Views and experiences of Aston undergraduate students in connection with student finance, debt, and employment. Sushmita Jha

Aims of the Project Oct. 2003- July2006 Research 2003- 2006 Explore Aston students’ experience of finance, debt and employment. Develop and promote the Students’ JobShop.

Empirical research The amount of undergraduate student debt outstanding in 2003-2004 was more than £13bn; a sevenfold increase in nine years. (Independent 23/06/05) Fear of debt plays an important role in the decision to go to University, particularly amongst the lower social classes (Marriott 2006). Sharples (2004),’ children are dependant on their parents for information about money matters, but too often parents lack the necessary knowledge. Marriott (2006)- found students entering university were not prepared to cope with tight financial budgets. BBC News- http://news.bbc.co.uk/go/pr.fr.-/1/hi/education/4276235.stm 10/2/2005 Graduates of 2023 in England will have student debts of £43,825 - 83% of their first salary.

Methodology 2003-2004 small pilot study 2004-2005 student survey conducted. Cross section of 153 students from Aston’s undergraduate home fee paying students. Quantitative analysis. Explore Aston students’ views on finance, debt, and employment. 2005-2006 student interviews 22 first year home fee paying students from different Schools of Study and backgrounds Qualitative analysis. Explore views and experiences of their first term at Aston with regard to finance and money matters.

Key findings and themes

‘I am worried about the debt I am going to incur as a result of going to university’ strongly disagree disagree neither agree nor agree strongly agree 10 20 30 40 Percent I

Research findings. Parents and family play large role in student experience of finance. Findings from the student interviews revealed that students who were dependant on parents financially, were more open in discussing financial issues with parents. Students from different ethnic groups reported that they discussed their financial situation with family to different extents

What sources of income do students use to fund their courses 90 50 76 70 52 9 117 10 14 5 23 6 20 40 60 80 100 120 140 Sources of income Number of students Overdraft Credit cards parental contribution employment savings Store cards students loans benefits tax credits other loans friends student grant

Research findings Students are increasingly looking for more sources of funds to finance their studies, e.g. by raising money from employment. Student ‘H’, “hopefully in the summer when I go home I’ll work a lot and then I’ll have a bit more money to spend next year.” Interview data showed that students commonly under estimated the cost of studying at University. Students ‘m’, “ I would probably say I had least knowledge about how far my student loan would go because I thought I would have enough money from this to last me through the term.” Student ‘O’, “ I didn’t really plan my money well, the only reason I survived in the first term was by using the money I’d saved up.” Once at university students realise they have a short fall in funding.

Research findings A common suggestion made by first years during interviews was that they would have liked more information about the different costs involved and about how to budget. Analysis revealed that students from different age groups significantly spend different amounts on travel, food, socialising and rent. Experiencing financial hardship affects students academically.

‘The money I am spending on my education is good investment in my future’. strongly disagree disagree neither agree nor agree strongly agree 10 20 30 40 50 Percent

Student employment in Higher Education Increase in student employment ( Metcalf 2005). 2002 report highlighted that UK had one of the highest proportions of students in employment (Canny 2002).

Aston students and experience of employment- Data from student survey 2004- 2005 survey: 41% of student participants reported to have undertaken employment during term time. The average number of hours students worked during term time was 14 hours per week. The maximum number of hours worked by one student during term time was 38 hours per week! Term time working policy, ‘the maximum number of hours that is appropriate for a student to work will vary according to …circumstances, but typically would not be more than 15 hours per week during term time with a maximum of 20 hours per week. Higher proportion work in retail and bar jobs.

Reasons why students worked whilst studying. basic essentials afford to socialise to save pay tuition fees buy new clothes/ music/ mobile phones reduce debt gain experience/ CV skills meet people other Variables 10 20 30 40 Reasons why students worked whilst studying.

Employment whilst studying Higher proportion of students agreed working has helped them improve time management skills, develop communication skills and self confidence. 57% of students who worked agreed that working motivated them to succeed in getting their degree.

Research outcomes and recommendations. Small scale research. Continue to highlight support services available to students. Information on budgeting for Aston students is being developed by Matthew Daley (VP Education and Welfare). July 2006 funding was secured for the Students’ JobShop.

Aim: 1. to support students in finding reliable part time term time work, and vacation employment, to fit around their academic commitments. 2. to offer further support to students once in employment in order to reduce the adverse effects of employment on their studies. Run by Sushmita Jha with 2 part time student helpers.

Student employment services have increasingly become a popular service in HE. Supported by National Association of Student Employment Services (NASES). 457 students registered in 2004-2005 537 students signed up in 2005-2006

Ethnic origin of students registered to use the JobShop 05/06

Students registered to use the Students’ JobShop 05/06 . 50 100 150 200 250 300 Year of study Foundation First Second Placement Third Final Declined

Looking forward Increase the number of jobs including internal jobs at Aston University. Increase diversity of jobs available. Continue to receive feedback from students and employers in order to inform further development and practice.

Comments and questions? Sushmita Jha Students’ Jobshop s.jha@aston.ac.uk