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‘Girl math’ may not be smart financial advice, but it could help women feel more empowered with money

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/ylva-baeckstrom-1463175">Ylva Baeckstrom</a>, <a href="https://theconversation.com/institutions/kings-college-london-1196">King's College London</a> If you’ve ever calculated cost per wear to justify the price of an expensive dress, or felt like you’ve made a profit after returning an ill-fitting pair of jeans, you might be an expert in <a href="https://www.standard.co.uk/news/world/girl-maths-tiktok-trend-its-basically-free-b1100504.html">“girl math”</a>. With videos about the topic going viral on social media, girl math might seem like a silly (<a href="https://www.glamourmagazine.co.uk/article/girl-math-womens-spending-taken-seriously">or even sexist</a>) trend, but it actually tells us a lot about the relationship between gender, money and emotions. Girl math introduces a spend classification system: purchases below a certain value, or made in cash, don’t “count”. Psychologically, this makes low-value spending feel safe and emphasises the importance of the long-term value derived from more expensive items. For example, girl math tells us that buying an expensive dress is only “worth it” if you can wear it to multiple events. This approach has similarities to <a href="https://www.investopedia.com/terms/m/modernportfoliotheory.asp">portfolio theory</a> – a method of choosing investments to maximise expected returns and minimise risk. By evaluating how each purchase contributes to the shopping portfolio, girl math shoppers essentially become shopping portfolio managers. <h2>Money and emotions</h2> People of all genders, rich or poor, feel anxious when dealing with their personal finances. Many people in the UK do not understand pensions or saving enough to <a href="https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/workplacepensions/articles/pensionparticipationatrecordhighbutcontributionsclusteratminimumlevels/2018-05-04">afford their retirement</a>. Without motivation to learn, people avoid dealing with money altogether. One way to find this motivation, as girl math shows, is by having an emotional and tangible connection to our finances. On the surface, it may seem that women are being ridiculed and encouraged to overspend by using girl math. From a different perspective, it hints at something critical: for a person to really care about something as seemingly abstract as personal finance, they need to feel that they can relate to it. Thinking about money in terms of the value of purchases can help create an <a href="https://www.thetimes.co.uk/article/every-time-i-use-my-card-my-phone-buzzes-and-that-stops-me-shopping-ps0fjx6nj">emotional relationship</a> to finance, making it something people want to look after. <figure><iframe src="https://www.youtube.com/embed/GPzA7B6dcxc?wmode=transparent&start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> <h2>The girl math we need</h2> Women are a consumer force to be reckoned with, controlling <a href="https://www.forbes.com/sites/bridgetbrennan/2015/01/21/top-10-things-everyone-should-know-about-women-consumers/#7679f9d6a8b4">up to 80%</a> of consumer spending globally. The girl math trend is a demonstration of women’s mastery at applying portfolio theory to their shopping, making them investment powerhouses whose potential is overlooked by the financial services industry. <a href="https://www.theguardian.com/world/2019/oct/28/women-paid-less-than-men-over-careers-gender-pay-gap-report">Women are disadvantaged</a> when it comes to money and finance. Women in the UK earn on average £260,000 less than men during their careers and the retirement income of men is twice as high as women’s. As I’ve found in <a href="https://www.routledge.com/Gender-and-Finance-Addressing-Inequality-in-the-Financial-Services-Industry/Baeckstrom/p/book/9781032055572">my research</a> on gender and finance, women have lower financial self-efficacy (belief in their own abilities) compared to men. This is not helped by women feeling patronised when seeking financial advice. Because the world of finance was created by men for men, its language and culture are <a href="https://www.routledge.com/Gender-and-Finance-Addressing-Inequality-in-the-Financial-Services-Industry/Baeckstrom/p/book/9781032055572">intrinsically male</a>. Only in the mid-1970s did women in the UK gain the legal right to open a bank account without a male signature and it was not until 1980 that they could apply for credit independently. With the law now more (<a href="https://www.worldbank.org/en/news/press-release/2023/03/02/pace-of-reform-toward-equal-rights-for-women-falls-to-20-year-low">but not fully</a>) gender equal, the financial services industry has failed to connect with women. Studies show that 49% of women are <a href="https://www.ellevest.com/magazine/disrupt-money/ellevest-financial-wellness-survey">anxious about their finances</a>. However they have not bought into patronising offers and <a href="https://www.fa-mag.com/news/gender-roles-block-female-financial-experience--ubs-says-73531.html">mansplaining by financial advisers</a>. This outdated approach suggests that it is women, rather than the malfunctioning financial system, <a href="https://www.theguardian.com/commentisfree/2020/sep/16/women-are-not-financially-illiterate-they-need-more-than-condescending-advice">who need fixing</a>. Women continue to feel that they do not belong to or are able to trust the world of finance. And why would women trust an industry with a <a href="https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/bulletins/genderpaygapintheuk/2019">gender pay gap</a> of up to 59% and a severe lack of women in senior positions? Girl math on its own isn’t necessarily good financial advice, but if it helps even a handful of women feel more empowered to manage and understand their finances, it should not be dismissed.  <a href="https://theconversation.com/profiles/ylva-baeckstrom-1463175">Ylva Baeckstrom</a>, Senior Lecturer in Finance, <a href="https://theconversation.com/institutions/kings-college-london-1196">King's College London</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/girl-math-may-not-be-smart-financial-advice-but-it-could-help-women-feel-more-empowered-with-money-211780">original article</a>. </div>

Money & Banking

Jesse Baird's mother farewells her son in emotional memorial service

Slain TV presenter Jesse Baird has been farewelled by his loved ones at an emotional memorial service in Melbourne, one month after he was killed alongside his partner. Hundreds of friends and family packed into Melbourne’s Plenty Ranges Arts and Convention Centre, all donning bright colours to remember the 26-year-old. Baird's mother Helen spoke about her "darling boy" in a tear-jerking tribute, saying, “My beautiful, generous, loving, precious, caring and talented boy, our hearts and lives are changed forever,” “I promise to fight for you and make you proud. My heart is broken my darling boy, and I love you more than this world." "Our hearts and lives are changed forever and there is less sparkle in the world. There will never be another you." Jesse's father Gary added, “You squeezed 100 years of life into 26 and our hearts are broken. You’ll be missed but never forgotten.” Kourtnee, Jesse's sister, battled through floods of tears to farewell her brother, saying, "You are the absolute light of my life. My biggest inspiration and my biggest cheerleader." Jesse's Studio 10 colleagues were also in attendance, with co-host Daniel Doody saying that Baird "was more than a co-worker, he was a brother, a best mate." "Just like all your live on-air appearances, I wish there was more time." Balloons spelling out Baird’s name adorned the convention centre’s stage alongside photos of him smiling at different stages in his life. After the service, the large crowd gathered outside to blow a flurry of bubbles. Image credits: 7News

Family & Pets

Millions of eligible Aussies about to receive financial boost

Starting this Wednesday, millions of Australians relying on Centrelink benefits will see a welcome increase in their payments. With indexation kicking in, fortnightly boosts ranging from $14 to $30 will be allocated to eligible recipients, depending on their specific circumstances and the type of payment they receive. This adjustment will not only benefit current beneficiaries but also extend support to more individuals, with an additional 77,000 parents now qualifying for higher payment rates. The eligibility criteria for certain payments have been expanded, particularly for parents whose youngest child is under 14, a significant extension from the previous threshold of under eight. Income and assets limits tied to these payments will also experience an uptick in line with the indexation process, offering further relief to recipients. But how exactly will these increments manifest across different categories of payments? For single parents, the fortnightly payment will see a boost of $17.50, while partnered parents will witness an increase of $12.30 individually. Moreover, the income free area will rise to $1,345 for each person, an enhancement of $20 per fortnight. Jobseekers with children or those aged over 55 will receive an additional $14.40 fortnightly. Single JobSeeker recipients without children and individuals aged over 22 on ABSTUDY will enjoy a $13.50 increase per fortnight, with couples receiving an extra $12.30 each. Rent assistance, however, will see relatively modest increments, ranging from $2.27 to $3.40, depending on the recipient's family situation. For those on the age pension, disability support pension, and carer payment, the increase is more substantial, with singles receiving an extra $19.60 and couples combined receiving $29.40 each fortnight. This brings the maximum rate of the pension to $1116.30 for singles and $1682.80 for couples, including pension and energy supplements. Amanda Rishworth, the Social Services Minister, explains that indexation plays a crucial role in ensuring that welfare recipients can cope with inflation and the rising cost of living – and that addressing these pressures remains a top priority for the government. This increase in Centrelink payments comes at a critical time when many Australians are grappling with economic uncertainty due to various factors, including the ongoing pandemic. While these adjustments may seem modest to some, they can make a significant difference for those relying on welfare support to make ends meet. It's essential for eligible individuals to stay informed about these changes and ensure they receive the full benefits they're entitled to. For those who may be unsure about their eligibility or how to navigate the system, seeking assistance from Centrelink or relevant support services can provide valuable guidance. As the cost of living continues to evolve, initiatives like indexation serve as vital mechanisms for maintaining the welfare safety net and supporting vulnerable members of society. By keeping pace with economic realities, these adjustments strive to provide meaningful relief to those who need it most, contributing to a more equitable and inclusive society for all Australians. Image: Getty

Money & Banking

What is doxing, and how can you protect yourself?

