Up to 9.6 million Aussies admit one or more spending habits are causing them financial harm, a new survey revealed.
Among Australians, one out of every six individuals reports spending beyond their means, and 16 percent of those surveyed by Finder admit to making impulsive purchases even though it results in financial strain.
These habits are having a big impact on individuals and the nation, with credit card debt accruing interest soaring to nearly $20 billion.
Angus Kidman from Finder believes impulsive or emotional purchases can be understandable, but have long-lasting impacts.
“A lot of these choices are made in the moment, but the financial pain can last for months,” he said.
“Life without a budget is like walking a maze without a map, you will get lost.
“For many, it isn’t necessarily a lack of income or good intention, just a lack of control.”
Additionally, societal pressures exacerbate the financial strain on Australians, with eight percent confessing that their financial stress stems from overspending due to FOMO (fear of missing out) or the desire to maintain appearances with friends or family.
Around 11 per cent of Aussies also say they have to support their family, which Kidman said is a noble but tough sacrifice to make.
“Others have made all the sacrifices and done everything right, only to have to support family members who are doing it tough,” he said.
