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

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

Money & Banking

Bring a plate! What to take to Christmas lunch that looks impressive (but won’t break the bank)

<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>; <a href="https://theconversation.com/profiles/amy-kirkegaard-1401256">Amy Kirkegaard</a>, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a>; <a href="https://theconversation.com/profiles/breanna-lepre-1401257">Breanna Lepre</a>, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a>, and <a href="https://theconversation.com/profiles/emily-burch-438717">Emily Burch</a>, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a> Christmas lunch is at your friend’s house this year, and they’ve asked you to bring a plate. Money is tight. So, you find yourself wondering, “What’s cheap, healthy but also looks impressive?” While a tray of mangoes would certainly be a cheap, healthy and colourful contribution, you want to look as if you’ve put in a bit of effort. If you’re struggling for inspiration, here are some tried and tested ideas. <h2>First, choose your ingredients</h2> Check your pantry for inspiration or ingredients. Crackers, dried fruit or nuts are great ideas for a charcuterie board. You can use herbs and spices to add flavour to dishes, or you could use up packets of dried pasta to make a <a href="https://nomoneynotime.com.au/healthy-easy-recipes/salmon-and-pasta-salad">pasta salad</a>. This is also a great way to clean out your pantry. Focus on fruit and vegetables that are in season, so are cheaper and more readily available. Keep an eye out at your local fruit and veggie shop or market as it will usually have in-season fruit and vegetables in bulk quantities at reduced prices. Check out <a href="http://seasonalfoodguide.com/australia-general-seasonal-fresh-produce-guide-fruits-vegetables-in-season-availability.html">this seasonal food guide</a> to help you plan your Christmas menu. Ask around for deals by chatting to your local butcher, fishmonger or grocer and let them know your budget. They may suggest cheaper cuts of meat (such as, <a href="https://www.australianbutchersguild.com.au/the-blog/the-abg-blog/underrated-cuts-of-beef/">oyster</a>, <a href="https://www.australianbeef.com.au/know-your-meat/beef-cuts/">blades, rump caps</a>). Try cooking <a href="https://www.bestrecipes.com.au/recipes/slow-cooker-corned-beef-mustard-sauce-recipe/z47lwrbv?r=entertaining/9clz7475&h=entertaining">corned beef</a> or <a href="https://www.bbcgoodfood.com/recipes/slow-cooker-roast-chicken">roast chicken</a> in a slow cooker with lots of vegetables. Slow-cooked meals can be frozen and can come in handy for left-overs. Lean into <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4608274/">legumes</a>. These are packed with fibre, protein, vitamins and minerals. They are also budget-friendly and a great way to add texture to salads. Tinned chickpeas, or cannellini, kidney, or butter beans are quick and easy additions that can make filling dishes go further. You could even turn tinned chickpeas into homemade hommus for a healthy and delicious side dish. Check out these healthy legume <a href="https://nomoneynotime.com.au/healthy-easy-recipes/filter/keywords--legumes">recipes</a>. <h2>7 ways to keep food costs down this Christmas</h2> 1. Plan ahead Plan your menu by asking how many people are coming and checking for any food preferences or dietary requirements. Check for items you already have at home, and make a shopping list for only what you <a href="https://www.emerald.com/insight/content/doi/10.1108/BFJ-12-2017-0726/full/html">need</a>. 2. Use free recipes Use free online recipe collections and e-books tailored for budget cooking that can help you design your Christmas menu to meet your budget. This <a href="https://nomoneynotime.com.au/uploads/Our-Guide-to-the-Perfect-Christmas-Feast.pdf">one</a> was created by a group of <a href="https://dietitiansaustralia.org.au/working-dietetics/standards-and-scope/role-accredited-practising-dietitian">accredited practising dietitians</a> and has healthy, budget friendly recipes and ideas. You could also try this budget friendly collection of Christmas recipes from <a href="https://www.taste.com.au/recipes/collections/budget-christmas-recipes">taste</a>. 3. Involve the family Get together with other family members and make it a challenge to see who can make the cheapest, most delicious dish. Get the kids involved in fun activities, such as making a DIY gingerbread house or putting together mixed skewers for the barbecue. 4. Pool your resources Larger quantities of a single dish will be cheaper than multiple different dishes (and easier to prepare). 5. Frozen is fine Use frozen fruits and vegetables if you need to. These can have just as <a href="https://pubmed.ncbi.nlm.nih.gov/25526594/">many vitamins and minerals</a> as fresh, are often cheaper than fresh produce and last longer. Try using frozen berries to decorate the pavlova or add them to your favourite cake, muffin or pie. 6. Make your own drinks You could make your own drinks, such as home-brewed iced tea. See if anyone in your family has a soda stream you can borrow to make sparkling mineral water. Add some freshly squeezed lemon or lime for extra flavour. 7. Reduce waste Use your own crockery and re-use leftovers to reduce waste. After all, washing up is cheaper than buying plastic or paper plates and better for the environment. Remember to save any leftovers and re-use them. Leftover fresh vegetables could be used to make a hearty soup or chutney. <h2>It doesn’t have to be perfect</h2> Christmas comes and goes quickly. If your cooking ideas don’t work out, it’s not the end of the world. Choosing healthy foods on a budget is important all year around, so you may like to think about trying these tips throughout the years to come. <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/196565/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <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>; <a href="https://theconversation.com/profiles/amy-kirkegaard-1401256">Amy Kirkegaard</a>, Postdoctoral Research Fellow, School of Human Movement and Nutrition Sciences, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a>; <a href="https://theconversation.com/profiles/breanna-lepre-1401257">Breanna Lepre</a>, Research Fellow, Mater Research Institute, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a>, and <a href="https://theconversation.com/profiles/emily-burch-438717">Emily Burch</a>, Dietitian and Researcher, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/bring-a-plate-what-to-take-to-christmas-lunch-that-looks-impressive-but-wont-break-the-bank-196565">original article</a>.

