Student affordability: warm beer and baked beans

Student affordability: warm beer and baked beans

10 July 2018 | Harriet Garner

Jess Smith was the winner of our £350 voucher competition! We took some time to have a chat with her to better understand her experiences as a student renter.

Beginning your life as a student is meant to be one of the most exciting times of your life. And with it, comes the inevitable shoestring budgeting – baked beans, trips to £1 shops and warm student union beer.

However, in the last few years being a student has become even more financially challenging. It’s predicted that students from England are going to leave university with average debts of £50,800. On top of the uncapped fees, the cost of living is on the rise and there have been slashes to maintenance grants for those from lower income families.

Affordability, more than ever before, is top of the student agenda and this is even more prevalent for those who choose to study in London.

As Jess explains, “I think the rising cost of living is more of a concern to me than say some of my friends who chose to study outside of London. Irrespective of my student loan, I still have to have a part-time job to make ends meet.”

Jess was really excited by her move to the capital, “There are so many great things to do, see and visit here but they all come at such a high cost. I sometimes feel like the experience I can have is limited by how much I have in my bank account.”

On top of this, even the bare necessities are costs that Jess can struggle with, “I hate spending money on transport – it’s so expensive and has delays most of the time.”

An understanding of these pressures is one of major the reasons that Jess’s student housing provider, Paragon, decided to partner with Vaboo. As Jonathan Stein, Vaboo CEO explains “It’s no secret that living in London even with a full-time salary is expensive. Paragon recognised this and wanted to be able to help out their student renters by helping them save money in their day-to-day spending.”

Vaboo on behalf of Paragon developed Paragon Perks, a perks and engagement platform that gives their renters exclusive access to hundreds of money-saving discounts in order to help them tackle the daily expenses of student life.

Rents are unlikely to decrease but helping renters counter affordability concern in all other areas is the surest way of adding-value to your existing service proposition as well as improving satisfaction with your business.

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