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The financial reality check after a major diagnosis

<p>Once you have received and processed your doctor’s diagnosis, take stock of the situation, because this will determine how you respond and what resources you have available to support you going forward.</p> <p>Who received the diagnosis – you or your spouse (if you have one)? Is it a terminal illness, chronic condition or treatable setback? </p> <p>If you are not yet retired, will you be able to keep working, need a period off work or will this bring forward your retirement? If leaving work temporarily, what are your prospects for re-entering the workforce? Will your partner need to leave their work to care for you (or vice versa)?</p> <p>Once you have clarified and considered this, spring into action as soon as possible.</p> <p><strong>Revisit your spending</strong></p> <p>Healthcare is expensive by any measure. </p> <p>Pensioners and healthcare card holders may get much or all of your treatment covered, but waiting times in the public system can be lengthy. For self-funded retirees, even with private health insurance, there can be considerable out-of-pocket costs: specialist visits, diagnostics, symptom management, physiotherapy and so on. </p> <p>Depending on the type of diagnosis, you may also need to modify your home (install ramps, railings etc.) and/or obtain specialist furniture and equipment. Then comes care requirements – private nurses, retirement living, hospice or palliative care.</p> <p>Your lifestyle may also change, and quickly. Your clothes and shoes may no longer fit if you lose weight rapidly. You may no longer be able to drive. You may need help with household chores – cleaning, cooking, gardening. Covering these requires money if you don’t have family and friends able to lend a helping hand.</p> <p>Carefully look at what supports your new reality demands and whether they will be one-off or ongoing expenses. Some things will need to be purchased, others could be hired to split the cost over the longer term. </p> <p><strong>Secure your income</strong></p> <p>Once you’ve established the impact on your ability to work and your spending needs, determine how you will pay for everything going forward.</p> <p>Your emergency fund can provide short-term cash if you need to stop working suddenly or fork out for large, unexpected bills. </p> <p>Depending on your age and circumstances, it may be worth bringing forward your retirement – allowing you to draw income from superannuation and focus more on your (or your partner’s) health.</p> <p>Check your insurances to see what claims you could make – having paid the premiums, now is the time make use of them. Relevant insurances include total permanent disability, income protection, trauma or critical illness cover. Meanwhile some life insurance policies may pay out based on a specialist’s diagnosis, unlocking much-needed funds sooner. Depending on your diagnosis, policy and the type of insurance, payouts may be a lump sum or smaller payments spaced out over time.</p> <p><strong>Update your estate plans</strong></p> <p>A major diagnosis typically elicits thoughts about mortality, legacy and how you want your loved ones to be provided for.</p> <p>Crucially, it may also influence factors such as guardianship of minors and pets while you are unwell/in hospital, Power of Attorney to cover important legal and financial decisions if you are incapacitated, and palliative care arrangements if required.</p> <p>Before heavy medications, surgeries or further deterioration of your health cloud your judgement, ensure your will and estate plans are updated to fully reflect your current needs and wishes.</p> <p><strong>Look after yourself</strong></p> <p>Stress, shock, anger and despair are common emotions to feel when faced with a major diagnosis. As such, it’s important you look after your mental and emotional wellbeing too.</p> <p>It needn’t cost a cent – you could look to free counselling services available such as Lifeline and Beyond Blue; a daily walk by the beach or through the local park; catching up with loved ones for support and companionship. </p> <p>Keeping your spirits up, as much as you can under the circumstances, can improve your quality of life while also helping you make clearer decisions about your health, finances and relationships – making it arguably the best investment of all.</p> <p>Back that up with sound legal, tax and financial advice. There is much to consider where insurance, superannuation, inheritances, Centrelink and more are involved, and you can’t know everything – especially when your focus is rightly elsewhere!</p> <p><em><strong>Helen Baker is a licensed Australian financial adviser and author of On Your Own Two Feet: The Essential Guide to Financial Independence for all Women. 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></strong></em></p> <p><em><strong>Disclaimer: The information in this article is of a general nature only and does not constitute personal financial or product advice. Any opinions or views expressed are those of the authors and do not represent those of people, institutions or organisations the owner may be associated with in a professional or personal capacity unless explicitly stated. Helen Baker is an authorised representative of BPW Partners Pty Ltd AFSL 548754.</strong></em></p> <p><em><strong>Image credits: Shutterstock </strong></em></p>

Money & Banking

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MedicAlert: The life-saving service that just got even better

<p>While traditional MedicAlert IDs have long been trusted for their reliability, the company that currently protects more than four million members worldwide has taken a huge step forward in enhancing emergency care and personal safety by <a href="https://www.medicalert.org.au/qr-code" target="_blank" rel="noopener">integrating QR codes</a> into their medical IDs.</p> <p>These QR codes are a modern addition that provide rapid, comprehensive access to critical medical information, ensuring timely and accurate assistance in emergencies.</p> <p><strong> </strong>When a MedicAlert QR code is scanned, first responders and healthcare professionals can immediately access the wearer’s detailed medical history. This includes information on allergies, chronic conditions, medications and emergency contacts, as well as your uploaded documents like Advanced Care Directives and specialist letters. The quick retrieval of this data can be lifesaving, especially in situations where every second counts.</p> <p><strong> </strong>MedicAlert’s QR codes are designed to be user-friendly and secure. Scanning the code with a smartphone or any QR code reader directs the user to a secure webpage containing the medical profile of the ID wearer. This ensures that sensitive information is both accessible when needed and protected from unauthorised access.</p> <p>One of the standout features of MedicAlert QR codes is their global functionality. No matter where you are in the world, emergency responders can scan the code and access the information in multiple languages. This is particularly beneficial for travellers, providing peace of mind that their medical information is always within reach.</p> <p><img class="alignnone size-full wp-image-70799" src="https://oversixtydev.blob.core.windows.net/media/2024/10/MEDICALERT-22nd-May-2024-219_O60.jpg" alt="" width="1280" height="720" /></p> <p>The information linked to a MedicAlert QR code can also be easily updated. This means any changes in medical conditions, medications or emergency contacts can be promptly reflected, ensuring that the most current information is available at all times.</p> <p>As a registered Australian charity, MedicAlert also ensures that all online data is securely stored within Australia, providing peace of mind regarding the privacy and protection of your personal medical information. Their commitment to safeguarding your health data while offering reliable and accessible emergency support makes them an invaluable ally in maintaining your wellbeing.</p> <p>For a limited time, get 60% off all stainless steel MedicAlert products with the discount code 60OVER60.</p> <p>For more information, visit <a href="https://www.medicalert.org.au/qr-code">https://www.medicalert.org.au/qr-code</a></p> <p><iframe title="YouTube video player" src="https://www.youtube.com/embed/HkmBEXerAFQ?si=FFtmmhywyzu6EPUr" width="560" height="315" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p> <p><em>Images: MedicAlert</em></p> <p><em>This is a sponsored article produced in partnership with MedicAlert</em></p>

Caring

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Police appeal for information after baby seal shot

<p>Authorities have offered up a reward of $20,000 USD ($29,000 AUD) in exchange for information after a baby seal was shot dead on a beach in Southern California. </p> <p>The fatally wounded male sea lion was discovered on August 7th between two lifeguard stations at Bolsa Chica State Beach in Orange County, according to the National Oceanic and Atmospheric Administration (NOAA).</p> <p>The animal was estimated to be just two years old and died the day after it was found, with an examination revealing the seal had a gunshot wound to the back, according to a statement from NOAA.</p> <p>The agency said its law enforcement division was offering the reward "for information leading to a civil penalty or criminal conviction" in connection with the shooting, as the federal Marine Mammal Protection Act prohibits harassing, hunting, capturing or killing sea lions and other marine mammals.</p> <p>Violators can face criminal penalties, fines, and the forfeiture of any vessel involved in the incident.</p> <p>NOAA spokesperson Michael Milstein told <em><a href="https://www.usatoday.com/story/news/nation/2024/10/10/sea-lion-shot-california-beach-noaa-reward-offered/75605210007/" target="_blank" rel="noopener">USA TODAY</a></em> that the agency hopes "the reward offer will help encourage someone who may have seen something or heard something unusual to let us know to help us identify a suspect in this case."</p> <p>"We do get sea lions regularly that have been shot but this animal was still alive when found, so the wound was fresh and it was on a public beach, which hopefully increases the odds that someone knows something about what happened," Milstein added.</p> <p><em>Image credits: NOAA</em></p>

Legal

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10 signs you’re not on the right financial path

