Cost of Living Spotlight – What is a Cost of Living Crisis?
You’ve probably heard it over and over again by now, or you might even be sick of hearing about it! But what actually is a cost of living crisis?
A cost of living crisis, or cozzie livs, affects most households in the UK. People with a lower income, including some students, tend to be some of the worst affected. Essentially, it means that the cost of everyday items are going up faster than household incomes.
So why does this happen? As you’ve likely heard, the world has had a busy few years. There was a pandemic, a petrol crisis, and political issues to name a few. Each of these events has an impact on inflation, the value of money. A great example of this is the price of a Freddo. Back in the year 2000, a Freddo cost 10p. Today the average price is 30p. Whilst 20p may not seem like a huge price jump, it’s gone up by 200%!
What does it mean? In the UK, the cost of living crisis means that some of your favourite shopping items may have gone up in price, just like a Freddo. It also means that the cost of everyday things like the heating, electricity, petrol, or food, have also gone up. You might find that your weekly shop is more expensive this year than it was last year.
Can I get help to afford everyday items? Whilst it’s a tricky time for everyone affected, there is support available for students. You may have already heard about the support available, but if you find yourself struggling with everyday costs, it may be worth thinking about applying for support. There’s support available within the university, and outside of the university.
Initially, it may be worth speaking to the Students and Money team at the university. They can talk you through some options for additional funding, loans or bursaries.
Alternatively, you might be eligible for additional government support. Citizen’s Advice explains some of the external support, eligibility, and how to apply for it. Or, you can find more in-depth information on Gov.uk.
If you need independent advice on money, you can contact our Student Union Advisor by completing our Advice Enquiry Form.
Don’t forget to keep an eye on our Cost of Living Hub to see what we’re getting up to, to support you. Our Cost of Living hub also explains what we’ve been doing as your Student Union on a wider scale. We also post useful information on our Instagram for you to keep an eye on, follow us @winch_su.
