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Anxiety, overwork and credit cards
Anxiety, overwork and credit cards: report reveals grim reality for Generation Debt
Media Release: New Zealand Union of Students’ Associations
The New Zealand student experience is in crisis, according to the national student union’s Tertiary Income and Expenditure Survey, which shows debt, stress and overwork is pushing a growing number of students to the edge.
NZUSA President Rory McCourt says the report will be a major wake-up call for many New Zealanders as mounting debt threatens the next generation’s options to start families, own homes, and set up businesses.
“This toxic debt is changing Kiwi society. When 70 per cent of student say their debt could affect ever owning a home, something is deeply wrong. 28 per cent of students have credit card debt, many just to pay the bills. Student debt is getting out of control in this country.”
More immediate financial strain also came through the study.
“This research shows students are working longer and longer hours in part time and full time work to pay the rising rents, often to the detriment of their study. The Government’s decision to cut support for so many students -postgrads, medical students, middle income students- couldn’t have come at a worse time.”
"The reality is that students are working longer hours because Steven Joyce thought he’d penny pinch the poorest."
McCourt says the Survey corresponds with what students and academics had been telling the union.
Dr Anne-Marie Brady, a professor of political science at the University of Canterbury says “Students are under massive financial pressure and more students are having documented cases of depression and anxiety which is having a serious impact on their studies. Many students tell me they are exhausted from their paid jobs and they cut classes to recover, miss assignments, or do not fully participate in class."
More than half of the students said that financial stress affects their study (56%) and more than six out of 10 worry about what they will owe when they have finish studying (61.2% up from 58% in 2010).
Its figures like that which have helped drive up counselling sessions by 24 per cent over the last six years at New Zealand’s eight universities, says Mr McCourt.
“Two classes of students are emerging. The 14.85% whose parents can contribute, and the majority who suck up debt, part-time work and the accompanying stress just to have a shot at improving their lot in life. Why should someone start their working life with $50,000 and a broken spirit just because they weren't born with a silver spoon in their mouth? This report is proof we've turned back the clock on social mobility.”
“With the almost $15 billion of student debt having these kinds of negative impacts on our society, Kiwis are starting to ask if this model for funding tertiary education is sustainable –ethically, or financially.”
The union has issued a set of recommendations with the report, including a full inquiry into the social, economic and generational impact of student debt and requested to brief the Government on the findings.
ENDS
NZUSA - New Zealand Union of Students' Associations
We stand for opportunity, for all.
NZUSA is the New Zealand Union of Students' Associations, the national body that represents New Zealand's students' associations and the interests of New Zealand's 400,000 students at universities, polytechnics and in trades training.
We conduct original research, advocate to Government and through the media, and support New Zealand's students' associations to be more effective on behalf of their members. We advocate alongside Te Mana Akonga – The National Māori Students' Association, and Tertiary Women New Zealand – The NZUSA Women's Caucus.
Since 1929, we've believed in a society rich in opportunity, where anyone from anywhere can become any thing. We support accessible, affordable quality public tertiary education.
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