<p>Dreaming of owning a big house, nice car and a boat? Or just having enough cash to be comfortable?</p> <p>Here are 10 signs that you are not (yet) on the path to financial freedom.</p> <p><strong>1. You don't think about ways to make extra money</strong></p> <p>If you are paid a salary and nothing more, you are limited in the ways you can get ahead. The only way to save is to spend less. But if you switch it up and start to look for ways to earn more, your horizons open up. Most of the world's super wealthy have more than one income stream – some of which are usually passive, requiring no regular input. This could be something such as rental income from an investment property or the sale of a product such as an ebook. Add in some sensible savings habits and you will be on your way.</p> <p><strong>2. You leave your savings in a savings account</strong></p> <p>If you stick your cash in a savings account, it is basically doing nothing. You are better to look at ways to put that money to work. You could put it in a managed fund, buy shares or even lend it out via a peer-to-peer platform, to get a better return. Make sure you get good advice to understand what you are doing.</p> <p><strong>3. You borrow to buy</strong></p> <p>Borrowing to buy a house is fine. Borrowing to buy a car is (generally) not. If you are putting all your purchases on finance or credit card and paying them off with high rates of interest, you are pouring money down the drain. Live within your means if you want to get rich.</p> <p><strong>4. You don't know where your money goes</strong></p> <p>The first step to getting on the right track is to have a clear idea of what you're spending money on. If you don't know, chances are you're wasting it.  Have a look through your recent bank statements, draw up a budget. Stamp out some discretionary spending and you'll have more of that money to put to work that we mentioned earlier.</p> <p><strong>5. You're putting off planning for your retirement</strong></p> <p>If you think you are too young to have to worry about the future, you are doing yourself a huge disservice. When you are working towards a long-term financial goal, such as retirement, time is a huge asset to have on your side. The power of compounding means that any returns you make in a vehicle such as your KiwiSaver account then attract their own returns, over and over each year until you withdraw the money. The later you start saving, the more of that compounding power you miss.</p> <p><strong>6. You hate risk</strong></p> <p>It is great to be careful with your money but if you never take a risk, you miss out on returns. Over the long term, the biggest gains are usually from riskier investments, such as equities. You may also find ways to wealth by getting out of your comfort zone. Quitting your job and starting a new business is risky and scary, but could pay off if you have planned it well and know your stuff.</p> <p><strong>7. You don't have a plan</strong></p> <p>If you don't know how you're going to get rich, it probably isn't going to happen. Write down your goals. What do you want to achieve this week, month and year? What about in 10 years? If you can, identify someone who is in a position you'd like to get to and find out what they did to get there. Work out what you need to do to follow suit and break it down into small, achievable steps.</p> <p><strong>8. You don't pay yourself first</strong></p> <p>If you have decided to save money and think you'll just put aside everything that is left in your account at the end of the month, you will be horribly disappointed. This method almost always fails because there is invariably nothing left. Pay yourself first. Using your budget and plan, put aside the amount that you have worked out you can afford to save as soon as you get paid, and then live off the rest.</p> <p><strong>9. You think you're bad with money</strong></p> <p>It's a self-fulfilling prophecy. If you think you are bad with money, you won't pay any attention to your finances and they will get out of control. Stop thinking money is some sort of secret club that you could not possibly understand. Everyone can get a handle on it.</p> <p><strong>10. You don't know the basics</strong></p> <p>But having said that, it's important to get a good knowledge of the basic stuff. If you are not clear how your credit card works, or how your mortgage interest is calculated, get someone to help you break it down and bust the jargon. Websites such as Sorted have good tools or you can seek financial advice from your bank or an adviser.</p> <p><em>Image credits: Shutterstock </em></p> <p><em>Written by Susan Edmonds. First appeared on <a href="http://www.stuff.co.nz/" target="_blank" rel="noopener"><strong><span style="text-decoration: underline;">Stuff.co.nz</span></strong></a>. </em></p>

Money & Banking

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How can we improve public health communication for the next pandemic? Tackling distrust and misinformation is key

<div class="theconversation-article-body"> <p><em><a href="https://theconversation.com/profiles/shauna-hurley-203140">Shauna Hurley</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> and <a href="https://theconversation.com/profiles/rebecca-ryan-1522824">Rebecca Ryan</a>, <a href="https://theconversation.com/institutions/la-trobe-university-842">La Trobe University</a></em></p> <p>There’s a common thread linking our <a href="https://www.visualcapitalist.com/history-of-pandemics-deadliest/">experience of pandemics</a> over the past 700 years. From the black death in the 14th century to COVID in the 21st, public health authorities have put emergency measures such as isolation and quarantine in place to stop infectious diseases spreading.</p> <p>As we know from COVID, these measures upend lives in an effort to save them. In both the <a href="https://www.thinkglobalhealth.org/article/pandemic-protests-when-unrest-and-instability-go-viral">recent</a> and <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3559034/">distant past</a> they’ve also given rise to collective unrest, confusion and resistance.</p> <p>So after all this time, what do we know about the role public health communication plays in helping people understand and adhere to protective measures in a crisis? And more importantly, in an age of misinformation and distrust, how can we improve public health messaging for any future pandemics?</p> <p>Last year, we published a <a href="https://www.cochranelibrary.com/cdsr/doi/10.1002/14651858.CD015144/full">Cochrane review</a> exploring the global evidence on public health communication during COVID and other infectious disease outbreaks including SARS, MERS, influenza and Ebola. Here’s a snapshot of what we found.</p> <h2>The importance of public trust</h2> <p>A key theme emerging in analysis of the COVID pandemic globally is public trust – or lack thereof – in governments, public institutions and science.</p> <p>Mounting evidence suggests <a href="https://www.washingtonpost.com/world/2022/02/01/trust-lancet-covid-study/">levels of trust in government</a> were <a href="https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(22)00172-6/fulltext">directly proportional</a> to fewer COVID infections and higher vaccination rates across the world. It was a crucial factor in people’s willingness to follow public health directives, and is now a key focus for future pandemic preparedness.</p> <p>Here in Australia, public trust in governments and health authorities steadily eroded over time.</p> <p>Initial information from governments and health authorities about the unfolding COVID crisis, personal risk and mandated protective measures was generally clear and consistent across the country. The establishment of the <a href="https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/rp/rp1920/Quick_Guides/AustralianCovid-19ResponseManagement#_Toc38973752">National Cabinet</a> in 2020 signalled a commitment from state, territory and federal governments to consensus-based policy and public health messaging.</p> <p>During this early phase of relative unity, <a href="https://theconversation.com/inflation-covid-inequality-new-report-shows-australias-social-cohesion-is-at-crossroads-195198">Australians reported</a> higher levels of belonging and trust in government.</p> <p>But as the pandemic wore on, public trust and confidence fell on the back of conflicting state-federal pandemic strategies, blame games and the <a href="https://theconversation.com/we-lost-the-plot-on-covid-messaging-now-governments-will-have-to-be-bold-to-get-us-back-on-track-186732">confusing fragmentation</a> of public health messaging. The divergence between <a href="https://www.theaustralian.com.au/nation/tale-of-two-cities-gripped-by-covid-fear-outbreak/news-story/cf1b922610aeb0b0ee9b0b53486bf640">lockdown policies and public health messaging</a> adopted by <a href="https://www.theage.com.au/national/victoria/a-tale-of-two-cities-that-doesn-t-seem-fair-20211012-p58z79.html">Victoria and New South Wales</a> is one example, but there are plenty of others.</p> <p>When state, territory and federal governments have conflicting policies on protective measures, people are easily confused, lose trust and become harder to engage with or persuade. Many tune out from partisan politics. Adherence to mandated public health measures falls.</p> <p>Our research found clarity and consistency of information were key features of effective public health communication throughout the COVID pandemic.</p> <p>We also found public health communication is most effective when authorities work in partnership with different target audiences. In Victoria, the case brought against the state government for the <a href="https://www.abc.net.au/news/2023-07-24/melbourne-public-housing-tower-covid-lockdown-compensation/102640898">snap public housing tower lockdowns</a> is a cautionary tale underscoring how essential considered, tailored and two-way communication is with diverse communities.</p> <h2>Countering misinformation</h2> <p>Misinformation is <a href="https://reutersinstitute.politics.ox.ac.uk/hydroxychloroquine-australia-cautionary-tale-journalists-and-scientists">not a new problem</a>, but has been supercharged by the advent of <a href="https://theconversation.com/health-misinformation-is-rampant-on-social-media-heres-what-it-does-why-it-spreads-and-what-people-can-do-about-it-217059">social media</a>.</p> <p>The much-touted “miracle” drug <a href="https://www.vox.com/future-perfect/22663127/ivermectin-covid-treatments-vaccines-evidence">ivermectin</a> typifies the extraordinary traction unproven treatments gained locally and globally. Ivermectin is an anti-parasitic drug, lacking evidence for viruses like COVID.</p> <p>Australia’s drug regulator was forced to <a href="https://www.theguardian.com/australia-news/2021/sep/10/australian-drug-regulator-bans-ivermectin-as-covid-treatment-after-sharp-rise-in-prescriptions">ban ivermectin presciptions</a> for anything other than its intended use after a <a href="https://www.theguardian.com/world/2021/aug/30/australian-imports-of-ivermectin-increase-10-fold-prompting-warning-from-tga">sharp increase</a> in people seeking the drug sparked national shortages. Hospitals also reported patients <a href="https://www.theguardian.com/australia-news/2021/sep/02/sydney-covid-patient-in-westmead-hospital-after-overdosing-on-ivermectin-and-other-online-cures">overdosing on ivermectin</a> and cocktails of COVID “cures” promoted online.</p> <p>The <a href="https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(22)01585-9/fulltext">Lancet Commission</a> on lessons from the COVID pandemic has called for a coordinated international response to countering misinformation.</p> <p>As part of this, it has called for more accessible, accurate information and investment in scientific literacy to protect against misinformation, including that shared across social media platforms. The World Health Organization is developing resources and recommendations for health authorities to address this “<a href="https://www.who.int/health-topics/infodemic#tab=tab_1">infodemic</a>”.</p> <p>National efforts to directly tackle misinformation are vital, in combination with concerted efforts to raise health literacy. The Australian Medical Association has <a href="https://www.ama.com.au/media/action-needed-tackle-health-misinformation-internet-social-media">called on the federal government</a> to invest in long-term online advertising to counter health misinformation and boost health literacy.</p> <p>People of all ages need to be equipped to think critically about who and where their health information comes from. With the rise of AI, this is an increasingly urgent priority.</p> <h2>Looking ahead</h2> <p>Australian health ministers recently <a href="https://www.cdc.gov.au/newsroom/news-and-articles/australian-health-ministers-reaffirm-commitment-australian-cdc">reaffirmed their commitment</a> to the new Australian Centre for Disease Control (CDC).</p> <p>From a science communications perspective, the Australian CDC could provide an independent voice of evidence and consensus-based information. This is exactly what’s needed during a pandemic. But full details about the CDC’s funding and remit have been the subject of <a href="https://www.croakey.org/federal-budget-must-deliver-on-climate-health-and-the-centre-for-disease-control-sector-leaders-warn/">some conjecture</a>.</p> <p>Many of our <a href="https://www.cochraneaustralia.org/articles/covidandcommunications">key findings</a> on effective public health communication during COVID are not new or surprising. They reinforce what we know works from previous disease outbreaks across different places and points in time: tailored, timely, clear, consistent and accurate information.</p> <p>The rapid rise, reach and influence of misinformation and distrust in public authorities bring a new level of complexity to this picture. Countering both must become a central focus of all public health crisis communication, now and in the future.</p> <p><em>This article is part of a <a href="https://theconversation.com/au/topics/the-next-pandemic-160343">series on the next pandemic</a>.</em><!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><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/226718/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/shauna-hurley-203140">Shauna Hurley</a>, PhD candidate, School of Public Health, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> and <a href="https://theconversation.com/profiles/rebecca-ryan-1522824">Rebecca Ryan</a>, Senior Research Fellow, Health Practice and Management; Head, Centre for Health Communication and Participation, <a href="https://theconversation.com/institutions/la-trobe-university-842">La Trobe University</a></em></p> <p><em>Image credits: Shutterstock </em></p> <p><em>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-can-we-improve-public-health-communication-for-the-next-pandemic-tackling-distrust-and-misinformation-is-key-226718">original article</a>.</em></p> </div>

