Up to 9.6 million Aussies admit one or more spending habits are causing them financial harm, a new survey revealed.

One in six Aussies say they spend more than they earn, and 16 per cent of people surveyed by Finder say they continue to purchase things impulsively despite the financial stress it causes.

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.”

Societal pressures also increase financial burden on Aussies, with eight per cent of Aussies admitting their financial stress is caused by overspending due to FOMO (fear of missing out) or keeping up 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.