Food & Wine

How risky is it to give card details over the phone and how do I reduce the chance of fraud?

<a href="https://theconversation.com/profiles/paul-haskell-dowland-382903">Paul Haskell-Dowland</a>, <a href="https://theconversation.com/institutions/edith-cowan-university-720">Edith Cowan University</a> and <a href="https://theconversation.com/profiles/ismini-vasileiou-1031778">Ismini Vasileiou</a>, <a href="https://theconversation.com/institutions/de-montfort-university-1254">De Montfort University</a> Paying for things digitally is so common, most of us think nothing of swiping or tapping our card, or using mobile payments. While doing so is second nature, we may be more reluctant to provide card details over the phone. Merchants are allowed to ask us for credit card details over the phone – this is perfectly legal. But there are minimum standards they must comply with and safeguards to protect consumer data. So is giving your card details over the phone any more risky than other transactions and how can you minimise the risks? <h2>How is my card data protected?</h2> For a merchant to process card transactions, they are expected to comply with the <a href="https://docs-prv.pcisecuritystandards.org/PCI%20DSS/Standard/PCI-DSS-v4_0.pdf">Payment Card Industry Data Security Standard</a>. This is a set of security requirements designed to protect cardholder data and the trillions of dollars of transactions each year. Compliance involves various security measures (such as encryption and access controls) together with strong governance and regular security assessments. If the information stored by the merchant is accessed by an unauthorised party, encryption ensures it is not readable. That means stealing the data would not let the criminals use the card details. Meanwhile, access controls ensure only authorised individuals have access to cardholder data. Though all companies processing cards are expected to meet the compliance standards, only those processing large volumes are subject to mandatory regular audits. Should a subsequent data leak or misuse occur that can be attributed to a compliance failure, a <a href="https://www.csoonline.com/article/569591/pci-dss-explained-requirements-fines-and-steps-to-compliance.html">company can be penalised</a> at levels that can escalate into millions of dollars. These requirements apply to all card transactions, whether in person, online or over the phone. Phone transactions are likely to involve a human collecting the card details and either entering them into computer systems, or processing the payment through paper forms. The payment card Security Standards Council has <a href="https://docs-prv.pcisecuritystandards.org/Guidance%20Document/Telephone-Based%20Payments/Protecting_Telephone_Based_Payment_Card_Data_v3-0_nov_2018.pdf">detailed guides for best practice</a>: <blockquote> A policy should be in place to ensure that payment card data is protected against unauthorised viewing, copying, or scanning, in particular on desks. </blockquote> Although these measures can help to protect your card data, there are still risks in case the details are misplaced or the person on the phone aren’t who they say they are. <h2>Basic tips for safe credit card use over the phone</h2> If you provide card details over the phone, there are steps you can take to minimise the chance you’ll become the victim of fraud, or get your details leaked. 1. Verify the caller If you didn’t initiate the call, hang up and call the company directly using details you’ve verified yourself. Scammers will often masquerade as a well-known company (for example, an online retailer or a courier) and convince you a payment failed or payment is needed to release a delivery. Before you provide any information, confirm the caller is legitimate and the purpose of the call is genuine. 