Technology

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More Australians are using their superannuation for medical procedures. But that might put their financial health at risk

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/neera-bhatia-15189">Neera Bhatia</a>, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a></em></p> <p>A record number of Australians are accessing their superannuation early on compassionate grounds, mainly to fund their own medical procedures – or those of a family member.</p> <p>Some 150,000 Australians have used the scheme in the last five years. Nearly 40,000 people <a href="https://www.ato.gov.au/about-ato/research-and-statistics/in-detail/super-statistics/early-release/compassionate-release-of-super">had applications approved</a> in 2022-23, compared to just under 30,000 in 2018-19 – an increase of 47%.</p> <p>Some people think this flexible use of funds is a good way to ensure people can fund their own medical needs. But more transparency and better oversight is needed.</p> <h2>What are compassionate grounds?</h2> <p>Since July 2018, the Australian Tax Office has administered the early release of superannuation – meaning before <a href="https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/withdrawing-and-using-your-super/super-withdrawal-options#Preservationage">retirement</a> – under certain circumstances, including compassionate grounds.</p> <p><a href="https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/withdrawing-and-using-your-super/early-access-to-super/access-on-compassionate-grounds/expenses-eligible-for-release-on-compassionate-grounds">Compassionate grounds</a> for you or your dependant (such as child or spouse) are:</p> <ul> <li>medical treatment or transport</li> <li>modifying your home or vehicle to accommodate special needs for a severe disability</li> <li>palliative care for a terminal illness</li> <li>death, funeral or burial expenses</li> <li>preventing foreclosure or forced sale of your home.</li> </ul> <p>The medical treatment must be for a life-threatening illness or injury, or to alleviate acute or chronic pain, or acute or chronic mental illness.</p> <p>The treatment cannot be “readily available” through the public system. Cosmetic procedures are excluded.</p> <p>You also have to prove you cannot afford to pay part or all of the expenses without accessing your super, for example, by spending your savings, selling assets or getting a loan.</p> <p>People who can access other funding for the expense, such as via the <a href="https://theconversation.com/lists-of-eligible-supports-could-be-a-backwards-step-for-the-ndis-and-people-with-disability-236578">National Disability Insurance Scheme</a>, are ineligible.</p> <h2>Why are people using this scheme more?</h2> <p>The ATO has not explained what is driving the surge. General cost-of-living pressures may play a role. People may have fewer savings to draw on for medical procedures.</p> <p>But the treatments most commonly being accessed using superannuation – fertility treatments, weight loss surgeries and dental care – point to other systemic issues.</p> <p>There have long been issues with IVF and <a href="https://theconversation.com/why-isnt-dental-included-in-medicare-its-time-to-change-this-heres-how-239086#:%7E:text=The%20real%20reason%20dental%20hasn,has%20a%20structural%20budget%20problem.">dental care</a> not being readily available or funded in the public health system.</p> <p>Weight loss surgeries (including <a href="https://www.mayoclinic.org/tests-procedures/bariatric-surgery/about/pac-20394258">bariatric surgery</a>) can help combat potentially life-threatening conditions such as heart disease. Recent <a href="https://www.monash.edu/news/articles/fewer-australians-having-bariatric-surgery-monash-university-led-report">research</a> suggests there has been an overall drop in the number of Australians having bariatric surgeries since 2016. But of those, 95% are performed through the private system.</p> <p>While early access to super can provide individuals access to critical treatment, there are issues with how compassionate grounds are defined and regulated.</p> <h2>Lack of clarity</h2> <p>As my co-author and I <a href="https://www.unswlawjournal.unsw.edu.au/wp-content/uploads/2021/06/Issue-442-PDF-3-Bhatia-and-Porceddu.pdf">have shown</a>, the vague wording of the <a href="https://www.legislation.gov.au/F1996B00580/2022-09-28/text">Superannuation Industry regulations</a> leaves them worryingly open to interpretation.</p> <p>For example, the meaning of “mental disturbance” is not defined.</p> <p>You may not meet the criteria of having an acute or life-threatening illness, or acute or chronic pain. But if you can show a certain condition causes you acute mental disturbance, you may qualify to release your superannuation early.</p> <p>People accessing their superannuation for IVF use this criterion, for example, by arguing they need to access funds to continue treatment and alleviate the acute mental distress caused by ongoing infertility issues.</p> <p>Two registered medical practitioners are each required to submit a report demonstrating the treatment is needed, and one must be a specialist in the field in which the treatment is required. However, the regulations do not specify clearly that the specialist should have relevant qualifications.</p> <p>In the IVF example, this means the specialist opinion can be provided by a fertility doctor rather than a mental health expert – and that person may stand to profit if they later also provide treatment.</p> <h2>A closed-loop system</h2> <p>Conflict of interest is another major issue.</p> <p>There is nothing in the regulations to stop a medical practitioner – such as a dentist – being involved in all steps and then financially benefiting. They could encourage a patient to access superannuation for a treatment, write the specialist report and then also receive payment for the treatment.</p> <p>Some clinics <a href="https://www.theguardian.com/australia-news/2024/apr/06/online-ads-promote-simple-access-to-super-to-pay-for-healthcare-despite-strict-rules">promote</a> accessing superannuation as an option to pay for expensive treatments.</p> <p>This raises important questions about the independence of the process, as well as professional ethics.</p> <p>Medical practitioners making recommendations for early release of superannuation should be doing so on genuinely compassionate grounds. But the potential for exploitation remains an ethical concern, when a practitioner can financially benefit from recommending early access to nest egg funds.</p> <p>Transparency around potential <a href="https://theconversation.com/people-are-using-their-super-to-pay-for-ivf-with-their-fertility-clinics-blessing-thats-a-conflict-of-interest-161278">conflicts of interest</a> are impossible to ensure without proper oversight.</p> <h2>What is needed?</h2> <p><strong>1. Mandatory financial counselling</strong></p> <p>The ATO <a href="https://www.theage.com.au/healthcare/worrying-trend-record-number-of-australians-raid-super-to-fund-medical-treatments-20240920-p5kc44.html">has warned</a> accessing super early is not “free money”, with a spokesperson urging people to get financial advice. But the law should go a step further and make this compulsory. That way people making decisions during an emotionally charged moment can understand any future implications.</p> <p><strong>2. Tightening of the criteria</strong></p> <p>Greater clarity in the legislation – such as defining “mental disturbance” – would help prevent loopholes being exploited.</p> <p><strong>3. Better oversight</strong></p> <p>Less health-care industry involvement would promote greater transparency and independence. An independent body of medical practitioners could assess applications rather than practitioners who could financially benefit if applications are approved. This would help alleviate perceived and actual conflicts of interest.</p> <p>Accessing superannuation early may be the only option for some people to start a family or access other life-changing medical care. But they should be able to make this decision in a fully informed way, safeguarded from exploitation and aware of the implications for their future.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><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/239588/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><a href="https://theconversation.com/profiles/neera-bhatia-15189"><em>Neera Bhatia</em></a><em>, Associate Professor in Law, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a></em></p> <p><em>Image credits: Shutterstock </em></p> <p><em>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/more-australians-are-using-their-superannuation-for-medical-procedures-but-that-might-put-their-financial-health-at-risk-239588">original article</a>.</em></p> </div>

Money & Banking

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Retirement doesn’t just raise financial concerns – it can also mean feeling unmoored and irrelevant

