Students are feeling the effects of the rising cost of living. It's becoming more expensive and increasingly difficult for students to participate in, and successfully complete tertiary education without experiencing financial hardship.
UTS students collaborating. Credit: Kwa Nguyen
In the largest review of the university sector in decades, the recently released Australian Universities Accord Final Report recommends a number of reforms in response to the increase in student financial vulnerability.
The Accord finds that the rising cost of living is profoundly impacting students. Students undertaking compulsory work placements are experiencing ‘placement poverty’, with many reducing or ceasing paid work in order to gain practical experience. Students from low-socioeconomic backgrounds (low SES) are also less likely to participate in work integrated learning (WIL), an activity where students undertake learning in a work context for course credit. Significant recommendations surrounding improved financial support, income support and HELP repayment arrangements are made in the report.
Financial hardship in the tertiary sector is also disproportionately impacting students that have been historically underrepresented in higher education. ‘First Nations students, students from low SES backgrounds and regional, rural and remote students are more likely to report financial difficulties as a reason they consider leaving university early,’ states the Accord.
We don’t want students in a position where they are choosing to either study or be financially-well. In our work at the UTS Centre for Social Justice & Inclusion, we are seeing that financial hardship is not only deterring prospective students from attending university, but it is also driving student attrition.
– Sarah Ellis, Manager, Success and Strategy (Student Equity), UTS.
While the Accord recommendations make their way through Government consideration and further discussion, we are taking action. As part of our commitment to remove financial barriers to education, UTS has implemented a Financial Inclusion Action Plan (FIAP) to guide financial inclusion activities across the university.
A FIAP is an organisational commitment to implement actions that improve the financial wellbeing of stakeholders through a national framework, led by Good Shepherd Australia New Zealand on behalf of the Australian Government. Through the plan, UTS aims to enhance the financial wellbeing of our student community, remove financial barriers for students, and achieve greater overall social impact.
As part of the FIAP, we will implement tangible strategies to support student financial wellbeing, including:
early and proactive financial vulnerability identification and intervention strategies
financial capability building and support for students and staff
targeted promotion of our WIL financial support grant for students experiencing financial hardship
increasing the availability of, and support to use, digital technology at UTS .
Existing support for financial wellbeing at UTS includes:
Financial Assistance Programs: including the Digital Access Grant, and Financial Support Grant.
Financial Assistance Service: supporting students seeking guidance and advice on study-related finances.
Fee-free student support: UTS HELPS, Careers Service
Bluebird Brekkie and Night Owl Noodles: offering free, nutritious meals for students during the semester – run by the UTS Students’ Association.
The development of our UTS FIAP was completed over a six-month period and was heavily consultative, bringing in the voices of student and staff communities through working groups and input sessions.
The diversity of our student community is one of our strengths and we base outcomes on how we support our communities to thrive, economically, socially and culturally. To be truly accessible for students from diverse backgrounds we must acknowledge the realities of financial vulnerability and take steps to make change.
– Amy Persson, Interim Pro Vice-Chancellor (Social Justice and Inclusion).