Over 90% of A-Level students say the cost of living crisis has affected how they feel about attending university, with a third questioning whether getting a degree is still worth the money, according to new research from Indeed Flex, the online marketplace for flexible workers.
Four out of five sixth form students (82%) currently plan to attend university, but over a third (37%) are worried about paying off student loans in the future and 35% have questioned whether getting a degree is worth the money.
Over a third of university hopefuls (34%) also worry about how they will afford to live while they are there.
Meanwhile, 14% have considered deferring their place for a year as a result of the rising cost of living, and 3% have already done so. A further 5% of future uni students have changed their choice of degree subject because they are worried about their work prospects when they graduate.
Rising student loan interest rates are also worrying 29% of prospective students. The Government has capped the repayment interest rate at 7.3%, after it was predicted to reach 12% in line with soaring inflation, but the new cap is still a two-thirds increase on the previous interest rate of 4.5%.
Meanwhile, the annual rate of consumer price inflation rose to 9.4% in June, with the Bank of England forecasting it could exceed 13% by the end of the year.
Of those already at university or planning to attend, students are most worried about being able to afford food while they are there, with 63% sharing this concern. Three out of five (60%) are worried about how they will afford their accommodation, 54% think they might not be able to afford to go on nights out, and 48% are worried about meeting the cost of tuition fees.
Nearly half (48%) of university students are working while studying, with a fifth (22%) doing part-time or temporary work all year round.
However, a third (33%) of sixth form students who are planning to attend university in the autumn intend to work all year round, suggesting that the upcoming cohort are especially anxious about paying their way through their courses.