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/marianne-janack-681018">Marianne Janack</a>, <a href="https://theconversation.com/institutions/hamilton-college-2966">Hamilton College</a></em></p> <p>Most discussions of retirement focus on the financial aspects of leaving the workforce: “<a href="https://www.dol.gov/sites/dolgov/files/EBSA/about-ebsa/our-activities/resource-center/publications/top-10-ways-to-prepare-for-retirement.pdf">How to save enough for retirement</a>” or “<a href="https://www.businessinsider.com/personal-finance/investing/when-can-i-retire">How do you know if you have enough money for retirement</a>?”</p> <p>But this might not be the biggest problem that potential retirees face. The deeper issues of meaning, relevance and identity that retirement can bring to the fore are more significant to some workers.</p> <p>Work has <a href="https://www.theatlantic.com/ideas/archive/2023/03/work-revolution-ai-wfh-new-book/673572/">become central to the modern American identity</a>, as <a href="https://www.theatlantic.com/atlantic-editions/">journalist Derek Thompson bemoans</a> in The Atlantic. And some theorists have argued that work shapes what we are. For most people, as business ethicist <a href="https://www.luc.edu/quinlan/faculty/algini.shtml#:%7E:text=About,the%20Society%20for%20Business%20Ethics.">Al Gini</a> argues, one’s work – which is usually also one’s job – <a href="https://doi.org/10.4324/9780203950555">means more than a paycheck</a>. Work can structure our friendships, our understandings of ourselves and others, our ideas about free time, our forms of entertainment – indeed our lives.</p> <p>I <a href="https://www.hamilton.edu/academics/our-faculty/directory/faculty-detail/marianne-janack">teach a philosophy course about the self</a>, and I find that most of my students think of the problems of identity without thinking about how a job will make them into a particular kind of person. They think mostly about the prestige and pay that come with certain jobs, or about where jobs are located. But when we get to <a href="https://plato.stanford.edu/entries/existentialism/">existentialist philosophers</a> such as <a href="https://plato.stanford.edu/entries/sartre/">Jean-Paul Sartre</a> and <a href="https://plato.stanford.edu/entries/beauvoir/">Simone de Beauvoir</a>, I often urge them to think about what it means to say, as the existentialists do, <a href="https://philosophynow.org/issues/115/On_Being_An_Existentialist">that “you are what you do</a>.”</p> <p>How you spend 40 years of your life, I tell them, for at least 40 hours each week – the time many people spend at their jobs – is not just a financial decision. And I have come to see that retirement isn’t just a financial decision, either, as I consider that next phase of my life.</p> <h2>Usefulness, tools and freedom</h2> <p>For Greek and Roman philosophers, <a href="https://search.worldcat.org/title/Work-what-it-has-meant-to-men-through-the-ages/oclc/780872063">leisure was more noble than work</a>. The life of the craftsperson, artisan – or even that of the university professor or the lawyer – was to be avoided if wealth made that possible.</p> <p>The good life was a life not driven by the necessity of producing goods or making money. Work, Aristotle thought, was an obstacle to the achievement of the particular forms of excellence characteristic of human life, like thought, contemplation and study – <a href="https://classics.mit.edu/Aristotle/nicomachaen.7.vii.html">activities that express</a> the <a href="https://classics.mit.edu/Aristotle/nicomachaen.8.viii.html">particular character of human beings</a> and are done for their own sake.</p> <p>And so, one might surmise, retirement would be something that would allow people the kind of leisure that is essential to human excellence. But contemporary retirement does not seem to encourage leisure devoted to developing human excellence, partly because it follows a long period of making oneself into an object – something that is not free.</p> <p>German philosopher Immanuel Kant distinguished between the value of objects and of subjects by the idea of “use.” Objects are not free: They are meant to be used, like tools – their value is tied to their usefulness. But rational beings like humans, who are subjects, are more than their use value – <a href="https://search.worldcat.org/title/5796114">they are valuable in their own right</a>, unlike tools.</p> <p>And yet, much of contemporary work culture encourages workers to think of themselves and their value <a href="https://www.simonandschuster.com/books/Bullshit-Jobs/David-Graeber/9781501143335">in terms of their use value</a>, a change that would have made both Kant and the ancient Greek and Roman philosophers wonder why people didn’t retire as soon as they could.</p> <h2>‘What we do is what we are’</h2> <p>But as one of my colleagues said when I asked him about retirement: “If I’m not a college professor, then what am I?” Another friend, who retired at 59, told me that she does not like to describe herself as retired, even though she is. “Retired implies useless,” she said.</p> <p>So retiring is not just giving up a way of making money; it is a deeply existential issue, one that challenges one’s idea of oneself, one’s place in the world, and one’s usefulness.</p> <p>One might want to say, with Kant and the ancients, that those of us who have tangled up our identities with our jobs have made ourselves into tools, and we should throw off our shackles by retiring as soon as possible. And perhaps from the outside perspective, that’s true.</p> <p>But from the participant perspective, it’s harder to resist the ways in which what we have done has made us what we are. Rather than worry about our finances, we should worry, as we think about retirement, more about what the good life for creatures like us – those who are now free from our jobs – should be.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><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/233963/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/marianne-janack-681018">Marianne Janack</a>, John Stewart Kennedy Professor of Philosophy, <a href="https://theconversation.com/institutions/hamilton-college-2966">Hamilton College</a></em></p> <p><em>Image </em><em>credits: Shutterstock </em></p> <p><em>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/retirement-doesnt-just-raise-financial-concerns-it-can-also-mean-feeling-unmoored-and-irrelevant-233963">original article</a>.</em></p> </div>

Retirement Income

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Financial hardship is the biggest driver of loneliness. Here’s why – and how to tackle it

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/michelle-h-lim-176472">Michelle H Lim</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a></em></p> <p>One in four Australians <a href="https://lonelinessawarenessweek.com.au/wp-content/uploads/2024/08/why-we-feel-lonely.pdf">report</a> feeling lonely, according to our new report released this week from our research collaboration.</p> <p>The data builds on a large <a href="https://endingloneliness.com.au/wp-content/uploads/2023/10/ELT_LNA_Report_Digital.pdf">study we conducted last year</a> on social connection. Together, the data show that once someone <a href="https://endingloneliness.com.au/wp-content/uploads/2023/10/ELT_LNA_Report_Digital.pdf">becomes lonely</a>, they’re likely to stay lonely.</p> <p>Feeling lonely can have a <a href="https://endingloneliness.com.au/wp-content/uploads/2023/10/ELT_LNA_Report_Digital.pdf">negative impact on your health</a>. It increases the chance of having <a href="https://pubmed.ncbi.nlm.nih.gov/27124713/">social anxiety and depression</a>, and impacts the <a href="http://dx.doi.org/10.1037/0022-3514.85.1.105">health of your heart</a>, your <a href="http://pss.sagepub.com/content/13/4/384.full.pdf">sleep</a> and levels of <a href="https://pubmed.ncbi.nlm.nih.gov/15041083/">inflammation</a>. It also increases the likelihood of an <a href="https://www.ncbi.nlm.nih.gov/pubmed/?term=Loneliness+and+Social+Isolation+as+Risk+Factors+for+Mortality%3A+A+Meta-Analytic+Review">earlier death</a>. Staying lonely can accelerate these <a href="https://pubmed.ncbi.nlm.nih.gov/31237442/">negative impacts</a>.</p> <p>As more Australians grapple with a cost-of-living crisis, a key driver of loneliness is financial hardship.</p> <h2>Am I lonely?</h2> <p>Loneliness is a negative feeling that arises when your <a href="https://www.gilc.global/_files/ugd/410bdf_62e236db3a7146cd9f2654877a87dbc6.pdf">social needs are not met</a> by the relationships you hold. So you can feel alone, even if you’re surrounded by others, if you’re not getting the right kind of company and support.</p> <p>This might mean you feel, to a certain extent, that:</p> <ul> <li>you are not “in tune” with others</li> <li>your relationships are not meaningful</li> <li>you do not belong</li> <li>you do not have a group of friends</li> <li>no one understands you</li> <li>you do not have shared interests with others</li> <li>there is no one you can turn to.</li> </ul> <p>Not all of these may relate to you and you may experience these in varying degrees.</p> <h2>What drives loneliness?</h2> <p>We <a href="https://endingloneliness.com.au/wp-content/uploads/2023/10/ELT_LNA_Report_Digital.pdf">found</a> particular communities were more at risk of persistent loneliness:</p> <ul> <li>those aged 18 to 24</li> <li>people from culturally and linguistically diverse backgrounds</li> <li>people who were single or divorced</li> <li>those with a chronic disease</li> <li>those with mental ill health.</li> </ul> <p>But the largest effect we found, even after we accounted for all other possible contributing factors, is the impact of financial hardship.</p> <p>People who face financial hardship were almost seven times more likely to report persistent loneliness, and almost five times more likely to report persistent social isolation, compared with people who did not face financial hardship.</p> <p>This aligns with other studies that link economic hardships to <a href="https://pubmed.ncbi.nlm.nih.gov/33241698/">poor health</a>.</p> <p>In <a href="https://pubmed.ncbi.nlm.nih.gov/37761396/">children from low-income backgrounds</a>, for example, their family’s economic hardship is one of the main factors that negatively impacts their physical and psychological health.</p> <p>In a large <a href="https://www.sciencedirect.com/science/article/pii/S0277953622004282?via%3Dihub">study</a> using the UK Biobank, people who are from a lower economic background had a higher probability of reporting loneliness.</p> <p>In <a href="https://pubmed.ncbi.nlm.nih.gov/37528108/">Australia</a>, when compared with people on incomes more than A$150,000, those with incomes under $80,000 were 49% more likely to experience loneliness in one year and 66% more likely to report loneliness in at least two consecutive years.</p> <h2>Being poor affects how we interact with others</h2> <p>Factors such as income and your living environment are some of the <a href="https://www.who.int/health-topics/social-determinants-of-health#tab=tab_1">social determinants of health</a>, which influence our health outcomes.</p> <p>However, to date, little has been done to examine exactly how the lack of financial resources negatively affects the way we interact with others. There are two plausible scenarios.</p> <p>First, having financial pressures may change the way we feel and relate to others due to higher stress levels.</p> <p>Second, financial pressures may stop us from socialising because we have to take on more work to earn more money or we try to cut costs to save money. Socialising can be free in some circumstances, but most of the time, there is a cost to getting to places, or doing an activity together.</p> <h2>What can we do as a society?</h2> <p>The <a href="https://news.gallup.com/opinion/gallup/512618/almost-quarter-world-feels-lonely.aspx">high prevalence of loneliness across the world</a> – and the growing scientific evidence of the negative impact on our health, wellbeing and productivity, and subsequently the economy – can no longer be ignored.</p> <p>The World Health Organization is repositioning loneliness as a global public health priority and has established a <a href="https://www.who.int/groups/commission-on-social-connection">Commission on Social Connection</a>. This commission aims to set the global agenda for social connection, work with high-level commissioners to make the case for global action, scale up proven solutions and measure progress.</p> <p>We need to start by building a <a href="https://lonelinessawarenessweek.com.au/wp-content/uploads/2024/08/How-can-we-create-a-culture-of-connection.pdf">culture of connection</a> in Australia. This means changing the way we make decisions on how we relate to each other, promoting social connection within our schools, workplaces and communities. And to modify policies to allow us to start and maintain healthy social connections.</p> <p>Health and social policies to address loneliness and social isolation have to consider the impact of low incomes and increased financial pressures as barriers to building and maintaining meaningful social connection.</p> <p>Related to this is urban planning. People require safe and no- or low-cost spaces to interact in and to start and maintain relationships. This includes parks, libraries, public squares, community gardens and neighbourhood houses.</p> <p>Cuts to building or maintaining these spaces will stop people from interacting, gathering, or socialising within their community.</p> <p>Not addressing loneliness effectively or quickly will lead us to persistent loneliness and to potentially more distress.</p> <h2>How to connect if you’re financially pressured</h2> <p>Don’t feel alone in this experience. Let your family or friends know that you are financially pressured. Chances are, they are experiencing the same pressures because of the rise in the cost of living.</p> <p>Select no- or low-cost activities such as walking in the park with a friend, or connecting on the phone. Look for free events offered in your local area and city.</p> <p>Consider having meals at home as opposed to going out, or low-cost food options. Find some digital spaces which can allow you to interact with others in shared interest topics.</p> <p>If someone shares they are feeling lonely, asking “is there anything I can do to help?” facilitates the conversation and lets others know you are there without judgement.</p> <hr /> <p><em>If this article has raised issues for you, or if you’re concerned about someone you know, you can call Lifeline on 13 11 14.</em><!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><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/236135/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/michelle-h-lim-176472">Michelle H Lim</a>, Associate Professor of Psychology, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a></em></p> <p><em>Image credits: Shutterstock </em></p> <p><em>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/financial-hardship-is-the-biggest-driver-of-loneliness-heres-why-and-how-to-tackle-it-236135">original article</a>.</em></p> </div>