<a href="https://theconversation.com/profiles/rob-cover-13135">Rob Cover</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a> The Australian government has brought forward <a href="https://www.theguardian.com/australia-news/2024/feb/12/albanese-government-to-propose-legislation-to-crack-down-on-doxing">plans to criminalise doxing</a>, bringing nationwide attention to the harms of releasing people’s private information to the wider public. The government response comes after the <a href="https://www.smh.com.au/national/hundreds-of-jewish-creatives-have-names-details-taken-in-leak-published-online-20240208-p5f3if.html">public release of almost 600 names</a> and private chat logs of a WhatsApp group of Australian Jewish creative artists discussing the Israel-Hamas war. As a result, some of the people whose details were leaked claim they were harassed, <a href="https://www.theguardian.com/australia-news/2024/feb/09/josh-burns-jewish-whatsapp-group-channel-publication-israel-palestine-clementine-ford">received death threats</a> and even had to go into hiding. While we wait for <a href="https://www.smh.com.au/national/australia-news-live-federal-laws-on-doxxing-to-be-brought-forward-anniversary-of-stolen-generations-apology-20240213-p5f4eh.html?post=p55nen#p55nen">new penalties</a> for doxers under the federal Privacy Act review, understanding doxing and its harms can help. And there are also steps we can all take to minimise the risk. <h2>What is doxing?</h2> <a href="https://www.kaspersky.com/resource-center/definitions/what-is-doxing">Doxing</a> (or doxxing) is releasing private information — or “docs”, short for documents — online to the wider public without the user’s consent. This includes information that may put users at risk of harm, especially names, addresses, employment details, medical or financial records, and names of family members. The Australian government <a href="https://ministers.ag.gov.au/media-centre/transcripts/media-conference-parliament-house-13-02-2024">currently defines doxing</a> as the “malicious release” of people’s private information without their consent. Doxing began as a form of unmasking anonymous users, trolls and those using hate speech while <a href="https://www.theatlantic.com/technology/archive/2022/04/doxxing-meaning-libs-of-tiktok/629643/">hiding behind a pseudonym</a>. Recently, it has become a weapon for online abuse, harassment, hate speech and adversarial politics. It is often the outcome of online arguments or polarised public views. It is also becoming more common. Although there is no data for Australia yet, according to media company <a href="https://www.safehome.org/family-safety/doxxing-online-harassment-research/">SafeHome.org</a>, about 4% of Americans report having been doxed, with about half saying their private emails or home addresses have been made public. Doxing is a crime in some countries such as the Netherlands and South Korea. In other places, including Australia, privacy laws haven’t yet caught up. <h2>Why is doxing harmful?</h2> In the context of the <a href="https://theconversation.com/au/topics/israel-hamas-war-146714">Israel-Hamas war</a>, doxing has affected <a href="https://www.haaretz.com/world-news/asia-and-australia/2024-02-06/ty-article/death-threats-boycotts-target-jewish-creatives-in-australia/0000018d-7e43-d636-adef-7eefae580000">both Jewish</a> and <a href="https://edition.cnn.com/2023/10/15/business/palestinian-americans-activists-doxxing/index.html">pro-Palestinian communities and activists</a> in Australia and abroad. Doxing is harmful because it treats a user as an object and takes away their agency to decide what, and how much, personal information they want shared with the wider public. This puts people at very real risk of physical threats and violence, particularly when public disagreement becomes heated. From a broader perspective, doxing also damages the digital ecology, reducing people’s ability to freely participate in public or even private debate through social media. Although doxing is sometimes just inconvenient, it is often used to publicly shame or humiliate someone for their private views. This can take a toll on a person’s mental health and wellbeing. It can also affect a person’s employment, especially for people whose employers require them to keep their attitudes, politics, affiliations and views to themselves. Studies have shown doxing particularly impacts <a href="https://journals.sagepub.com/doi/full/10.1177/0306422015605714">women</a>, including those using dating apps or experiencing family violence. In some cases, children and family members have been threatened because a high-profile relative has been doxed. Doxing is also harmful because it oversimplifies a person’s affiliations or attitudes. For example, releasing the names of people who have joined a private online community to navigate complex views can represent them as only like-minded stereotypes or as participants in a group conspiracy. <h2>What can you do to protect yourself from doxing?</h2> Stronger laws and better platform intervention are necessary to reduce doxing. Some experts believe that the fear of <a href="https://dl.acm.org/doi/abs/10.1145/3476075">punishment</a> can help shape better online behaviours. These punishments may include criminal <a href="https://www.esafety.gov.au/report/what-you-can-report-to-esafety">penalties</a> for perpetrators and <a href="https://www.theaustralian.com.au/breaking-news/doxxing-attack-on-jewish-australians-prompts-call-for-legislative-change/news-story/9a2f3615dbf5594fb521a8959739e1f8#:%7E:text=Alongside%20legislative%20reform%2C%20the%20ECAJ,information%2C%E2%80%9D%20Mr%20Aghion%20said.">deactivating social media accounts</a> for repeat offenders. But better education about the risks and harms is often the best treatment. And you can also protect yourself without needing to entirely withdraw from social media: <ol> <li> never share a home or workplace address, phone number or location, including among a private online group or forum with trusted people </li> <li> restrict your geo-location settings </li> <li> avoid giving details of workplaces, roles or employment on public sites not related to your work </li> <li> avoid adding friends or connections on social media services of people you do not know </li> <li> if you suspect you risk being doxed due to a heated online argument, temporarily shut down or lock any public profiles </li> <li> avoid becoming a target by pursuing haters when it reaches a certain point. Professional and courteous engagement can help avoid the anger of those who might disagree and try to harm you. </li> </ol> Additionally, hosts of private online groups must be very vigilant about who joins a group. They should avoid the trap of accepting members just to increase the group’s size, and appropriately check new members (for example, with a short survey or key questions that keep out people who may be there to gather information for malicious purposes). Employers who require their staff to have online profiles or engage with the public should provide information and strategies for doing so safely. They should also provide immediate support for staff who have been doxed.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/223428/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/rob-cover-13135">Rob Cover</a>, Professor of Digital Communication and Co-Director of the RMIT Digital Ethnography Research Centre, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/what-is-doxing-and-how-can-you-protect-yourself-223428">original article</a>.

Legal

How baby boomers are benefiting from Australia's "worst financial mistake"

A financial expert has explained how baby boomers have remained largely unscathed by the ongoing housing crisis in Australia. ABC finance guru Alan Kohler described the crisis as Australia's "worst financial mistake", as Adelaide has now become the country's second least affordable city. The South Australian capital, which has long been known as one of the more affordable places in the country to live, has skyrocketed in price, as the median price for houses and units in Adelaide was $721,376 in January, which is 7.9 times higher than the state's average full-time salary of $91,026. "There are a couple of things that might surprise you: Adelaide became the second, least affordable Australian city last year," Mr Kohler explained. "Adelaide has just taken over from Hobart in second place." "What's going on: put simply, incomes in Adelaide, Hobart and Brisbane are not keeping up with house prices, which are being pushed up by fast-rising population and by first-home buyers." Mr Kohler, a baby boomer, noted that when he and his wife bought their first home in Melbourne for $40,000 in 1980, he was earning $11,500 as a journalist, meaning his home cost just 3.5 times his income before a mortgage deposit. "When my wife and I bought our first house in 1980, the average house price was 3.5 times average income," he said. "Now, it's 7.5 times and rising." "That didn't have to happen: it's Australia's worst, economic mistake." Mr Kohler said parents were increasingly propping up the mortgage deposits of first-home buyers, as first-home buyer subsidies from the federal government only pushed up property prices. "Despite rising prices and crushing interest rates, first-home buyers were the fastest-growing type of borrower," he said. "The Bank of Mum and Dad coughing up early inheritances and politicians showering them with grants and concessions, desperate to appear to be doing something about affordability while actually making it worse." Image credits: Shutterstock / ABC

Money & Banking

Monty Python star's candid financial admission

Monty Python star Eric Idle has made a candid admission about the state of his finances, revealing why he still has to work at the age of 80. The comic legend admitted he receives only a fraction of the millions the Python team have made in the past because the finances are a “disaster”. In messages on X, formerly Twitter, Idle wrote: “I don’t know why people always assume we’re loaded”. “I have to work for my living. I never dreamed that at this age the income streams would tail off so disastrously." “I have been working and earning for Pythons since 1995. And now no more.” Idle also took aim at TV lawyer Holly Gilliam, the daughter of fellow Python member Terry Gilliam, who took over the Python brand in 2013 as part of HDG Projects Ltd. He said, “I guess if you put a Gilliam child in as your manager you should not be so surprised”. “One Gilliam is bad enough. Two can take out any company.” Daughter Lily Idle backed him, writing online, “I’m so proud of my dad for finally finally finally starting to share the truth.” The Pythons, who also included John Cleese, 84, Michael Palin, 80, and the late Terry Jones — made a fortune thanks to their iconic cult films, including Life of Brian, hit stage show Spamalot, which Idle co-wrote, and the original Flying Circus BBC TV series. They were back in the limelight in 2014 with Monty Python Live (Mostly) — One Down, Five to Go: a reference to former member Graham Chapman who died in 1989 aged just 48. It featured interpretations of some of their famous sketches, and reportedly earned the surviving members at least £2 million ($3.87m AUD) each. Image credits: Getty Images

Retirement Income

Veteran slams Australia Day “dawn service”

