Because of having put a lot of time toward sports & social stuff this year it's looking a bit unlikely that I'll achieve a 1st this year, compared to the competition. I'm pretty happy with where I am at the moment so I don't really want to sacrifice these other aspects over the next month for a slightly better grade - only question is whether it'd hurt me in the long run? Outside of academia, degree classification seems to carry less weight (at least according to careers fair reps to whom I've spoken) compared to internships, networking & non-academic projects. What is the picture inside academia?
Is not getting a 1st a red flag in academia?
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It depends on what you mean by "Inside academia". Your grades as an undergraduate only matters when you apply for your PhD and how much your grades matter then depends on the system.
Once you've completed a PhD (and you nearly always need a PhD to work in academia) no one will care what you did ort didn't do as an undergraduate.
Once you've completed a PhD (and you nearly always need a PhD to work in academia) no one will care what you did ort didn't do as an undergraduate.
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It's not a red flag (as f95toli wrote, once you've got a PhD nobody cares about your bachelor-degree class), but it does affect where you will be able to follow a PhD program. In the UK, you need a 1st if you want to do your research toward a PhD at Oxford or Cambridge or other top-notch university. If you have only a 2:1, you may still be able to join a research group, but it will be at a less prestigious university. After that, however, your academic career will depend on your published research.
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Hawking on getting a first or second at Oxford
"In the interview they asked me what were my future plans. I said I wanted to do research - if they gave me a first I would go to Cambridge. If I only got a second I would stay at Oxford.
"They gave me a first."