There has never been an abundance of money in the lives of students, but now that financial worries and payment arrears are affecting a worryingly large proportion of students, something must be done, the AUAS believes.
Research from the university of applied sciences published this week shows that almost half of the students (45 percent) who participated in the survey often or very often worry about money. Students at the university indicate that their financial worries have a negative impact on their private lives and often on their studies. They experience (chronic) mental and physical tension complaints more often than students without financial worries.
Garbage bag full of envelopes
A quarter of students had run out of money at some point in the past three months, either in cash or in their account. Of that group, almost 20 percent had at least one overdue account and 9 percent of students have received one or more reminders from collection agencies.
This month, the university will therefore start deploying budget coaches at the university. “We have to keep small what is small,” says Rhea Schimmel, head of the Student Welfare department. “What worries me most is that of the 20 percent in arrears, 69 percent have not made a payment arrangement. So they do nothing with their debt. They put it away, but the costs are rising and they cannot always foresee the longer-term consequences.”
All approximately 49,000 students of the AUAS can contact the budget coaches free of charge for financial help and guidance. The costs for this extra service are borne by the educational institution.
Requests for help can be as big as they are small: From students wondering how they can pay all their bills to ‘I have a garbage bag full of envelopes that I don’t dare open. What should I do?’
Stick plasters
In theory, the young adults could also go to budget coaches in the neighborhood for financial support, just like other Amsterdam residents. The university wants to lower that threshold and prevent students from having to wait for help. “Our students are already within our walls. Why shouldn’t we help them here?”
The AUAS is aware that this intervention is ‘sticking a band-aid’. They would prefer to prevent financial worries by focusing on prevention. “We will also organize lessons in finance. A kind of equivalent of ‘Check your money’, which MBO already has. We don’t know yet when that will start. We are setting it up”
The college has also started a ‘higher professional education and money’ lesson during the open days, so that future students know what it costs to study. Prospective students also receive information about the financial picture, which is also part of student life.
Financial worries are not only an issue for AUAS students. Research by Statistics Netherlands showed last year that the number of young adults up to the age of 25 with financial worries has increased considerably. In 2022, 36 percent of 18 to 25 year olds were very concerned about their future financial situation, while in 2021 this was still 29 percent.
About the Author: Raounak Khaddari writes for Het Parool about education, youth and young adults. In her series Nieuwe Lichting she investigates challenges and trends that people in their twenties and thirties face in the city.
Tags: Financial worries negative impact private life study results HvA budget coaches
