame in asking for help. If you notice a friend is withdrawing socially, or isolating themselves, check in on them,” Ms Moulds said.
The report set-out recommendations, including the enhancement of government-funded payment schemes such as Youth Allowance, Austudy and ABSTUDY payments to better reflect the needs of university students.
The report prioritises programs to alleviate stress on campus, including reducing placement-related financial strain for students in professional courses, increase on-campus employment opportunities and strengthening mental health support.
Source: Australian Center for Student Equity and Success
The report encouraged universities to launch awareness campaigns and student testimonials to normalise the need for assistance, and found only 21.6 per cent of students are aware of financial support available to them at university.
UOW Support and Wellbeing services are available in Building 19 on campus, or via phone or email.
