Cost of Living FAQs
What is the cost of living crisis?
The cost of living crisis refers to the fall in ‘real’ disposable incomes that the UK has experienced since late 2021. It is being caused predominantly by high inflation outstripping wage and benefit increases and recent tax increases. Energy prices have also increased hugely, increasing 54% in April 2022 and a further 80% in October 2022. Find out more.
How will I be affected?
Increased inflation means the cost of products and services is increasing. This along with the increase in energy prices means that you will find your maintenance loan might not meet all of your outgoing expenses, leaving less money for you to spend on both your essentials and your leisure activities.
I’m really worried about my finances, where can I get help?
Our Advice Team would be a good starting point if you are feeling anxious. We really encourage you to reach out to get help, our Advice team can give you support. If your mental health is being impacted you can also contact University Wellbeing Services too. It might feel hard, but taking the first step to reach out to talk to someone can make a big difference.
What do I do if I can’t afford to pay my rent?
If you’re worried about affording your rent, you can contact Citizens Advice or our Advice service for help.
I can’t afford my household bills, what should I do?
The Government has announced a £400 payment to assist with the cost of energy bills this winter, which your energy provider will automatically deduct for you. If paying your bills is making you feel concerned, you can contact our Advice Team or Citizens Advice.
Don’t Pay UK and other campaigns – what are my rights?
There are some national campaigns gathering momentum about refusing to pay energy bills. Read this blog which has some more information.