An Australian war veteran has slammed a Sydney council for their decision to hold a dawn reflection service on January 26th, saying it is “disrespectful” to those who fought and died for their country. The Anzac-day style service, held by Sydney’s Waverley council, will acknowledge the resilience and survival of First Nations people, recognising Australia Day as a “day of mourning” for many Indigenous Australians. Michael von Berg, a Military Cross recipient who served as a combat soldier in the Vietnam War, has denounced the council’s decision, saying dawn services should only be held on Anzac Day, as the events are synonymous with honouring past soldiers. “For God's sake. It's a disservice not only to the veteran community but also to First Nations soldiers who fought and died for their country,” he said. Mr von Berg, who claims to have served alongside Aboriginal soldiers on his first tour of Vietnam in the mid-1960s, questioned the purpose of the event, describing it as “cheap symbolism”. “Personally, a dawn service of this nature flies in the face of what they traditionally stand for, which is honouring soldiers,” he said. “This stuff doesn't help anyone. I have nothing but respect for First Nations people but there's got to be another way.” Mr von Berg urged Waverley Council to “seriously reconsider” the event, suggesting they “Hold it on another date.” However, Mayor of Waverley Council Paula Masselos hit back at criticism of the dawn service, given Australia Day was a day of mourning for many First Nations people. “As a Council that is committed to social justice, we understand that January 26 can be a difficult day for many Aboriginal and Torres Strait Islander people and that many in our community are still coming to terms with the result of the Voice to Parliament referendum,” Mayor Masselos said. Australia Day, observed each year on January 26th, marks the landing of the First Fleet in 1788 when the first governor of the British colony of New South Wales, Arthur Philip, hoisted the Union Jack at Sydney Cove. But for many First Nations people, it is regarded as 'Invasion Day' or the 'Day of Mourning' because it marks the beginning of Australia's colonisation. Image credits: Getty Images / Facebook

Legal

Could you cope with a shock to your bank balance? 5 ways to check you are financially resilient

<a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> Imagine the dentist has just said you urgently need a A$2,000 dental crown. A week later, a pipe in your bathroom bursts, causing $8,000 worth of damage. Suddenly, you’ve been hit with a $10,000 financial shock. As the cost-of-living crisis plunges more households into financial uncertainty and at least <a href="https://melbourneinstitute.unimelb.edu.au/data/taking-the-pulse-of-the-nation-2022/2023/australians-face-challenging-budgetary-constraints#:%7E:text=Over%20the%20past%20six%20months,has%20increased%20to%2060%20percent.">one-third</a> of Australians struggle to make ends meet, it’s more important than ever to ask yourself: how financially resilient am I? Being financially resilient means you aren’t left financially devastated when an expensive emergency creeps up on you. Here are five key signs of financial resilience. <h2>1. You have a plan for what you’d do if you suddenly lost your salary</h2> Financial resilience means having a plan to fall back on during tough times. This extends to how you’d make money if you lost your job. In practice, that means things like making sure your skills and contacts are kept up to date so you can more easily find a new job. You might also consider whether a “side hustle” job such as tutoring could work for you in the short term, and how you’d put that plan into practice if needed. Perhaps you have a spare room in your home you could rent out for a period of time if you lost your salary. Those examples won’t work for everyone, of course, but it’s still worth asking yourself the question: what would I do if I lost my salary tomorrow? <h2>2. You have enough liquid assets to meet an unexpected financial expense</h2> Liquid assets means money that can be accessed quickly and easily to overcome an unplanned financial expense. Savings are a good example. They provide a buffer so you can cope in the short term if a financial shock strikes. The federal government’s Moneysmart website suggests you aim to have enough in your emergency savings fund to cover <a href="https://moneysmart.gov.au/saving/save-for-an-emergency-fund">three months of expenses</a>. Having an <a href="https://moneysmart.gov.au/glossary/offset-account">offset account</a> as part of a mortgage is another option that provides a buffer. Putting money in an offset account helps you save while reducing the amount of interest on a home loan. You can still access the money in an offset account at any time. <h2>3. You have bought the right financial products, such as insurance</h2> Financial products, such as insurance, hedge against potential losses. Personal insurance is important because it provides income in the event of death, illness or injury. Examples include: <ul> <li> life insurance (which pays out to your beneficiaries, such as your partner or children, when you die) </li> <li> total and permanent disability insurance (which means you may get some money if you acquire a disability that prevents you from working) </li> <li> income protection (which provides you with an income if you can no longer work) </li> <li> trauma cover (which covers a life-changing illness or injury, such as cancer or a stroke). </li> </ul> Check if your superannuation has any of these insurances included in it. <a href="https://www.griffith.edu.au/__data/assets/pdf_file/0030/295770/FPRJ-V4-ISS1-pp-53-75-insurance-literacy-in-australia.pdf">Research</a> has found that many Australians are underinsured. <h2>4. You can still pay your debts when times are tough</h2> Being able to borrow money can help when you’re in a tight spot. But knowing where to borrow from, how much to borrow and how to manage debt repayments is crucial. Financially resilient people use debt responsibly. That means: <ul> <li> not using debt for frivolous expenses like after-work drinks </li> <li> staying away from private money lenders </li> <li> being cautious about buy-now-pay-later services </li> <li> watching out for debts with high interest rates, such as payday loans and credit card debt </li> <li> maintaining debt repayments consistently. </li> </ul> If you’re having debt problems, talk to your lender about renegotiating your repayment arrangements, or contact the <a href="https://ndh.org.au/">National Debt Helpline</a> on 1800 007 007. <h2>5. You are financially literate</h2> Being financially literate means you can assess the benefits and risks of using savings or taking out debt to meet an unplanned financial need. As I have <a href="https://theconversation.com/are-you-financially-literate-here-are-7-signs-youre-on-the-right-track-202331">written</a> before on The Conversation, key signs of financial literacy include tracking your cashflow, building a budget, as well as understanding what debts you have and which to pay first. It also means storing your money across different places (such as superannuation, savings accounts, property and the share market) and understanding how financial assets like cash, shares and bonds work. Being aware of your financial strengths and weaknesses, and having financial goals is also important. Nobody is born knowing how to make sound financial decisions; it’s a skill that must be learned. It’s good to think about the resources you would draw upon to help get yourself out of a difficult financial situation – well before disaster strikes.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/218126/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, Assistant Professor in Finance and Financial Planning, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/could-you-cope-with-a-shock-to-your-bank-balance-5-ways-to-check-you-are-financially-resilient-218126">original article</a>.

Money & Banking

5 financial lessons you should impart to your adult children

Ultimately, we want our kids to live long, happy, healthy lives. Financial security is central to achieving this dream. So it may be time to have a chat about matters of money and ensure they are well set up for a prosperous future! While there are many important things to instil in future generations, the five below are perhaps the most crucial current-day issues for your adult children to master. <ol> <li>Avoid BNPL</li> </ol> Buy now, pay later (BNPL) schemes have taken off in popularity in recent years, allowing shoppers to purchase and use goods straight away yet pay for them over time in instalments. Sound too good to be true? Indeed. Most schemes attach hefty penalties and interest for missed or late repayments – much the same as credit cards. The debt quickly balloons, and can become unsustainable. The best approach to instil in your children is to always live within their means. <ol start="2"> <li>Avoid sexually transmitted debt</li> </ol> Joint finances, loans, credit cards, utilities, subscriptions, vehicles, businesses, property… all of these and more are shared liabilities. Even if a partner is the one who racks up the debts, your child is equally responsible for repaying them. This is what I call sexually transmitted debt. It could be inadvertent (such as having a partner who, despite their best intentions, is simply bad with money); hidden (like gambling addiction), deliberate (financial abuse), lose their job, have an accident, get seriously unwell. Either way, sexually transmitted debts can create long-term and even life-long problems, regardless of whether the relationship that created those debts survives: repayment struggles, credit constraints, bankruptcy, legal woes. When it comes to money, your children (and yourself) need to think with their head, not their heart. <ol start="3"> <li>Start investing </li> </ol> The number one thing financial advisers hear most is “I wish I started years ago”. Investments typically grow over time. The more time you allow, the bigger their value. Younger adults have big demands on their hip pocket. However, even starting with small investments allows compound growth to work its magic. Plus, given the housing affordability constraints facing younger generations, investments that can be sold or leveraged could better help them onto the housing ladder in future. Superannuation is another investment to pay attention to from a young age: managing investments, ensuring they are in a cost-effective fund, and avoiding mistakes – like consolidating funds without getting advice, which can inadvertently see them consolidate into a poorer performing fund or cancel attached insurances that had preferential terms. <ol start="4"> <li>Get a will</li> </ol> While young people may feel invincible, untimely deaths or disablement claims sadly can and do happen. And often unexpectedly: land transport accidents and accidental poisoning, together with suicide, make up <a href="https://www.aihw.gov.au/reports/life-expectancy-deaths/deaths-in-australia/contents/leading-causes-of-death">the biggest causes of death for under 44s</a> in Australia. Not having a will and a nominated executor complicates matters for grieving family and can delay all-important access to finances. How would your child’s partner and kids (if they have them) survive if their super, insurances and other payouts are delayed through probate? Remember to point out that superannuation (and other structures like companies and trusts) are treated separately from a will, and so need beneficiaries nominated within them. Younger people are also less likely to have discussed their final wishes with loved ones – funeral arrangements, burial vs cremation, organ donation, inheritances etc. This is where a separate statement of wishes can be useful. <ol start="5"> <li>Get insured</li> </ol> Insurances – save perhaps vehicle and house/contents – are rarely on the minds of younger people. But they should be. That is because many insurances are cheaper and offer better coverage when people are younger and free of any health complications. That includes private health, life and permanent disability, and income protection cover. Other insurances, like asset protection, can also be more lucrative to lock-in early. Just think about how the Ts and Cs on insurances have changed (become more restrictive) since you were their age! So encourage your adult children to scrutinise their insurance coverage. (And keep them away from drugs and smoking to stay healthier for longer!) Helen Baker is a licensed Australian financial adviser and author of the new book, On Your Own Two Feet: The Essential Guide to Financial Independence for all Women (Ventura Press, $32.99). Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au">www.onyourowntwofeet.com.au</a> Image credits: Getty Images

