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Man reveals what it's like to spend 25 years at sea

<p>Mario Salcedo has mastered life at sea, living on cruise ships for 25 years and completing his 1,000th voyage with Royal Caribbean. </p> <p>Salcedo, also known as "Super Mario" in cruise circles revealed that he spends around  $101,000 on on cruises per year for a cabin with a balcony. </p> <p>The senior funds his ocean-bound lifestyle through investment management work. </p> <p>His loyalty to Royal Caribbean has earned him some recognition among the crew, with some ships creating makeshift offices for him on deck, complete with cordoned-off tables, chairs and signs reading "Super Mario's Office".</p> <p>Salcedo spoke about his love for cruising in an interview with <em>allthingscruise.com. </em></p> <p>"Cruising never gets old," he began. </p> <p>"I'm so used to being on ships that it feels more comfortable to me than being on land."</p> <p>The full-time cruiser began his life at sea after "tiring of the suit-and-tie business world and the long flights to international clients."</p> <p>The Cuban-born businessman went on his first cruise in 1997 and became hooked since then. </p> <p>In 2000 he began living on Royal Caribbean ships, spending only a few days per year on land, and taking a short 15 month break during the Covid pandemic. </p> <p>Salcedo said he spends about five hours a day working and "has fun" for the rest of it. </p> <p>"It's zero stress," he said. "The best lifestyle I can find."</p> <p><em>Image: Wayleebird / Shutterstock.com</em></p>

International Travel

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Research suggests those who use buy-now-pay-later services end up spending more

<p><em><a href="https://theconversation.com/profiles/ashish-kumar-1056067">Ashish Kumar</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a></em></p> <p>Once, borrowing money to make a purchase was a relatively tedious process, not a spur-of-the-moment thing.</p> <p>True, some stores offered lay-by plans that would let you pay for goods in instalments. But if they didn’t, and you didn’t already have a credit card, you’d have to go to a bank and apply for one.</p> <p>That would mean providing a range of supporting documents, negotiating an appropriate credit limit, and waiting for approval. It’s unlikely you’d apply for credit just for a single, small purchase.</p> <p>In recent years, though, the financial technology or “fintech” revolution in the customer credit market has changed all that, with the meteoric rise of buy-now-pay-later (BNPL) services.</p> <p>BNPL credit allows consumers to split their purchases into smaller, interest-free instalments. It is often directly integrated into online checkouts with fast approval, making it easy to purchase something instantly and spread the cost over coming months.</p> <p>There are some obvious risks. Many BNPL providers charge less visible fees, such as late payment fees and account maintenance fees. In many countries, the BNPL sector is also less regulated than traditional credit.</p> <p>But does it also change our spending habits? Our recent <a href="https://doi.org/10.1016/j.jretai.2024.09.004">research</a> uncovered a concerning insight: consumers who use BNPL services end up spending more money online than those who don’t. This effect is particularly strong among younger shoppers and those with lower incomes.</p> <h2>Our research</h2> <p>We <a href="https://doi.org/10.1016/j.jretai.2024.09.004">analysed</a> data from an online retailer in the Nordic region that offered customers three payment options for online purchases: card, pay on delivery and BNPL.</p> <p>We found that consumers who used BNPL spent an average of 6.42% more than those who didn’t.</p> <p>This increase was particularly noticeable for low-ticket items, suggesting that BNPL may encourage customers to buy more when shopping for smaller, everyday things.</p> <p>Why might this be the case? For one, BPNL spending is constrained by the size of the loans on offer. In the US, the average BNPL loan amount is <a href="https://files.consumerfinance.gov/f/documents/cfpb_consumer-use-of-buy-now-pay-later_2023-03.pdf">US$135</a> (A$217).</p> <p>It may also be related to what’s known in economics as the “<a href="https://www.theguardian.com/business/2008/dec/22/recession-cosmetics-lipstick">lipstick effect</a>”, where customers under financial strain tend to reduce spending on big-ticket items in favour of lower-priced luxuries.</p> <p>Selling such low-ticket items doesn’t always give online retailers the biggest profit margins. But it can play a crucial role in acquiring and retaining customers, and creating opportunities to upsell.</p> <p>Our research also showed that younger, lower-income customers were more likely to spend more when using BNPL services, likely because it provides them with additional “liquidity” – access to cash.</p> <h2>Why might they be spending more?</h2> <p>It’s easy to see why so many consumers like BNPL. Some even think of it as more of a way of payment than a form of credit.</p> <p>The core feature of such services - offering interest-free instalment payments for online purchases - has a significant psychological impact on customers.</p> <p>It leverages the principle that the perceived benefit of spending in the present outweighs the displeasure associated with future payments.</p> <p>This behaviour aligns with theories of “hyperbolic discounting” – our preference for smaller immediate rewards over larger later ones – and the related “<a href="https://www.behavioraleconomics.com/resources/mini-encyclopedia-of-be/present-bias/">present bias</a>” phenomenon.</p> <p>Our results also suggest customers with high category experience – that is, more familiar with the larger product categories carried by a retailer – and those more sensitive to deals and promotions are likely to spend more when online retailers provide BNPL as a payment option.</p> <h2>A growing influence on spending</h2> <p>The economic impact of BNPL is substantial in the countries that have pioneered its adoption.</p> <p>In Australia, birthplace of Afterpay, Zip, Openpay, and Latitude, it’s <a href="https://www.oxfordeconomics.com/wp-content/uploads/2022/10/AFIA_BNPL_Research_Report-1.pdf">estimated</a> that (allowing for flow-on effects) BNPL services contributed A$14.3 billion to gross domestic product (GDP) in the 2021 financial year.</p> <p>Industry research firm Juniper Research <a href="https://www.juniperresearch.com/press/pressreleasesbuy-now-pay-later-users-to-exceed-670-million-globally/">projects</a> the number of BNPL users will exceed 670 million globally by 2028, an increase of more than 100% on current levels.</p> <p>Substantial projected growth in the sector is attributed to multiple factors. These include increasing e-commerce usage, economic pressures, the flexibility of payment options and widespread adoption by merchants.</p> <h2>Buyer, beware</h2> <p>BNPL services can be a convenient way to pay for online purchases. But it’s important to use them responsibly.</p> <p>That means understanding the potential risks and benefits to make your own informed decisions. Be mindful of your spending. Don’t let the allure of easy payments let you get carried away.</p> <p>Customers should explore beyond the marketing tactics of interest-free split payments and pay close attention to terms and conditions, including any fees and penalties. They should treat BNPL like any other form of credit.</p> <p>Whether you’re a shopper considering using BNPL or a business thinking about offering it, our research highlights that it may have the power to significantly influence spending patterns – for better or worse.<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/246686/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><a href="https://theconversation.com/profiles/ashish-kumar-1056067"><em>Ashish Kumar</em></a><em>, Senior Lecturer, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT 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/research-suggests-those-who-use-buy-now-pay-later-services-end-up-spending-more-246686">original article</a>.</em></p>

Money & Banking

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The 15 best destinations to spend Christmas

<p dir="ltr">While many people love to stay home and celebrate Christmas with family, there are always people who decide to spend their December travelling to experience the festive season around the globe. </p> <p dir="ltr">Especially for those in Australia and New Zealand who are accustomed to scorching temperatures over Christmas, many like to jet set and see what the festive season is like in colder climates. </p> <p dir="ltr">While every country gets into the festive spirit in different ways, there are specific locations that offer a tremendous holiday atmosphere to ensure you’re in the Christmassy mood, no matter where in the world you are. </p> <p dir="ltr">From England to the Philippines, there are 15 destinations that traditionally offer up some of the best holiday experiences for a Christmas-drenched vacation.</p> <p dir="ltr">Unsurprisingly, Santa’s unofficial home of Lapland in Finland is always a hotspot for Christmas travels.</p> <p dir="ltr">Finland takes festive celebrations to the next level, as children here make gingerbread cookies with Mrs. Claus, enroll in Elf School or take a calligraphy class, and compose their Christmas wish lists with a traditional quill.</p> <p dir="ltr">Visitors can also take photos with Santa, go on sled rides with reindeer, and meet baby polar bears in the Ranua Wildlife Park.</p> <p dir="ltr">Check out the entire top 15 list of best Christmas destinations below. </p> <p dir="ltr">15. New York City, USA</p> <p dir="ltr">14. Queenstown, New Zealand</p> <p dir="ltr">13. Strasbourg, France </p> <p dir="ltr">12. Salzburg and Oberndorf, Austria</p> <p dir="ltr">11. San Miguel de Allende, Mexico</p> <p dir="ltr">10. Quebec City, Canada</p> <p dir="ltr">9. Malta</p> <p dir="ltr">8. Nuremberg, Germany</p> <p dir="ltr">7. Nairobi, Kenya</p> <p dir="ltr">6. Barcelona, Spain</p> <p dir="ltr">5. San Fernando, Philippines</p> <p dir="ltr">4. Bath, England</p> <p dir="ltr">3. Bethlehem, Pennsylvania, USA</p> <p dir="ltr">2. Bogotá, Colombia</p> <p>1. Rovaniemi, Lapland, Finland</p> <p><em>Image credits: Shutterstock</em></p>

International Travel

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Track your spending, use cash and DIY gifts: how to keep your costs down this Christmas

