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.

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.

Despite a rise in Australian household debt, one-quarter of Aussies are choosing to ignore their debts, instead of taking action to resolve them. Through a lack of education, growing financial illiteracy has left people feeling anxious, creating space for financial services brands to offer clearer solutions.