Money & Banking

"It's too late": Sister of mother who died waiting for ambulance speaks out

A Current Affair host Ally Langdon teared up during an interview with the heartbroken sister of Cath Groom, the Brisbane mum who <a href="https://www.oversixty.com.au/health/caring/mother-dies-after-ambulance-fails-to-arrive" target="_blank" rel="noopener">died after waiting for an ambulance</a> that never arrived. Groom had initially complained of severe chest pain in the hours before she was found dead by her son, Nicholas, on the morning of her 52nd birthday. Groom's sister, Bec McQuilty said that her family will never get over the tragedy, as she details exactly what happened that night. McQuilty said her sister had not only complained of severe chest pains, but was also vomiting profusely and had pain between the shoulder blades. She said Nicholas, Grooms's only son, called triple zero "multiple times" to request an ambulance, but after 90 minutes of no help, Groom decided to go to sleep. She got up at some point in the night, collapsed and died. "For a young boy to have to see his mum like that, it just shouldn't happen," McQuilty said. "He was petrified he didn't know what to do. "He's been taught through all his life that you can rely on these people and to make a phone call to triple zero and them not be there for him when they should have been, is just blatant neglect. "I will never forget the look on his face of just absolute despair." The A Current Affair broke down the moment McQuilty recalled Nicholas calling her in a panic after finding his dead mum. "I just think this hits all of us, hearing this," Langdon said. "That scene no doubt will haunt you for a long time." McQuilty shared that prior to Groom's passing the family was experiencing "the highest of highs to the lowest of lows in the space of 24 hours," after celebrating Nicholas' high school graduation on the Friday. "To get to such an incredible point of his high school graduation and just to be so proud of him on that day," McQuilty said. "I could see it in her face that she was just, you know, so so proud. "And literally 24 hours later he's finding his mother deceased, unnecessarily. "He's numb, he's angry and he's got a really long road ahead of him." Nicholas has now lost both parents, as his dad passed away when he was a baby. McQuilty revealed that her mum was admitted to the ER after finding out the devastating news and "never come back from this". "She herself was taken to the ER from just complete shock and her own heart," McQuilty said. "So I have my sister deceased in the house. I have my mom in the ER. "You know, it's just, no family, Ally, should ever ever have to go through what our family has gone through." McQuilty hopes that there will be changes made to emergency health system in the wake of her sister's death. "Put some more money into our hospital system and our health system maybe. "It's too late for my family, it's too late. But maybe that can save somebody else." Images: Nine/ A Current Affair

Caring

Lilie James farewelled in emotional memorial service

Friends and family of Lilie James have honoured the 21-year-old water polo coach in an emotional memorial service. The memorial was held at Danebank Anglican School in Hurstville in Sydney's south on Friday morning, with Lilie's loved ones making the sweet gesture at the service. Friends, family and members of her school community at St Andrew's Cathedral school where she taught were asked to show up in bright colours, to remember Lilie fondly and celebrate her life, despite it being cut short. In a statement, Ms James' father Jamie said the 21-year-old was a vibrant young woman who was "always on the go". "On top of working and studying Lilie loved coaching and playing water polo. She loved to dance," he said. "Even with her busy schedule, she always still made time to support her brother Max, her friends and family." "We cannot thank the community enough for their thoughts, prayers, generosity and messages through this difficult time." "From the bottom of our hearts we thank you for the many great memories we all share of Lilie." He concluded, "Lilie James we are so proud of you and thank you for sharing a wonderful and jam-packed 21 years together." <blockquote class="twitter-tweet"> Family and friends are gathering at a private service in Sydney's south this morning, to farewell Lilie James - who was murdered by her ex-boyfriend and colleague, at her workplace, last month. <a href="https://twitter.com/hashtag/9News?src=hash&ref_src=twsrc%5Etfw">#9News</a> <a href="https://t.co/BXkRYdPkj1">pic.twitter.com/BXkRYdPkj1</a> — 9News Sydney (@9NewsSyd) <a href="https://twitter.com/9NewsSyd/status/1725316273431527677?ref_src=twsrc%5Etfw">November 17, 2023</a></blockquote> A white hearse arrived at the school at 9:30am on Friday morning, as friends and family cried and embraced each other during the procession. NSW Premier Chris Minns was also seen arriving to pay his respects, with as many as 500 mourners expected at the service. As per the wishes of Ms James' family, the memorial at Danebank was for friends and the school community only, while the service was live-streamed into St Andrew's Cathedral School for students and teachers to view together. Lilie James was working as an assistant water polo instructor for the elite inner-city school when she was found dead with horrific head injuries inside the campus gymnasium toilets on October 25th. Image credits: Nine News

Caring

“This is life-changing information”: Shopper discovers little-known Bunnings hack

A shopper has revealed the details of a little-known Bunnings store policy that will ensure a blooming garden. Georgia Magill, a young woman from Perth, was shopping for plants in the hardware store when she was urged by the cashier to keep her receipt. The uni student was shocked why she should hold on to the receipt for a small house plant, as the worker went on to explain why. “She was like, ‘Oh because they come with a 12 month warranty’,” Georgia explained in a now-viral TikTok video. “And then she goes: ‘It doesn’t really matter how they die we’ll just replace them for you within a 12 month period.’” The hardware store created the ‘Perfect Plant Promise’ in February 2020 which states all plants, except for seedlings, can be returned within 12 months of purchase if they die. Bunnings won’t just replace the plant, it also offers money back, if you’d prefer to give up on your gardening dreams. "This is life-changing information,” she concluded in the video. While the policy has been around for several years, many Aussies hadn’t heard of it either, commenting in shock on the TikTok video, which has been viewed almost 1.5 million times. “What? I have literally had Bunnings plants die within weeks,” one wrote, “I did know this… but I also refuse to let Bunnings know how many plants I’ve murdered,” another stated. Another person declared, “It’s such a good idea. I can’t believe I didn’t know it!!” Among the comments were more tips for former and current Bunnings workers, offering some extra tips on how to utilise the policy. “Ex Bunnings worker here, keep the original pot so we know what plant it is, not everyone in store is a plant expert,” one remarked. “(From a Bunnings worker) either take a photo of your receipt or ask for it to be sent via SMS as they fade! For any warranty item,” another suggested. However, one worker urged Aussies not to take advantage of the offer, saying, “We will return your plant with a receipt and ‘proof’ but please don’t abuse this system. Plants die.” Image credits: Getty Images / TikTok

Home & Garden

7 ways to create realistic financial goals that you'll actually stick to

Establishing robust financial habits not only fosters comfort but also alleviates anxieties about the road ahead. A positive change in our financial circumstances commences with a shift in our money mindset. When you shift to creating lasting change, you can achieve more than you believe is possible. When creating financial goals that you’ll actually stick to, parallels can be drawn between achieving physical and financial fitness. Let’s take a look. <ol> <li>Precision in Goal Setting</li> </ol> Just like any other endeavour, the path to financial well-being requires setting clear objectives that are both quantifiable and feasible. Whether it's building an emergency fund or saving for a major purchase, your goals need to be well-defined and measurable. Just as a fitness regimen consists of various exercises targeting different muscle groups, your financial goals should cover different aspects of your financial life. <ol start="2"> <li>The Inaugural Step</li> </ol> The hardest part is starting – there will always be competing priorities. Think of it as taking one step at a time. Starting your financial goals might feel overwhelming due to competing priorities and uncertainties. Start small and build momentum gradually. Establish a budget, track your expenses, and save a modest amount regularly. <ol start="3"> <li>Avoiding Extreme Measures</li> </ol> Remember, lasting change comes from sustainable actions. Financial quick fixes like waiting for bonuses or tax returns won't foster healthy habits and can lead to financial fatigue. Instead, embrace gradual progress; small efforts compound over time. The allure of crash diets can be tempting, but they rarely yield lasting results. Instead, opt for consistent, manageable actions. Focus on building sustainable habits, like making regular contributions to savings or investments. <ol start="4"> <li>The Power of Knowledge</li> </ol> Equip yourself with information. Education is a powerful tool in achieving financial well-being. Understanding the options available is pivotal to making informed financial decisions. Gain a comprehensive understanding of your financial options. Research investment opportunities and strategies that align with your goals. Knowledge empowers you to navigate the complex landscape of personal finance confidently. <ol start="5"> <li>Exploration of Strategies</li> </ol> Just as someone might prefer running over cycling, finding financial strategies that resonate with you enhances your chances of long-term success. Experiment with diverse approaches to identify what resonates best, reducing stress and enhancing commitment. Opt for strategies that resonate with your values, minimise stress and amplifying commitment. <ol start="6"> <li>Consistency </li> </ol> Success lies in cultivating steady habits over time, ensuring enduring benefits. Just as regular workouts lead to improved physical health, cultivating small, consistent financial habits over time leads to enhanced financial well-being. Set up automated transfers to savings accounts, make incremental increases in contributions, and avoid overspending. <ol start="7"> <li>Intermittent Rewards</li> </ol> Occasionally treat yourself. Sporadic indulgences can enhance well-being and acknowledge hard-earned victories. Rewarding yourself for achieving financial milestones enhances your commitment and prevents financial fatigue. It's essential to strike a balance between frugality and enjoyment. By embracing these principles, we not only engineer realistic financial objectives but also cement a commitment to achieving them. That’s the key to lasting financial prosperity. Amanda Thompson, author of Financially Fit Women, is a sought-after speaker and qualified financial adviser. As the founder of Endurance Financial, Amanda is driven to support women to have a great relationship with money and own their own financial success. For more information visit <a href="http://www.endurancefinancial.com.au">www.endurancefinancial.com.au</a> Image credits: Getty Images

Money & Banking

What does financial abuse really look like?