2. Be sceptical If you are being offered a deal that’s too good to be true, have concerns about the person you’re dealing with, or just feel something is not quite right, hang up. You can always call them back later if the caller turns out to be legitimate. 3. Use secure payment methods If you’ve previously paid the company with other (more secure) methods, ask to use that same method. 4. Keep records Make sure you record details of the company, the representative you are speaking to and the amount being charged. You should also ask for an order or transaction reference. Don’t forget to ask for the receipt to be sent to you. Check the transaction against your card matches the receipt – use your banking app, don’t wait for the statement to come through. <h2>Virtual credit cards</h2> In addition to the safeguards mentioned above, a <a href="https://www.forbes.com/advisor/credit-cards/virtual-credit-card-numbers-guide/">virtual credit card</a> can help reduce the risk of card fraud. You probably already have a form of virtual card if you’ve added a credit card to your phone for mobile payments. Depending on the financial institution, you can create a new credit card number linked to your physical card. Some banks extend this functionality to allow you to generate unique card numbers and/or CVV numbers (the three digits at the back of your card). With this approach you can easily separate transactions and cancel a virtual card/number if you have any concerns. <h2>What to do if you think your card details have been compromised or stolen?</h2> It’s important not to panic, but quick action is essential: <ul> <li> call your bank and get the card blocked so you won’t lose any more money. Depending on your situation, you can also block/cancel the card through your banking app or website </li> <li> report the issue to the police or other relevant body </li> <li> monitor your account(s) for any unusual transactions </li> <li> explore card settings in your banking app or website – many providers allow you to limit transactions based on value, restrict transaction types or enable alerts </li> <li> you may want to consider registering for <a href="https://theconversation.com/your-credit-report-is-a-key-part-of-your-privacy-heres-how-to-find-and-check-it-116999">credit monitoring services</a> and to enable fraud alerts. </li> </ul> <h2>So, should I give my card details over the phone?</h2> If you want to minimise risk, it’s best to avoid giving card details over the phone if you can. Providing your card details via a website still has risks, but at least it removes the human element. The best solution currently available is to use virtual cards – if anything goes wrong you can cancel just that unique card identity, rather than your entire card.<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/216833/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/paul-haskell-dowland-382903">Paul Haskell-Dowland</a>, Professor of Cyber Security Practice, <a href="https://theconversation.com/institutions/edith-cowan-university-720">Edith Cowan University</a> and <a href="https://theconversation.com/profiles/ismini-vasileiou-1031778">Ismini Vasileiou</a>, Associate Professor, <a href="https://theconversation.com/institutions/de-montfort-university-1254">De Montfort University</a> Image credits: Getty Images This article is republished from <a style="font-style: italic;" href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a style="font-style: italic;" href="https://theconversation.com/how-risky-is-it-to-give-card-details-over-the-phone-and-how-do-i-reduce-the-chance-of-fraud-216833">original article</a>.

Money & Banking

Can Israel and Hamas be held to account for alleged crimes against civilians?