<p><em><a href="https://theconversation.com/profiles/angelique-nadia-sweetman-mcinnes-1361909">Angelique Nadia Sweetman McInnes</a>, <a href="https://theconversation.com/institutions/cquniversity-australia-2140">CQUniversity Australia</a></em></p> <p>Australians are expected to spend more this Christmas than last, with spending projected to rise to <a href="https://www.shopassociation.org.au/sites/default/files/uploaded-content/field_f_content_file/2024-australian-christmas-shopping-intentions-research-report-cpmaustralia-retailsafari-1.pdf">A$69.7 billion</a>. This is a 2.7% increase on what we spent last year on gifts, food and other treats for ourselves and others.</p> <p>This is a lot at a time when many people are experiencing mortgage stress and high inflation. But by employing smart budgeting and spending strategies we can enjoy a festive Christmas season without huge financial stress.</p> <h2>Know how much you are spending</h2> <p>Being aware of what you are spending is important. So you don’t spend beyond your means, you need to decide what you are going to buy and track what you spend.</p> <p>Using budgeting tools in your banking app will help you monitor your spending. Your bank’s app or a <a href="https://www.savings.com.au/savings-accounts/budgeting-and-saving-apps">variety of budgeting apps</a>, can also help you find deals and stick to your financial goals.</p> <p><a href="https://doi.org/10.1093/jcr/ucac024">Research</a> shows spending decreases when you use an online budgeting app by 15%.</p> <p>Christmas budgeting means setting clear limits, like a gift allowance for each person of, for example, under $10, $25, $50 or $100. This helps us stay on track. Before shopping, we should also ask ourselves: “Is this worth buying?” or “Do I really need this?”.</p> <h2>How to bag a bargain</h2> <p>About <a href="https://www.shopassociation.org.au/sites/default/files/uploaded-content/field_f_content_file/2024-australian-christmas-shopping-intentions-research-report-cpmaustralia-retailsafari-1.pdf">63% of Australian consumers</a> say they start their shopping in November, before the last-minute push to fill the Christmas stockings. This enables them to take advantage of the Black Friday sales on now and Cyber Monday, next Monday.</p> <p>Online research can uncover decent bargains to lower Christmas spending. Or you could wait until the Boxing Day sales to buy discounted gifts for people you don’t see until after December 25.</p> <p>The post-Christmas sales are also good for stocking up on heavily discounted crackers and decorations for next year.</p> <p><a href="https://www.shopassociation.org.au/sites/default/files/uploaded-content/field_f_content_file/2024-australian-christmas-shopping-intentions-research-report-cpmaustralia-retailsafari-1.pdf">Most Australian shoppers</a> (89%) are combining online (websites, mobile apps, social media) with physical in-store shopping. <a href="https://www.shopassociation.org.au/sites/default/files/uploaded-content/field_f_content_file/2024-australian-christmas-shopping-intentions-research-report-cpmaustralia-retailsafari-1.pdf">Major online retailers</a> such as Amazon, eBay, and The Iconic (69%) are now more popular than department stores (59%).</p> <p>There are also thrift and discount stores which offer affordable gifts while using their income to help those in need.</p> <p>By using the internet to compare prices and set price alerts for goods you want to buy, you are more likely to get the best deals. Take time to search for store discounts. Using loyalty programs, coupons, promo codes, and free shipping also helps keep money in your pocket.</p> <h2>Why cash at Christmas is better</h2> <p>The <a href="https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/ensuring-future-cash-and-next-steps-phasing-out-cheques#:%7E:text=The%20Government%20will%20mandate%20that,will%20not%20be%20left%20behind.">federal government’s decision</a> last week to require businesses to accept cash, not just credit or debit cards, also has benefits for saving. Cash purchases encourage you to spend wisely, set your <a href="https://resources.depaul.edu/financial-fitness/tackle-overspending/Pages/solutions-for-overspending.aspx">spending limit, and prevent you from overspending, or paying interest and fees on cards</a>.</p> <p>There is also the old “<a href="https://www.ramseysolutions.com/budgeting/envelope-system-explained">cash envelope system</a>” used for centuries and popularised in the 1990s to help curb spending. This sees cash divided into envelopes, each labelled for a specific expense (for example, gifts for A, B, C). Once the money in the envelope is gone, nothing more can be spent.</p> <p>One way to help boost your Christmas budget; while simultaneously decluttering, your home is to sell items you no longer use. There are numerous online sites and bricks and mortar stores where this can be done.</p> <h2>Saving money with DIY</h2> <p>In 2024, Australians will spend an average of <a href="https://www.shopassociation.org.au/sites/default/files/uploaded-content/field_f_content_file/2024-australian-christmas-shopping-intentions-research-report-cpmaustralia-retailsafari-1.pdf">$660 per shopper on gifts</a>, with popular choices including clothing and shoes, books, and gift cards.</p> <p>However, it’s not necessary to buy all your gifts or Christmas decorations. Consider making affordable handmade gifts to add a personal touch. There are demonstration videos online showing you how to re-purpose old items, bake homemade festive treats, create a special moments photo album or scrapbook.</p> <p>Mix Epsom salts, essential oils and dried flowers to create relaxing bath salts or scrubs. Use natural pine cones or salt dough to make ornaments. Make wreaths using pine branches, holly or dried oranges. Sew fabric garlands to place on the tree, fireplace or mantle.</p> <p>Instead of buying multiple extravagant presents for each person, try doing a Secret Santa. This is the low-cost tradition where everyone buys only one gift for one recipient who is chosen using an online tool. Gifts are then given anonymously.</p> <h2>Festive food</h2> <p>Festive food spending is projected to be <a href="https://www.roymorgan.com/findings/9736-ara-roy-morgan-media-release-christmas-spending-2024">$28 billion, up 4.2%</a>, this year, contributing to the overall increase in expected total Christmas spending.</p> <p>To save on food expenses, asks guests to bring a dish to share. Or celebrate Christmas with an economical picnic or BBQ, weather permitting.</p> <p>Get creative with food leftovers to make meals and reduce the amount of food waste, while stretching your wallet further once Christmas has come and gone.</p> <h2>Managing costs, avoiding debt</h2> <p>Sticking to your Christmas budget can feel rewarding. If you do overspend, reflect on why, and adjust your plan. If needed, explore debt options, like credit cards or personal loans, but only as a last resort.</p> <p>Thoughtful planning will help you manage your costs, while enjoying the festive season. After all, the true spirit of Christmas is about creating memories and enjoying time with loved ones, not about overspending.<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/244300/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><em><a href="https://theconversation.com/profiles/angelique-nadia-sweetman-mcinnes-1361909">Angelique Nadia Sweetman McInnes</a>, Academic in Financial Planning, <a href="https://theconversation.com/institutions/cquniversity-australia-2140">CQUniversity Australia</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/track-your-spending-use-cash-and-diy-gifts-how-to-keep-your-costs-down-this-christmas-244300">original article</a>.</em></p>

Money & Banking

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Can money buy you happiness? It’s complicated

<p><em><a href="https://theconversation.com/profiles/cathrine-jansson-boyd-237916">Cathrine Jansson-Boyd</a>, <a href="https://theconversation.com/institutions/anglia-ruskin-university-1887">Anglia Ruskin University</a></em></p> <p>Consumer society is growing fast around the globe. In 2011 it was estimated that 1.7 billion people were living in what is considered to be the <a href="http://www.worldwatch.org/node/810">“consumer class”</a> – and nearly half of them are in the developing world. Consumption of goods and services has <a href="http://data.worldbank.org/indicator/NE.CON.PRVT.CD">grown at a staggering rate over the past few decades</a> and prompts us to ask: does it makes us happy? The answer’s not as simple as you might think.</p> <p>As a starting point, it is useful to look at <a href="https://books.google.co.uk/books?id=1A2siA19hKYC&amp;printsec=frontcover&amp;source=gbs_ge_summary_r&amp;cad=0#v=onepage&amp;q&amp;f=false">reported life satisfaction</a> across the globe. In richer nations, people usually buy more products and services. Hence if consumption genuinely made people happier, one would expect people to be happier in wealthy countries.</p> <p>It is true that people in rich nations report greater levels of life satisfaction (one measure of determining <a href="http://worldhappiness.report/">happiness</a>) than those in poor ones. However, the picture looks a little different when comparing moderately and very wealthy countries as there is no difference between the two. This indicates that money and increased material wealth does not necessarily equal higher levels of happiness.</p> <h2>Being materialistic</h2> <p>In the past few decades, people in richer industrialised societies have become increasingly materialistic. There are two key reasons for this – first, because we learn by observing others, it has become acceptable. And second, because people use products as a means to <a href="http://www.businessinsider.com/the-psychology-behind-retail-therapy-2012-11?IR=T">fill a psychological void</a> in their life. The latter is, at least partially, affected by marketing messages consistently telling us that consumption is the path to happiness.</p> <p>So when people feel they are lacking something in their lives they try to replace it with material possessions. But this often fails, as people usually misjudge what will make them happy. So what often happens is that people get a temporary boost from a particular purchase, but the pleasure tends to fade with time as they adapt to having it, leaving them unsatisfied.</p> <p>They then search for another product that can provide an even stronger pleasurable feeling – but, as before, it will again fade away. This continues as if we are on a forever spinning wheel of consumption. With <a href="http://link.springer.com/article/10.1023/B:JOHS.0000005719.56211.fd">every search for a new pleasing purchase</a>, expectations subconsciously rise – and the result is that we often feel a need to increase the number of purchases made or to spend more money.</p> <h2>Feelings of insecurity</h2> <p>How consumers feel about themselves also dictate consumption patterns. Highly materialistic individuals tend to value possessions that are expensive, seen as high status and are easily spotted and recognised by other people. This is because materialism is related to <a href="http://ase.tufts.edu/gdae/cs/personal%20well-being.pdf">a lack of self-esteem</a>. Hence, feelings of insecurity lead to a concern about what others think about them – which in turn leads to attempts to gain approval from others by owning desirable products.</p> <p>This lack of confidence often originates from what kind of toys we played with in childhood. Many girls, for example, are exposed to unrealistic views of what women should look like when they are given toys like <a href="http://www.bbc.co.uk/news/magazine-35670446">Barbie dolls</a>. This unrealistic view is then internalised and can be carried over into adulthood. A <a href="http://www.bbc.co.uk/news/education-37543769">recent report</a> suggests that approximately 40% of girls and young women lack confidence in how they look. To alleviate the disappointment with their appearance, they are likely to embark on a quest to purchase products they believe will make them more attractive.</p> <p>The media also plays a big role in stripping people of self-esteem. Women’s magazines are designed to encourage them to consume expensive clothes, make-up and lifestyle objects to mitigate the insecurities they feel by comparing themselves and their lives to the models and celebrities inside.</p> <p>Men can be affected by the media in similar ways – an increasing number of <a href="http://www.independent.co.uk/life-style/fashion/features/mens-grooming-is-now-a-multi-billion-pound-worldwide-industry-a6813196.html">men are influenced by magazines to consume clothes and beauty items</a>. When such insecurities are established, the appeal of consumption tends to increase – people are sold the message that they can buy “the very thing” that will help alleviate their insecure feelings.</p> <h2>Not all doom and gloom</h2> <p>Even though it seems that consumption is not synonymous with happiness it is not quite as straightforward as that. One key component for good mental health is to have a solid social support network. A constant pursuit of material possessions makes people disregard aspects of life that can contribute to general well-being, such as a healthy friendship network.</p> <p>It may therefore seem like a paradox that purchasing experiences can be the way to generate better social connections. Purchases made with the intention of <a href="http://psycnet.apa.org/journals/gpr/9/2/132/">having an experience</a>, such as a ski holiday or possibly <a href="http://www.bbc.co.uk/news/business-37550679">something more unusual</a> – such as “being” a celebrity for the day – can boost a person’s sense of happiness. This is often not because of the gratification caused by the thing itself but because it provides people with an opportunity to discuss their experiences with others. The joy of such an experience is that its benefits are subjective and thus not easy to compare – unlike a new mobile phone – which may not be as fancy as someone else’s. Consequently, you are not as likely to feel negative by having a “worse” experience than someone else.</p> <p>Perhaps the question that needs asking is not if consumption leads to happiness, but whether what we consume leads to happiness. As we are approaching the time of year when consuming often reaches an all-time high (<a href="http://www.mirror.co.uk/money/shopping-deals/black-friday-best-deals-2016-6630912">Black Friday</a>, <a href="http://www.mirror.co.uk/money/cyber-monday-2016-big-deals-6825898">Cyber Monday</a> and Christmas), it is worth reflecting on whether the purchases you make are going to genuinely fulfil your desires. Ask yourself if you should be buying more products, or whether it may be the time to buy theatre tickets for your friends to foster stronger social relationships.</p> <p><em><a href="https://theconversation.com/profiles/cathrine-jansson-boyd-237916">Cathrine Jansson-Boyd</a>, Reader in Consumer Psychology, <a href="https://theconversation.com/institutions/anglia-ruskin-university-1887">Anglia Ruskin 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/can-money-buy-you-happiness-its-complicated-66307">original article</a>.</em></p>

