Cost of Living for international students studying in the UK; findings from the International Student Barometer
Studying abroad can be an exciting adventure for many students, that brings both new experiences and challenges. For many international students, the United Kingdom stands out as a prime destination for higher education, but could the increasing cost of living influence this?
The 2023 International Student Barometer findings offer valuable insights into the cost of living, and the effects that it has on international students studying in the UK. When these students were asked about the cost of living, which excludes accommodation, 65% reported that they were satisfied or very satisfied. This is an increase of 7.4% compared to the global benchmark, indicating that although 35% of students are dissatisfied with the cost of living, the UK offers a relatively favourable environment in terms of affordability compared to other locations globally. Indeed, when we look at the scores across our top-ten (by response volume) of institution countries the UK is in joint second place.
Figure 1: Satisfaction with "the living cost"
Looking into the breakdown of accommodation costs provides insight into the financial realities international students are facing. A notable 26% of students spend £200 or more weekly on their accommodation, not far behind a GB average of £228 per week for a privately rented one bedroom property[1]. When students were asked how satisfied they were with the cost of their accommodation, 60% of students said they were satisfied, 6% higher than the global ISB benchmark. However, comparing this to the 2022 results, we see a drop of 3% which is perhaps unsurprising given the well-publicised accommodation crisis.
Analysing additional Etio ISB metrics related to living costs and student finances offers further insights into the cost of living for students in the UK. The opportunity for international students to earn money while studying in the UK is important as it allows them to sustain themselves financially. While 61% of international students express satisfaction with the opportunity to earn money while studying, this is a 5% decrease when comparing to 2022. This decline likely highlights the additional financial pressures students are facing and the need for measures to facilitate part-time work (e.g. considerate timetabling) for international students, ensuring they can supplement their finances while pursuing their education.
Financial support offered by the university plays a crucial role in easing the financial strain of expenses for international students. While 59% express satisfaction with the availability of financial support, we see a 2% decrease in 2023 compared with 2022, indicating that this is an area that institutions can focus on to better support their international student community.
In conclusion, the data from the ISB highlights that there are areas for improvement such as enhancing part-time work opportunities and making financial support more accessible. Despite this need, an encouraging 88% of students were satisfied with their overall living experience in the UK. These findings emphasise the UK's reputation as a favourable destination for international students seeking both academic excellence and a fulfilling living environment. By continuously addressing concerns and improving support systems, institutions can ensure that international students thrive during their time studying in the UK.
*The international Student Barometer collected responses from 122,973 international students; 37,803 were international students studying in the UK.
[1] Private rent and house prices, UK: March 2024 Office for National Statistics.