Sally is in her 20s, lives in a dilapidated rental home and works three jobs. Fifty-something Sarah owns a large home, drives a Mercedes and is a corporate executive. Pensioner Scott, in his mid-70s, still lives in the home in which he and his late wife raised their children. Who would you say is more vulnerable to financial abuse? The answer, you may be surprised to learn, is all three. Financial abuse, according to the government’s <a href="https://moneysmart.gov.au/living-in-retirement/financial-abuse">MoneySmart</a>, is a type of family and domestic violence: “It often happens alongside other types of violence, such as physical or emotional abuse. It can leave you feeling vulnerable, isolated, depressed and anxious. It can also take away your independence.” Commonly a spouse or partner is the perpetrator, but it can come from any relative or friend. A <a href="https://www.commbank.com.au/content/dam/caas/newsroom/docs/Cost%2520of%2520financial%2520abuse%2520in%2520Australia.pdf">2022 Commonwealth Bank report</a> suggests over 623,000 Australians experienced financial abuse in 2020 alone – roughly one in 30 women and one in 50 men. Anyone – regardless of age, wealth etc. – can be a victim. Financial abuse has many faces Just as finances are complex, so too is financial abuse, which can be viewed from many angles: <ul> <li>Couples: One partner controls everything money related. I know of one instance where a woman’s partner went so far as counting coffee pods; another checked car mileage to stop his partner driving further than school drop-offs.</li> <li>Exes: Not working specifically to avoid paying child support; withholding information to delay settlement; bullying into a menial settlement.</li> <li>Multi-generations: Children or grandchildren milking elderly relatives; seizing control over their finances and living arrangements.</li> <li>Non-relatives: Such as friends buying property together without properly documenting everything, then fighting come sale time.</li> <li>Business relationships: Duped signatures on trust and business documents; hiding debts; impeding or undervaluing someone’s exit.</li> </ul> Warning signs There are common warning signs that you, or someone you know, is suffering financial abuse: <ul> <li>Pressure to make decisions: to invest your money or superannuation in crazy things that go bust, or to do nothing and not keep up with inflation (let alone grow your wealth), go guarantor on a loan, or sign power of attorney.</li> <li>Draining money: using your money to fund their business or investment on the promise a return is coming that never does (which could be poor management or deliberate deceit). This could continue for years until you’re left homeless and bankrupt.</li> <li>Unfair claims: your partner came into the relationship with nothing and stays just long enough to make a claim on your home.</li> <li>Controlled spending: this may start small (‘Don’t spend so much on clothes!’) but can become extreme. </li> <li>Blackmail: I’ve heard of people denied access to their grandkids unless they gave their son/daughter money or amended their will.</li> <li>Restricted access: you’re denied access to your own or joint finances, from having your own accounts, or are banned from working to earn your own income and superannuation.</li> <li>Tracking: sharing your location by smartphone may sound practical or safe but is open to abuse.</li> <li>Social isolation: cutting you off from friends and family; pressing for an interstate move.</li> <li>Reckless spending: your money is spent haphazardly – you may be kept in the dark or pressured not to ask questions.</li> <li>Tying down: trapping you into a big mortgage to crimp your freedom.</li> <li>Guilting: I have seen wealthy adults guilt their less fortunate parents into paying their bills, and gambling addicts guilt partners into paying their debts (with no intention to address their addiction or plan to pay it back).</li> </ul> Protecting yourself The best prevention of all is to avoid thinking ‘it won’t happen to me’. So many victims of financial abuse once thought exactly the same. Other tips include: <ul> <li>Speak up: Sometimes, starting a conversation can be enough to deliver positive change and even save a relationship (avoiding divorce is cheaper for everyone!)</li> <li>Have an emergency fund – cash only you can access, easily, in a crisis.</li> <li>Keep separate bank accounts – deposit your income here, then transfer money for joint bills into a joint account. </li> <li>Make decisions together – don’t leave money matters to your partner/children. It’s your money too.</li> <li>Get outside perspective: financial advisers are accountable to you as their client and help provide visibility over your assets, liabilities and risks. Ensure they are qualified and currently practicing.</li> </ul> If you think you may be a victim of financial abuse, I beg you – seek help immediately. Suffering in silence and letting the situation snowball is the costliest thing you can do. Both financially and emotionally! <a href="http://www.lifeline.org.au/">Lifeline - </a>13 11 14 <a href="https://www.1800respect.org.au/">1800RESPECT - </a>1800 737 732 <a href="https://www.familyrelationships.gov.au/talk-someone/advice-line">Family Relationship Advice Line - </a>1800 050 32 <a href="https://goodshep.org.au/">Good Shepherd Australia Financial Independence Hub - </a>1300 050 150 <a href="http://www.ndh.org.au/">National Debt Helpline - </a>1800 007 007 Helen Baker is a licensed Australian financial adviser and author of the new book, On Your Own Two Feet: The Essential Guide to Financial Independence for all Women (Ventura Press, $32.99). Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au">www.onyourowntwofeet.com.au</a> Image credits: Getty Images

Money & Banking

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#GirlMaths: a seemingly innocent and fun way to justify expenses that can have serious financial consequences

<a href="https://theconversation.com/profiles/janneke-blijlevens-150258">Janneke Blijlevens</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>; <a href="https://theconversation.com/profiles/angel-zhong-1204643">Angel Zhong</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>, and <a href="https://theconversation.com/profiles/lauren-gurrieri-5402">Lauren Gurrieri</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a> These shoes are perfect, made for me! I have to get them! But really, I should be paying off my car loan instead. I can’t justify this purchase. Or can I …? We all know this feeling, this tension between what you really want to do and what you really should, or shouldn’t, do. What you are experiencing is <a href="https://www.britannica.com/biography/Leon-Festinger/Cognitive-dissonance">cognitive dissonance</a>. It’s a psychological discomfort we feel when our behaviours and our values or beliefs do not match. Not to worry, we can make that discomfort simply disappear with a good dose of #GirlMaths! <h2>So what is #GirlMaths?</h2> GirlMaths recently became a viral phenomenon on TikTok after New Zealand FVHZM radio hosts Fletch, Vaughan and Hayley used #GirlMaths to justify one host’s mother’s expensive dress purchase as basically free because the dress was going to be worn at least four times. <iframe id="tc-infographic-904" class="tc-infographic" style="border: none;" src="https://cdn.theconversation.com/infographics/904/f0b5e215a804bb450e609c397b96c7fcbf46172f/site/index.html" width="100%" height="400px" frameborder="0"></iframe> Since then, influencers have added to the #GirlMaths trend with gems such as “If I buy it for $100, wear it, and then resell it for $80 then I basically wore it for free”, “If I pay with cash, it means it’s free”, and “If I just returned something, then purchase something new for the same amount of money, then it’s free”. The reason #GirlMaths resonates so well with everyone and allows it to go viral is that we are very familiar with this type of thinking. The mental gymnastics of #GirlMaths needed to justify cost-per-wear or cash-is-free is a perfect display of behavioural biases and heuristics, such as confirmation bias and denomination bias, being applied to everyday consumption decisions. <h2>The psychology of decision-making</h2> Behavioural biases and heuristics are shortcuts in our thinking that help us make decisions quicker and easier, and are great for reducing the cognitive dissonance we sometimes experience. Our brain has a lot of decisions to make in a day and simply doesn’t have the power to scrutinise every little detail of every <a href="https://theconversation.com/what-shall-we-have-for-dinner-choice-overload-is-a-real-problem-but-these-tips-will-make-your-life-easier-193317">decision</a>. These shortcuts in our thinking may facilitate the decision making process, but they don’t always mean we make the most optimal decisions. Confirmation bias is a bias where you justify your decisions by considering only the evidence that supports what you want and ignore the evidence that would mean you’d have to make a different decision. Cost-per-wear does sound quite financially savvy. It is just like bulk-buying pantry essentials, right? The issue is you are ignoring the facts such as: 1) your disposable income does not match this expense in light of your utility bills, 2) you could rewear a cheaper dress all the same, and 3) by spending money on a fancy dress, you lose the opportunity to spend the money on other better investments for wealth accumulation, or to pay off your car loan. <h2>The financial and social costs</h2> But it’s all a bit of innocent fun, right? Surely people won’t take #GirlMaths that seriously? We beg to differ. First, the term is unnecessarily gendered. Gendered language operates to reinforce societal expectations with a particular gender and can promote stereotypes, biases and binary categories. In this case, the term “girl maths” reinforces problematic stereotypes that equate women with consumption, frivolity and extravagant spending. When stereotypes are reinforced within our own social circles, we are more likely to <a href="https://journals.sagepub.com/doi/abs/10.1177/0146167299025007004?casa_token=dOhnQVtFwPsAAAAA:XSBdix5AB6bDfGjNgfbX9OIjstw4KE071GP0l60mAxvHJMaEwkyPERqHXf3z9PhctWJUl6h7TgTHg_U">internalise these as part of our identity</a>. By representing women in a less favourable way, the term operates to both demean and discriminate on a gendered basis. This is heightened by the use of “girl” as opposed to “woman”, which implies someone is childlike or lacking in knowledge or experience. It also begs the question what “boy maths” - set up as something opposing and different - might connote. Second, the #GirlMaths trend reminds us of the power of “<a href="https://theconversation.com/fintok-and-finfluencers-are-on-the-rise-3-tips-to-assess-if-their-advice-has-value-161406">finfluencers</a>” – social media content creators amassing huge online followings by sharing advice on anything from budgeting to buying a house, to investing. These online gurus appeal to Gen Z and millennials, simplifying complex financial concepts into digestible nuggets, much like #GirlMaths simplifies purchases based on cost-per-wear or cash-as-free. Just as regulators such as <a href="https://moneysmart.gov.au/other-ways-to-borrow/buy-now-pay-later-services">ASIC</a> repeatedly warn us of the dangers of buy-now-pay-later services, we must caution the #GirlMaths trend as a dangerous cocktail for young women who are susceptible to the “advice” of finfluencers. The trend resembles BNPL by breaking down expenses into smaller, more palatable portions, making purchases seem justifiable and affordable at the moment. Denomination bias describes this tendency to spend more money when it is denominated in small amounts rather than large amounts. We find it much easier to spend $50 four times than $200 all at once. However, the convenience of these shortcuts in our thinking can obscure the hidden financial risks. You may overlook the bigger picture of your financial health, and spend more than what you can afford. That’s why a large number of BNPL users find themselves ending up in a <a href="https://www.choice.com.au/money/credit-cards-and-loans/personal-loans/articles/bnpl-submission-to-treasury">modern debt trap</a>. <h2>The perils of #GirlMaths</h2> The danger of #GirlMaths to young women lies in the cocktail of feeling oddly familiar and reinforced in this biased thinking, the problematic stereotypes that shape identities, and the power of finfluencers, who wield increasing influence over the financial choices and decision-making of young women. While the term may initially come across as innocent fun, it’s crucial not to underestimate its potential harms. Instead, let’s champion the use of inclusive language in finance that doesn’t perpetuate gender biases. And if you’re a staunch supporter of #GirlMaths, we strongly urge you to take into account the possible adverse financial consequences of these quick-fix spending habits.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/211903/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/janneke-blijlevens-150258">Janneke Blijlevens</a>, Senior Lecturer in Marketing, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>; <a href="https://theconversation.com/profiles/angel-zhong-1204643">Angel Zhong</a>, Associate Professor of Finance, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>, and <a href="https://theconversation.com/profiles/lauren-gurrieri-5402">Lauren Gurrieri</a>, Associate Professor in Marketing, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/girlmaths-a-seemingly-innocent-and-fun-way-to-justify-expenses-that-can-have-serious-financial-consequences-211903">original article</a>.

