This article examines the relationship between a student's mental wellbeing and their financial circumstances. In England, successive governments have adopted a strategy of shifting the cost of university from the state to the individual as a means of increasing participation in higher education. In recent years, some have attributed the significant rise in the number of students accessing university mental health services to this increased financial pressure. Drawing data from a large-scale questionnaire completed by undergraduate students at a London-based Russell Group institution (N = 1171), this article explores the interaction between financial factors such as part-time work, debt, bursary receipt and parental contribution, and a student's score on a validated scale of mental wellbeing. Taking this further, it explores the relationship between a student's wellbeing score and the extent to which they feel that their financial situation has impacted their university experience. Two main research questions will be addressed: which financial circumstances are associated with high and low mental wellbeing in students, and what role does a student's perception of their financial circumstances play in relation to their wellbeing? The impact of demographic factors will also be explored. This article finds that, compared to students in the top 20% for wellbeing (Q5), students in the bottom 20% for wellbeing (Q1) were more likely to be in receipt of a bursary, less likely to receive parental financial support and less likely to be debt-free. Most notably, there was a clear relationship found between a student's mental wellbeing and their financial wellbeing.