As universities across the UK continue to respond to the increasing demand on their mental health and well-being services, the impact of the financial challenges faced by today’s students cannot be ignored. The cost-of-living crisis remains at the forefront of many students’ minds and is having a significant impact on the success and quality of their university experience. Many universities have responded well to the financial challenges prompted by the cost-of-living crisis. However, to be truly effective, financial support needs to be proactive and tailored.
Talking about money should not be embarrassing or taboo; finance should be discussed as part of the wider conversation around student well-being. Universities must cultivate a culture of open communication that encourages students to speak honestly about their financial well-being. A culture that empowers students to take responsibility for their own financial situation and helps them to develop the skills needed to build their financial resilience.
In April 2024, we re-established the “Your Money” financial support team based within the student services function of the university. We introduced dedicated student money adviser roles with the objective of offering a proactive front-line financial support service that worked in collaboration with our students. Its goals are to:
• Support students through periods of financial emergency
• Provide pastoral care to support well-being and signpost students to appropriate services when needed
• Encourage and educate students to recognise the importance of developing positive money management skills to support them long after they have left university.
We learned that offering one-to-one meetings, rather than having students simply fill out application forms, can lead to a better understanding of a situation and help staff offer the appropriate guidance. Personalised budget plans can help to develop long-term financial literacy that students can engage with at their own pace, while drop-in sessions and same-day appointments offer continuous support for those in financial crisis.
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It is our ambition to become subject matter experts in the area of positive money management, and we have introduced a number of key initiatives to work towards this:
• Introduction of an appointment service for anyone wanting to speak to us about financial support. No application form needed!
• A dedicated student money adviser assigned to each student who offers personal support and guidance to support their situation
• A revised financial assessment process which uses students’ household bills rather than using set costs. This is a process we now complete with the student, so they can better understand their own financial situation
• A “budget and spend” review to help students identify ways to improve their financial situations
• A “quick query” drop-in service where our students can speak to a member of the team
• Same-day emergency appointments to support students in severe financial crisis
• Through our work with JS Group’s “Aspire Cash”, we have introduced a new payment platform which offers more flexibility with how we pay awards, allowing us to implement payment plans that suit our students’ individual needs
• Development of a suite of online resources and information to encourage ongoing learning.
Through the process, we have realised that an effective financial support service relies on open and honest two-way communication. It’s important we work with our students, listening to them and creating an environment where they feel supported and encouraged to talk openly about their finances. Our aims are clear: we will listen as well as advise; we will empathise as well as educate, and through our dedicated front-line service are always on hand to help, support and guide our student community.
Achieving the same provision will require a mindset change which views financial support as a proactive, student-centred service with a focus on intervention, empowerment and education. Institutions that embrace this approach will deliver a holistic, transparent service which places student-led conversation at the heart of its policy and process.
We must also remember that financial stress rarely exists in isolation and is often deeply interlinked with areas such as well-being, academic performance and retention. Adopting a more people-centred approach to financial support can help to create a valuable pathway for those students who may require additional support from other university services. By collaborating with key services and support structures across the institution, financial support teams can play an important role not only in responding to financial hardship but also in supporting resilience and well-being in the long term.
Ian Ashley is the head of student experience (financial support and front-line services) at the University of Chester.
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