Money & Banking

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How much do you need to know about how your spouse spends money? Maybe less than you think

<p><em><a href="https://theconversation.com/profiles/scott-rick-1534612">Scott Rick</a>, <a href="https://theconversation.com/institutions/university-of-michigan-1290">University of Michigan</a></em></p> <p>Love is in the air, and wedding season is upon us.</p> <p>Like many elder millennials, I grew up watching sitcoms in the 1980s and ‘90s. Whenever those series needed a ratings boost, they would feature a wedding. Those special episodes taught me that weddings usually involve young lovebirds: think Elvin and Sondra from “The Cosby Show,” Cory and Topanga from “Boy Meets World,” or David and Darlene from “Roseanne.”</p> <p>But those were different times. People are getting married later in life than they used to: In the United States, <a href="https://www.census.gov/content/dam/Census/library/visualizations/time-series/demo/families-and-households/ms-2.pdf">the median age of newlyweds</a> has grown to 28 for women and 30 for men.</p> <p>This trend means that many Americans now enter marriage after being self-reliant for several years, including managing their own money. Will they be eager to change that once they get married? Don’t count on it. A 2017 <a href="https://bettermoneyhabits.bankofamerica.com/content/dam/bmh/pdf/ar6vnln9-boa-bmh-millennial-report-winter-2018-final2.pdf">Bank of America survey</a> suggests that millennial married couples are around 15 percentage points more likely than their predecessors to keep their finances separate.</p> <p>This is not necessarily a good development. As a behavioral scientist <a href="https://michiganross.umich.edu/faculty-research/faculty/scott-rick">who studies money and relationships</a>, I find that joint accounts <a href="https://doi.org/10.1093/jcr/ucad020">can bring partners closer</a>.</p> <p>There are some risks, however. Joint accounts create transparency, and intuitively, transparency feels like a good thing in relationships. But I argue that some privacy is important even for highly committed couples – <a href="https://us.macmillan.com/books/9781250280077/tightwadsandspendthrifts">and money is no exception</a>.</p> <h2>The newlywed game</h2> <p>Behavioral scientists <a href="https://kelley.iu.edu/faculty-research/faculty-directory/profile.html?id=jgolson">Jenny Olson</a>, <a href="https://som.yale.edu/faculty-research/faculty-directory/deborah-small">Deb Small</a>, <a href="https://www.kellogg.northwestern.edu/faculty/directory/finkel_eli.aspx">Eli Finkel</a> and I recently conducted <a href="https://academic.oup.com/jcr/article-abstract/50/4/704/7077142">an experiment with engaged and newlywed couples</a>. Each of the pairs had entirely separate accounts, but they were undecided about how they wanted to manage their money moving forward.</p> <p>We randomly assigned each of the 230 couples to one of three groups. One group kept their money in separate accounts; one merged their cash into a joint account and stopped using separate accounts; and one managed their money however they liked.</p> <p>We followed couples for two years, periodically asking them to complete surveys assessing their relationship dynamics and satisfaction. Our relationship quality measure included items such as “I cannot imagine another person making me as happy as my partner does” and “Within the last three months, I shouted or yelled at my partner.”</p> <p>Among the couples who could do whatever they wanted, most kept things separate. They and the couples assigned to keep separate accounts experienced a steady decline in relationship quality over time.</p> <p>This is a fairly typical pattern. For instance, in <a href="https://academic.oup.com/sf/article-abstract/79/4/1313/2234046">a large study that tracked U.S. couples’ marital happiness for 17 years</a>, <a href="https://www.unk.edu/academics/social-work/faculty_staff/van_laningham.php">sociologist Jody Van Laningham</a> and colleagues found that “marital happiness either declines continuously or flattens after a long period of decline.”</p> <p>Declines during the first two years of marriage are particularly important. Social scientist <a href="https://liberalarts.utexas.edu/prc/faculty/hustontl">Ted Huston</a> and colleagues call those first two years <a href="https://doi.org/10.1037/0022-3514.80.2.237">the “connubial crucible</a>.” They find that relationship dynamics that develop during that crucial period can foreshadow relationship quality for many years to come.</p> <p>Couples in our study who were prompted to take the plunge into a joint account, however, maintained their initial level of relationship satisfaction over the course of the two-year experiment.</p> <h2>Tit-for-tat</h2> <p>Our survey results suggest that, by turning “my money” and “your money” into “our money,” a joint account can help to reduce scorekeeping within a relationship. For example, we found that couples with joint accounts were more likely to agree with statements such as “When one person does something for the other, the other should not owe the giver anything.”</p> <p>Relationships usually don’t start with a scorekeeping orientation. In the 1980s and ‘90s, psychologist <a href="https://psychology.yale.edu/people/margaret-clark">Margaret Clark</a> and colleagues conducted experiments where partners had the option of keeping track of each other’s contributions to a shared task. <a href="https://clarkrelationshiplab.yale.edu/sites/default/files/files/Resource%20allocation%20in%20intimate%20relationships.pdf">They observed</a> that intimate relationships often begin with a “communal” orientation, where partners help one another without keeping careful track of who’s doing what.</p> <p>Eventually, however, they take on more of an “exchange” orientation – where inputs are tracked and timely reciprocity is expected. Couples that manage to stave off a tit-for-tat mindset <a href="https://doi.org/10.1177/0956797610373882">tend to be happier</a>.</p> <h2>Too much of a good thing?</h2> <p>The data from our experiment with young couples clearly suggests that using only a joint account is better than using only separate accounts. However, I argue in my new book, “<a href="https://us.macmillan.com/books/9781250280077/">Tightwads and Spendthrifts</a>,” that just a joint account is probably not optimal.</p> <p>When partners use only a joint account, they get an up-close-and-personal view of how the other person is spending money. This kind of transparency is <a href="https://www.businessinsider.com/money-habits-successful-married-couples-avoid-2016-11">normally viewed</a> as a good thing.</p> <p>Some commentators argue that a healthy marriage should have no secrets whatsoever. For example, Willard Harley, Jr., a clinical psychologist who primarily writes for Christian audiences, argues that you should “reveal to your spouse <a href="https://www.marriagebuilders.com/the-policy-of-radical-honesty.htm">as much information about yourself as you know</a>: your thoughts, feelings, habits, likes, dislikes, personal history, daily activities, and plans for the future.”</p> <p>In addition, if your goal is to minimize optional spending, <a href="https://doi.org/10.1002/jcpy.1083">research suggests</a> that the transparency that comes with a joint account can be helpful. We spend less when someone is looking over our shoulder.</p> <p>Still, there are reasons to believe that <a href="https://doi.org/10.1177/0265407500172005">complete transparency can be harmful for couples</a>.</p> <p>Many people have become convinced that if they could just stop buying lattes and avocado toast, they could invest that money and become rich. Unfortunately, the underlying math is highly dubious, as journalist Helaine Olen points out in <a href="https://www.penguinrandomhouse.com/books/308568/pound-foolish-by-helaine-olen/">her book “Pound Foolish</a>.” Still, many people view small indulgences as their primary obstacle to wealth. Complete transparency around these financially inconsequential “treats” <a href="https://slate.com/business/2021/09/partner-hates-retail-therapy-money-advice.html">can lead to unnecessary arguments</a>.</p> <p>Also, spouses may have different passions that their partner does not fully understand. Expenses that seem perfectly reasonable to another hobbyist may seem outrageous <a href="https://academic.oup.com/jcr/article-abstract/19/2/256/1929895">to someone without the proper context</a> – another source of <a href="https://www.sciencedirect.com/science/article/abs/pii/S2352250X21000750">avoidable disagreements</a>.</p> <h2>'Translucent,’ not transparent</h2> <p>I propose that many couples may benefit from a combination of joint and separate accounts.</p> <p>A joint account is essential for ensuring that both partners have immediate and equal access to “our money.” Ideally, all income would be direct-deposited into the joint account, which would help to blur the gap between partners’ earnings. Conspicuous income differences <a href="https://doi.org/10.1086/432228">can jeopardize relationship quality</a>.</p> <p>Separate accounts attached to the joint account can allow some privacy for individual purchases and help partners maintain a sense of autonomy and individuality. Each person gets to spend some of “our money” without their partner looking over their shoulder. Spouses would have a high-level understanding of how much their partner is spending per week or per month, but avoid the occasionally irritating details.</p> <p>This kind of partial financial transparency – <a href="https://us.macmillan.com/books/9781250280077/tightwadsandspendthrifts">what I call “financial translucency</a>” – could help couples strike the right balance between financial and psychological well-being.</p> <p>Of course, this approach requires a lot of trust. If the relationship is already on thin ice, complete financial transparency may be necessary. However, if the relationship is generally in the “good, but could be even better” category, I would argue that financial translucency is worth considering.<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/230070/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><em><a href="https://theconversation.com/profiles/scott-rick-1534612">Scott Rick</a>, Associate Professor of Marketing, <a href="https://theconversation.com/institutions/university-of-michigan-1290">University of Michigan</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-much-do-you-need-to-know-about-how-your-spouse-spends-money-maybe-less-than-you-think-230070">original article</a>.</em></p>

Money & Banking

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Spending too much time on social media and doomscrolling? The problem might be FOMO

