Financial struggles for Finnish students worsen: One in five now facing insecurity

The financial difficulties faced by higher education students in Finland have significantly increased over the past three years, with 19% of students now reporting that their income is severely limited and uncertain, up from 13% in previous years. Th

By: helsinkitimes.fi

Oct 01 2024
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Financial struggles for Finnis

The financial difficulties faced by higher education students in Finland have significantly increased over the past three years, with 19% of students now reporting that their income is severely limited and uncertain, up from 13% in previous years.

The data comes from the Higher Education Students’ Health and Wellbeing Survey (KOTT), conducted by the Finnish Institute for Health and Welfare (THL) in the spring of 2024, which surveyed 3,600 students aged 18-34 from universities and universities of applied sciences across the country.

According to the survey, financial insecurity has risen among both university and university of applied sciences students, with the latter group more heavily affected. A quarter of university of applied sciences students (24%) reported severe financial difficulties, compared to 15% of university students.

The findings highlight that nearly one in four students feared running out of food due to lack of money, and 18% had to forgo purchasing necessary medication. These challenges were more commonly reported by students at universities of applied sciences.

The results align with broader research showing similar financial difficulties among young adults in Finland’s general population.

The economic strain on students is attributed to a variety of factors, according to lead researcher Laura Kestilä. “Rising consumer prices and interest rates, driven by high inflation, have impacted students’ already tight budgets. Additionally, recent cuts to housing benefits are likely worsening the situation for many students,” Kestilä explained.

Kestilä also pointed out that many students rely on student loans to cover essential living expenses. “While loans help meet basic needs, they also increase financial uncertainty, especially for those unsure about their employment prospects after graduation.”

Despite the financial challenges, most students reported feeling safe in their daily lives. According to the survey, 88% of male students and 79% of female students felt secure, though the sense of security declined slightly with age.

However, 16% of students expressed a lack of confidence in their future, with men becoming increasingly pessimistic as they age. This growing sense of hopelessness and uncertainty about the future is a worrying trend, according to Research Professor Sakari Karvonen.

“These feelings of uncertainty and despair among young adults signal broader societal concerns. To restore faith in the future, we need to ensure that young people have the resources to maintain a stable life and develop resilience to cope with uncertainty,” Karvonen said.

THL will publish a comprehensive report on the health, well-being, and service use of higher education students later this fall. Some of the findings will be released in collaboration with the Finnish Student Health Service (YTHS), with data available by gender, age group, and type of institution. The full report will provide a detailed picture of students’ physical and mental health, study capacity, and access to healthcare services.