Most universities are facing a crisis of student wellbeing and high failure rates. Using the Conservation of Resources theory, we hypothesised that both study resources and personal resources (academic self-efficacy) could enhance task performance and improve wellbeing among university students. We conducted a cross-sectional study on 431 university students. We used standardised questionnaires to assess students' levels of academic self-efficacy (ASE), the availability and use of study resources, their task performance, and their subjective wellbeing. The results supported all the direct effects to the outcome variables. ASE mediated the relationship between study resources and subjective well-being but did not mediate the relationship between study resources and task performance. In addition, subjective wellbeing mediated the relationship between ASE and task performance. Addressing the interplay between study resources, ASE and positive outcomes (i.e. task performance and wellbeing) can foster optimal learning environments that support the success of students. This can promote students' holistic development and contribute to a well-rounded and flourishing student.Rationale for this study:Why the new findings matter:Implications for educators and policymakers in higher education institutions:Context and implications The study explores how academic self-efficacy (ASE) as a personal resource functions as a psychological mechanism that explains the effect of study resources on task performance and wellbeing outcomes. Understanding these dynamics can inform strategies to enhance student success leading to better academic outcomes and improved student wellbeing. By understanding the role of ASE in mediating the use of study resources, universities can better support students, leading to improved educational practices, more effective resource allocation, and programmes that bolster students' confidence. The findings inform the development of positive interventions and contribute to broader discussions on how to create supportive academic environments that prioritise both performance and mental health. The study emphasises the need for higher education institutions to focus on enhancing study resources and ASE to improve student performance and overall wellbeing. Access to quality study materials is crucial for academic success and should be prioritised. Programmes to boost students' self-efficacy, such as mentoring, counselling, and workshops, are recommended, alongside curriculum integration of self-efficacy-promoting activities like goal setting and reflective practices. Institutions should also provide comprehensive student support services for both academic and personal growth, including mental health services and skills development initiatives. Updating library collections, enhancing technology access, and fostering faculty-student collaboration are essential actions. Additionally, implementing academic and wellbeing support services, skill development programmes, peer mentoring, and collaborative learning can directly boost task performance and resource utilisation. Continuous evaluation of these programmes is essential for sustained student success.