Almost six million Australians are struggling to make loan and debt repayments, but many are too ashamed to ask for help.
The latest research released by the Moneysmart website, which is run by the Australian Securities and Investments Commission, found 47 per cent of adults with debt, the equivalent of 5.8 million people, have struggled to pay the bills in the past 12 months.
Cost of living pressures, reduced income and unexpected expenses were the main reasons.
However, four in 10 of those people were too ashamed or embarrassed to reach out for help, with many feeling like a failure.
People said they would rather sell their belongings and assets or get a second job before applying for financial hardship assistance.
More than half said they were not aware they were entitled to ask their bank or lender for financial hardship assistance.
Only one in five of those surveyed said they had ever sought help after experiencing hardship.
ASIC Commissioner Alan Kirkland said Australians were entitled under the law to seek assistance and urged them to come forward.
"These findings should be top of mind for lenders when supporting Australians in financial hardship," he said.
"The message for Australians experiencing financial stress is that banks or lenders have a responsibility to support customers. If you are worried about being able to make your repayments, you're entitled to ask your bank or lender for help."