All work and no play for students post-lockdown as socialising goes from most to least important

As students eagerly await their A-level results next week, research shows how socialising has taken a backseat for those starting university due to the pandemic leading to a shift in priorities.

The Nationwide Building Society poll¹ of more than 1,000 students from across the UK shows how priorities have reversed since lockdown – suggesting that Covid-19 has recalibrated what students want to get out of their course, qualification and time spent away.

When asked what their top five priorities were before lockdown, the top choice was meeting new people, followed by self-development, their course, career planning and a sense of freedom. Post lockdown, it’s a very different story with students prioritising their course, career planning, self-development and financial responsibility, with meeting new people deemed the least important.

For a group of people who you would expect to be more concerned about Freshers Week, the pandemic has created a shift in mindset as well as in plans for around two thirds (65%) of those due to attend university in September. One in five (20%) students who have changed plans have amended their choice of university, while 20 per cent have changed their course, postponed their placement (19%) or are considering no longer attending university at all (17%).

Socialising is still on the cards:

As the saying goes, leopards don’t change their spots, and when asked about socialising - and whether they were planning to make up for lost time - most students (70%) answered with a resounding “yes”.

However, even the lure of nights out does little to calm students’ greatest concerns, as nearly three quarters (73%) say the pandemic has made them more worried about finances and getting through university life. The average student will have around £813 a month to live on each month to cover all their expenses, with one in five (21%) saying they’ll have less than £500.

Money worries are already starting to impact mental health:

The poll also highlighted an increasing concern over university finances with 61 per cent feeling money worries were impacting their mental health, with men (65%) more likely to be worried than women (56%).

As a result, 98 per cent of students have an alternative they can use to fund their university life – 35 per cent with a student loan, 30 per cent via university financial support and nearly a quarter (23%) using a credit card. More than one third (36%) said they’ll be looking for work, despite many part-time roles drying up during lockdown, leaving more than four in five (84%) concerned about being able to find work.

The pandemic impacts parents’ ability to provide financial support:

Another domino effect on finances caused by the pandemic was how 82 per cent of students said the pandemic has had a financial impact on their parents, with nearly three quarters (74%) of them saying it has impacted the financial support their parents can afford to offer.

Having the right account can help:

Having the right student account and access to financial support can really help, especially if there is an interest free overdraft available as a comfort blanket should it be needed. More than three in ten (31%) students say having an interest free overdraft is most the important aspect of a student account. In addition to a trustworthy lender (32%) and having digital capability (39%).

Nationwide’s FlexStudent account is the UK’s only fee free student current account – with benefits including an interest-free overdraft of up to £3,000, free overseas usage and automatic migration onto Nationwide’s graduate account.

Tom Riley, Nationwide’s Director of Banking and Savings, said: “The pandemic has had a profound impact on all of us and for many students starting university, it could feel overwhelming. They will be leaving home for the first time and will have to manage themselves and their finances at what remains a very uncertain time, with fewer part-time jobs available and furlough coming to an end in September.

“As our research shows, student priorities appear to have changed since Covid-19. Many have experienced their parents struggle financially or witnessed the struggles of others, and so there’s greater awareness and importance on having financial security more than ever before.

“Having a reliable student account that offers a reliable overdraft is important and can give some peace of mind for those at university, particularly those starting out. Our FlexStudent current account is fee-free and provides an interest-free overdraft of up to £3,000. With a focus on making managing finances simple and convenient, students can stay in control via Nationwide’s app, with access to support whenever and wherever they need it.”