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I feel I’m going backwards: New UK graduates face cost of living crisis | UK cost of living crisis

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Soaring energy prices, rising food prices and the threat of a recession: the 2022 class is at its worst cost-of-living crisis in decades.

It hasn’t been easy for young people for a while. Shreya Nanda, an economist at the Institute for Public Policy Researchs Center for Economic Justice, has spent many years struggling in terms of stagnant wages, rent increases, the high marginal tax rates faced by young people, and state spending. They said they were facing a crisis. cut.

University graduation ceremonies have been scheduled to take place this month or at the end of the year across the UK for the past few weeks.

With changing student loan repayment standards, job instability and rising rents, those who have completed their studies and celebrated their achievements with family and friends must make tough decisions.

Rachel Boani says the cost of living crisis was the reason she decided to pursue a job after graduation rather than travel or vacation. Photo: Rachel Boani

For many graduates, for example, going on a trip after college is attractive, and adventure and freedom offer a break from the last three years of study. However, for many young people, financial problems have clouded their dreams of traveling the world.

We spoke to four new graduates about what the cost of living in crisis means for their next step.

Rachel Boani, age 21

Boani, who studied geology and physical geography at the University of Edinburgh, says the cost of living crisis was definitely a factor in her decision to get a job after graduation rather than travel or vacation.

she adds. [going on holiday] It meant spending time at work and I’m conscious that I haven’t saved huge amounts of money at this point.

Over the past year, Boni has spent more of her savings than any other savings as a result of the current crisis.

The cost of graduation gowns, tickets, etc. varies across the UK. Fortunately, my parents helped me borrow my graduation gown. But hotel expenses, dining out for celebratory meals, and extra costs were all definitely discussed among my friends and family, Bonani says. Many people were annoyed by the cost of graduation and felt that the university did not help with these costs.

When I first spoke with Guardian Money, she wanted to hear if she was accepted as a mentor for disadvantaged students across the UK in her postgraduate studies at the upReach organization. She later found out that she had it.

Boni returned home from college, but is now in the process of finding an affordable place in Manchester.

It doesn’t cover rent, food, or utility bills even with a living expenses loan of more than $7,000. Rachel Boani

Before accepting upReach’s offer, she said: College gave me the independence to move. It feels like stepping back when you go home. When I was trying to stay in Edinburgh, I realized I couldn’t afford the rent. Legislation and Congressional Tax Increases.

I would like to have the opportunity to move to London to start my career, but I will have to live in my family home for at least one year, maybe two years, to save enough money to move there.

With no financial support from her family, Boani usually balances out two or three jobs during the summer to finance her college. Even with a maintenance loan of over 7000 [the maximum amount because of her parents lower income]Rent, food and bills are not included, she says.

Hannah Munden, 22

Graduation usually means a fresh start, but Munden, who studied business at the University of Sussex, moved to her parents’ home in Brighton.

She found a job in marketing management, but she doesn’t have to go to the office often because of her hybrid job.

After finding a job in marketing management, Hannah Munden moved back with her parents. Photo: Hannah Munden

I really don’t want to live with my parents, she says. I enjoyed the freedom of college, and I want that independence when I move. But I’m also battling the difference between wanting that freedom and wanting to move and raising prices.

London’s rental market is highly competitive for more than 800 good places and there’s a bill for that, she says.

Munden is particularly concerned about rising utility costs. As someone who found and found his first full-time job, it looks like Ill have more money to spend.

Here are the interest rates on student loan repayment.

I know that I am only 22, but I am worried about my descendants, and even people like my children want to go to college.

Dana Grimshaw, 21

Grimshaw, a fourth-year English literature student at the University of Birmingham, was also due to return home from college.

She says she’s not sure what to do next, but is reluctant to pursue a master’s degree. Full-time education is no longer something I want to continue due to cost and stress. I’m currently applying for a job around my hometown in an industry I’m even slightly interested in to see if I have work to do over the summer.

Rent costs are at the forefront of Grimshaws mind. Id said the cost-of-living crisis has definitely made her want to stay at home longer. Id love to move and live with friends, but I don’t know how I can justify paying $1,000 a month especially since I won’t be in a very high paying job.

Deyna Grimshaw says: The cost of living crisis has made me want to stay at home longer. Photo: Dana Grimshaw

As UK grocery prices soared, she said: I find that I am spending a lot more on food than I did a few months ago. Even if you buy the same thing or less.

To be honest, I don’t think the college experience Ive had was worth the debt Ive built up.

She received nearly $30,000 in maintenance loan debt, which means she owes about $60,000 when combined with course fees. She worries about whether the debt will be repaid in relation to her job.

Aravind Suresh, 21 years old

A final year student in economics at the London School of Economics and Political Science after applying to several companies before starting an internship last summer, Suresh is working as a graduate student for a company within the financial industry.

Upon graduation, Suresh will live in central London. He said that when looking for new properties to rent, you should consider potentially increasing costs. Suresh and his flatmate struggled to find money for less than $900 a month.

Aravindh Suresh says rising interest rates on student loans is a concern. Photo: Aravind Suresh

Suresh, who will be working as an analyst, says she’s lucky that my graduate job pays off. So while the cost of living crisis will certainly reduce disposable income after spending, it’s unlikely that Ill will be in a position to struggle to pay my monthly bills.

But Suresh said he’s concerned about rising interest rates on student loans and wants to pay off the debt as quickly as possible. Ill mean putting off a bit of my ambitions to climb the housing ladder because I’m only looking to save my home security deposit when I’ve mostly paid off my student debt.

Suresh is happy with her college experience, but says: Several financial companies have started offering internships where I can work and learn.

If these opportunities were widely available when applying to college, I would have chosen this option instead.

I’ve been in debt for a lot less time and have probably reached the career path I’m on now.

What do the experts say?

Tom Allingham, editor-in-chief of the website Save the Student, advises you to take a look at the best graduate bank accounts. A graduate account extends interest-free overdrafts beyond your student days and gives you several more years to pay off your debts at no cost. It’s best to switch while still a student, as some accounts don’t allow you to switch if you’ve already graduated.

Wednesday urges graduates not to panic about the size of their student loan debt. Save student Tom Allingham.

Wed also urges graduates not to panic about the size of their student loan debt.

This is exactly what Ben Waltmann of the Institute for Fiscal Studies said about recent changes in the student loan system. [act] with tax increases. In the UK’s current student loan system, the loan balance expires 30 years after a student first becomes eligible for repayment.

He says: In the current system, for most graduates, the student loan balance is not important, but what really matters is the amount the graduate must repay each year.

Sources

1/ https://Google.com/

2/ https://www.theguardian.com/business/2022/aug/06/uk-graduates-cost-of-living-crisis-job-prices-rent

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