Student Finance and Wellbeing Study (SFWS) Scotland 2023-2024: research findings summary

Conclusions

The findings from this study provide a snapshot of college and university students’ finances across study levels in Scotland in 2023-2024. It is the first time such data has been collected since 2007-2008[xvi] and it adds to the limited published Scottish literature on students’ finances. Importantly, the study collected data from FE and postgraduate students as well as HN/undergraduates. Additionally, the qualitative research provides insights into students’ lived financial experiences, including the factors which they reported make it easier or harder to meet their everyday financial needs whilst studying.

The findings echo those of other recent student surveys and highlight the financial challenges experienced by Scottish FE, HE and postgraduate students.

The study found that while some students were managing financially and felt student support was sufficient for them and their needs, many others perceived current student funding to be insufficient, particularly for those with accommodation costs. In a context in which most students in Scotland have their tuition fees paid by the Scottish Government, this study has found a significant proportion of students still face considerable financial difficulties that impact their study choices, behaviours and experiences whilst studying, including their wellbeing.

The findings point to the disproportionate effect of financial difficulties on students from particular groups, including FE students, estranged students, care experienced students, student carers, student parents, and disabled students. They also point to socioeconomic differences at all qualification levels, with students from the 20% most deprived areas often experiencing greater levels of need or financial difficulty, and consequently experiencing additional financial stress which impacted detrimentally on their mental and physical wellbeing. Without additional, targeted funding there may be a risk that student inequalities could increase.