<p><em><a href="https://theconversation.com/profiles/kim-m-caudwell-1258935">Kim M Caudwell</a>, <a href="https://theconversation.com/institutions/charles-darwin-university-1066">Charles Darwin University</a></em></p> <p>For as long as we have used the internet to <a href="https://www.theguardian.com/technology/2016/mar/07/email-ray-tomlinson-history">communicate and connect with each other</a>, it has influenced how we think, feel and behave.</p> <p>During the COVID pandemic, many of us were <a href="https://www.sciencedirect.com/science/article/pii/S0277953622007985">“cut off” from our social worlds</a> through restrictions, lockdowns and mandates. Understandably, many of us tried to <a href="https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0258344">find ways to connect online</a>.</p> <p>Now, as pandemic restrictions have lifted, some of the ways we use the internet have become concerning. Part of what drives problematic internet use may be something most of us are familiar with – the fear of missing out, or FOMO.</p> <p>In <a href="https://link.springer.com/article/10.1186/s12888-024-05834-9">our latest research</a>, my colleagues and I investigated the role FOMO plays in two kinds of internet use: problematic social media use and “doomscrolling”.</p> <h2>What are FOMO, problematic social media use and doomscrolling?</h2> <p>FOMO is the fear some of us experience when we get a sense of “missing out” on things happening in our social scene. Psychology researchers have been studying FOMO for <a href="https://doi.org/10.1016/j.chb.2013.02.014">more than a decade</a>, and it has consistently been linked to <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8283615/">mental health and wellbeing</a>, <a href="https://www.sciencedirect.com/science/article/pii/S0376871624001947">alcohol use</a> and <a href="https://doi.org/10.1016/j.chb.2021.106839">problematic social media use</a>.</p> <p>Social media use becomes a problem for people when they have difficulty controlling urges to use social media, have difficulty cutting back on use, and where the use has a negative impact on their everyday life.</p> <p>Doomscrolling is characterised by a need to constantly look at and <a href="https://www.bbc.com/worklife/article/20210226-the-darkly-soothing-compulsion-of-doomscrolling">seek out “bad” news</a>. Doomscrollers may constantly refresh their news feeds or stay up late to read bad news.</p> <p>While problematic social media use has been around for a while, doomscrolling seems to be a more recent phenomenon – <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7735659/">attracting research attention</a> during and following the pandemic.</p> <h2>What we tried to find out</h2> <p>In our study, we wanted to test the idea that FOMO leads individuals to engage in problematic use behaviours due to their difficulty in managing the “fear” in FOMO.</p> <p>The key factor, we thought, was <a href="https://link.springer.com/article/10.1023/b:joba.0000007455.08539.94">emotion regulation</a> – our ability to deal with our emotions. We know some people tend to be good at this, while others find it difficult. In fact, greater difficulties with emotion regulation was linked to experiencing <a href="https://www.sciencedirect.com/science/article/pii/S088761852100058X">greater acute stress related to COVID</a>.</p> <p>However, an idea that has been gaining attention recently is <a href="https://www.frontiersin.org/journals/psychology/articles/10.3389/fpsyg.2021.636919/full">interpersonal emotion regulation</a>. This means looking to others to help us regulate our emotions.</p> <p>Interpersonal emotion regulation can be helpful (such as “<a href="https://link.springer.com/article/10.1007/s11031-016-9569-3">affective engagement</a>”, where someone might listen and talk about your feelings) or unhelpful (such as “<a href="https://psycnet.apa.org/doiLanding?doi=10.1037%2F0012-1649.43.4.1019">co-rumination</a>” or rehashing problems together), depending on the context.</p> <p>In our analyses, we sought to uncover how both <em>intrapersonal</em> emotion regulation (ability to self-manage our own emotional states) and <em>interpersonal</em> emotion regulation (relying on others to help manage our emotions) accounted for the link between FOMO and problematic social media use, and FOMO and doomscrolling, respectively.</p> <h2>What we found – and what it might mean for the future of internet use</h2> <p>Our findings indicated that people who report stronger FOMO engage in problematic social media use because of difficulty regulating their emotions (intrapersonally), and they look to others for help (interpersonally).</p> <p>Similarly, people who report stronger FOMO are drawn to doomscrolling because of difficulty regulating their emotions intrapersonally (within themselves). However, we found no link between FOMO and doomscrolling through interpersonal emotion regulation.</p> <p>We suspect this difference may be due to doomscrolling being more of a solitary activity, occurring outside more social contexts that facilitate interpersonal regulation. For instance, there are probably fewer people with whom to share your emotions while staying up trawling through bad news.</p> <p>While links between FOMO and doomscrolling have been observed before, our study is among the first to try and account for this theoretically.</p> <p>We suspect the link between FOMO and doomscrolling may be more about having more of an online presence <em>while things are happening</em>. This would account for intrapersonal emotion regulation failing to help manage our reactions to “bad news” stories as they unfold, leading to doomscrolling.</p> <p>Problematic social media use, on the other hand, involves a more complex interpersonal context. If someone is feeling the fear of being “left out” and has difficulty managing that feeling, they may be drawn to social media platforms in part to try and elicit help from others in their network.</p> <h2>Getting the balance right</h2> <p>Our findings suggest the current discussions around <a href="https://www.nbcnews.com/news/us-news/psychology-group-says-infinite-scrolling-social-media-features-are-par-rcna147876">restricting social media use for young people</a>, while controversial, are important. We need to balance our need for social connection – which is happening increasingly online – with the <a href="https://www.biomedcentral.com/collections/spia#tab-3">detrimental consequences </a>associated with problematic internet use behaviours.</p> <p>It is important to also consider the nature of social media platforms and how they have changed over time. For example, adolescent social media use patterns across various platforms are <a href="https://link.springer.com/article/10.1007/s10964-019-01060-9">associated with</a> different mental health and socialisation outcomes.</p> <p>Public health policy experts and legislators have quite the challenge ahead of them here. Recent work has shown how loneliness is <a href="https://doi.org/10.1371/journal.pone.0190033">a contributing factor</a> to all-cause mortality (death from any cause).</p> <p>We have long known, too, that social connectedness is <a href="https://doi.org/10.1371/journal.pone.0190033">good for our mental health</a>. In fact, last year, the World Health Organization established a <a href="https://www.who.int/news/item/15-11-2023-who-launches-commission-to-foster-social-connection">Commission on Social Connection</a> to help promote the importance of socialisation to our lives.</p> <p>The recent controversy in the United States around the ownership of TikTok illustrates how central social media platforms are to our lives and ways of interacting with one another. We need to <a href="https://www.theguardian.com/commentisfree/article/2024/may/27/dominic-andre-tiktok-ban">consider the rights of individuals</a> to use them as they please, but understand that governments carry the responsibility of <a href="https://www.theguardian.com/technology/2023/apr/04/what-does-tiktoks-ban-on-australian-government-devices-mean-for-its-future">protecting users from harm</a> and safeguarding their privacy.</p> <hr /> <p><em>If you feel concerned about problematic social media use or doomscrolling, you can speak to a healthcare or mental health professional. You can also call <a href="https://www.lifeline.org.au/">Lifeline</a> on 13 11 14, or <a href="https://www.13yarn.org.au/">13 YARN</a> (13 92 76) to yarn with Aboriginal or Torres Strait Islander crisis supporters.</em><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/230980/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><em><a href="https://theconversation.com/profiles/kim-m-caudwell-1258935">Kim M Caudwell</a>, Senior Lecturer - Psychology | Chair, Researchers in Behavioural Addictions, Alcohol and Drugs (BAAD), <a href="https://theconversation.com/institutions/charles-darwin-university-1066">Charles Darwin 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/spending-too-much-time-on-social-media-and-doomscrolling-the-problem-might-be-fomo-230980">original article</a>.</em></p>

Technology

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How much time should you spend sitting versus standing? New research reveals the perfect mix for optimal health

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/christian-brakenridge-1295221">Christian Brakenridge</a>, <a href="https://theconversation.com/institutions/baker-heart-and-diabetes-institute-974">Baker Heart and Diabetes Institute</a></em></p> <p>People have a pretty intuitive sense of what is healthy – standing is better than sitting, exercise is great for overall health and getting <a href="https://theconversation.com/could-not-getting-enough-sleep-increase-your-risk-of-type-2-diabetes-225179">good sleep is imperative</a>.</p> <p>However, if exercise in the evening may disrupt our sleep, or make us feel the need to be more sedentary to recover, a key question emerges – what is the best way to balance our 24 hours to optimise our health?</p> <p><a href="https://link.springer.com/article/10.1007/s00125-024-06145-0">Our research</a> attempted to answer this for risk factors for heart disease, stroke and diabetes. We found the optimal amount of sleep was 8.3 hours, while for light activity and moderate to vigorous activity, it was best to get 2.2 hours each.</p> <p><iframe id="dw4bx" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/dw4bx/" width="100%" height="400px" frameborder="0"></iframe></p> <h2>Finding the right balance</h2> <p>Current health guidelines recommend you stick to a <a href="https://www.health.gov.au/topics/physical-activity-and-exercise/physical-activity-and-exercise-guidelines-for-all-australians/for-adults-18-to-64-years">sensible regime</a> of moderate-to vigorous-intensity physical activity 2.5–5 hours per week.</p> <p>However <a href="https://doi.org/10.1016/j.jacc.2019.02.031">mounting evidence</a> now <a href="https://doi.org/10.2337/dc14-2073">suggests</a> how you spend your day can have meaningful ramifications for your health. In addition to moderate-to vigorous-intensity physical activity, this means the time you spend sitting, standing, doing light physical activity (such as walking around your house or office) and sleeping.</p> <p>Our research looked at more than 2,000 adults who wore body sensors that could interpret their physical behaviours, for seven days. This gave us a sense of how they spent their average 24 hours.</p> <p>At the start of the study participants had their waist circumference, blood sugar and insulin sensitivity measured. The body sensor and assessment data was matched and analysed then tested against health risk markers — such as a heart disease and stroke risk score — to create a model.</p> <p>Using this model, we fed through thousands of permutations of 24 hours and found the ones with the estimated lowest associations with heart disease risk and blood-glucose levels. This created many optimal mixes of sitting, standing, light and moderate intensity activity.</p> <p>When we looked at waist circumference, blood sugar, insulin sensitivity and a heart disease and stroke risk score, we noted differing optimal time zones. Where those zones mutually overlapped was ascribed the optimal zone for heart disease and diabetes risk.</p> <h2>You’re doing more physical activity than you think</h2> <p>We found light-intensity physical activity (defined as walking less than 100 steps per minute) – such as walking to the water cooler, the bathroom, or strolling casually with friends – had strong associations with glucose control, and especially in people with type 2 diabetes. This light-intensity physical activity is likely accumulated intermittently throughout the day rather than being a purposeful bout of light exercise.</p> <p>Our experimental evidence shows that <a href="https://diabetesjournals.org/care/article/39/6/964/29532/Benefits-for-Type-2-Diabetes-of-Interrupting">interrupting our sitting</a> regularly with light-physical activity (such as taking a 3–5 minute walk every hour) can improve our metabolism, especially so after lunch.</p> <p>While the moderate-to-vigorous physical activity time might seem a quite high, at more than 2 hours a day, we defined it as more than 100 steps per minute. This equates to a brisk walk.</p> <p>It should be noted that these findings are preliminary. This is the first study of heart disease and diabetes risk and the “optimal” 24 hours, and the results will need further confirmation with longer prospective studies.</p> <p>The data is also cross-sectional. This means that the estimates of time use are correlated with the disease risk factors, meaning it’s unclear whether how participants spent their time influences their risk factors or whether those risk factors influence how someone spends their time.</p> <h2>Australia’s adult physical activity guidelines need updating</h2> <p>Australia’s <a href="https://www.health.gov.au/topics/physical-activity-and-exercise/physical-activity-and-exercise-guidelines-for-all-australians/for-adults-18-to-64-years">physical activity guidelines</a> currently only recommend exercise intensity and time. A <a href="https://www.uow.edu.au/media/2023/why-adults-need-to-move-more-stop-sitting-and-sleep-better-.php">new set of guidelines</a> are being developed to incorporate 24-hour movement. Soon Australians will be able to use these guidelines to examine their 24 hours and understand where they can make improvements.</p> <p>While our new research can inform the upcoming guidelines, we should keep in mind that the recommendations are like a north star: something to head towards to improve your health. In principle this means reducing sitting time where possible, increasing standing and light-intensity physical activity, increasing more vigorous intensity physical activity, and aiming for a healthy sleep of 7.5–9 hours per night.</p> <p>Beneficial changes could come in the form of reducing screen time in the evening or opting for an active commute over driving commute, or prioritising an earlier bed time over watching television in the evening.</p> <p>It’s also important to acknowledge these are recommendations for an able adult. We all have different considerations, and above all, movement should be fun.<!-- 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/228894/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/christian-brakenridge-1295221"><em>Christian Brakenridge</em></a><em>, Postdoctoral research fellow at Swinburne University, Centre for Urban Transitions, <a href="https://theconversation.com/institutions/baker-heart-and-diabetes-institute-974">Baker Heart and Diabetes Institute</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/how-much-time-should-you-spend-sitting-versus-standing-new-research-reveals-the-perfect-mix-for-optimal-health-228894">original article</a>.</em></p> </div>