Money & Banking

Four myths about the financial side of divorce

<a href="https://theconversation.com/profiles/emma-hitchings-388514">Emma Hitchings</a>, <a href="https://theconversation.com/institutions/university-of-bristol-1211">University of Bristol</a> and <a href="https://theconversation.com/profiles/gillian-douglas-1428314">Gillian Douglas</a>, <a href="https://theconversation.com/institutions/kings-college-london-1196">King's College London</a> It’s no wonder many people think divorce involves going to court, huge legal fees and decades of spousal payments, considering these are the cases that dominate our headlines. However, the kinds of divorce cases reported in the news involve the very rich, and are far removed from the reality for most couples. The Law Commission of England and Wales, the body responsible for law reform, <a href="https://www.lawcom.gov.uk/project/financial-remedies-on-divorce/">recently announced a review</a> of the law of finances on divorce, with a scoping report due in September 2024. Review of this law is much needed, given the legislation governing how couples in England and Wales sort out their financial affairs upon marriage breakdown mainly dates back to the 1970s (the <a href="https://www.legislation.gov.uk/ukpga/1973/18">Matrimonial Causes Act 1973</a>). The problem is that key politicians <a href="https://hansard.parliament.uk/lords/2023-03-08/debates/3AB3D708-24E5-4FF2-8481-05EFA27E2593/DivorceFinancialProvision">who have been calling for change</a> still rely on the issues raised in these <a href="https://hansard.parliament.uk/lords/2018-05-11/debates/89A33706-7DCD-4FA0-AE0D-B06E11FAF264/Divorce(FinancialProvision)Bill(HL)">exceptional, “big money” divorce cases</a>. We need to correct the misleading narrative about divorce if reform is to address the needs of the 110,000 couples <a href="https://www.gov.uk/government/statistics/family-court-statistics-quarterly-july-to-september-2022">who get divorced in England and Wales each year</a>. Although there is limited research about this issue, we do know enough to challenge the following myths. <h2>1. Spouses are often forced to fund costly legal battles</h2> Family courts grant divorces and the fee is currently £593. However, it is not mandatory for a divorcing couple to get an additional order regarding their finances, and there is no need for expensive court hearings. In fact, <a href="https://www.gov.uk/government/statistics/family-court-statistics-quarterly-july-to-september-2022">fewer than 40%</a> of those divorcing each year do so. While there is no authoritative data on average legal costs incurred in these cases, it seems that, for many couples, the costs of sorting out their financial arrangements need not be high because the courts are not involved. And even those couples who do use the courts for their financial matters overwhelmingly settle rather than fight their case, which limits their legal costs. Only <a href="https://www.gov.uk/government/statistics/family-court-statistics-quarterly-july-to-september-2022">13% of financial orders</a> made in a divorce are actually decided by a judge after contested litigation. The rest are consent orders: orders finalised by the judge on terms that have already been agreed by the divorcing couple. <h2>2. Everything is split 50/50</h2> The law does not lay down a principle of equal sharing of the marital assets on divorce. However, the courts <a href="https://www.lawteacher.net/cases/miller-v-miller-mcfarlane-v-mcfarlane.php">do accept this is a desirable goal</a> if this can be done while meeting both parties’ needs – and those of their children. Research suggests that, rather than rigidly applying a 50/50 split, couples focus on their needs first and <a href="https://research-information.bris.ac.uk/en/publications/financial-remedies-on-divorce-the-need-for-evidence-based-reform">particularly those of their children</a>. This can result in an unequal split of the value of the main asset most couples have – the former marital home. <h2>3. Men have to pay lifelong maintenance</h2> Some news media object to the current law as they claim it allows an ex-wife to be supported <a href="https://www.dailymail.co.uk/news/article-5965629/Surveyor-marriage-ended-16-years-ago-WINS-Supreme-Court-battle.html">for the rest of her life</a> by her former husband (or vice versa). The argument is that this casts ex-wives as dependants who cannot look after themselves, and prevents husbands from moving on after their divorce. In reality, lifelong maintenance is rare, and even limited ongoing financial support is uncommon. The most recent data found that only 16% of court orders involved any kind of ongoing spousal support – of which, two-thirds were for a fixed term. Nearly all such orders involved <a href="http://www.nuffieldfoundation.org/sites/default/files/files/briefing%20paper%20Jun%202018%20FINAL.pdf">dependant children</a>, with the order terminating when the youngest child reaches a certain age or stage of education. <h2>4. London is the divorce capital of the world</h2> Some news media <a href="https://www.theguardian.com/lifeandstyle/shortcuts/2015/feb/24/divorce-rich-husband-london-english-law">report</a> that the courts’ endorsement of the principle of equal sharing has led to some wives, married to oligarchs, sheikhs and tycoons, seeking divorce through an English court due to its “generous” treatment of them. For example in 2021, a High Court judge ordered Sheikh Mohammed bin Rashid al-Maktoum, the emir of Dubai, to pay a <a href="https://www.businessinsider.com/why-london-divorce-capital-world-for-mega-rich-2019-7?r=US&IR=T">£554 million divorce settlement</a> to his former wife, Princess Haya. By their nature, these cases are atypical – that’s why they make headlines. But why should the fact that English law takes spousal equality seriously be a matter for regret? The 1970s legislation aimed to ensure the non-financial contributions of spouses, such as home-making and caring, should be recognised. Judges have been clear <a href="https://uk.practicallaw.thomsonreuters.com/3-503-7596?transitionType=Default&contextData=(sc.Default)&firstPage=true">it is discriminatory to assume</a> the breadwinner spouse is making a greater contribution to the relationship and should keep a larger part of the wealth than the other who takes on the role of carer. Surely this is an enlightened position. That doesn’t mean we shouldn’t update the law, though. Working patterns have changed but women still earn, on average, <a href="https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/bulletins/genderpaygapintheuk/2022#:%7E:text=Image%20.csv%20.xls-,The%20gender%20pay%20gap%20has%20been%20declining%20slowly%20over%20time,up%20from%207.7%25%20in%202021.">less than men</a>. They are still more likely to assume the bulk of <a href="https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/articles/familiesandthelabourmarketengland/2021">child care</a>, <a href="https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/articles/familiesandthelabourmarketengland/2021">work part-time </a>, and, in consequence, have <a href="https://adviser.scottishwidows.co.uk/assets/literature/docs/women-retirement-report-2022-press-release.pdf">smaller pensions compared with men</a>. The result is that, far from being treated generously, women still come out of divorce <a href="https://ses.library.usyd.edu.au/bitstream/handle/2123/26207/Fisher_2018_AJFL_Final.pdf?sequence=1">financially worse off than men</a>. But there is still so much we don’t know about how divorced couples divide their assets. Since the norm is for couples to stay out of the courts, there is no official record of how the majority of the divorcing population arranges their finances. That’s why <a href="https://research-information.bris.ac.uk/en/persons/emma-hitchings">one of us</a> (Emma) is leading the Fair Shares Study, expected to publish in autumn 2023. This will provide the <a href="https://www.bristol.ac.uk/law/fair-shares-project/">first nationally representative picture</a> of couples’ finances on divorce. We need a law that meets the needs of all divorcing couples rather than the few wealthy exceptions, and a major corrective to the myths that abound in this area of family law.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/202975/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/emma-hitchings-388514">Emma Hitchings</a>, Professor of Family Law, <a href="https://theconversation.com/institutions/university-of-bristol-1211">University of Bristol</a> and <a href="https://theconversation.com/profiles/gillian-douglas-1428314">Gillian Douglas</a>, Professor Emerita of Law, <a href="https://theconversation.com/institutions/kings-college-london-1196">King's College London</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/four-myths-about-the-financial-side-of-divorce-202975">original article</a>.