<a href="https://theconversation.com/profiles/amy-maguire-129609">Amy Maguire</a>, <a href="https://theconversation.com/institutions/university-of-newcastle-1060">University of Newcastle</a> <a href="https://www.redcross.org.au/ihl/">International humanitarian law</a> – the law of armed conflict – aims to constrain how wars are fought. It is designed to protect noncombatants and limit the means of warfare. As each hour brings news of further horror in the Israel-Hamas conflict, what role should international law be playing? And does it actually have any capacity to constrain the behaviour of the combatants? <h2>A humanitarian nightmare is unfolding</h2> On <a href="https://edition.cnn.com/2023/10/16/middleeast/israel-hamas-gaza-war-explained-week-2-mime-intl/index.html">October 7</a>, the Hamas militant group launched thousands of rockets against Israel in advance of a ground attack. Militants <a href="https://abcnews.go.com/International/live-updates/israel-gaza-hamas/?id=103804516#:%7E:text=ABC%20News%20Chief%20Global%20Affairs,war%20in%20Israel%20and%20Gaza.&text=At%20least%201%2C400%20people%20have,7%2C%20Israeli%20authorities%20said.">killed</a> more than 1,400 people and wounded 3,400 others in towns and kibbutzim across southern Israel. It was the <a href="https://theconversation.com/deadliest-day-for-jews-since-the-holocaust-spurs-a-crisis-of-confidence-in-the-idea-of-israel-and-its-possible-renewal-215507">deadliest day</a> for Jewish people since the Holocaust. Most of those killed were civilians, including many <a href="https://abcnews.go.com/International/horror-israeli-authorities-show-footage-hamas-atrocities-reporters-notebook/story?id=104015431#:%7E:text=It%20was%20part%20of%20the,injured%20in%20Israel%2C%20authorities%20said.">children</a> who were shot, blown up or burned to death. Hundreds of young people were also <a href="https://www.washingtonpost.com/world/2023/10/08/israel-festival-attack-gaza-militants/">massacred</a> at a music festival, and Hamas took around 200 <a href="https://www.reuters.com/world/middle-east/former-hamas-chief-meshaal-says-israeli-captives-include-high-ranking-officers-2023-10-16/">hostages</a> back to Gaza. Israel is responding to this attack with <a href="https://abcnews.go.com/International/live-updates/israel-gaza-hamas/?id=103804516#:%7E:text=ABC%20News%20Chief%20Global%20Affairs,war%20in%20Israel%20and%20Gaza.&text=At%20least%201%2C400%20people%20have,7%2C%20Israeli%20authorities%20said.">airstrikes</a>, which have to date <a href="https://www.wsj.com/livecoverage/israel-hamas-war-gaza-palestinians/card/latest-death-tolls-in-gaza-and-israel-xJRhBt04VQMocRuYUtsA">killed</a> at least 4,000 people in Gaza and injured thousands more. The vast majority of these casualties are Palestinian civilians. Israel has also rapidly mobilised around <a href="https://www.washingtonpost.com/world/2023/10/10/israel-military-draft-reservists/">360,000 reservists</a> in preparation for an anticipated ground offensive on Gaza. In recent days, a blast at a <a href="https://www.nytimes.com/2023/10/17/world/middleeast/gaza-hospital-explosion-israel.html">Gaza hospital</a> killed hundreds, including patients and displaced people seeking sanctuary. Hamas and several Arab states have <a href="https://www.theguardian.com/world/2023/oct/18/israel-faces-blame-from-regional-allies-over-gaza-hospital-deaths">blamed</a> Israel for the explosion, while Israel has <a href="https://www.nytimes.com/2023/10/17/world/middleeast/islamic-jihad-gaza-hospital-israel.html">blamed</a> Palestinian Islamic Jihad. The situation in Gaza is dire for people with urgent needs, including <a href="https://www.abc.net.au/news/2023-10-18/israel-gaza-war-live-updates-october-18/102989182?utm_campaign=abc_news_web&utm_content=link&utm_medium=content_shared&utm_source=abc_news_web#live-blog-post-55243">5,000 women</a> due to give birth this month and <a