A new study has revealed that the majority of Australians have problems with overspending, particularly over the festive season during which it is predicted almost $21 billion is spent nationwide.
A recent Galaxy survey of 1,014 Australians found that 73 per cent of respondents struggle with overspending.
Conducted by debt solutions provider Fox Symes, the survey found that 86 per cent of Generation Y and parents with children living at home (83 per cent) are the main over-spenders.
According to Fox Symes, the Retail Council predicted last year that Australians would spend almost $21 billion nationwide from 26 December to 15 January, with this year also predicted to be in the same vicinity.
Fox Symes executive director Deborah Southon highlighted that overspending over the festive period can lead to unmanageable credit card or personal debt.
“Each year in the January to March quarter we tend to see insolvency numbers increase,” she said.
The most common items both men and women overspend on are household groceries (35 per cent), entertainment such as socialising, restaurants and movies (30 per cent), holidays (24 per cent), and clothing (24 per cent).
However, alcohol (16 per cent), technological gadgets (15 per cent), household items including furniture, bedding and garden gear (15 per cent), shoes (15 per cent), and children’s toys and clothes (13 per cent) are also areas where Australians have spent more than they intended.
[Related: Rising cost of living triggers ‘Thriftmas’]