The problem with EMA is the fact that the system (like many other aspects of the benefits system) has been so open to abuse.
I am a teacher, so have come across quite a few hundred students in receipt of EMA since it was introduced.
Some students who receive it genuinely need it to be able to stay on in Further Education. Fact.
Some students who receive it, spend it on fags, booze, iphone contracts or petrol money.
Fact.
Some students receive it simply because their parents are split, and they claim main residence with a parent who only works part time or not at all, and therefore remains below the threshold. The other parent may be earning shedloads. I know quite a few 6th formers at fee-paying schools who recieve EMA. Fact.
Some students who receive it use it for bus/train fares to a 6th form which isn't their local one. They are being paid, basically, to have a choice which isn't open to many other students who don't receive it, and whose parents can't afford the luxury of choice about where to go. Fact.
As with so many benefits, if it had been targeted properly to the people who actually need it, it may well have been affordable. Because the system is flawed, and because so many people just take the piss out of a system once they see the loopholes, it's now disappearing so no one can benefit from it.
Crazy world.