The report states
The 2017 Universities Australia Student Finances Survey provides an evidence-based picture of the financial situation of students at Australian universities. Students from 38 Universities Australia (UA) member universities participated in the survey. The survey covers both domestic and international students at all levels of study.
It collects data on:
- Income and spending
- Paid work and its impact on study
- Access to income support
- The costs of living and studying
- Borrowing and debt
The 2017 survey follows earlier studies in 2012 and 2006. UA undertakes this study at regular intervals to provide our members, government and the public with a better understanding of students’ financial circumstances.
The 2017 report shows that many students are still ‘doing it tough’, to the extent of being unable to afford basic necessities and being forced to miss classes to work. While this report deals with the facts, it tells an important story of the type of lives being lived by students all around Australia.
Domestic Students
While there has been slight improvement in domestic students’ financial circumstances overall, a significant proportion of students is doing it tough. Most domestic students are worried about their finances.
One-third of domestic students have estimated expenses that are greater than their estimated income.
Some groups of students (low SES, Indigenous and regional) are more likely to experience financial difficulty. Domestic students’ average income hasn’t increased since 2012, but average spending has fallen. Thus any improvement in students’ finances is not because students are earning more, but because they are spending less.
Income and Spending
Median annual income for full-time domestic undergraduate students is $18,300, while their median spending is $14,200. One-third of domestic undergraduate students have estimated expenses exceeding their estimated income. This figure is slightly higher for low SES (37 per cent) and regional (38 per cent) students.
Some 43 per cent of Indigenous students have income that doesn’t cover their expenses.
Studunts' concerns about their finances
Most domestic undergraduate students (58 per cent) are worried about their financial situation. Low SES students are more likely (63 per cent) to be worried about their finances, as are regional students (64 per cent).
Nearly three-quarters (72 per cent) of Indigenous students are worried about their finances. Only 38 per cent of domestic undergraduate students feel they are in control of their financial situation. This falls to 35 per cent of low SES students and only 27 per cent of Indigenous students.
Some students can't afford to eat
Some 15 per cent of domestic undergraduate students regularly go without food or necessities because they can’t afford them. Again, the figures are slightly higher for low SES (18 per cent) and regional (19 per cent) students. More than one in four Indigenous students regularly go without food or necessities.
Work
More than four in five domestic undergraduate students (82 per cent) are in paid employment.
Full-time undergraduate students who work do a median of 12 hours per week. Nearly a third (30 per cent) of full-time domestic undergraduate students work more than 20 hours a week and more than 10 per cent work more than 30 hours. The share of students working more than 20 hours has increased steadily since earlier surveys.
More than one quarter of full-time domestic undergraduates regularly miss classes because they have to work. Some 41 per cent report that work has a negative impact on study.
For part-time domestic undergraduates, these figures rise to 36 per cent regularly missing classes to work and 52 per cent reporting that work has a negative impact on study. Only 35 per cent of students who work believe that their work/study balance is satisfactory. Some 39 per cent of domestic students say that their work has little value to them apart from the money.
Income Support
A third of domestic undergraduates receive student income support (Austudy, ABSTUDY or Youth Allowance). Some 42 per cent of low SES students and 45 per cent of regional students receive student income support. Nearly half (49 per cent) of Indigenous domestic undergraduates receive student income support.
Savings
Most domestic undergraduate students (61 per cent) have some savings that they can draw on in case of serious financial difficulty. Of those who have savings, nearly half report that they have had to use them.
Low SES students (55 per cent) and regional students (57 per cent) are less likely to have savings that they can draw on. Fewer than half (42 per cent) of Indigenous students have savings.
More than half of regional domestic undergraduates with savings (52 per cent) report that they have had to draw on their savings.
Debt
Most of the debt for domestic students is made up of tuition fees deferred through the HELP scheme.
Full- time domestic undergraduate students’ median estimate of their debt at graduation is $38,200. For full-time domestic postgraduates, the median estimate is $54,100.
“... I now often eat meals at university, rely on friends to bring food over or pay for the ingredients so I can cook for them. I don’t eat much anymore ...” (Indigenous full-time undergraduate student)
“... The stress of constantly worrying about how to pay next [month’s] rent or simply paying for food is really hard.” (Domestic full-time undergraduate student)
International Students
Almost one in two (49.2 per cent) international undergraduate students have estimated expenses greater than their estimated income. International undergraduate students have a median income of $19,200 but a median annual spending of $20,000.
One half of international undergraduate students are in paid employment. International students who work do a median of 15 hours a week. Nine in ten (89 per cent) international undergraduate students are financially supported by family or partner.
Around 50 per cent of international undergraduate students are worried about their financial situation, compared to almost 60 per cent for full-time domestic students. Some 14 per cent regularly go without food or other necessities because they can’t afford them, which is consistent with domestic students.
Almost 55 per cent of international undergraduate students have some savings that they can draw on in case of serious financial difficulties, with 38 per cent of students reporting that they have had to use savings in 2017. International undergraduates estimate much higher levels of debt at graduation than domestic undergraduates. The median estimate is $68,000.