Money & Banking

How your favourite things can boost your financial wellbeing

<a href="https://theconversation.com/profiles/jingshi-joyce-liu-1424398">Jingshi (Joyce) Liu</a>, <a href="https://theconversation.com/institutions/city-university-of-london-1047">City, University of London</a>; <a href="https://theconversation.com/profiles/amy-dalton-1425283">Amy Dalton</a>, <a href="https://theconversation.com/institutions/hong-kong-university-of-science-and-technology-1153">Hong Kong University of Science and Technology</a>, and <a href="https://theconversation.com/profiles/anirban-mukhopadhyay-1425284">Anirban Mukhopadhyay</a>, <a href="https://theconversation.com/institutions/hong-kong-university-of-science-and-technology-1153">Hong Kong University of Science and Technology</a> The cost of living crisis has left many people struggling to afford basic necessities such as food and heating for their homes. On the other hand, the top ten richest men in the world <a href="https://www.weforum.org/agenda/2022/04/economic-inequality-wealth-gap-pandemic/">doubled their wealth</a> during the COVID pandemic while 99% of people became worse off. While this is a comparison of two extremes, many people attempt to “keep up with the Joneses” – looking at what the people around them own and striving to afford the same things. Comparing material wealth and resources to those around you is even more common when others are better off. It’s hard not to wonder why someone else has a nicer car or better clothes. Lots of <a href="https://onlinelibrary.wiley.com/doi/full/10.1111/jasp.12631">research supports</a> this tendency, <a href="https://journals.sagepub.com/doi/full/10.1177/00222437221141053">including our own</a>. For example, when we asked American people to watch a video about research on income inequality in their own country, unsurprisingly, it made them think about their own wealth and how it compares to those around them. And we found that it doesn’t matter how wealthy a person is. Relatively well-off people still tend to look upwards in this way. There is nearly always someone who has more money or owns a better car, a bigger house or the latest gadgets. But while money may not buy you happiness, <a href="https://journals.sagepub.com/doi/full/10.1177/00222437221141053">our research shows</a> that a favourite possession can actually help to make you feel happier when facing income inequality. Thinking about a single treasured possession – even something small like a favourite book gifted by a friend or a keepsake from a trip – can help prevent these feelings of deprivation and actually boost your wellbeing. We used the <a href="https://www.investopedia.com/terms/g/gini-index.asp">Gini coefficient</a> – a common measure of income inequality – to analyse more than 31,000 Instagram posts from 138 countries. We found that posts tend to convey less happiness in places with more income inequality (i.e., when the Gini coefficient of the location of the post increases). We focused on posts that were about favourite possessions (that used hashtags such as #favouritething, #favthing), comparing these with posts about favourite things in general, that is things that aren’t “owned”. The latter posts used hashtags such as #fashion or #favoritepeople. Posts that used hashtags about general consumption and favourite things that aren’t “owned”, such as music or friends, were typically less happy and posted in areas with more income inequality. But when we looked at posts that used hashtags about favourite possessions, such as #favouritething or #favthing, we found there was a weaker relationship with income inequality. So whether a post was happy or not wasn’t linked to the equality of the area it was posted in. These posts about favourite possessions were therefore less affected by income inequality. This means that encouraging people to think differently about things they already own could help some cope better with inequality. Rather than focusing on how much you own, which tends to exacerbate social comparison and undermine happiness, focus instead on your favourite possessions. Our research indicates that people who do this tend to make fewer material comparisons, and are happier as a result. <h2>Simply remember your favourite things</h2> A treasured possession doesn’t even have to be particularly expensive. From a memento purchased on a trip abroad, to your grandmother’s embroidered cushion, a football jersey that reminds you of your old school teammates, or even that tattered t-shirt of your favourite band, such items can feel priceless to their owners because they are unique and their value transcends any kind of price. In a separate multi-country study using an online questionnaire, we asked 1,370 participants from China, India, Pakistan, the UK, Spain, Russia, Chile and Mexico to describe either every item of clothing they had recently purchased, or a single favourite item of clothing. After participants described these things, we asked them about their wellbeing, as well as their perception of income inequality in their country. Those who thought about recent clothing purchases reported lower wellbeing when thinking about income inequality in their country. In comparison, those who talked about a single favourite piece of clothing were not as affected by the income inequality they perceived around them. Three more online experiments with over 2,000 participants <a href="https://journals.sagepub.com/doi/full/10.1177/00222437221141053">revealed that</a> when people are reminded of their favourite possessions they feel less affected by income inequality because they are making fewer material comparisons. In one of these studies, we found that merely describing a favourite possession made people less likely to compare their wealth to that of others. When people stopped making these comparisons they were happier – even those living in places with more income inequality. <h2>#FavouriteThing</h2> Our research shows the benefits of focusing on a few favourite things that we own, rather than thinking about the amount of possessions we have and what else we need to “keep up with the Joneses”. Hashtag trends like #ThrowbackThursday encourage people to post photos on certain themes. In a similar vein, encouraging more people to post photos of their favourite possessions using hashtags like #FavouriteThing could do a lot to help boost happiness during the cost of living crisis. Income inequality is rampant and the cost of living crisis has only made its effects worse. But we all possess something dear to us that can keep us from comparing ourselves to others and help protect our wellbeing in this difficult economic environment.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/201997/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/jingshi-joyce-liu-1424398">Jingshi (Joyce) Liu</a>, Lecturer in Marketing, <a href="https://theconversation.com/institutions/city-university-of-london-1047">City, University of London</a>; <a href="https://theconversation.com/profiles/amy-dalton-1425283">Amy Dalton</a>, Associate Professor of Marketing, <a href="https://theconversation.com/institutions/hong-kong-university-of-science-and-technology-1153">Hong Kong University of Science and Technology</a>, and <a href="https://theconversation.com/profiles/anirban-mukhopadhyay-1425284">Anirban Mukhopadhyay</a>, Lifestyle International Professor of Business and Chair Professor of Marketing, <a href="https://theconversation.com/institutions/hong-kong-university-of-science-and-technology-1153">Hong Kong University of Science and Technology</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/how-your-favourite-things-can-boost-your-financial-wellbeing-201997">original article</a>.

Money & Banking

ChatGPT and other generative AI could foster science denial and misunderstanding – here’s how you can be on alert

