Economic turmoil puts Universities & Students in doubt
The co-founder of Roome, James Buck comments that, ‘Many universities across the UK are facing serious financial trouble and have turned to big consultancy firms like EY and PwC for help. These consultants are advising universities on ways to save money, which may involve cutting jobs, selling property, or even merging with other institutions.
The main reasons for this crisis are rising costs and flat income. Universities are spending more on things like staff salaries and maintenance, but domestic tuition fees have stayed the same for years. At the same time, the number of international students — who usually pay higher fees — has dropped, partly because of tougher visa rules and increased competition from other countries.
To cope, nearly half of all UK universities are looking at reducing staff or cutting courses. It’s estimated that up to 10,000 university jobs could be lost this academic year alone.
In response, the government is working on new rules to manage university bankruptcies. The aim is to protect students if a university closes, either by helping them finish their courses elsewhere or offering refunds.
Some universities are already making big changes. The University of Dundee, for example, is trying to deal with a £35 million shortfall by cutting over 600 jobs, although it has received £22 million in emergency funding from the Scottish government. Meanwhile, the University of Kent is selling 240 acres of land near its Canterbury campus to bring in extra money, possibly for new housing developments.
The government is expected to announce broader reforms to higher education later this summer. In the meantime, universities are being urged to make tough decisions to survive financially while still offering students a good education’.
James Buck (Pictured) also feels that Universities have it in their power to re-balance the fiscal fallout by approaching the accommodation and retention of students in a different way, a model embraced by his company. He comments that, ‘University life – the period when undergraduates come together and live together for a number of years is in many ways not only the foundation of future careers, but it also a period where if the mix is wrong these same people leave before completing their studies, a lose for them and a substantial financial loss for the Universities.’
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Andrew Stanton CEO Proptech-PR
Andrew Stanton Founder & Editor of 'PROPTECH-X' where his insights, connections, analysis and commentary on proptech and real estate are based on writing 1.3M words annually. Plus meeting 1,000 Proptech founders, critiquing 400 decks and having had 130 clients as CEO of 'PROPTECH-PR', a consultancy for Proptech founders seeking growth and exit strategies. He also acts as an advisory for major global real estate companies on sales, acquisitions, market positioning & operations. With 200K followers & readers, he is the 'Proptech Realestate Influencer.'
- Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
- Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
- Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
- Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
