Banking & Finance

The "bank of mum and dad" is drying up

Nowadays, about 300,000 UK students fund their studies through part-time work, due to increased tuition fees and rising inflation.

Despite government assistance and bursaries to those from low-income families, working during term-time has become a necessity rather than a luxury owing to rising living costs (up to ₤6,000 a year), static maintenance loans and less or even no financial parental support. Although students are legally restrained from working more than 20 hours a week, it still might be a struggle for some because they are expected to work those same shifts every week, even in the exams, which does not influence their studies positively.
However, employers are nationally introducing more flexible hours during the academic calendar year in order to help students find a job that might help their future career development and therefore not just consider it as a cash-cow but as an opportunity to progress.

(The Guardian)



Kelly Vael