Students are finding savvy new ways of making money, as the pandemic has caused jobs to vanish.
Many university students are struggling this year because of the lack of part-time jobs available. There are 63pc fewer part-time jobs for waiters currently available than at this time last year, while job adverts for part-time bar staff have fallen by 50pc, according to Adzuna, a jobs board.
Maintenance loans are typically not enough to cover rent, and two-thirds of students cannot afford to pay their bills without a part-time job or help from parents, according to research by Uswitch, a comparison site.
Adzuna’s Andrew Hunter said: “In the 10 years we’ve been collecting data, we’ve never seen a more challenging job market for young people. Even with the prospect of a vaccine, research suggests we won’t see a marked improvement in hiring until the spring of next year.”
Here are two of the ways that enterprising students have made some cash in the pandemic.
The eBay reseller
Henry Cawley, 23, started a business selling parts for 3D printers and other devices while his mechanical engineering degree at Bath University was on hold earlier this year. He now expects turnover this year to be £40,000 and plans to continue the business alongside his studies.
“It’s meant I’ve been able to quit working night shifts at my local supermarket, which has been great,” Mr Cawley said. “From March we were told not to come into university, which meant I had a lot more time on my hands.”
The idea for the business came when he was trying to find parts for a pocket watch holder he was fixing. “I decided to try sourcing the parts myself in bulk and sell them on via eBay,” Mr Cawley said.
He has since expanded the business and sells parts for 3D printers, drills and other mechanical devices. “Doing my degree I know what companies buy and what they need in big quantities. I make about 30pc profit on what I sell and if I can keep growing the business at the same rate, I’ll make £70,000 in revenue next year,” he added.