Money & Banking

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Been scammed? Here's how to financially recover

<p>Many people feel shame and embarrassment after realising they have been scammed. But you shouldn’t. You did nothing wrong; you are the victim of a crime. </p> <p>Not only are such feelings bad for your mental wellbeing, but they also often stop people reporting the scam or taking action to avoid further losses. </p> <p>Remember too that you’re not alone: victims reported more than 601,000 scams to the ACCC in 2023, together losing a staggering $2.74 billion. People of all ages, professions, and backgrounds have been affected. </p> <p>As hard as it may be, try to leave emotion aside and approach this like any other money matter – logically and methodically. Doing so will help you act faster and more decisively, which is crucial to your financial recovery. </p> <p>The following checklist will help you through this process:</p> <ul> <li><strong>Step 1 – Try to recoup your stolen money</strong></li> </ul> <p>Report the scam immediately. Contact your bank or card provider to stop the transaction being processed. Notify the company or marketplace where it occurred – they may have options to reverse the payment or for you to claim compensation for fraud. </p> <p>Also inform the ACCC’s Scamwatch and police if relevant, which may aid in tracking down the scammer and will help them alert the wider public on what to look out for. </p> <p>Unfortunately, the money is likely gone for good, but prompt action may just help you get some or all of it back. </p> <ul> <li><strong>Step 2 – Secure your accounts from further thefts</strong></li> </ul> <p>Once scammers have found a way to steal money, they often go back to try for more. Don’t let them! </p> <p>Freeze or cancel affected debit and credit cards, accounts etc. Change and strengthen all your passwords. Set up two-factor authentication if you haven’t already. Remove any suspicious applications on electronic devices. </p> <p>Double check the registrations of any business, adviser or tradesperson before engaging their services. Regularly check your superannuation, investments etc. to monitor for any inconsistencies.</p> <ul> <li><strong>Step 3 – Safeguard your cash flow</strong></li> </ul> <p>Don’t multiplying your losses by racking up new debts to cover the stolen money. That means limiting the use of credit cards, payday lenders and Buy Now, Pay Later schemes. Consider paying with cash instead to help you stick to a budget.</p> <p>If you have lost everything, register with Centrelink for income support. You may also be able to apply for hardship provisions with your bank, phone and energy providers and other essential services.</p> <ul> <li><strong>Step 4 – Get reputable advice</strong></li> </ul> <p>Legal advice may be able to get you out of bogus contracts, like loans or phone plans, and help you in the event your personal information has been stolen (which can be used in various ways to steal money). If you can’t afford a lawyer, there are free alternatives such as Legal Aid or Community Legal Centres. Specialist services such as the Women’s Legal Service may offer support where partner coercion or domestic abuse is involved.</p> <p>Accounting and financial advice may also help you navigate assistance options and longer term recovery efforts.</p> <ul> <li><strong>Step 5 – Rebuild your finances</strong></li> </ul> <p>Your ability to rebuild your finances after a scam will depend on a range of factors, including how much was lost plus your age and circumstances.</p> <p>You could seek to increase your earnings and/or cut your spending by tweaking your household budget, delaying retirement, or temporarily taking a second job to boost your income. </p> <p>Another option is to make your remaining finances work harder than before, such as adjusting your investment strategies (e.g. changing your risk weightings or selling assets) including within your superannuation or accessing equity in your home.</p> <p>If you’re a self-funded retiree, you may now qualify for a part or full pension if your scam losses push your total assets below the means test threshold.</p> <p>Ultimately, the most important things when dealing with the fallout from a scam is to look after yourself and protect what you have left.</p> <p>Scammers have already taken off with your dollars. Don’t let them steal your sense too!</p> <p><em><strong>Helen Baker is a licensed Australian financial adviser and author of On Your Own Two Feet: The Essential Guide to Financial Independence for all Women. 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></strong></em></p> <p><em><strong>Disclaimer: The information in this article is of a general nature only and does not constitute personal financial or product advice. Any opinions or views expressed are those of the authors and do not represent those of people, institutions or organisations the owner may be associated with in a professional or personal capacity unless explicitly stated. Helen Baker is an authorised representative of BPW Partners Pty Ltd AFSL 548754.</strong></em></p> <p><em>Image </em><em>credits: Shutterstock </em></p>

Money & Banking

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What are financial years – and why are they different from calendar years?

<div class="theconversation-article-body"> <p><em><a href="https://theconversation.com/profiles/michaela-rankin-1544784">Michaela Rankin</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a></em></p> <p>Yesterday was July 1, the first day of the new financial year in Australia.</p> <p>Also called fiscal years, financial years are often abbreviated in print. The one that’s just begun in Australia – July 1 2024 to June 30 2025 – will typically be denoted by FY24/25 or FY25.</p> <p>As the name suggests, financial years are used for financial reporting, tax and budgeting purposes. Whether you are preparing an individual tax return or financial statements for a business, it is important to understand the difference between financial and calendar years.</p> <p>Both have 365 days. But the calendar year, based on the <a href="https://www.timeanddate.com/calendar/gregorian-calendar.html">Gregorian calendar</a>, runs from New Years’ Day on January 1 through to December 31.</p> <p>Australian financial years on the other hand run from July 1 of one year to June 30 the next.</p> <p>But this July to June financial year <a href="https://web.archive.org/web/20200430054150/https:/www.cia.gov/library/publications/the-world-factbook/fields/228.html">does not apply</a> in all countries. Many align their financial year with the calendar year, but others have further variations still.</p> <p>So why are they different, and what does that mean for businesses operating across borders?</p> <h2>Different around the world</h2> <p>In contrast to our own, the United Kingdom’s financial year starts on April 6 each year and runs to April 5 the next.</p> <p>The English and Irish New Year traditionally fell on March 25, when taxes and other accounts were due. But in the 18th century, the British empire switched from the Roman Julian calendar to the Gregorian calendar, and had to <a href="https://www.bowesbrooks.co.uk/why-does-the-tax-year-start-on-6th-april/">adjust the start date</a> to avoid losing tax revenue.</p> <p>India’s fiscal year runs from April 1 until March 31, for a <a href="https://www.idfcfirstbank.com/finfirst-blogs/finance/reasons-why-the-financial-year-starts-from-april">number of reasons</a>. Historically a country that was heavily focused on agriculture, this timeframe aligned with the crop cycle and allowed the government to develop financial plans for the sector.</p> <p>The British empire also influenced the April reporting schedule in India, as prior to independence many financial policies were based on the British system.</p> <h2>Government budgets play a role</h2> <p>In the United States, fiscal years once ran from July 1 to June 30, like Australia’s do now. But in 1974 this was <a href="https://www.federaltimes.com/management/budget/2022/09/20/why-the-us-federal-fiscal-year-2023-starts-in-october/">changed</a> to instead span October 1 to September 30, giving Congress more time to agree on a budget each year.</p> <p>In the US, however, companies can also <a href="https://www.business.com/articles/how-to-decide-on-fiscal-year/">choose their own</a> fiscal years. Some choose a calendar year, but others elect dates that better align with their business cycle.</p> <p>Walmart’s, for example, ends on January 31 each year to reflect its typically strong financial performance over the holiday period at the end of the year.</p> <p>In Australia, the financial year matches government reporting cycles.</p> <p>Unlike the northern hemisphere, our parliamentarians typically take holidays over summer in December and January, which makes meeting over November and December to approve government budgets difficult.</p> <p>The federal budget is issued in May for the following financial year, giving parliament time to consider it before the new fiscal year begins.</p> <h2>Comparing (and taxing) performance</h2> <p>Regardless of the time period over which a financial year operates, its primary purpose is to provide a standardised time frame for financial reporting.</p> <p>Financial years allow income and expenses to be tracked and compared over the same timeframe each year. This allows investors to compare business performance across consistent periods. They are also used to determine the collection of personal income tax.</p> <p>Our government uses this information to calculate the amount of tax it will collect through the Australian Taxation Office each year.</p> <p>Businesses with operations spanning multiple countries may have to contend with fiscal years that do not align. Where this is the case, they may need to choose one financial year for the whole company, typically that used by the parent company.</p> <p>Keeping track of the financial year is helpful for individuals, in knowing when tax returns need to be prepared (and when to expect end-of-financial-year sales).</p> <p>It is also important for businesses to consider the financial year in making budgeting, business and tax planning decisions. <!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><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/233655/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><a href="https://theconversation.com/profiles/michaela-rankin-1544784"><em>Michaela Rankin</em></a><em>, Professor and Head, Department of Accounting, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a></em></p> <p><em>Image credits: Shutterstock </em></p> <p><em>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-are-financial-years-and-why-are-they-different-from-calendar-years-233655">original article</a>.</em></p> </div>

