Nearly four in five students (78%) say money worries are a major source of stress.
According to credit information provider Experian, six in ten (60%) students are avoiding social activities with friends as a result, and nearly half (46%) are so worried they avoid checking their bank balance altogether.
Nearly a quarter of students (23%) ignore communications from their banks completely.
Nearly three-quarters of students (72%) said they had relied on a credit card to cover living expenses in the past year, and one-third (33%) said they had sought an emergency loan from their university’s support staff.
Nearly half (46%) are too worried to check their credit score.
One in seven (14%) are considering dropping out of university this year due to financial concerns, and almost one in five (19%) are considering moving back home or transferring to a nearby university to save money.
Nearly two-thirds of students (64%) said they would like to see more regular financial aid clinics and financial advising at their university.
Experian has partnered with the charity National Association of Student Money Advisers (Nasma) to launch a campus roadshow across the UK.
The partnership aims to help students access resources to effectively manage their finances.
“Trying to balance your student loan debt with living expenses and a social life can be stressful,” said Experian credit expert John Webb.
“At the same time, when students start university they are often taking out new credit cards or setting up overdrafts for the first time.
“If used correctly, they can be a great way to build a good credit history.
“But while large balances and late payments can lead to high interest costs and a lower credit score, there are ways to avoid these issues.
“For example, an Experian survey found that 33% of students were not aware of the existence of balance transfer cards, which are a good way to manage existing debt and reduce interest payments.”
Nasma chair Kelly McAlonan said: “It’s really important that students are prepared for student life, know what to expect and know that support is available on campus if they are worried about money.”
“We’ve heard from our members that money worries are widespread among students, so we want to make sure students know they can reach out for help.
“It’s so important that students who are experiencing financial anxiety know that help is available.
“Our network of money advisers are experts working at universities and colleges across the country who provide free, personalised information, advice and guidance to students, focusing on a wide range of money issues, from student financial aid entitlements and benefits, to debt and budgeting.”
Censuswide conducted a survey of more than 2,000 university students aged 18 and over across the UK in August.