href="https://www.nytimes.com/2023/10/16/world/middleeast/gaza-evacuation-twin-babies-hospital.html#:%7E:text=The%20babies%2C%20Nuha%20and%20Fatin,of%20an%20Israeli%20ground%20invasion.">newborn babies</a> whose families cannot find drinking water to prepare formula. Meanwhile, Israel has <a href="https://www.theguardian.com/world/2023/oct/12/no-power-water-or-fuel-to-gaza-until-hostages-freed-says-israeli-minister">cut off</a> water, electricity and fuel supplies to Gaza and ordered a <a href="https://theconversation.com/gaza-is-being-strangled-why-israels-evacuation-order-violates-international-law-215787">total siege</a> of the territory. Israel has also ordered residents of northern Gaza to <a href="https://www.hrw.org/news/2023/10/16/why-israels-gaza-evacuation-order-so-alarming">evacuate</a> to the south. Aid agencies have been unable to provide desperately needed <a href="https://time.com/6324539/israel-gaza-humanitarian-aid-egypt-border/">humanitarian assistance</a> to civilians through the border crossing with Egypt. Prior to this latest horrific escalation, Gaza was already entrenched in a <a href="https://theconversation.com/gaza-has-been-blockaded-for-16-years-heres-what-a-complete-siege-and-invasion-could-mean-for-vital-supplies-215359">humanitarian crisis</a>. The situation now is beyond comprehension. <a href="https://www.abc.net.au/listen/programs/radionational-breakfast/gaza-610/102983118">Léo Cans</a>, the head of mission for Doctors Without Borders in Palestine, said hospitals are being overwhelmed and hundreds will die without electricity being restored: "This is something that is known and could be prevented just by letting fuel and supplies inside Gaza. What is ahead of us is beyond words […] at the end of the road it’s a big wall, and this big wall is full of dead people." <h2>Principles governing the conduct of war</h2> International humanitarian law is a pragmatic body of law. Its existence acknowledges the inevitability of armed conflict and it aims to mitigate war’s impact on people. International humanitarian law is not, in itself, concerned with the justifications for why combatants engage in war. It applies even in situations where a state is entitled to act in self-defence under broader international law. We are witnessing gross violations of fundamental humanitarian law principles in the conflict. Here are some examples: Distinction between civilians and combatants Attacks are considered <a href="https://ihl-databases.icrc.org/en/ihl-treaties/api-1977/article-51">unlawful</a> if they are: <ul> <li> directed specifically against civilians </li> <li> launched indiscriminately without distinction between civilians and combatants </li> <li> or directed at military targets but anticipated to cause harm to civilians disproportionate to the military advantage being sought. </li> </ul> Methods of warfare It is <a href="https://casebook.icrc.org/law/conduct-hostilities#iii_1">unlawful</a> to conduct war in a manner that causes unnecessary suffering. Attacks targeting civilians are fundamentally unnecessary and, therefore, illegal. Collective punishment The fourth Geneva Convention prohibits <a href="https://ihl-databases.icrc.org/en/ihl-treaties/gciv-1949/article-33">collective punishment</a>: "No protected person may be punished for an offence he or she has not personally committed. Collective penalties and likewise all measures of intimidation or of terrorism are prohibited." This prohibition reflects the idea of <a href="https://guide-humanitarian-law.org/content/article/3/collective-punishment/">individual criminal responsibility</a> under international criminal law. Prosecutions for breaches of humanitarian law are directed towards individuals who can be proven responsible, rather than against states or populations. Humanitarian protection Common Article 3 of the Geneva Conventions requires <a href="https://www.icrc.org/en/doc/war-and-law/treaties-customary-law/geneva-conventions/overview-geneva-conventions.htm">humane protection</a> for all people in enemy hands. It prohibits