With all the warnings on the news and in the papers, it seems we are unable to escape the reality of the credit crunch. But how is all this affecting students as they begin to think about supporting themselves for the first time and starting their careers? We asked a mix of undergraduates, postgraduates and graduates to find out...
Name: Folake Fani-Kayode (Politics Undergraduate)
Age: 21
Home: Nigeria
How has the recession affected you?
It has made me more aware of the financial system, like how mortgages and the banking systems work. It makes me more conscious about spending my money. The markets in Nigeria are really bad at the moment. My Dad invests a lot of money in the stock market and I know he has lost a lot of money recently, so he’s not given me as much to live on as he usually does. He’s always reminding me that things are tough at the moment.
Name: Pearl Ampomah (Law Undergraduate)
Age: 21
Home: Ghana
How has the recession affected you?
It hasn’t really affected me. I’m aware of it all obviously as it’s everywhere, like all the price cuts, but I don’t think it has affected me directly. If anything, the price cuts have motivated me to spend more! But it does make me worry about the future. I want to work at home in Ghana eventually but if my situation changes I might have to consider working here. It has definitely made me want to stay in education longer, as looking for jobs now would be difficult.
Name: Mark Tullock (Chemistry Graduate)
Age: 21
Home: Redcar
How has the recession affected you?
I have noticed the numbers available for work placements have decreased. For example, at [accountancy firm] KPMG, where I’m applying, they’ve cut their number of schemes down from 40 to 30 this year. Even when I’ve applied for jobs which have been advertised, a couple of times the companies have got back to me and said that they can’t actually offer that job anymore because of the current financial situation. I think it would definitely have been easier for me a few years ago.
Name: Antonia Farrow (Politics Undergraduate)
Age: 22
Home: Ripon
How has the recession affected you?
Well, I was going to buy a flat in London for when I finish but that’s been postponed now. I think we might be able to tell how it’s affected us more when we get our next gas and electricity bills as I know my Mum’s bills have gone up loads, especially her heating bill. It really affects me psychologically, seeing it all on the news. It definitely makes me worried about the future and about getting a job. Part of the reason I applied to do a Masters next year was to stay in education longer and I hope the situation for graduates will improve in the mean time.
Name: James Chuma Mbanefo (Accounting and Finance Postgraduate)
Age: 21
Home: Richmond, London
How has the recession affected you?
I don’t think it has affected me personally but it’s made my father’s business much slower than normal, and he gives me less money than usual this year. I’ve not really noticed changes in living costs but I definitely don’t spend as much money as I did last year. It also worries me where finding a job is concerned. I don’t want to apply for any graduate schemes at the moment, as I only want to work in the financial services industry. The current economical situation was one of the reasons I enrolled on a Masters course this year.
More for your money...
Although the recession means that most students will be tightening their budgets, for overseas students, however, the current economic climate plays in their favour. The British pound has gone down in value, meaning that foreign students can get more for their money. This is particularly the case for American students studying in Britain, as 1.4 USD now equates to 1.00 GDP British students currently studying abroad will be feeling the pinch.
*If you’re struggling with finance at university, don’t just eat into your overdraft. Digging yourself into even more debt is the last thing you need. There are many regulatory bodies that are willing to hand over bursaries to those who need it most, including www.studentfinancedirect.co.uk [1]. Your university may also be able to help. Speak to someone, such as a finance officer or your local student support group, for more information.
Images: Claire Moon
Links:
[1] http://www.studentfinancedirect.co.uk