Jayde Flett, a Department of Psychology PhD candidate and the study's co-author, said people scoring highly on the FOMO scale reported twice as many cases of alcohol-related negative consequences over the past three months than those scoring low on the trait.
"In both studies, participants higher in FOMO were more likely to have reported 'feeling badly about myself', having 'said embarrassing things', or 'done impulsive things that I later regretted' when drinking," Ms Flett added.
"Additionally, they were more likely to have had 'less energy', 'had a hangover', or have 'not remembered stretches of the night'."
In the second study, which had a broader sample than the first, those higher in FOMO were more likely to have 'taken foolish risks when drinking', 'become rude or obnoxious', and 'drunk alcohol on nights that they had not planned'.
"FOMO refers to the uneasy and often all-consuming sense that friends or others are having rewarding experiences from which one is absent," the university said.
"It is characterised by a desire to remain socially connected and may manifest itself as a form of social anxiety."
Ms Flett and her co-authors said the study showed it might be important to address social factors such as FOMO in order to reduce alcohol-related harm among the student population.
Meanwhile, an Otago study confirmed a strong link between drinking alcohol and occasional smoking among New Zealand university students.
The Cancer Society said the study found that although daily smoking had decreased, casual or social smoking had increased, and alcohol was fuelling this trend.
Dr Louise Marsh, from the Cancer Society's Social and Behavioural Research Unit at the University of Otago, claimed alcohol settings allowed smoking to be modelled as "accepted and normal" behaviour.
"This finding is consistent with international research and highlights the need to address settings that allow combined use of tobacco and alcohol," Dr Marsh said.