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"Worth it": Insane amount woman spends to clone dead cat

<p>Kelly Anderson from Texas, US was devastated when she lost her "soulmate" cat Chai more than four years ago. </p> <p>Not long after, in what she calls "fate", Anderson decided to clone her beloved pet, a process which cost her a whopping $USD25,000 ($AUD38,000).</p> <p>"It was just one of those moments where I had been talking about cloning a few weeks before and fate kicked in," she told <em>Weekend Today</em>.</p> <p>"I remembered the conversation and decided to clone."</p> <p>The process took about four years, which is roughly twice the average time it takes to clone a pet. </p> <p>"It was not money that I had come easily to me but it was a very important process for me to do," she said.</p> <p>"It was 100 per cent worth it. The process saved my life."</p> <p>Anderson added that Belle, the successfully cloned cat, has grown to be as "bold, bossy, sassy" as Chai, and their personalities have become more alike. </p> <p>Despite the similarities, Anderson said that she doesn't set any expectations on Belle to be Chai's replacement. </p> <p>"I would still say she's very much her own cat and I treat her that way. I always try to treat them as individuals.</p> <p>"I never wanted to put expectations on Belle to be Chai. But I would say that they're very similar in a lot of ways."</p> <p><span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">According to</span><span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;"> </span><em><a href="https://www.bbc.com/news/business-60924936" target="_blank" rel="noopener">BBC</a>, </em>the process itself involves extracting DNA from the pet to be cloned, then injecting that into a donor egg that has had its genetic material removed. The egg then grows into an embryo before being implanted into a surrogate mother, who then gives birth to the kitten. </p> <p>Pet cloning has become an increasingly popular practice, , despite how controversial and expensive it is, with celebrities like Barbra Streisand and Simon Cowell using the process to clone their own beloved pets. </p> <p>Anderson, who decided to document her story on social media added that people have mixed reactions to the process. </p> <p>"I think there's people who are fascinated and don't even realise that we're cloning animals ... so a lot of people are learning about cloning," she said. </p> <p>"But a lot of people also have opinions. So it's a mixed bag."</p> <p><em>Images: Weekend Today</em></p> <p> </p>

Money & Banking

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The cost-of-living crisis is hitting hard. Here are 3 ways to soften the blow

<p><em><a href="https://theconversation.com/profiles/ama-samarasinghe-1386754">Ama Samarasinghe</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a></em></p> <p>As our wallets feel the strain from the cost-of-living crisis, many of us are looking for ways to soften the blow.</p> <p>While everyone’s circumstances are different, and ideally you should seek help from an accredited financial adviser, there are some tried and true ways to work out where all your money is going and why.</p> <p>Here are three practical tips to reduce the impact of the cost-of-living increases, and stretch every hard-earned dollar.</p> <h2>1. Hunt for a better loan rate</h2> <p>For many households, the biggest hit comes from the mortgage, so start there.</p> <p>Even a modest 0.5% reduction can translate into substantial savings. Call your bank today and just ask for rate reduction. If the answer is no, consider shopping around for a different lender.</p> <p>Your loyalty to your current lender might be costing you more than you realise. Banks often reserve their most attractive rates for new customers, leaving long-time customers paying higher-than-necessary interest.</p> <p>Even if your bank does agree to a rate reduction, explore the market anyway. There is a range of free rate-comparison websites, or you can directly check individual bank websites.</p> <p>If you find a lender offering a better rate, you might consider calling the competing bank to ask about switching your mortgage to them.</p> <p>Or, you might seek assistance from a mortgage broker, who can guide you through the process of securing a better deal (just remember they often take <a href="https://www.canstar.com.au/home-loans/mortgage-brokers-fees/">commissions</a> from lenders).</p> <p>Tread carefully and factor in any exit fees or charges from your current lender. Refinancing isn’t without risk, so a thorough cost-benefit analysis is important before making the switch.</p> <p>Also consider the value of features such as <a href="https://moneysmart.gov.au/glossary/offset-account">offset accounts</a>. An offset account, linked to your home loan, allows you to deposit money such as your salary and savings. This money is then “<a href="https://www.rba.gov.au/publications/smp/2015/aug/box-e-offset-account-balances-and-housing-credit.html">offset</a>” against your home loan balance.</p> <p>That means you only pay interest on the outstanding amount (the loan minus whatever salary and savings you put in the offset). This can accelerate loan repayment and reduce interest costs.</p> <p>Keep in mind that offset accounts are typically only available with variable interest rates. Offset accounts work best if you have considerable savings to put into the offset account that outweigh the additional fees and charges attached to offset accounts.</p> <h2>2. Trim your expenses and uncover hidden savings</h2> <p>It’s time to become a budget detective, identifying and cutting down on non-essential costs that might be quietly draining your wallet.</p> <p>Take a close look at those recurring memberships and subscriptions. How often do you actually use that gym membership or streaming service?</p> <p>Many banking apps have handy spending tracking features to help you set realistic budget goals for each spending category.</p> <p>According to the <a href="https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/selected-living-cost-indexes-australia/latest-release">Australian Bureau of Statistics</a>, insurance and financial services are among the top risers in living cost indexes (which measure the price change of goods and services and its effect on living expenses). So search comparison websites for better insurance premiums.</p> <p>Australia’s insurance market is competitive, and you can often get discounts by bundling your insurances together (for example, having your home and contents insurance with the same company that also provides your car insurance). However, don’t shy away from exploring different insurers for potentially better value.</p> <p>Don’t overlook energy costs, either. Use comparison websites like <a href="https://www.energymadeeasy.gov.au/">Energy Made Easy</a> (or, if you’re in Victoria, the <a href="https://compare.energy.vic.gov.au/">Victorian Energy Compare</a> site) to find more cost-effective energy plans. Stay updated on rebates and concessions via the federal government’s <a href="https://energy.gov.au">Energy.gov.au</a> site, to ensure you’re maximising your entitlements.</p> <p>Use less energy, if you can. Small adjustments can make a significant dent in your bills. And for fuel costs, find websites and applications that allow you to lock in the lowest prices in your area.</p> <p>If you’re renting, ask yourself whether moving to a cheaper suburb or a cheaper home is an option.</p> <p>Many people use cashback sites like Cashrewards and ShopBack to accrue cashback incentives.</p> <h2>3. Maximise returns and tackle high-interest debts</h2> <p>While rising interest rates might make your mortgage climb, it also means high interest on your savings.</p> <p>Consider exploring high-yield savings accounts; with current interest rates, you could potentially earn around 5.5% with a bank savings account. Many people set up recurring transfers to help them stick to savings goals, increase deposits and maximise interest earnings.</p> <p>For those wrestling with high-interest debts such as credit cards or personal loans, prioritise settling outstanding balances to minimise interest payments. It can be hard to escape the long-term repercussions (such as a <a href="https://theconversation.com/payday-lending-trap-requires-a-credit-supply-rethink-39311">poor credit score</a>) of defaulting on <a href="https://www.sydney.edu.au/news-opinion/news/2022/09/21/researchers-uncover--pecking-order-of-defaults--as-belts-tighten.html">high-interest loans</a>.</p> <p>And approach buy-now, pay-later services with extreme caution. They may seem tempting but the <a href="https://onlinelibrary.wiley.com/doi/10.1111/acfi.13100">debts can quickly add up</a>.</p> <p>And if you need more help, contact the government’s free National Debt Helpline on 1800 007 007.<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/218118/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><a href="https://theconversation.com/profiles/ama-samarasinghe-1386754"><em>Ama Samarasinghe</em></a><em>, Lecturer, Financial Planning and Tax, <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/the-cost-of-living-crisis-is-hitting-hard-here-are-3-ways-to-soften-the-blow-218118">original article</a>.</em></p>

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4 strategies to keep you from overspending this holiday season

