The University of Warwick has announced a £3.5million cost of living support package to help thousands of students from the lowest income families.

The funding will also be used to make one-off payments of £550 to some employees and invite local residents to make use of facilities on campus this winter.

The new funding will take the overall financial support available to Warwick students through grants, scholarships, and funds to more than £45million for 2022/23.

One in ten students (3,200) currently receive a bursary from the university, with annual allowances tiered depending on household incomes.

Undergraduate home students from households with an income of less than £16,000 can expect their payment for 2022/23 to rise to £2,200 as a result of the new funding.

Around 3,911 staff members on its lowest salary bands will receive a cost-of-living payment of up to £550 in January.

Staff struggling with unexpected costs or changes in personal circumstances will also be able to apply for an interest free loan.

Warwick's world-class arts centre has meanwhile issued an open invite to local residents to make use of the building to stay warm during the day, offering a friendly space for people to come and enjoy – with a programme of activities planned for later this year.

Stuart Croft, vice-chancellor and president of Warwick University, said: "We know that many people are struggling with their finances right now as household budgets are being hit hard by the cost-of-living crisis.

"That includes members of our own community - and we want to do what we can to help those most in need this winter."

He added: "We believe offering this package of practical support to those who need it most is the right approach to take and reflects the feedback from our community.

"Today isn't a full stop in terms of the support on offer. We will continue to work closely with our students and staff to understand what additional help may be needed over the coming months."