Several of the key measures in this year's Student Academic Experience Survey have moved in a positive direction, but these movements have tended to be relatively small. Value-for-money perceptions have improved, but not statistically significantly, while there has been no change in the proportion who would choose the same course and institution again. There has been a statistically significant increase in the number of students who feel their expectations were exceeded but this is relatively small in absolute terms. One of the key factors behind these figures appears to be concerns about the cost of living, which are holding back perceptions of the student experience. Unlike during the previous three years of the survey, there have been very few, if any, restrictions on university life related to the COVID-19 pandemic in the past year or so. A large proportion of lectures and seminars are being delivered in person, which is what a range of student feedback was asking for during the period when this was more difficult for institutions to deliver. However, many of the key measures of the student experience show little sign of recovering to pre-pandemic levels. In a new question this year, three quarters of the sample feel their studies have been affected by the cost-of-living crisis, a figure that is disproportionately higher among some more vulnerable cohorts. On a similar theme, financial concerns were cited as the main reason behind low value-for-money perceptions. In a fundamental change in the data this year, more than half of students in the sample are now in paid work. Additionally, students are significantly more likely to be using income from employment to fund their studies. The results highlight that financial concerns are felt across the board, and particularly by disadvantaged students, indicating a need for the sector to treat this as a matter of priority. In terms of hours of engagement, students are working harder than ever. There has been a clear increase in timetabled classes across many subject areas, as well as a rise in time spent on fieldwork and placements. One of the more positive elements of this year's results is that on some aspects there has been a statistically significant improvement in the experience of Black, Asian and Minority Ethnic students, for example on value-for-money where the experience of White students has not changed. The ethnicity gap in some perceptions has therefore started to close. Against this, however, minoritised ethnic groups are less likely to feel comfortable expressing their views on campus, even though results at a total sample level suggest most students are comfortable with the variety of views and opinions represented on campus and in the curriculum. [For the 2022 report, see ED630831.]