murder and hostage-taking. It also requires the provision of humanitarian assistance to all people without distinction. Obligations of occupying powers It is arguable Israel is a de facto occupying power of the Gaza Strip because it has such a <a href="https://theconversation.com/gaza-is-being-strangled-why-israels-evacuation-order-violates-international-law-215787">high level of control</a> over people’s lives. For example, it has the ability to shut off supplies of essential life services. The argument Israel is occupying Gaza will be strengthened should Israel launch a ground invasion. As such, the rules of international humanitarian law on occupiers are also relevant. These include an obligation to <a href="https://ihl-databases.icrc.org/en/ihl-treaties/hague-conv-iv-1907/regulations-art-43#:%7E:text=Regulations%3A%20Art.-,43,in%20force%20in%20the%20country.">protect</a> civilians from attacks and <a href="https://humanrights.gov.au/our-work/commission-general/international-covenant-civil-and-political-rights-human-rights-your#:%7E:text=opinions%20without%20interference.-,2.,other%20media%20of%20his%20choice.">respect their human rights</a>. <h2>Hamas and humanitarian law</h2> International humanitarian law applies to all combatants, whether they are state or non-state actors. UN independent experts say Hamas has clearly committed <a href="https://www.ohchr.org/en/press-releases/2023/10/israeloccupied-palestinian-territory-un-experts-deplore-attacks-civilians">war crimes</a>, including the murders and hostage-taking of Israeli civilians. Hamas also put Palestinian civilians in harm’s way by <a href="https://www.reuters.com/world/middle-east/hamas-tells-gaza-residents-stay-home-israel-ground-offensive-looms-2023-10-13/#:%7E:text=Eyad%20Al%2DBozom%2C%20spokesman%20for,your%20homes%2C%20and%20your%20places.">telling them</a> not to evacuate to southern Gaza, as ordered by Israel. The group has a history of using civilians as <a href="https://theconversation.com/how-the-laws-of-war-apply-to-the-conflict-between-israel-and-hamas-215493">human shields</a> as a <a href="https://stratcomcoe.org/cuploads/pfiles/hamas_human_shields.pdf">strategic tool</a> in conflicts with Israel. However, holding Hamas accountable for violating international humanitarian law is very challenging. As a non-state actor, Hamas is not a member of forums like the United Nations, where pressure may be brought to bear on member states. If individual Hamas militants are apprehended, they could be charged with <a href="https://www.thenewhumanitarian.org/interview/2023/10/17/how-have-israel-and-hamas-broken-laws-war">war crimes</a> and tried in Israeli courts or the International Criminal Court. Even though Hamas is a non-state actor, <a href="https://www.icc-cpi.int/victims/state-palestine">Palestine</a> has accepted the court’s jurisdiction. In fact, the International Criminal Court opened an <a href="https://www.lawfaremedia.org/article/where-does-the-icc-palestine-investigation-stand">investigation</a> into alleged war crimes in Palestine in 2021. The current Gaza conflict would fall within the court’s mandate and could lead it to direct greater energy to that ongoing investigation. The court’s chief prosecutor, Karim Khan, said on October 13: "We have jurisdiction for any Rome Statute crimes […] committed by Palestinians in Israel and also we have clear jurisdiction for any crimes committed by the forces of Israel in Palestine." <h2>Israel and humanitarian law</h2> Israel and its allies also have a complex relationship with international humanitarian law. One key issue is Israel’s right to self-defence in response to the October 7 attack by Hamas. International law confirms a state may use force to <a href="https://casebook.icrc.org/a_to_z/glossary/self-defence#:%7E:text=Self%2Ddefense%20in%20international%20law,Charter%20and%20customary%20international%20law.">defend</a> itself in response to an armed attack. Israel, the United States and other allies <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2023/10/10/remarks-by-president-biden-on-the-terrorist-attacks-in-israel-2/">contend</a> the Hamas attack triggered Israel’s <a href="https://www.foreignminister.gov.au/minister/penny-wong/speech/speech-senate-hamas-attacks-israel-senate-motion-parliament-house">right to self-defence</a>. But there is a distinction to be drawn between a state’s right to self-defence and what that right permits, in the sense of how war is conducted. For example, UN independent experts have <a href="https://www.ohchr.org/en/press-releases/2023/10/israeloccupied-palestinian-territory-un-experts-deplore-attacks-civilians">condemned</a> Israel’s “indiscriminate military attacks” against Palestinian civilians: "This amounts to collective punishment. There is no justification for violence that indiscriminately targets innocent civilians, whether by Hamas or Israeli forces. This is absolutely prohibited under international law and amounts to a war crime." Neither <a href="https://arabcenterdc.org/resource/the-international-criminal-courts-failure-to-hold-israel-accountable/">Israel</a> nor the <a href="https://www.hrw.org/news/2020/09/02/qa-international-criminal-court-and-united-states">United States</a> is a party to the International Criminal Court. Neither state would accept the court’s jurisdiction over its nationals. Indeed, the United States has <a href="https://www.state.gov/the-united-states-opposes-the-icc-investigation-into-the-palestinian-situation/">condemned</a> the court’s decision to open its investigation into alleged war crimes in Palestine. In time, the court may seek to hold Israeli nationals accountable for war crimes, but its capacity to do so seems very limited. <h2>What about the United Nations?</h2> UN Secretary-General Antonio Guterres has <a href="https://www.voanews.com/a/un-s-guterres-denounces-collective-punishment-of-palestinians/7315616.html">called</a> for an immediate ceasefire. He said the grievances of the Palestinian people after more than 50 years of occupation do not “justify the acts of terror committed by Hamas”. And he said the Hamas attack on October 7 does not “justify the collective punishment of the Palestinian people”. UN human rights chief Volker Türk has also <a href="https://www.ctvnews.ca/world/un-human-rights-lead-warns-of-consequences-for-breaching-humanitarian-law-amid-israel-hamas-war-1.6605453">warned</a> all parties that violations of humanitarian law will have consequences, and those who commit war crimes will be held accountable. But the <a href="https://www.un.org/securitycouncil/#:%7E:text=The%20Security%20Council%20has%20primary,to%20comply%20with%20Council%20decisions.">UN Security Council</a>, which is charged with maintaining international peace and security, has yet to agree on a <a href="https://news.un.org/en/story/2023/10/1142467">statement</a> on the conflict. The <a href="https://reliefweb.int/report/occupied-palestinian-territory/4-members-favour-5-against-security-council-rejects-russian-federations-resolution-calling-immediate-humanitarian-ceasefire-israel-palestine-crisis">debate</a> in the council since the latest escalation in this perpetual conflict demonstrates the deep diplomatic fault lines between the key global players and the warring parties. At this point, a sad reality is that international law and global institutions can do little to constrain the actions of the combatants on both sides or provide assistance to the millions at grave risk of harm.<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/215705/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/amy-maguire-129609">Amy Maguire</a>, Associate Professor in Human Rights and International Law, <a href="https://theconversation.com/institutions/university-of-newcastle-1060">University of Newcastle</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/can-israel-and-hamas-be-held-to-account-for-alleged-crimes-against-civilians-215705">original article</a>.

