Why can’t Gen Y budget? And how is comparison culture fuelling bad credit? Canvas8 spoke with Melissa Browne, author of Unf*ck Your Finances, to discuss Australian Gen X and Y’s spending trends, their unhealthy relationship with money and how they can take control of their finances.

For many Australians, Christmas can take a big toll on people’s finances. A survey has found on average, people will spend $1,325 during the festive period, with a large proportion being spent on gifts for others. This is leading some to get creative financially throughout the rest of the year.

Between feeding the family and finding the perfect present, the festive period puts a lot of pressure on the purse strings. Yet Australians are splashing the cash more than ever, with the nation projected to spend 25% more on presents than 2016 – despite the population's money worries.

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?