Escalating student poverty is the result of inflation, soaring student loan indexation, and the rental crisis… to name a few. This financial hardship, however, is also tearing a hole through the pockets of many struggling parents.

 Last week, financial institution and Australia’s leading issuer of education bonds Futurity Investment released the 2024 Cost of Education Report. According to the report, more than 85 per cent of Australian parents have found the cost of education to have a collateral effect on household finances.

Higher education has led Curtin students to sacrifice their independence in exchange for being dependent on their parents financially. But those parents are feeling the bite.

Curtin students sacrifice their independence in exchange for being dependent on their parents financially. But for those parents, they are feeling the bite.

The consequences are clear, the cost of living has led many metro-born adolescent university students to rely on the essential goods and services their parents provide, not out of choice, but out of necessity. And honestly, I am sure many regional students would too if they had the opportunity — myself included.

Last week the Real Estate Institute of Western Australia (REIWA) reported 1955 rental vacancies at a median price of $575 per week — a price higher than many Curtin students’ weekly income.

Consequently, the indirect costs of education have been paid and will continue to be paid by the loving parents of university students who are yet to have a childhood bedroom.

Indirect costs include household payments such as food and internet fees, not fixed costs like a school uniform.

Therefore, indirect costs in combination with the fixed costs discussed in Futurity Investment’s report may be the tiebreaker for couples contemplating children.

From primary school to high school, throughout these 13 years, parents can expect to pay more than $92,000 for public education, and more than $315,000 for independent education in capital cities.

According to the report, the inflated costs of those goods and services indirectly related to education have left 81 per cent of parents with a feeling of unsettlement. Nevertheless, more than 96 per cent of Australian parents view their child’s education as a lifelong investment.

Fortunately, for those Curtin University students who had an irresistible aspiration for independence, it was not all doom and gloom.

Since the initiative was established in 2020, Curtin Community Pantry has acknowledged and addressed student poverty and assisted more than 258 students through financial distress.

“The initiative seeks to provide students experiencing financial hardship with low-barrier access to everyday food items and hygiene products,” said Curtin University community programs and volunteering coordinator Caitlin McLeod.

The economic pressures many Curtin students experienced over the past year significantly increased the Pantry’s foot traffic.

“Due to factors like increases in rent, utility bills, phone bills and day-to-day essentials has resulted in many people feeling more financially strained and stressed,” said Caitlin.

“Often the only way to manage these competing expenses is to reduce purchasing of discretionary items like food and hygiene products.

“Similarly, a big challenge for our students is not only being able to balance their study and work commitments, but also ensure that they can work and earn enough money to keep up with the rising cost of living.”

Supplying food and hygiene products is only one element of Curtin Pantry’s vision. Caitlin said the initiative aims to help students develop better budgeting habits and enhance their “mental and physical well-being.”

Despite the efforts of these initiatives, full time university students living out of home likely either lead a dull life or live minimalist whenever possible — skipping meals and budgeting voraciously midweek to compensate for the pint and chips they will consume whilst sharing conversation with their best mate on a Friday evening.

Thankfully, many Australian parents understand the lifestyle limitations of student poverty. Much like Centrelink, parents offer support during financial hardship, the only difference is they actually care.