As costs of living in London continue to rise, students find themselves struggling with many forms of financial pressures that deeply impact their education as well as their well-being.
A student at King’s College London, Jessica Lee shares her experience in an interview with the Evening Standard, stating, “It’s a nightmare trying to make ends meet. With rent so high, I sometimes skip meals to save money.”.
However, many students are adapting to these hardships through side hustles and financial awareness, revealing innovative methods they use to combat these unprecedented challenges.
The soaring cost of living is a growing concern for many students in London, as many find it difficult to balance educational costs with basic living costs.
A recent article from the Evening Standard explains, “With tuition fees and rent skyrocketing, students are often left to choose between education and essential needs.”.
This resonates with countless students, as this accurately depicts the harsh reality of being a student in London.
As a potential solution to these devastating financial pressures, many students are turning to side hustles to lessen the impact of such inflated costs of living.
These side hustles include a variety of small-scale activities such as tutoring, babysitting, or retail, and supply students with an extra source of income.
An example of this is Samir Patel, a University College student who said, “I started a business on the side. It’s tough to juggle with my studies, but it helps pay my rent,” in an interview with the Independent.
As many seek different ways to navigate through the rising costs of living, these little side hustles are becoming more and more popular among students who are trying to stay afloat financially.
As well as side hustles, financial literacy is becoming increasingly crucial for students.
“Learning to budget has been a lifesaver for me. I use an app to track my expenses, which has made a big difference,” stated Lara Khan, a student at the London School of Economics, in a report from Metro.
A large sector of the population feels unprepared to manage their finances, undermining the need for improved financial education and awareness in schools to equip future generations with essential budgeting skills.
This is a massively important skill, especially for students in London who are struggling financially, as they can use this vital skill to resort to financial alternatives to save money.
As the rising cost of living continues to affect a large number of students, the combination of side hustles and financial literacy proves vital to staying afloat in this ruthless economy.
This can be observed from many students who turn to side hustles to earn extra money, which helps to combat their high everyday expenses.
Financial awareness can also be observed in many who keep track of their budget and spendings in order to be smart with their money to mitigate the rising costs of living in London.
