Global Affordability Crisis Hits Study Abroad Plans in 2023

Categories: News
Global Affordability Crisis Hits Study Abroad Plans in 2023

A global affordability crisis has been gripping the plans of prospective international students looking to study abroad. Rising living and studying costs in major destinations pose challenges for prospective international students:

  • Australia: Cost of living in September 2023 was 9% higher than the same quarter in 2022.

  • Canada: 2023 saw the fastest rental cost increase in over 40 years.

  • United States: 67% of Americans polled in September 2023 expressed concerns about living costs outpacing their salary/wages.

  • United Kindgom: Over half of consumers reported an increase in living costs in the fall.

  • New Zealand: 90% surveyed in September 2023 prioritize reducing living costs, with over half experiencing financial struggles.

  • Europe: Rising food prices strain households’ ability to cover bills, impacting disposable income for wider spending.

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