Money & Banking

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"Love harder": Perth brothers farewelled at emotional memorial service

<p>Six weeks after they were <a href="https://www.oversixty.com.au/health/caring/tragic-new-details-emerge-over-aussie-brothers-missing-in-mexico" target="_blank" rel="noopener">shot dead</a> while on a surfing trip to Mexico, Perth brothers Jake and Callum Robinson have been farewelled in a heart-wrenching private memorial on Saturday. </p> <p>The memorial took place in Perth’s Sacred Heart College, where the brothers attended high school, and hundreds gathered at the college to remember the brothers. </p> <p>It was also live-streamed for those who could not fit into the theatre at the college, with Callum's friends also watching on from America, where he spent the last 14 years of his life. </p> <p>In an emotional tribute, their parents, Debra and Martin Robinson,  thanked loved ones abroad and in Australia for their endless support, and talked about how special their sons were. </p> <p>"We're not here to dwell on the where or the how or try to understand the why of their passing but instead to say goodbye to two young men and hopefully start the healing process for everyone," Mr Robinson said. </p> <p>“It’s hard to describe the feeling of when your adult children come and visit you, until it’s gone,” Mrs Robinson added.</p> <p>“They loved life and they followed their dreams.</p> <p>“They were intelligent, respectful men with so much more to offer the world.”</p> <p>The cover of a memorial brochure had the phrase: “LIVE BIGGER, SHINE BRIGHTER, LOVE HARDER”. </p> <p>With shaky voices, the grieving parents described how their two sons exuded “pure love”. </p> <p>"We loved that Jake was curious, kind and happy and never judgemental. Callum always made a conscious decision to wake up and be positive every day. He saw so much fun in life," Mrs Robinson said. </p> <p>"We look around the room today at everyone and it gives us strength, so thank you.</p> <p>"We have cried many tears and we will cry many more … We miss you beyond description, Callum and Jakie boy, please shine on us."</p> <p>Childhood friends Adam Moore and Simon Moore also shared anecdotes about their friendships with the brothers. </p> <p>Adam recalled how the two brothers always excelled "at any sport imaginable" and always had so much energy, and Simon spoke of their surfing adventures through the years. </p> <p>The brothers and their American friend Jack Carter Rhoad were last seen alive on April 27. They were allegedly robbed for their car tyres and murdered while they were camping in the Baja California coastline. </p> <p>Three people have been <a href="https://www.oversixty.com.au/health/caring/arrests-made-over-aussie-surfers-missing-in-mexico" target="_blank" rel="noopener">arrested</a> over their suspected involvement in the robbery. </p> <p><em>Image: 7News</em></p>

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Super funds are using ‘nudges’ to help you make financial decisions. How do they work?

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/fernanda-mata-1533222">Fernanda Mata</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a>; <a href="https://theconversation.com/profiles/breanna-wright-267597">Breanna Wright</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a>, and <a href="https://theconversation.com/profiles/liam-smith-5152">Liam Smith</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a></em></p> <p>Late last year the federal government announced <a href="https://ministers.treasury.gov.au/ministers/stephen-jones-2022/media-releases/government-unveils-comprehensive-financial-advice">measures</a> to make it easier for Australians to access financial advice.</p> <p>As part of this, the government wants super funds to use “nudges” to get members to engage more with their retirement investments and superannuation, especially when they’re starting work and approaching retirement.</p> <p>While the legislation containing the changes is still in the consultation phase, super funds are <a href="https://www.afr.com/companies/financial-services/super-funds-spend-big-ahead-of-advice-reforms-20240418-p5fkx6">upskilling staff</a> and making other changes to improve customer service or risk a government crackdown.</p> <p>Telling funds to use <a href="https://www.behaviourworksaustralia.org/blog/nudging-what-is-it-and-how-can-we-use-it-forgood">nudge theory</a> to advise on super comes as more than five million Australians are heading towards retirement.</p> <h2>What is nudge theory?</h2> <p>Nudging is used to encourage people to pick the “better” option, without taking away their freedom to choose differently.</p> <p>For example, sending regular reminders to members about the benefits of voluntary contributions can get them to increase the amount they put in. This nudge makes it easier for them to contribute more – the better option – while still allowing them to choose not to.</p> <p>Assistant Treasurer Stephen Jones <a href="https://ministers.treasury.gov.au/ministers/stephen-jones-2022/media-releases/government-unveils-comprehensive-financial-advice">explained</a> the government’s changes were needed because so-called “fin-fluencers” were providing unregulated financial advice on social media platforms to Australians unable to pay an adviser.</p> <h2>Helping people protect their interests</h2> <p>There are three ways, supported by research, nudges can help Australians engage with their super.</p> <p><strong>1. Future self visualisation</strong></p> <p>This involves getting young people to think about their <a href="https://www.halhershfield.com/considering-the-future-self">future selves</a> and visualise their life in retirement. This can help them to recognise the long-term benefits of getting actively involved with their super.</p> <p>Showing fund members how they might look when older by using an ageing filter software, for example, can make this visualisation more real for them and <a href="https://journals.sagepub.com/doi/full/10.1177/23794607231190607">enhance understanding of their future selves, leading to higher engagement</a>.</p> <p><strong>2. Simplification</strong></p> <p>We all know financial products and superannuation can be complicated. The information and choices presented can lead to <a href="https://thedecisionlab.com/biases/choice-overload-bias">decision paralysis</a>, causing people to delay or opt out of making a decision. By simplifying the process, funds can motivate people to get more engaged with their super.</p> <p>To get people to make voluntary contributions, for example, it might be more effective for funds to recommend <a href="https://siepr.stanford.edu/news/how-simple-nudge-can-motivate-workers-save-retirement">a specific percentage of their salary</a> rather than offering several options. Deciding whether to boost contributions by an extra 3%, 4% or 5% can be overwhelming, especially for people with poor <a href="https://theconversation.com/are-you-financially-literate-here-are-7-signs-youre-on-the-right-track-202331">financial literacy</a>.</p> <p><strong>3. Language and framing</strong></p> <p>The way options are framed and the language super funds use can significantly impact member engagement.</p> <p>Australians may be more likely to make higher voluntary contributions if they are asked how much they want <a href="https://www.bi.team/press-releases/the-small-nudges-that-could-make-young-people-142000-better-off-in-retirement/">to “invest” in their super </a> instead of how much they want to “contribute” or “add”.</p> <p>The word “invest” encourages people to think about future benefits, motivating them to make higher contributions.</p> <p>How options are labelled can also have an impact on <a href="https://www.bi.team/press-releases/the-small-nudges-that-could-make-young-people-142000-better-off-in-retirement/">member engagement</a> and decision making.</p> <p>For example, highlighting concrete benefits of different voluntary payments, such as “a 4% contribution keeps you above the poverty line”, and “a 10% contribution allows for a comfortable retirement according to Australian standards” can increase how much people are willing to contribute.</p> <h2>Ethical use of nudges</h2> <p>The <a href="https://www.superreview.com.au/news/superannuation/industry-body-backs-super-fund-nudges-though-parameters-need-be-set">Financial Services Council</a> backs the government on getting super funds to nudge members about contributions and investments but says there are limits.</p> <p>Parameters around nudging should be set […] to ensure that the language is appropriate and does not ultimately amount to defaulting.</p> <p>For example, letting a customer know that as they approach retirement, they need to make a decision about what retirement product they wish to utilise would be an acceptable nudge, while contacting a customer to let them know that they will be placed in a product when they retire, would not necessarily be acceptable.</p> <p>The council emphasises the importance of super funds recognising <a href="https://www.superreview.com.au/news/superannuation/industry-body-backs-super-fund-nudges-though-parameters-need-be-set">people’s autonomy</a> when delivering a “soft” or “hard” nudge.</p> <p>Soft nudges are gentle prompts and reminders designed to guide people to make good choices without pressuring them, such as sending an email reminder to review their investment options. Hard nudges are more direct in their guidance. These might include recommending specific investment options.</p> <p>Despite these differences, <a href="https://www.behaviourworksaustralia.org/blog/can-we-have-a-quiet-word-about-behavioural-science">ethical use of nudges</a> should encourage engagement while respecting people’s autonomy by making it easy for them to opt out.</p> <p>The use of nudges presents a valuable opportunity to increase superannuation fund members’ engagement.</p> <p>Whether through future self visualisation, simplification or language framing, ethical nudges can motivate members to take action, leading to greater confidence in navigating the retirement transition and achieving retirement goals.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><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/230404/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/fernanda-mata-1533222">Fernanda Mata</a>, Research Fellow, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a>; <a href="https://theconversation.com/profiles/breanna-wright-267597">Breanna Wright</a>, Research fellow, BehaviourWorks Australia, Monash Sustainable Development Institute, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a>, and <a href="https://theconversation.com/profiles/liam-smith-5152">Liam Smith</a>, Director, BehaviourWorks, Monash Sustainable Development Institute, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a></em></p> <p><em>Image credits: Shutterstock </em></p> <p><em>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/super-funds-are-using-nudges-to-help-you-make-financial-decisions-how-do-they-work-230404">original article</a>.</em></p> </div>

Money & Banking

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Gina Rinehart's financial advice for Anthony Albanese

