Despite rising youth unemployment, a report, published by charity YouthNet, found of the 521 young people that answered an online survey, 41 per cent would feel shame if applying for income support.
A third of respondents had a student loan, and of these, more than two-thirds said they wouldn't have been able to go to college or university without one, while 64 per cent said they were worried about paying it back.
Matt Whyman, an advisor on YouthNet's advice site TheSite.org, said: "Young people need both practical and emotional support when it comes to managing their finances, especially during the current economic crisis.
"If young people find themselves forced into debt, it's vital they are encouraged to seek information and advice that enables them to regain their confidence, resolve their money issues and become sound in mind, as well as pocket."
TheSite.org provides information and advice on subjects including law and money, work and study, and sex and relationships.
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