<p><em><a href="https://theconversation.com/profiles/johanna-peetz-1494248">Johanna Peetz</a>, <a href="https://theconversation.com/institutions/carleton-university-900">Carleton University</a></em></p> <p>The urge to spend money is present all year round, but during the gift-giving season, the temptation to splurge on loved ones can be particularly strong. For many, the desire to be generous during the holidays clashes with the need to conserve funds for essential expenses.</p> <p>This year, money is tighter than ever, with <a href="https://www150.statcan.gc.ca/n1/daily-quotidien/231121/dq231121a-eng.htm?indid=3665-1&amp;indgeo=0">high prices for groceries, housing and entertainment</a> leaving shoppers with reduced funds as the holiday season descends upon us.</p> <p>A growing number of individuals are feeling the financial squeeze, with 40 per cent of Canadians <a href="https://www.bnnbloomberg.ca/financial-stress-is-impacting-the-mental-health-of-canadians-survey-1.1933491">citing money as their main source of stress</a>. <a href="https://newsroom.bmo.com/2023-11-08-78-Per-Cent-of-Canadians-Plan-to-Cut-Back-on-Holiday-Spending,-but-a-Third-Will-Still-Give-Back-to-Charitable-Causes-BMO-Survey">Seventy-eight per cent of Canadians</a> plan on buying fewer gifts this holiday season and 37 per cent are worried they won’t be able to afford all the items on their holiday shopping lists.</p> <p>Given that <a href="https://doi.org/10.3389/fpsyg.2022.790434">pricier gifts are not necessarily more appreciated by the person receiving the gift</a>, what are some ways shoppers can resist the temptation of appealing, yet expensive, gift options that might strain their finances?</p> <p>As a social psychologist who studies personal spending, I think it is worthwhile to remind ourselves of self-control strategies that can help us manage financial decisions during the holiday season.</p> <h2>Strategies for resisting temptation</h2> <p><a href="https://doi.org/10.1177/1745691615623">Self-control is not just suppressing temptation</a>; it also involves setting yourself up for success by creating situations that make resisting temptations easier.</p> <p><strong>1. Avoid temptations</strong></p> <p>Perhaps the most obvious strategy is to avoid shopping temptations. This may include steering clear of places — both physical and online — that are out of your budget range. While this is easier said than done during gift shopping, it’s an effective way to manage temptations: People who report having an easier time with self-control <a href="https://doi.org/10.1016/j.paid.2014.09.031">tend to avoid rather than resist temptations</a>.</p> <p><strong>2. Make a budget</strong></p> <p>If you haven’t sat down to make a holiday budget yet, it’s never too late to make one. Considering one-quarter of Canadians are <a href="https://globalnews.ca/news/10087745/canadian-holiday-spending-debt/">still paying off last year’s holiday debts</a>, being as fiscally responsible as possible is a wise choice this year.</p> <p>Setting spending limits ahead of time makes your financial goals clear and explicit. When setting budgets for gifts <a href="https://doi.org/10.1093/jcr/ucad011">people tend to spend the entirety of the estimated amount (unlike budgets for personal purchases where they try to come in under the budget)</a>. It’s good to be realistic, rather than optimistic, when setting budgets.</p> <p><strong>3. Implementation intentions</strong></p> <p>Anticipate any potential shopping temptations you are likely to encounter so you can develop strategies to resist them. One effective approach is <a href="https://kops.uni-konstanz.de/server/api/core/bitstreams/14cc2a36-5f01-4dc1-b9ca-f2d0ca0c8930/content">forming intentions</a> about how you will act once you encounter a temptation.</p> <p>For example, you might consider what you will do when you see a gadget your friend would enjoy when you have already bought them something and have reached the limit of your budget. Instead of purchasing it and exceeding your budget, you could write down the gadget for next year’s gift.</p> <p><strong>4. Write a list</strong></p> <p>Finally, thinking ahead to the gifts you plan to buy and writing a shopping list rather than relying on being inspired in the store might help with sticking to a budget. <a href="http://dx.doi.org/10.1007/s11747-019-00670-w">Consumers spend thousands each year on impulse purchases</a>. Writing shopping lists, <a href="https://doi.org/10.1002/cb.1812">even for online shopping</a>, can reduce overall spending and shopping regret.</p> <h2>The best strategy is the one that works</h2> <p>The holidays should be about joy, not financial stress. Maintaining self-control allows you to celebrate without compromising your financial well-being.</p> <p>There are of course many strategies beyond the four strategies listed here that can help create situations where resisting temptations is easier. The most effective strategies for maintaining financial self-control <a href="https://doi.org/10.1016/j.jesp.2021.104189">are the ones you are already using</a>, and the ones <em>you</em> find most effective. If you want to avoid giving in to shopping temptations, take a moment to think about the financial strategies you are already using and think about how you might use them in your holiday shopping.</p> <p>If you haven’t yet found a strategy that works for you, now is a great opportunity for you to try some out and see which ones are effective. Using strategies to manage the cost of holiday spending can prevent gift-giving from becoming a financial stressor in an already stressful time.</p> <p>Finally, while adhering to a budget is important, it shouldn’t be the sole or primary focus during holiday shopping. Keep in mind that the true spirit of the season is spending quality time with loved ones. The joy of the holidays doesn’t come from extravagant gifts, but from shared moments and meaningful connections.<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/219380/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><a href="https://theconversation.com/profiles/johanna-peetz-1494248"><em>Johanna Peetz</em></a><em>, Professor in Psychology, <a href="https://theconversation.com/institutions/carleton-university-900">Carleton 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/4-strategies-to-keep-you-from-overspending-this-holiday-season-219380">original article</a>.</em></p>

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How to protect yourself from cyber-scammers over the festive period

<p><em><a href="https://theconversation.com/profiles/rachael-medhurst-1408437">Rachael Medhurst</a>, <a href="https://theconversation.com/institutions/university-of-south-wales-1586">University of South Wales</a></em></p> <p>The festive season is a time for joy, family and festive cheer. However, it’s also a prime target for cybercriminals. As online shopping ramps up, so does the risk of falling prey to cyber-attacks. That’s why it’s crucial to be extra vigilant about your <a href="https://blog.tctg.co.uk/12-cyber-security-tips-of-christmas">cybersecurity</a> during this time.</p> <p>Here are some essential tips to safeguard yourself and your data during the festive period:</p> <h2>Phishing</h2> <p>Phishing is when criminals use scam emails, text messages or phone calls to trick their victims. Their <a href="https://www.ncsc.gov.uk/collection/phishing-scams">goal</a> is often to make you visit a certain website, which may download a virus on to your computer, or steal bank details or other personal data.</p> <p>This type of scam tends to <a href="https://www.egress.com/blog/phishing/holiday-phishing-scam-guide">increase</a> at this time due to the amount of people having bought or received new gadgets and technology.</p> <p>Look out for there being no direct reference to your name in any communications, with wording such as “Dear Sir/Madam” or other terms such as “valued customer” being used instead. Grammar and spelling mistakes are also often present.</p> <p>Be wary of any suspicious links or attachments within emails too, and don’t click them. It’s better to contact the company directly to check if the message is genuine. You can also <a href="https://www.ncsc.gov.uk/collection/phishing-scams">report</a> suspicious messages and phishing scams to the government’s National Cyber Security Centre.</p> <h2>Shopping safely online</h2> <p>The convenience of online shopping is undeniable, especially during the festive season. However, it’s crucial to prioritise your security when buying online.</p> <p>Before entering your personal and financial information on any website, ensure it’s legitimate and secure. Look for the “https” in the address bar and a <a href="https://theconversation.com/the-vast-majority-of-us-have-no-idea-what-the-padlock-icon-on-our-internet-browser-is-and-its-putting-us-at-risk-216581">padlock</a> icon, which indicates a secure and encrypted connection.</p> <p>When creating passwords for online shopping accounts, use strong, unique combinations of letters, numbers and symbols. Avoid using the same password for multiple accounts, as a breach on one site could compromise all your others.</p> <p>As with shopping in the real world, be cautious when encountering offers that are significantly below usual prices or which make extravagant promises. Always conduct thorough research on the seller and product before making a purchase. If a deal seems too good to be true, it probably is.</p> <p>And if you are out shopping in towns or city centres, there will often be a large number of public wifi options available to you. However, criminals can intercept the data that is transferred across such open and unsecured wifi. So, avoid using public wifi where possible, especially when conducting any financial transactions.</p> <h2>Social media</h2> <p>While social media platforms provide people with a means to keep in touch with family and friends over the festive period, they are often a goldmine for <a href="https://www.which.co.uk/consumer-rights/advice/how-to-spot-a-social-media-scam-aMtwF3u1XKGt">scams</a> and malware (software designed to disrupt, damage or gain unauthorised access to a computer). In the spirit of the festive season, people often share an abundance of personal information on social media, often without considering the potential consequences.</p> <p>This trove of data can make people vulnerable to cyber-attacks. Scammers can exploit this information to gain unauthorised access to social media accounts, steal personal information, or even commit identity theft. To protect yourself, be mindful of what you share.</p> <p>Be wary when interacting with posts and direct messages, especially if they contain suspicious links or attachments. Before clicking on anything, hover over the link to verify its destination. If it shows a website you don’t recognise or seems unrelated to the message, do not click on it. If you receive a message from someone you know but the content seems strange or out of character, contact them directly through a trusted channel to verify its authenticity.</p> <p>Likewise, be wary of messages containing urgent requests for money or personal information from businesses. Genuine organisations will never solicit sensitive details through social media.</p> <p>There are many buy and sell platforms available on social media. But while such platforms can be a great place to find a unique gift, it is also important to remember that not all sellers may be legitimate. So, it’s vital that you don’t share your bank details. If the seller sends a link to purchase the item, do not use it. When meeting to collect an item, it’s generally safer to use cash rather than transferring funds electronically.</p> <figure><iframe src="https://www.youtube.com/embed/aO858HyFbKI?wmode=transparent&amp;start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe><figcaption><span class="caption">Advice for staying safe online.</span></figcaption></figure> <h2>Package delivery scams</h2> <p>As well as being a time for giving and receiving gifts, the festive season is also ripe for cybercriminals to exploit the excitement surrounding <a href="https://www.citizensadvice.org.uk/about-us/about-us1/media/press-releases/scams-linked-to-parcel-deliveries-come-top-in-2023/">package deliveries</a>.</p> <p>Scammers often pose as legitimate delivery companies, sending emails or text messages claiming that a delivery attempt was unsuccessful or requiring additional fees for processing, or even customs clearance. Typically, these messages contain links or phone numbers that, when clicked or called, lead to fake websites or automated phone systems designed to collect personal information or payments.</p> <p>To protect yourself, always verify the legitimacy of any delivery notifications you receive. Check the sender’s email address or phone number against the official contact information for the delivery company. If the information doesn’t match or seems suspicious, don’t click any links or provide personal details.</p> <p>Legitimate delivery companies will never ask for upfront payment or sensitive information through unsolicited messages or calls.</p> <p>Remember, cybercriminals are skilled at manipulating the festive spirit to their advantage. Stay vigilant, exercise caution, and don’t let your excitement for gifts and deliveries compromise your cybersecurity.<!-- 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/218294/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/rachael-medhurst-1408437"><em>Rachael Medhurst</em></a><em>, Course Leader and Senior Lecturer in Cyber Security NCSA, <a href="https://theconversation.com/institutions/university-of-south-wales-1586">University of South Wales</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/how-to-protect-yourself-from-cyber-scammers-over-the-festive-period-218294">original article</a>.</em></p>

