A SURVEY by price comparison website CompareNI.com has found that more than three-quarters (79 per cent) of students in Northern Ireland cite finances as the biggest pressure they face in higher education.
And 76 per cent of those polled said that they had to work part-time while studying in order to have a sufficient income while 66 per cent of those said that this in turn had a negative impact on their studies.
Furthermore, 40 per cent of respondents said that time management between their part-time job and studying was the biggest pressure they faced while studying.
It comes after the NUS-USI, which represents university and college students in the north, released its Cost of Survival report which recognises that students here are facing significant financial difficulties as a result of the cost-of-living crisis.
It found that a student from Northern Ireland in higher education receives exactly the same amount of money as he or she would have received 12 years ago, despite increasing living prices.
The report (https://www.nus-usi.org/cost_of_survival) also highlights that with inflation spiralling and student incomes staying static, the likelihood of greater numbers of students facing poverty in the next few years is extremely high.
CompareNI.com has launched its own fintech scholarship which aims to help increase awareness about the sector by asking students to consider what they see as the future of the fintech industry.
The winner will receive a £1000 bursary which can be used to cover part of the cost of their studies, course materials or any other living expenses as well as the option to take part in industry related work experience at CompareNI.com (the deadline to enter is March 30).
Ian Wilson, managing director at CompareNI.com, said: “The cost-of-living crisis is impacting everyone right now and students are one of the groups that have been hardest hit. Our survey results show significant financial pressures on students are leading them to worry, and in some cases, it’s having a negative impact on their studies.
“With this in mind, we are aiming to support the winner of our fintech scholarship with a bursary and work experience to help bolster their CV, in the hope it will encourage them to get involved in this booming industry.”
Danielle McWall, head of the department of accounting, finance and economics at Ulster University, said: “Northern Ireland has an exceptionally high concentration of fintech employment, and Belfast is currently the number one location in the world for investment in fintech. Across the region there are almost 40,000 people employed in the financial and professional services sector."
Professor Daniel Broby, chair of financial technology at Ulster University, added: “The scholarship was well received by our students last year, and the offer of work experience on CompareNI's world class comparison platform will no doubt further inspire them.”
