Financial experiences of further and higher education students in Scotland

About the study

The Student Finance and Wellbeing Study for Scotland 2023-2024 was commissioned by the Scottish Government with the aim of providing up to date information on the financial experiences of students in Scotland.

The study objectives were to:

• Explore the income, expenditure, debt and savings of students in the academic year 2023-2024.
• Gather information on students’ experiences of, and attitudes towards, student finance, financial management and the support available whilst studying.
• Understand the impact that students’ finances have on their experiences of studying for a higher and further education course, including on their physical and mental wellbeing.
• Identify groups of students, including those with protected characteristics, who are in, or are at risk of, financial hardship.
• Form a baseline for any future similar surveys and provide information on student finance in Scotland prior to the introduction of any future student support policies or policy development.

Findings

The study found that while some students were managing financially and felt student support was sufficient for them and their needs, many others experienced difficulties managing their finances, particularly those with accommodation costs.

• Half or more of students reported that they had experienced financial difficulty (50% of postgraduates, 56% of HN/undergraduates, 61% of FE students and 66% of students from under-represented groups).
• While more than half (52%) of FE students reported that the financial support available to them was sufficient, less than half of HN/undergraduate (45%), postgraduate (40%) and under-represented group (41%) agreed.

To manage, students undertook paid work. Some experienced considerable levels of financial hardship causing them to reduce their energy usage, skip meals or use food banks.

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.

Methodology

The Student Finance and Wellbeing Study is a mixed methods study of Scottish domiciled students aged 16 and over attending further and higher education courses (including postgraduate courses) at colleges and universities in Scotland. The study covered both full-time and part-time students.

The research consisted of an online representative survey with an achieved sample of 2429 students from 16 Scottish colleges and 16 Scottish universities, combined with follow-up qualitative interviews (with 30 participants) and five focus groups (with 23 participants). The survey fieldwork ran from 30th October to 22nd December 2023. The qualitative fieldwork ran from 20th November 2023 to 14th February 2024.

For more information please refer to the study’s full findings report and technical report.