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Trying to spend less on food? Following the dietary guidelines might save you $160 a fortnight

<p><em><a href="https://theconversation.com/profiles/emily-burch-438717">Emily Burch</a>, <a href="https://theconversation.com/institutions/southern-cross-university-1160">Southern Cross University</a> and <a href="https://theconversation.com/profiles/lauren-ball-14718">Lauren Ball</a>, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a></em></p> <p>A rise in the <a href="https://www.aph.gov.au/About_Parliament/Parliamentary_departments/Parliamentary_Library/pubs/BriefingBook47p/CostOfLiving#:%7E:text=Consumer%20Price%20Index%20over%20time,but%205.1%25%20in%20the%20second">cost of living</a> has led many households to look for ways to save money.</p> <p>New research suggests maintaining a healthy diet, in line with the <a href="https://www.eatforhealth.gov.au/guidelines/guidelines">Australian Dietary Guidelines</a>, is cheaper than an unhealthy diet and <a href="https://southwesthealthcare.com.au/wp-content/uploads/SWH-HP-Healthy-Diets-ASAP-Protocol-Warrnambool-Report-2023.pdf">could save A$160</a> off a family of four’s fortnightly shopping bill.</p> <p>Poor diet is the most common preventable risk factor contributing to chronic disease in <a href="https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(20)30752-2/fulltext">Australia</a>. So improving your diet can also be an important way to reduce the chance of developing chronic disease.</p> <h2>First, what are the dietary guidelines?</h2> <p>The guidelines provide information on the quantity and types of foods most Australians should consume to promote overall health and wellbeing.</p> <p>Recommendations include eating a wide variety of nutritious foods from the main five food groups:</p> <ul> <li>vegetables and legumes</li> <li>fruit</li> <li>grains</li> <li>lean meats and meat alternatives such as tofu, nuts and legumes</li> <li>dairy products.</li> </ul> <p>The guidelines recommend limiting our intake of foods high in saturated fat, added salt, added sugars and alcohol.</p> <h2>What are Australians eating?</h2> <p>Fewer than <a href="https://www.abs.gov.au/statistics/health/health-conditions-and-risks/dietary-behaviour/latest-release">7%</a> of Australians eat sufficient vegetables, in line with the Australian Dietary Guidelines. In fact, Australians have an average healthy diet score of <a href="https://www.csiro.au/-/media/News-releases/2023/Total-Wellbeing-Diet-Health-Score/Diet-score-2023-Report_September.pdf">55 out of 100</a> – barely passing.</p> <p>Foods that aren’t part of a food group are known as “discretionary” items, which includes alcohol, cakes, biscuits, chocolate and confectionery and most takeaway foods. Because they’re typically high in kilojoules, saturated fat, sodium and added sugars, the Australian Dietary Guidelines recommend they only be eaten occasionally and in small amounts (ideally zero serves).</p> <p>For many households, discretionary items make up a big portion of their grocery shop. Australians consume an average of <a href="https://www.csiro.au/-/media/News-releases/2023/Total-Wellbeing-Diet-Health-Score/Diet-score-2023-Report_September.pdf">28 serves</a> of discretionary choices per week (equal to 28 doughnuts, 28 slices of cake, or 28 cans of soft drink or beer). This is an increase of ten serves since 2015.</p> <p>One recent <a href="https://link.springer.com/article/10.1186/s12966-022-01389-8">study</a> estimated 55% of Australians’ total energy intake was from discretionary items.</p> <h2>What did the researchers find?</h2> <p>Researchers from the Health Promotion Team at South West Healthcare <a href="https://southwesthealthcare.com.au/wp-content/uploads/SWH-HP-Healthy-Diets-ASAP-Protocol-Warrnambool-Report-2023.pdf">recently</a> visited four local supermarkets and takeaway stores in Warrnambool, Victoria, and purchased two baskets of groceries.</p> <p>One basket met the Australian Dietary Guidelines (basket one), the other aligned with the typical dietary intake of Australians (basket two).</p> <p>They compared prices between the two and found basket one would cost approximately $167 less per fortnight for a family of four at the most affordable supermarket. That’s equal to $4,342 a year.</p> <p>Basket one was sufficient to supply a family of four for a fortnight, and aligned with the Australian Dietary Guidelines. It cost $724 and included:</p> <ol> <li>fruit and vegetables (made up 31% of the fortnightly shop)</li> <li>grains and cereals (oats, cornflakes, bread, rice, pasta, Weet-bix)</li> <li>lean meats and alternatives (mince, steak, chicken, tuna, eggs, nuts)</li> <li>milk, yoghurt and cheese</li> <li>oils and spreads (olive oil).</li> </ol> <p>Basket two reflected the current average Australian fortnightly shop for a family of four.</p> <p>In the project, the team spent over half of the fortnightly shop on processed and packaged foods, of which 21% was spent on take-away. This is based on actual dietary intake of the general population reported in the 2011-2012 <a href="https://www.abs.gov.au/statistics/health/health-conditions-and-risks/australian-health-survey-nutrition-first-results-foods-and-nutrients/latest-release#:%7E:text=Food%20consumption,across%20the%20major%20food%20groups.">Australian Health Survey</a>.</p> <p>Basket two cost $891 and included:</p> <ol> <li>fruit and vegetables (made up 13% of the fortnightly shop)</li> <li>grains and cereals (oats, cornflakes, bread, rice, pasta, Weet-bix)</li> <li>lean meats and alternatives (mince, steak, chicken, tuna, eggs, nuts)</li> <li>milk, yogurt and cheese</li> <li>oils and spreads (olive oil, butter)</li> <li>drinks (soft drink, fruit juice)</li> <li>desserts and snacks (muffins, sweet biscuits, chocolate, ice cream, potato chips, muesli bars)</li> <li>processed meats (sausages, ham)</li> <li>convenience meals</li> <li>fast food (pizza, meat pie, hamburger, fish and chips)</li> <li>alcohol (beer, wine).</li> </ol> <h2>But a healthy basket is still unaffordable for many</h2> <p>While this piece of work, and other <a href="https://www.mdpi.com/1660-4601/15/11/2469">research</a>, suggests a healthy diet is less expensive than an unhealthy diet, affordability is still a challenge for many families.</p> <p>The Warrnambool research found basket one (which aligned with guidelines) was still costly, requiring approximately 25% of a median household income.</p> <p>This is unaffordable for many. For a household reliant on welfare, basket one would require allocating 26%-38% of their income. This highlights how the rising cost of living crisis is affecting those already facing financial difficulties.</p> <p>Around 3.7 <a href="https://reports.foodbank.org.au/foodbank-hunger-report-2023/">million</a> Australian households did not have access to enough food to meet their basic needs at some point in the last 12 months.</p> <p>Policy action is needed from the Australian government to make recommended diets more affordable for low socioeconomic groups. This means lowering the costs of healthy foods and ensuring household incomes are sufficient.</p> <h2>What else can you do to cut your spending?</h2> <p>To help reduce food costs and support your health, reducing discretionary foods could be a good idea.</p> <p>Other ways to reduce your grocery bill and keep your food healthy and fresh include:</p> <ul> <li> <p>planning for some meatless meals each week. Pulses (beans, lentils and legumes) are nutritious and cheap (a can is <a href="https://coles.com.au/product/coles-chick-peas-420g-8075852?uztq=46abcbb7e16253b0cdc3e6c5bbe6a3f0&amp;cid=col_cpc_Generic%7cColesSupermarkets%7cPLA%7cCatchAll%7cAustralia%7cBroad&amp;s_kwcid=AL!12693!3!675842378376!!!g!326304616489!&amp;gad_source=1&amp;gclid=CjwKCAjwkY2qBhBDEiwAoQXK5SceYhU2VtKepNLXWN218GH8Cp8Vs9cnYynCBwRqQPaW3UYNX2SVIBoC_6EQAvD_BwE&amp;gclsrc=aw.ds">less than $1.50</a>. Here are some great pulse recipes to <a href="https://nomoneynotime.com.au/healthy-easy-recipes/filter/keywords--vegetarian/p2">try</a></p> </li> <li> <p>checking the specials and buy in bulk (to store or freeze) when items are cheaper</p> </li> <li> <p>making big batches of meals and freezing them. Single-serve portions can help save time for lunches at work, saving on takeaway</p> </li> <li> <p>Australian supermarkets are <a href="https://www.theguardian.com/australia-news/datablog/2023/jul/27/cost-of-living-grocery-store-price-rises-cheapest-fresh-produce-australia-woolworths-coles#:%7E:text=The%20results%20showed%20independent%20and,best%20place%20for%20affordable%20groceries">almost never</a> the cheapest place for fresh produce, so shop around for farmers markets or smaller local grocery shops</p> </li> <li> <p>buying generic brands when possible, as they are <a href="https://www.cambridge.org/core/journals/public-health-nutrition/article/streamlined-datagathering-techniques-to-estimate-the-price-and-affordability-of-healthy-and-unhealthy-diets-under-different-pricing-scenarios/872EA6396533166E0C6FA94C809D9CAC#r">notably cheaper</a>. Supermarkets usually <a href="https://theconversation.com/the-science-that-makes-us-spend-more-in-supermarkets-and-feel-good-while-we-do-it-23857">promote</a> the items they want you to buy at eye-level, so check the shelves above and below for cheaper alternatives.<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/216749/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> </li> </ul> <p><em><a href="https://theconversation.com/profiles/emily-burch-438717">Emily Burch</a>, Dietitian &amp; Academic, <a href="https://theconversation.com/institutions/southern-cross-university-1160">Southern Cross University</a> and <a href="https://theconversation.com/profiles/lauren-ball-14718">Lauren Ball</a>, Professor of Community Health and Wellbeing, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a></em></p> <p><em>Image credits: Getty </em><em>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/trying-to-spend-less-on-food-following-the-dietary-guidelines-might-save-you-160-a-fortnight-216749">original article</a>.</em></p>

Food & Wine

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How to spend time wisely – what young people can learn from retirees