<a href="https://theconversation.com/profiles/gale-sinatra-1234776">Gale Sinatra</a>, <a href="https://theconversation.com/institutions/university-of-southern-california-1265">University of Southern California</a> and <a href="https://theconversation.com/profiles/barbara-k-hofer-1231530">Barbara K. Hofer</a>, <a href="https://theconversation.com/institutions/middlebury-1247">Middlebury</a> Until very recently, if you wanted to know more about a controversial scientific topic – stem cell research, the safety of nuclear energy, climate change – you probably did a Google search. Presented with multiple sources, you chose what to read, selecting which sites or authorities to trust. Now you have another option: You can pose your question to ChatGPT or another generative artificial intelligence platform and quickly receive a succinct response in paragraph form. ChatGPT does not search the internet the way Google does. Instead, it generates responses to queries by <a href="https://www.washingtonpost.com/technology/2023/05/07/ai-beginners-guide/">predicting likely word combinations</a> from a massive amalgam of available online information. Although it has the potential for <a href="https://hbr.org/podcast/2023/05/how-generative-ai-changes-productivity">enhancing productivity</a>, generative AI has been shown to have some major faults. It can <a href="https://www.scientificamerican.com/article/ai-platforms-like-chatgpt-are-easy-to-use-but-also-potentially-dangerous/">produce misinformation</a>. It can create “<a href="https://www.nytimes.com/2023/05/01/business/ai-chatbots-hallucination.html">hallucinations</a>” – a benign term for making things up. And it doesn’t always accurately solve reasoning problems. For example, when asked if both a car and a tank can fit through a doorway, it <a href="https://www.nytimes.com/2023/03/14/technology/openai-new-gpt4.html">failed to consider both width and height</a>. Nevertheless, it is already being used to <a href="https://www.washingtonpost.com/media/2023/01/17/cnet-ai-articles-journalism-corrections/">produce articles</a> and <a href="https://www.nytimes.com/2023/05/19/technology/ai-generated-content-discovered-on-news-sites-content-farms-and-product-reviews.html">website content</a> you may have encountered, or <a href="https://www.nytimes.com/2023/04/21/opinion/chatgpt-journalism.html">as a tool</a> in the writing process. Yet you are unlikely to know if what you’re reading was created by AI. As the authors of “<a href="https://global.oup.com/academic/product/science-denial-9780197683330">Science Denial: Why It Happens and What to Do About It</a>,” we are concerned about how generative AI may blur the boundaries between truth and fiction for those seeking authoritative scientific information. Every media consumer needs to be more vigilant than ever in verifying scientific accuracy in what they read. Here’s how you can stay on your toes in this new information landscape. <h2>How generative AI could promote science denial</h2> Erosion of epistemic trust. All consumers of science information depend on judgments of scientific and medical experts. <a href="https://doi.org/10.1080/02691728.2014.971907">Epistemic trust</a> is the process of trusting knowledge you get from others. It is fundamental to the understanding and use of scientific information. Whether someone is seeking information about a health concern or trying to understand solutions to climate change, they often have limited scientific understanding and little access to firsthand evidence. With a rapidly growing body of information online, people must make frequent decisions about what and whom to trust. With the increased use of generative AI and the potential for manipulation, we believe trust is likely to erode further than <a href="https://www.pewresearch.org/science/2022/02/15/americans-trust-in-scientists-other-groups-declines/">it already has</a>. Misleading or just plain wrong. If there are errors or biases in the data on which AI platforms are trained, that <a href="https://theconversation.com/ai-information-retrieval-a-search-engine-researcher-explains-the-promise-and-peril-of-letting-chatgpt-and-its-cousins-search-the-web-for-you-200875">can be reflected in the results</a>. In our own searches, when we have asked ChatGPT to regenerate multiple answers to the same question, we have gotten conflicting answers. Asked why, it responded, “Sometimes I make mistakes.” Perhaps the trickiest issue with AI-generated content is knowing when it is wrong. Disinformation spread intentionally. AI can be used to generate compelling disinformation as text as well as deepfake images and videos. When we asked ChatGPT to “<a href="https://www.scientificamerican.com/article/ai-platforms-like-chatgpt-are-easy-to-use-but-also-potentially-dangerous/">write about vaccines in the style of disinformation</a>,” it produced a nonexistent citation with fake data. Geoffrey Hinton, former head of AI development at Google, quit to be free to sound the alarm, saying, “It is hard to see how you can prevent the bad actors from <a href="https://www.nytimes.com/2023/05/01/technology/ai-google-chatbot-engineer-quits-hinton.html">using it for bad things</a>.” The potential to create and spread deliberately incorrect information about science already existed, but it is now dangerously easy. Fabricated sources. ChatGPT provides responses with no sources at all, or if asked for sources, may present <a href="https://economistwritingeveryday.com/2023/01/21/chatgpt-cites-economics-papers-that-do-not-exist/">ones it made up</a>. We both asked ChatGPT to generate a list of our own publications. We each identified a few correct sources. More were hallucinations, yet seemingly reputable and mostly plausible, with actual previous co-authors, in similar sounding journals. This inventiveness is a big problem if a list of a scholar’s publications conveys authority to a reader who doesn’t take time to verify them. Dated knowledge. ChatGPT doesn’t know what happened in the world after its training concluded. A query on what percentage of the world has had COVID-19 returned an answer prefaced by “as of my knowledge cutoff date of September 2021.” Given how rapidly knowledge advances in some areas, this limitation could mean readers get erroneous outdated information. If you’re seeking recent research on a personal health issue, for instance, beware. Rapid advancement and poor transparency. AI systems continue to become <a href="https://www.nytimes.com/2023/05/01/technology/ai-google-chatbot-engineer-quits-hinton.html">more powerful and learn faster</a>, and they may learn more science misinformation along the way. Google recently announced <a href="https://www.nytimes.com/2023/05/10/technology/google-ai-products.html">25 new embedded uses of AI in its services</a>. At this point, <a href="https://theconversation.com/regulating-ai-3-experts-explain-why-its-difficult-to-do-and-important-to-get-right-198868">insufficient guardrails are in place</a> to assure that generative AI will become a more accurate purveyor of scientific information over time. <h2>What can you do?</h2> If you use ChatGPT or other AI platforms, recognize that they might not be completely accurate. The burden falls to the user to discern accuracy. Increase your vigilance. <a href="https://www.niemanlab.org/2022/12/ai-will-start-fact-checking-we-may-not-like-the-results/">AI fact-checking apps may be available soon</a>, but for now, users must serve as their own fact-checkers. <a href="https://www.nsta.org/science-teacher/science-teacher-januaryfebruary-2023/plausible">There are steps we recommend</a>. The first is: Be vigilant. People often reflexively share information found from searches on social media with little or no vetting. Know when to become more deliberately thoughtful and when it’s worth identifying and evaluating sources of information. If you’re trying to decide how to manage a serious illness or to understand the best steps for addressing climate change, take time to vet the sources. Improve your fact-checking. A second step is <a href="https://doi.org/10.1037/edu0000740">lateral reading</a>, a process professional fact-checkers use. Open a new window and search for <a href="https://www.nsta.org/science-teacher/science-teacher-mayjune-2023/marginalizing-misinformation">information about the sources</a>, if provided. Is the source credible? Does the author have relevant expertise? And what is the consensus of experts? If no sources are provided or you don’t know if they are valid, use a traditional search engine to find and evaluate experts on the topic. Evaluate the evidence. Next, take a look at the evidence and its connection to the claim. Is there evidence that genetically modified foods are safe? Is there evidence that they are not? What is the scientific consensus? Evaluating the claims will take effort beyond a quick query to ChatGPT. If you begin with AI, don’t stop there. Exercise caution in using it as the sole authority on any scientific issue. You might see what ChatGPT has to say about genetically modified organisms or vaccine safety, but also follow up with a more diligent search using traditional search engines before you draw conclusions. Assess plausibility. Judge whether the claim is plausible. <a href="https://doi.org/10.1016/j.learninstruc.2013.03.001">Is it likely to be true</a>? If AI makes an implausible (and inaccurate) statement like “<a href="https://www.usatoday.com/story/news/factcheck/2022/12/23/fact-check-false-claim-covid-19-vaccines-caused-1-1-million-deaths/10929679002/">1 million deaths were caused by vaccines, not COVID-19</a>,” consider if it even makes sense. Make a tentative judgment and then be open to revising your thinking once you have checked the evidence. Promote digital literacy in yourself and others. Everyone needs to up their game. <a href="https://theconversation.com/how-to-be-a-good-digital-citizen-during-the-election-and-its-aftermath-148974">Improve your own digital literacy</a>, and if you are a parent, teacher, mentor or community leader, promote digital literacy in others. The American Psychological Association provides guidance on <a href="https://www.apa.org/topics/social-media-internet/social-media-literacy-teens">fact-checking online information</a> and recommends teens be <a href="https://www.apa.org/topics/social-media-internet/health-advisory-adolescent-social-media-use">trained in social media skills</a> to minimize risks to health and well-being. <a href="https://newslit.org/">The News Literacy Project</a> provides helpful tools for improving and supporting digital literacy. Arm yourself with the skills you need to navigate the new AI information landscape. Even if you don’t use generative AI, it is likely you have already read articles created by it or developed from it. It can take time and effort to find and evaluate reliable information about science online – but it is worth it.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/204897/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/gale-sinatra-1234776">Gale Sinatra</a>, Professor of Education and Psychology, <a href="https://theconversation.com/institutions/university-of-southern-california-1265">University of Southern California</a> and <a href="https://theconversation.com/profiles/barbara-k-hofer-1231530">Barbara K. Hofer</a>, Professor of Psychology Emerita, <a href="https://theconversation.com/institutions/middlebury-1247">Middlebury</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/chatgpt-and-other-generative-ai-could-foster-science-denial-and-misunderstanding-heres-how-you-can-be-on-alert-204897">original article</a>.

Technology

Restaurant under fire for denying entry to war veteran with service dog

A Perth restaurant has been slammed after denying entry to a US war veteran and his service dog. David Pearce and his English Labrador, Gunner, were denied entry to the Chinese restaurant Juice Bao Bao on May 19. Gunner is a certified service dog who assists Pearce through life as he suffers from PTSD, hearing loss and a brain injury. "I tried to explain he's a service dog and they have to allow us in and they said no service dogs, the owner doesn't want any dogs," Pearce said "It was embarrassing, [and] a bit humiliating.” Pearce sustained his injuries while serving in Iraq and Syria. He has served in the US military for nearly 20 years. He and Gunner have been “best buddies” for nine years. "He's saved my life a couple of times," Pearce said. Pearce has launched an official complaint to the Western Australian government following the ordeal. Juice Bao Bao manager Elaine Hsu took responsibility for the decision to refuse entry to Pearce. "That was my personal decision so that's my fault," she told 9News. "We want to sincerely apologise to him and we want to ask him to come here [for a] free meal. "[We will] make sure this [does] not happen again.” The restaurant has received a number of negative reviews since Pearce shared his story. "I'm not really interested in a free meal, although some dumplings would go down really nicely," Pearce said . "I'm just happy that they're changing their policy." Assistance and service dogs are legally allowed to enter any public venue if their certification is displayed on their vest and the owner can provide a service animal ID. Image credit: 9News / Nine

Travel Trouble

Financial guru reveals how to shop at Costco without membership

With the cost of living crisis, people have started abandoning their local supermarkets and heading to Costco to do a shop that doesn't break the bank. While best known for its deals, shoppers must have a membership with the wholesaler, meaning they pay a yearly fee of $60 to shop there. However, one bargain hunter and money-saving expert has revealed how to shop at the supermarket without paying the membership fee. To access a Costco without a membership, shoppers need a shop card, financial guru Little Birdie explained. The cards can be preloaded with any amount from $25 to $999.99, with recipients then able to use them for purchase in store. There is a catch - the cards have to be bought by a current member, and can’t be used online, or in fuel stations, Birdie continued in her TikTok. Currently, there are only 15 stores across Australia. Parents of larger families have reported getting hundreds of dollars off their grocery bills by buying in bulk at Costco. “Every time I go to Costco, my favourite part is seeing how much money I saved. Yesterday was my first trip there in a few years. I spent $593,” one woman wrote on Facebook. “I did a (fake) online order with Coles, selecting equal quantities as what I have purchased at Costco. Coles would have cost me $783.” She claimed the quality of the products, particularly meat, is better than other stores and is the ideal place to purchase expensive dog food in bulk at a quarter of the price. “We actually ended up saving around $35, on approximately six weeks food for our dogs. But the real win is that we have it already, and don't have to get stress when we're running out and all the supermarkets are out of stock!” The wholesaler has served to help many families in desperate times with one woman saying she <a href="https://www.oversixty.com.au/lifestyle/food-wine/groceries-option-even-cheaper-than-aldi" target="_blank" rel="noopener">saved a whopping $600</a> by shopping at Costco. Image credit: TikTok

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Restaurant under fire for denying entry to war veteran with service dog

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Our Partners

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Shop

Catalogues

Newspaper

Contests

Entertainment

Travel

Health

Lifestyle

Finance

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Compare

Games

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Search

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Restaurant under fire for denying entry to war veteran with service dog

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