Hey guys,
So I'm currently working on a hunting/wilderness-survival side-scroller similar to Risk of Rain. I've made a character that I intend to use as a template for all human sprites. I have made pixel art before but have not progressed much due to the fact that I spend most of my time programming. I'd really appreciate it if you guys could take the time to critique my character! I specifically need help with the t-shirt/pants as I am not sure how to shade them.

As someone who's style constantly compared to Risk of Rain, there isn't an inherent need to shade. It's a pretty small scale, and it's more important to make things as readable as possible. Personally, I would recommend making the body thinner and make the legs, arms, and head thicker. That way, you can get more detail to be readable, and help differentiate characters.
If you really want shading, you'd want to turn the guy so that one side is clearly more in the foreground, and then the part in the back should be darker.