20% admitted that they had become depressed and 37% had experienced anxiety over the state of their finances. One in three responded that they had lost sleep over money issues.

The online survey, which was taken by over 1400 students in July and August of this year, also showed that students are significantly cutting back on spending in order to save money, with two- thirds socialising less, 22% spending less on textbooks and over half claiming to have walked home alone after a night out in order to save money. Half of students reported cutting down their food intake in order to reduce spending.

Financial worries are also affecting parents, with the cost of university impacting on three-quarters of the parents of UK students, and with over a third of students saying that the cost of education has had a heavy financial impact on their parents.

These results are despite the survey having taken place before the rise in tuition fees to £9,000 from this year. The survey revealed that current students also have concerns about fees, with two thirds saying their course would be poor value for money if they were paying the new top rate of £9,000. Students have also sought out additional sources of income – nearly half of all students have a part-time job, with a third of those students working more than fifteen hours a week.

In response to the survey, Sara Dalton, JCR Access Officer at St Catharine’s College, stressed the University’s ability to provide financial support to struggling undergraduates. “The financial difficulties faced by university students across the country are becoming increasingly evident, with many parents also struggling to carry the cost of higher education”, she said. “Whilst many Cambridge undergraduates undoubtedly also face financial challenges at University, it is reassuring to know that there are bursaries, grants and hardship funds available if students are faced with financial difficulties, and they should be encouraged to seek this help where necessary.”

Cambridge has stronger student financial support than many other universities. This includes the Newton Trust Bursary, which offers support to students with parents earning up to £42,600 a year, and a full bursary of £3,500 per year to any student with a household income of £25,000 or less.

The University Counselling Service, which served 8% of the student body last year, provides support for those struggling with anxiety and depression.According to their annual report, 42% of those seen were graduate students, who do not receive government-backed student loans, and who make up 35% of the student population. The report stated that anxiety and depression were the most common reasons for students seeking counselling, with relationship and academic issues significant factors.

Additional sources of support include Linkline, a non-directive phone and email service which helps thirty to fifty people a week, as well as the Peer2 Peer network, which offers support from trained students in nine participating colleges, including Fitzwilliam, Homerton, Jesus and Trinity. CUSU employs a full time Student Advisor to provide confidential support.