Investigating Change in Student Financial Stress at a UK University: Multi-Year Survey Analysis across a Global Pandemic and Recession

Abstract

Growing concern for the mental health and wellbeing of higher education students has been linked to increasing financial pressures associated with studying at university, a factor potentially magnified by the recent global pandemic and economic downturn. With limited longitudinal research to date, this study used cross-sectional survey data collected annually at a large UK university (n = 10,876) to examine overall trends in students’ experience of financial stress between 2018 and 2022. Logistic regression investigated changes in students’ self-reported financial stress across the four-year period, adjusting for variation in survey response rates and respondent characteristics. Our findings showed a 55% increase in students reporting financial stress (OR = 1.55, 95% CI = 1.29–1.86) compared to none between 2018 and 2022. With the exception of 2020 and the early stages of the COVID-19 pandemic, the proportion of students experiencing financial stress increased each year. At a time of economic uncertainty, policymakers need to ensure appropriate advice, support, and funding frameworks are in place to ensure all students can continue to study successfully. Ongoing research should robustly examine the links between financial circumstances, mental health, and academic outcomes, to clearly identify intervention opportunities for relieving financial stress.