An uber-relaxed attitude, slack lending regulation and low financial literacy have caused Australians to become ‘addicted to debt’. So how and exactly why do Australians fall deep into debt? And how does this affect not only their mental health, but their relationships with banks?

As Australians become more concerned about the rising costs of living, high-earning individuals feel like they need more money to ease their financial worries more so than those earning less. This reflects an entitlement bias where there’s a desire to meet an expected standard of living.

Frustrated by their rising personal debt, ‘spending fasters’ are looking to regain control of their finances by cutting all non-essential purchases for up to a year. How do the women who take this challenge cope without life’s little luxuries? And is this method of saving effective in the long-run?

The need for quick and convenient credit for small businesses is rapidly growing in the Asia-Pacific region as consumer banking behaviours change. Australian firm Prospa is targeting this market, with the lender committed to finding flexible solutions for small businesses in need.