< BACK TO CONTENTS UNITE STUDENTS | THE IMPACT OF SOCIOECONOMIC BACKGROUND ON THE STUDENT EXPERIENCE 12 FINANCE AND WORK Some of the financial issues and anxieties experienced by disadvantaged students are likely to lead to lower application rates, and therefore will not present themselves in research on applicants and students. We know that financial concerns can prevent students from disadvantaged backgrounds from applying to or attending university9 with fear of debt a significant deterrent10, having an impact on participation rates. The Applicant Index data shows that socioeconomically disadvantaged applicants are more motivated by achieving financial stability as a reason to go to university, however they are also more likely than other applicants to have considered taking paid employment as an alternative to higher education. They are more likely to think they will need to rely on loans and grants, and less likely to rely on family support. Compared to other applicants they are less confident about having enough money to cover their costs and less likely to feel that they can call on family or friends for financial support. Data about the extent finances affect their mental health is not clear cut: it seems to peak slightly in the lower-middle segment of the socioeconomic categories, but overall there is little difference in rates across the groups as a whole. When applicants were asked how likely it was that they would not, after all, go to university, there was no clear pattern of difference across the socioeconomic groups, and no significant differences in the reasons given by those who thought they may not go. When it comes to work experience prior to university, it is applicants in the middle of the socioeconomic spectrum that are most likely to have done paid work and to work more hours per week. The most disadvantaged applicants are less likely to believe they have lots of work experience or that they have taken part in activities to develop skills for employment. > \ 9 https://www.suttontrust.com/wp-content/uploads/2021/11/ Universities-and-social-mobility-final-summary.pdf 10 https://ifs.org.uk/publications/7164