This report examined the prevalence and impact of financial hardship on Australian university students. It evaluated the effectiveness of existing financial support services and identified barriers that prevent students from accessing essential assistance.

Key findings

• Financial hardship is widespread, with one in three students experiencing financial insecurity, particularly international students, Indigenous students, and students living with a disability.
• While most universities offer financial aid services, significant barriers remain.
• Financial stress was linked to increased dropout rates, lower academic performance, and adverse mental health outcomes.
• While emergency aid and scholarships are available at many universities, these initiatives are under-promoted, often lack sufficient funding, and fail to provide long-term financial stability for the students.

Key recommendations

• Government funded payment schemes, such as Youth Allowance, Austudy and ABSTUDY, should be enhanced to reflect the actual financial needs of all Australian university students.
• Universities should develop comprehensive Financial Inclusion Plans.
• Universities should expand emergency support services.
• Universities should enhance non-monetary support services, such as providing discounted textbooks, subsidised meal plans, and on-campus services to alleviate financial pressures.