<p>Gina Rinehart has offered some free and unsolicited financial advice to Prime Minister Anthony Albanese in the wake of his divisive Federal Budget. </p> <p>Australia's richest woman, who has no experience in politics, suggested cutting the fuel excise and halting immigration would have a greater positive impact on the economy, as opposed to the Albanese government's measures to curb the cost of living. </p> <p>Rinehart has been critical of the $300 handout to combat energy bills regardless of household income, and believes that a big-spending budget is not the best way forward.</p> <p>Rather than tax Australians more to hand the money out again through handouts and welfare, she said lower taxes overall was a better way forward.</p> <p>Ms Rinehart said cutting fuel tax, which the government has rejected as too expensive, was one option.</p> <p>“I have advocated strongly for the government to directly reduce costs of living for Australians by cutting their fuel excise taxes, which would spread not only to car users, but all products that require transport,’’ she told <a href="https://www.news.com.au/finance/economy/australian-economy/gina-rinehart-tells-anthony-albanese-to-cut-fuel-excise-migration/news-story/bb84ef69e8a19506e7e3ae3e1f678e7c" target="_blank" rel="noopener"><em>news.com.au</em></a>.</p> <p>“I have also advocated for cutting other taxes, payroll tax, stamp duty and license fees, that not only would bring down the cost of living, but were supposed to have been cut when GST was introduced decades ago."</p> <p>“Big spending, big government costs all (which I advocate against), and adds to the costs of living."</p> <p>“Recycling taxes paid is very inefficient, the taxpayer is actually better off paying less tax, and spending their income as they prefer.”</p> <p>Ms Rinehart, who has racked up a net worth of over $46.5 billion AUD through her investments into mining, has previously suggested a better way is to cut taxes and allow people to keep more of what they earn.</p> <p>“To help people suffering the most on low incomes, such as veterans, pensioners and uni students, if the government really cared about these fellow Australians struggling with high costs, they would remove the onerous government paperwork and their unfair limits on pensioners, veterans and students working hours, each of whom face higher effective tax rates than me if they choose to work above a very small threshold of hours,’’ she said.</p> <p>“Letting Australians who want to work, work, would be not only better for those Australians and their families, but would save the need for the government’s very expensive policy of hugely increased immigration, to allegedly bring in more workers.”</p> <p><em>Image credits: Darren England/EPA-EFE & LUKAS COCH/EPA-EFE/Shutterstock Editorial</em></p> <p> </p>

Money & Banking

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Battling to make ends meet? Financial planning expert offers 5 tips on how to build your budget

<div class="theconversation-article-body"><em><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></em></p> <p>Every day seems to bring new headlines about rising costs. <a href="https://www.news24.com/news24/africa/news/nigerias-big-unions-call-indefinite-strike-over-fuel-prices-and-the-cost-of-living-20230926">In Nigeria</a>, unions are threatening to strike amid soaring fuel prices; the country’s inflation rate <a href="https://www.cbn.gov.ng/rates/inflrates.asp">hit 25%</a> in August. The amount it costs to fill a food basket in South Africa <a href="https://pmbejd.org.za/wp-content/uploads/2023/09/PMBEJD_Key-Data_September-2023_27092023.pdf">keeps climbing</a>. Ghanaians <a href="https://www.reuters.com/world/africa/multi-day-protests-over-economic-crisis-grip-ghanas-capital-2023-09-23/">took to the streets</a> of Accra in late September to protest about the cost of living.</p> <p>A <a href="https://www2.deloitte.com/us/en/insights/industry/retail-distribution/consumer-behavior-trends-state-of-the-consumer-tracker.html">recent study by the audit and consulting firm Deloitte</a> found that 75% of South Africans were concerned that the prices for everyday purchases would continue to increase, while 80% of consumers across all income groups expected the prices of groceries, household utilities and fuel to rise.</p> <p>This stark reality means budgeting may be more necessary than ever.</p> <p>If you don’t know how to create a budget, then you shouldn’t feel bad – most adults aren’t taught how to create one. And most people don’t budget, because they see it as restrictive or unsustainable. But it need not be: once you appreciate that a budget can work for you, it can be a financially empowering exercise. It’s a cornerstone of financial planning because it ensures you are living within your means and helps you remain in financial control.</p> <p>As a financial planning academic, I focus in <a href="https://researchprofiles.canberra.edu.au/en/persons/bomikazi-zeka/publications/">my research</a> on improving financial wellbeing and promoting savings behaviours through interventions such as budgeting. Here are five guidelines for creating a budget.</p> <h2>1. Apps vs spreadsheet</h2> <p>A good place to start is to choose the format of how you’re going to budget. There are several <a href="https://www.sanlamreality.co.za/wealth-sense/setting-up-a-family-budget-that-works/">online templates</a> and apps you can use for budgeting. For instance, <a href="https://www.22seven.com/">22Seven</a> has gained popularity in South Africa due to its compatibility with several financial institutions, including the country’s big five banks. Similarly, <a href="https://www.the-star.co.ke/business/kenya/2021-01-25-budgeting-using-mint-app/">Mint</a> is a popular budgeting tool that is used in Kenya and Nigeria.</p> <p>If you prefer to put pen to paper, some online templates come with <a href="https://www.wonga.co.za/blog/free-budget-template">free printable budgets</a>. Creating your own <a href="https://create.microsoft.com/en-us/learn/articles/how-to-make-excel-budget">Excel spreadsheet</a> is an equally good approach.</p> <p>What matters most is using a tool that you can commit to.</p> <h2>2. Itemising your income and expenses</h2> <p>A budget essentially shows how much you’re spending in relation to how much you’re earning. So once you have selected your budgeting tool, you need to fill in your income and itemise how much you’re spending on each expense in a month. A budget can be considered a cashflow statement because it allows you to track money coming in (income) and money going out (expenses).</p> <p>If you are living within your means, your budget should indicate a surplus – more cash inflows than cash outflows. So budgeting provides an accurate account of your short-term financial position.</p> <h2>3. A realistic account of expenses</h2> <p>When you look at your financial statements, fill your expenses into your budget honestly and accurately. Don’t cheat! Since everyone’s financial situation is different, your budget will also be unique.</p> <p>Even though there is no one-size-fits-all approach to budgeting, it should still consider all of your expenses (both regular and intermittent). A general rule of thumb is that if it’s deducted from your account then you should treat it as an expense. This includes payments for housing, medical insurance, fuel, dining out, credit card repayments and even bank fees.</p> <h2>4. Save first, spend later</h2> <p>Now you’ve seen how much you’re spending. Either it’s too much – and you can plan where to cut back – or you have savings at the end of the month.</p> <p>When compiling your budget it’s important to demarcate how much will be in the form of savings. What’s more important is getting into the habit of saving before you spend instead of saving after spending. If you spend first then you’ve deprived yourself of the opportunity to save for a rainy day.</p> <p>Furthermore, <a href="https://eprints.hud.ac.uk/id/eprint/10231/1/Microsoft_Word_-_submitted_version_3rd_June_201.pdf">research</a> has shown that getting into the habit of saving has a transgenerational effect: it can be considered a cultural value that is passed on from one generation to another. So think of saving as paying yourself first. Once you have done so, you won’t feel guilty for treating yourself because you’ve already done the financially responsible thing by putting your savings aside.</p> <h2>5. Considering assets and liabilities</h2> <p>Once you’ve become comfortable with consistently budgeting, you can take it up a notch by including your assets (everything you own with an economic value) and liabilities (everything you owe) to determine your overall financial position.</p> <p>You can get a clearer picture of your overall financial wellbeing by compiling a list of all your assets, for example your savings and <a href="https://www.investopedia.com/terms/h/home_equity.asp">home equity</a>, in relation to liabilities (such as bank loans). Knowing your long-term financial position can indicate how financially resilient or vulnerable you are. In the event of a financial emergency, you will know which resources you can draw upon to meet an unexpected expense.</p> <p>By creating a budget (and sticking to it), you can protect yourself and your household from financial shocks. Consider the alternative. Imagine you haven’t budgeted and set savings aside. If a financial emergency were to arise, your next best bet would be to borrow the funds you need. You’d have to come up with a plan to repay what you’d borrowed while also building your savings.</p> <h2>A healthy habit</h2> <p>Getting into the habit of budgeting isn’t easy, especially if you haven’t done it before or you’re intimidated by the process. But, as the expression goes, “a journey of a thousand miles begins with a single step”. Think of budgeting as taking a small but important step towards reclaiming control over your finances and improving your financial well-being.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><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/214861/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><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></em></p> <p><em>Image credits: Getty Images </em></p> <p><em>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/battling-to-make-ends-meet-financial-planning-expert-offers-5-tips-on-how-to-build-your-budget-214861">original article</a>.</em></p> </div>

Money & Banking

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If you have money anxiety, knowing your financial attachment style can help

