Four out of 10 UK students or 42 percent fear the information posted on social networking platforms like Facebook could harm their future job prospects.
This revelation was made public through a survey commissioned by the Information Commissioner's Office, carried out by YouGov.
According to the ICO, about a third of students that have changed their address have not redirected their mail to the new addresses. Meanwhile, 76 percent of respondents admitted that they had not checked their credit rating in the past year.
To make students more aware of the importance of personal and financial information safety, the ICO has launched a new initiative called the 2011 Student Brand Ambassador Campaign.
"In tough times, young people are clearly less relaxed about privacy, particularly in relation to information that they post online - but many may not know what they can do about it," said Information Commissioner, Christopher Graham.
"The Student Brand Ambassador campaign is about arming students with the advice they need to protect themselves from obvious dangers such as identity theft and keeping their social lives private. It's about empowering young people to take back control of their information and I hope the campaign is embraced by students at universities across the UK," he informed.