<p><em><a href="https://theconversation.com/profiles/boroka-bo-1371004">Boróka Bó</a>, <a href="https://theconversation.com/institutions/university-of-essex-1291">University of Essex</a></em></p> <p>For many young people, retirement is a blip on the radar, if not a total unknown. This is particularly true during our cost of living crisis, when investing and contributing more to your pension might fall down the priority list behind paying rent.</p> <p>Despite this, more and more young people are starting to think about retirement in <a href="https://www.forbes.com/advisor/retirement/the-forbes-guide-to-fire/">earlier ages</a>, with many focusing on their future quality of life and financial independence after they leave work.</p> <p>This can sometimes come at the expense of their wellbeing while they are still working, spending extremely frugally and focusing on the “hustle”, instead of enjoying the freedom and good times that could also characterise young adulthood.</p> <p>For my <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8681690/">new research</a>, I interviewed over 200 people and surveyed hundreds more to understand how they balance time and money. I focused on people going through major life transitions: recent retirees and new parents, and people preparing for those moments. While we expect retirees to have all the time in the world, I found that in reality, retirees are often pressed for time.</p> <p>Over a quarter of them feel <a href="https://link.springer.com/content/pdf/10.1007/s11205-015-1029-z.pdf">time poor</a>, with not enough hours left in the day for all they need to do. This is regardless of the amount of money they have. Although wealthy retirees generally have more control over their schedules, both rich and poor retirees are impacted by time poverty in older ages.</p> <p>It’s never too late (or too early) to start making the most of your time and living a better life. Here are some important lessons learned from my retirees’ journeys.</p> <h2>Don’t chase money, let money chase you</h2> <p>One of the biggest regrets among my <a href="https://betterdwelling.com/city/toronto/heres-torontos-richest-and-poorest-neighbourhoods-interactive/">less privileged</a> research participants was their inability to get as much education as they wanted when younger. Some left university or college early to support their families, or because they could not afford to continue. But all regretted not getting as much education as they needed to be competitive in the labour force later on.</p> <p>To make enough money, pick something and follow through: whether university or skilled technical trades, get good at something. Then, the money will follow.</p> <h2>Worry about how you feel – not how you look</h2> <p>When youth wanes, you are left with how you feel. In retirement, will you be in pain thanks to spending your life in hard labour or nonstop work? My interviewees made clear that when you prioritise making money over health – whether by necessity or by choice – you pay for this by having to give up your precious time in retirement.</p> <p>Some of my new retirees’ health recovery efforts included spending extra time with medical providers, and spending money and time on commuting to appointments. Women were doubly disadvantaged here as, unlike men, they continued to face societal pressures to look younger than their age.</p> <p>To avoid having to <a href="https://academic.oup.com/gerontologist/article/57/5/910/2632069?login=false">spend extra</a> time and money on health recovery in later life, focus on health preservation in earlier life. Sometimes you may need to to prioritise your own wellbeing above the needs of your employer, for example by taking time off for your physical or mental health.</p> <p>While this is a luxury currently not afforded to all, movements like “quiet quitting” are beginning to start a public conversation on this topic.</p> <h2>Make your time count by sharing it with others</h2> <p>We can “buy” time by exchanging money for tasks we do not wish to do. Consuming items can also have <a href="https://www.jstor.org/stable/pdf/24737120.pdf?addFooter=false">time costs</a>, as both shopping and learning to use new items takes time. Thanks to my retirees, I now also know that we can get more out of time when we share it with others.</p> <p>Time is what social scientists would call a “<a href="https://sociologicalscience.com/time-network-good/">network good</a>”. In other words, how we value time depends on the number of other people we can share our time with.</p> <p>All of my retired participants spoke of the need to build strong, healthy relationships while younger, to have friends we can share life with when older. Shared time leads to <a href="https://sociologicalscience.com/time-network-good/">greater emotional wellbeing</a> and happiness.</p> <h2>Identify your passions early</h2> <p>While nearly all of my retirees spent a considerable amount of time financially planning for retirement, almost as many regretted not planning ahead when it comes to cultivating hobbies and interests. This was particularly pressing for my wealthy retirees, as they faced a drop in their social status and loss of work friends when they retired.</p> <p>Starting new hobbies and interests once retired – out of necessity – can feel like extra work. Pursuing passions is <a href="https://www.tandfonline.com/doi/abs/10.1080/07053436.1995.10715491?casa_token=Puyxz2akU2oAAAAA:Gl6qIREhdxqfcm5fo0cJ6_5DLLjTCuEVPF7Da2JDyxVHNwbeq6N-9Hbc0nMLiKn-cO1fZfd8cKRi">necessary for wellbeing</a>, but this should be done before retirement, while it is purely for fun.</p> <h2>Time is love</h2> <p>Repeatedly, my interview participants gently reminded me that giving your time to another person is the biggest act of kindness we can do. This is because once you give your time away, you can never get it back.</p> <p>Be mindful of this as you give your time, to your friends, employers, acquaintances or to social media companies. Thanks to my participants, I now often ask myself: Does this company or organisation love me? Generally, the answer is no, at which point I also know they do not deserve much of my time.</p> <p>At the same time, when a friend, trusted mentor, teacher or stranger donates their precious time to me, I am aware that my appreciation and kindness can only ever partially repay them.</p> <p>My retired participants show that it is important to remain grateful for the time we share with each other while on this Earth. When the daily grind gets you down, remind yourself that time is love.<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/189340/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><a href="https://theconversation.com/profiles/boroka-bo-1371004"><em>Boróka Bó</em></a><em>, Assistant professor in sociology, <a href="https://theconversation.com/institutions/university-of-essex-1291">University of Essex</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/how-to-spend-time-wisely-what-young-people-can-learn-from-retirees-189340">original article</a>.</em></p>

Money & Banking

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Dying husband and wife spend their final days holding hands

<p>A married couple have spent their final days holding hands in hospital, after their beds were pushed next to each other so they could be side-by-side as they both passed away. </p> <p>The couple from Tennessee, Tommy and Virginia Stevens, both 91, were both admitted to the Vanderbilt hospital for unrelated medical issues. </p> <p>Tommy, who was suffering with Alzheimer’s disease, had been struck down with aspiration pneumonia and sepsis, and was transferred to the hospital's palliative care unit. </p> <p>The same morning, Virginia suffered a fall as she sustained six broken ribs, a spinal fracture, and a hip injury, and was admitted to the hospital's trauma unit. </p> <p>As Tommy and Virginia's family were struggling to split time between the two wards, hospital staff were able to pull strings for the longtime lovebirds to be roomed side-by-side.</p> <p>Virginia was moved into a room near Tommy’s in the Palliative Care Unit, and her hospital bed was scooted against his so she could comfort him as his health continued to get worse, the hospital said.</p> <p>“He was awake when she came in,” their daughter Karen Kreager said. </p> <p>“His eyes were open. He wasn’t communicating a lot — just in small whispers. But he knew that she was there and that she was going to be right beside him. They haven’t stopped holding hands the whole time. She won’t let go of him.” </p> <p>“It reminds me of why we do this work,” Mohana Karlekar, MD, medical director of VUMC’s adult Palliative Care Program told local news station <em><a href="https://www.wsmv.com/2023/09/19/she-wont-let-go-him-vanderbilt-helps-hospitalized-wife-comfort-dying-husband/" target="_blank" rel="noopener">WSMV</a></em>. </p> <p>“We take care of people — husbands, wives, mothers, fathers — not patients. We brought this family together during one of their most difficult times with little effort on our part. It involved a call, seeing an extra patient that day and some conversations.”</p> <p>“From the time we brought Mrs. Stevens over, she held her husband’s hand and fussed in a very loving way with him,” Karlekar said. </p> <p>“She was able to tell me Monday that she was at peace with what was going on, and she wanted to be there until the end.”</p> <p>Tommy died on September 8th, just a day before the couple’s 69th anniversary, and Virginia died a few days later on September 17th.</p> <p><em>Image credits: Vanderbilt University Medical Center and The Stevens Family</em></p>

Caring

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

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

Money & Banking

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How your favourite things can boost your financial wellbeing

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

Money & Banking

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Holidays you’d be happy to spend your life savings on

<p>There’s nothing better than an amazing travel adventure that makes you stop, look at the world around and you have life-altering “ah-ha” moments. These are the holidays that dreams are made of. You’ve worked hard your whole life – go on, you deserve it.</p> <p><strong>Swim with sea turtles in the Galapagos Islands</strong></p> <p>Step right into your own nature documentary with a visit to the home of Darwin’s evolution theory. Get up close to wildlife that simply doesn’t exist anywhere else- Blue-footed boobies, giant tortoises and marine iguanas to name just a few.</p> <p>You can choose to live on board a cruise, or join an island-hopping cruise where you sleep in small hotels and hostels on different islands.</p> <p>Swim or snorkel with sea turtles and sea lions, hike volcanic craters or just kick back and snap away on your camera.</p> <p>If you really want to push the boat out (pun intended!) you could add another adventure. Explore Ecuador, where cruises to the Galapagos Islands depart from, or hop over to Peru and see the Machu Picchu. If trekking isn’t your thing, take a guided tour where you stay in a lodge each night, or board the Orient Express at Cusco to tick off another bucket list item!</p> <p><strong>Expedition cruise to Antarctica</strong></p> <p>It might be the coldest, windiest, emptiest, driest continent on earth, but an expedition cruise to Antarctica is one of the hottest destinations for a once-in-a-lifetime adventure.</p> <p>If spectacular iceberg formations and abundant wildlife such as whales, seals and penguins appeal to you, then this has to go on your bucket list.</p> <p>You can choose a cruise that retraces the footsteps of Scott and Shackleton, or one that offers activities for keen kayakers, photographers or wildlife enthusiasts.</p> <p>Most cruises depart from South America, so why not extend your holiday while you’re there and travel around South America too? We’re sold.</p> <p><strong>Track the ‘Big Five’ in Africa</strong></p> <p>Tanzania is well-established as one of the best wildlife-viewing destinations in the world, but when you head out on a private jeep safari at dawn from your luxury lodge, you’ll feel like there are just the incredible animals, and you.</p> <p>Tick off the big five: lions, elephants, buffalo, leopards and rhinos as you watch the sun come up over the Serengeti plain, one of the 10 natural travel wonders of the world.</p> <p>Include a stop-over at Kenya and visit a Masai village, or for the extremely adventurous, Mount Kilimanjaro isn’t far away. Finish your trip with some R&R time on Zanzibar, an island full of Arabian influence and stunning beaches just off the coast of Tanzania.</p> <p><strong>Grand Canyon and the Rockies</strong></p> <p>One of the seven natural wonders of the world, the Grand Canyon is North America’s must-see destination. Zoom over the parched red rock formations in a light aircraft or helicopter, or trek down to the bottom on horseback or on foot.</p> <p>Then fly to Colorado to start a tour of the incredible Rocky Mountains. Stay on a ranch in cowboy country and pretend you’re in a spaghetti western, spot bears, elk and bison in Yellowstone National Park and get a taste of what the pioneers first discovered when they started moving westwards. Keep heading north on one of the most spectacular journeys in the world through Glacier, Banff and Jasper National Parks, and finish your trip in stunning Vancouver.</p> <p>Prices vary depending on the level of luxury and length of trip.</p> <p><em>Image credit: Getty / Shutterstock</em></p>

International Travel