<div class="theconversation-article-body"><em><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></em></p> <p>The number of people struggling with money in Britain is at a <a href="https://www.theguardian.com/money/2024/mar/18/record-numbers-of-uk-people-in-debt-warns-charity">record high</a>. Financial charities say that people are contacting them for help with debt, paying bills and insolvency. The campaign group Debt Justice found in a <a href="https://debtjustice.org.uk/wp-content/uploads/2024/03/WalnutOmnibus-Debt-Justice-Policy-Development-Weighted.xlsx">survey</a> that 29% of 18- to 24-year-olds and 25% of 25- to 34-year-olds had missed three or more bill payments in the last six months.</p> <p>A majority (65%) of people don’t think they can survive on their savings for three months without <a href="https://www.money.co.uk/savings-accounts/savings-statistics">borrowing money</a>. Statistics from the UK’s financial markets regulator show that more than one-third of UK adults have less than £1,000 in savings. And a survey by Money.co.uk found that 30% of Brits aged 25-64 do not save at all <a href="https://www.pensionsage.com/pa/Nearly-one-third-of-Brits-are-not-saving-for-retirement.php">for retirement</a>.</p> <p>With figures like that, is it any wonder that 75% of people in the UK feel <a href="https://www.mentalhealth.org.uk/about-us/news/financial-strain-driving-uks-anxiety#:%7E:text=Almost%20three%2Dquarters%20of%20the,cited%20job%20insecurity%20or%20unemployment">anxious about money</a>?</p> <p>The current state of the economy is particularly scary for young people. Unless you were born with a trust fund (not most people), you are likely part of the first generation to be financially worse off than <a href="https://edition.cnn.com/2020/01/11/politics/millennials-income-stalled-upward-mobility-us/index.html">your parents</a>. Retirement seems like an impossibility, and you’re unlikely to own your own home. Eighty percent of people in their early 20s worry about <a href="https://www.youngminds.org.uk/parent/parents-a-z-mental-health-guide/money-and-mental-health/#Thelinksbetweenmoneyandmentalhealth">not earning enough</a>.</p> <p>It is important to start planning for your financial future early in your career, but you may find it overwhelming. The good news is, there are ways to overcome this.</p> <h2>Finding your financial attachment style</h2> <p>As a psychotherapist and finance researcher, I work with people to help them to increase their financial confidence and find the motivation to start planning. This often starts with understanding what influences their relationship with money.</p> <p><a href="https://www.cambridge.org/core/journals/behavioral-and-brain-sciences/article/bowlbyainsworth-attachment-theory/6D35C7A344107195D97FD7ADAE06C807">Attachment theory</a> is a psychological concept introduced in the late 1950s. Your attachment style – which can be, for example, secure, anxious or avoidant – explains how you approach creating emotionally intimate relationships with other people. Some people feel secure building relationships, while others are extremely anxious. Some avoid close relationships altogether.</p> <p>Attachment style can also apply to your finances. If you feel confident and safe when it comes to money, you are secure in your relationship to saving and spending. But if the thought of opening an ISA or filling out a tax return, let alone planning for retirement, fills you with dread and panic, you may be anxiously attached. And if you if you push money worries to the back of your mind, you are likely avoidant.</p> <p>Attachment theorists and psychotherapists like me think that attachment styles are shaped by childhood experiences – for example, how well you were looked after by your parents or carers, and how safe and loved you felt.</p> <p>The way money was handled in your family growing up is likely to have set the blueprint for your <a href="https://www.sciencedaily.com/releases/2020/02/200225114410.htm">financial attachment style</a>. Outside influences like education or work experiences may shape this too.</p> <p>Although financial education is part of the <a href="https://maps.org.uk/en/work-with-us/financial-education-in-schools">school curriculum</a> in the UK, 76% of children leave school without sufficient <a href="https://maps.org.uk/en/media-centre/press-releases/2024/hundreds-of-thousands-leaving-school-without-money-skills#:%7E:text=In%20its%20poll%20of%201%2C012,knowledge%20they%20need%20for%20adulthood">financial knowledge</a> to manage their lives. Similarly, financial services like banks have done a poor job helping people establish secure financial relationships. Complex and <a href="https://www.pwmnet.com/private-view-blog-time-for-the-financial-industry-to-jettison-the-jargon">off-putting language</a> has placed a barrier between those who know about money and those who need to learn.</p> <p>If you feel unable to keep up with financial terms, or that you don’t understand money, this is likely to hurt your confidence in your financial planning abilities and fuel a more avoidant attachment style.</p> <p>Identifying your attachment style can help you nurture a better relationship with money. You will be able to understand and predict how and why you react to finances in certain ways. And, it can provide confidence by reminding you that money struggles are not necessarily your fault.</p> <h2>Getting over financial anxiety</h2> <p>Some of the recent financial trends spreading on social media may give an insight into your attachment style. Are you <a href="https://www.cnbc.com/select/what-is-loud-budgeting-trend-can-it-work/">“loud budgeting”</a> (being vocal about why you aren’t spending money)? This could be a sign of financial confidence and that you have secure financial attachment. Or are you “doom spending” (spending money you don’t have instead of creating a <a href="https://www.theguardian.com/lifeandstyle/2024/jan/31/are-you-loud-budgeting-or-doom-spending-finance-according-to-gen-z">nest egg</a> for the future)? You may be avoidant.</p> <p>Healthy relationships with <a href="https://www.nhs.uk/every-mind-matters/lifes-challenges/maintaining-healthy-relationships-and-mental-wellbeing/#:%7E:text=People%20with%20healthy%2C%20positive%20and,such%20as%20stress%20and%20anxiety">people</a> and <a href="https://www.nhs.uk/every-mind-matters/lifes-challenges/money-worries-mental-health/#:%7E:text=Our%20mental%20health%20might%20be,earning%20enough%20or%20currently%20unemployed">money</a> are both critical for our survival and mental health. As an adult, you have the power to improve these relationships. But because attachment patterns were formed early on, they are difficult to change. Therapy and other support can help you adopt healthier habits, as can increasing your financial knowledge.</p> <p>If you want to change your relationship with money, you should try to be mindful of what may be influencing you. While financial advice on social media may be useful and help young people feel more empowered to <a href="https://www.forbes.com/advisor/investing/financial-advisor/adults-financial-advice-social-media/">talk about money</a>, it can also <a href="https://www.mcleanhospital.org/essential/it-or-not-social-medias-affecting-your-mental-health">increase anxiety further</a> and be <a href="https://theconversation.com/if-you-get-your-financial-advice-on-social-media-watch-out-for-misinformation-222196">full of misinformation</a>. A good place to start for accurate and helpful information is the government’s <a href="https://www.moneyhelper.org.uk/en">Money Helper website</a>.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><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/225243/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><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></em></p> <p><em>Image credits: Getty Images </em></p> <p><em>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/if-you-have-money-anxiety-knowing-your-financial-attachment-style-can-help-225243">original article</a>.</em></p> </div>

Money & Banking

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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"><em><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></em></p> <p>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.</p> <p>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.</p> <p>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.</p> <h2>Money and emotions</h2> <p>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.</p> <p>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.</p> <p>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.</p> <figure><iframe src="https://www.youtube.com/embed/GPzA7B6dcxc?wmode=transparent&amp;start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> <h2>The girl math we need</h2> <p>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.</p> <p><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.</p> <p>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.</p> <p>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.</p> <p>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>.</p> <p>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?</p> <p>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.</p> <p><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><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></em></p> <p><em>Image credits: Getty Images </em></p> <p><em>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>.</em></p> </div>

Money & Banking

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

<p>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. </p> <p>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.</p> <p>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,”</p> <p>“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."</p> <p>"Our hearts and lives are changed forever and there is less sparkle in the world. There will never be another you."</p> <p>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.” </p> <p>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."</p> <p>Jesse's <em>Studio 10</em> 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."</p> <p>"Just like all your live on-air appearances, I wish there was more time."</p> <p>Balloons spelling out Baird’s name adorned the convention centre’s stage alongside photos of him smiling at different stages in his life.</p> <p>After the service, the large crowd gathered outside to blow a flurry of bubbles.</p> <p><em>Image credits: 7News</em></p>

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Millions of eligible Aussies about to receive financial boost

<p>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.</p> <p>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.</p> <p>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?</p> <p>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.</p> <p>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.</p> <p>Rent assistance, however, will see relatively modest increments, ranging from $2.27 to $3.40, depending on the recipient's family situation.</p> <p>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.</p> <p>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.</p> <p>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.</p> <p>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.</p> <p>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.</p> <p><em>Image: Getty </em></p>

Money & Banking

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What is doxing, and how can you protect yourself?

<p><em><a href="https://theconversation.com/profiles/rob-cover-13135">Rob Cover</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a></em></p> <p>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.</p> <p>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.</p> <p>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.</p> <p>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.</p> <h2>What is doxing?</h2> <p><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.</p> <p>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.</p> <p>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.</p> <p>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.</p> <p>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.</p> <h2>Why is doxing harmful?</h2> <p>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.</p> <p>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.</p> <p>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.</p> <p>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.</p> <p>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.</p> <p>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.</p> <p>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.</p> <h2>What can you do to protect yourself from doxing?</h2> <p>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.</p> <p>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.</p> <p>And you can also protect yourself without needing to entirely withdraw from social media:</p> <ol> <li> <p>never share a home or workplace address, phone number or location, including among a private online group or forum with trusted people</p> </li> <li> <p>restrict your geo-location settings</p> </li> <li> <p>avoid giving details of workplaces, roles or employment on public sites not related to your work</p> </li> <li> <p>avoid adding friends or connections on social media services of people you do not know</p> </li> <li> <p>if you suspect you risk being doxed due to a heated online argument, temporarily shut down or lock any public profiles</p> </li> <li> <p>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.</p> </li> </ol> <p>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).</p> <p>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.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><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" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><a href="https://theconversation.com/profiles/rob-cover-13135"><em>Rob Cover</em></a><em>, 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></em></p> <p><em>Image credits: Getty Images</em></p> <p><em>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>.</em></p>

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

<p>A financial expert has explained how baby boomers have remained largely unscathed by the ongoing housing crisis in Australia. </p> <p>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. </p> <p>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.</p> <p>"There are a couple of things that might surprise you: Adelaide became the second, least affordable Australian city last year," Mr Kohler explained.</p> <p>"Adelaide has just taken over from Hobart in second place."</p> <p>"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."</p> <p>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.</p> <p>"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."</p> <p>"That didn't have to happen: it's Australia's worst, economic mistake."</p> <p>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.</p> <p>"Despite rising prices and crushing interest rates, first-home buyers were the fastest-growing type of borrower," he said.</p> <p>"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."</p> <p><em>Image credits: Shutterstock / ABC</em></p> <p class="mol-para-with-font" style="font-size: 16px; margin: 0px 0px 16px; padding: 0px; min-height: 0px; letter-spacing: -0.16px; font-family: graphik, Arial, sans-serif;"> </p>

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