Legal

8 tips for keeping pets healthy that won’t break the bank

Australia is a nation of animal lovers. Collectively, we have more pets than people (<a href="https://kb.rspca.org.au/knowledge-base/how-many-pets-are-there-in-australia/#ftn1">28.7 million pets</a> vs <a href="https://www.abs.gov.au/statistics/people/population/population-clock-pyramid">26.7 million people</a>) and <a href="https://kb.rspca.org.au/knowledge-base/how-many-pets-are-there-in-australia/#:~:text=Overall%252C%2520Australian%2520households%2520are%2520estimated,spent%2520per%2520animal%2520each%2520year.">spent $33 billion on them</a> in 2022. Not only is a healthy pet a happy one, but healthy = wealthy with fewer vet bills and medications, plus less time off work to look after them. But how can you keep spending under control without sacrificing your pet’s health? Read on! 1. Choose the right pet Save yourself considerable drama – and money – by getting the right pet for your family from the outset. For instance: <ul> <li>Small dogs eat less, making them more suitable for tighter budgets.</li> <li>Energetic breeds won’t thrive if you can’t exercise them sufficiently. </li> <li>Low-allergy breeds (like Poodles and Burmese cats) can save allergy suffers on antihistamines and tissues.</li> </ul> 2. Secure your yard Prevention is always better than cure, so a secure yard/enclosure is a worthwhile investment. The cost of a new fence (especially if split with neighbours) often dwarfs the vet bills if your beloved is hit by a car. A secure pet is less likely to fight with other animals or eat things they shouldn’t. Plus, many areas impose fines for unrestrained pets. 3. Be organised An old phrase says: “For every minute spent organising, an hour is earned.” I’d suggest that hour earned also brings dollars saved. For pets, organisation includes: <ul> <li>Staying up-to-date with treatments and veterinary visits. Overdue parasite treatments, vaccinations, and check-ups often cause unnecessary and expensive complications.</li> <li>A tidy home, which saves replacing destroyed shoes etc and fees on overdue bills where the notice was chewed.</li> <li>Keeping household dangers – e.g., toxic plants, chemicals, foods (chocolate!) – out of your pets’ reach to avoid accidental poisoning.</li> </ul> 4. Weigh up insurance Many people say they’ll put money aside instead of buying pet insurance. But they don’t – the money winds up elsewhere. When considering insurance, weigh up each policy’s conditions, your pet’s health, and your ability to pay unexpected bills. Without insurance, small amounts may not be problematic. But unexpected surgeries or specialist tests and treatments could see you thousands of dollars out of pocket. The more claims you’re likely to make, the more valuable insurance may be. If you do get insurance, choose a reputable provider with positive reviews for paying claims promptly. 5. Master DIY Put your hands to work and make your pet’s essentials at a fraction of buying new. Consider making your own: <ul> <li>Toys – such as uncooked rice or pasta in a PET bottle. (Beware things like sticks, which can cause injuries and splinters.)</li> <li>Meals – cook in bulk and freeze portions for added savings and convenience. Homemade meals may be healthier too, since you know exactly what they’re eating.</li> <li>Bedding and towels – from your old clothing, linen etc.</li> </ul> Always use safe materials and ingredients that won’t be a choking hazard. Monitor items for wear and tear. 6. Involve your kids Getting kids/grandkids involved with animal care is good for everyone – including your wallet. Kids love animals. Pets love children’s playtime energy. And you’ll save paying someone else to do it when you’re short for time. Ask them to walk the dog, clean the litter tray, collect the eggs, top up food and water. You can make it form part of their pocket money – teaching them the value of earning – all while helping them develop important life skills like empathy and responsibility. 7. Consider legalities Custody and inheritance matters affect furbabies too, so it’s important to have a plan: <ul> <li>Wills – who will have guardianship if you die suddenly? Is that person willing and able? Have you left money to pay for their ongoing care?</li> <li>Separation/divorce – pets sadly are sometimes used as weapons in a separation. It could be emotional blackmail over custody, or one partner is given custody but cannot afford to keep them on a single income. The stress adversely affects everyone – including your pet. </li> </ul> 8. Spend time with them Companionship is important for your pet’s health – and yours. And it’s free! Research suggests <a href="https://www.health.harvard.edu/staying-healthy/having-a-dog-can-help-your-heart--literally">dog ownership improves heart health for humans</a> and <a href="https://www.psychologicalhealthcare.com.au/blog/mental-health-benefits-pets/">patting pets lowers blood pressure and stress hormones</a>. Plus, you’ll both benefit from being more active and making new friends (such as at the dog park). So, what are you waiting for? Hitch up the lead or pick up a toy and give your furbaby some love! Helen Baker is a licensed Australian financial adviser and author of the new book, On Your Own Two Feet: The Essential Guide to Financial Independence for all Women (Ventura Press, $32.99). Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au">www.onyourowntwofeet.com.au</a> Image credits: Shutterstock

Family & Pets

Tips for safe mobile banking

As we increasingly turn to our mobile devices for online transactions, it’s crucial to keep security in mind. We’ve all misplaced our mobile phone at some stage and the last thing you want is for some random stranger to get direct access to your bank accounts and other personal details. 1. Use a strong password – This goes without saying.While it might not be as critical with your library pass, someone who cracks or guesses your online banking password can drain your account dry. If you memorise just one strong password, make it your online banking password. 2. Never store passwords on your smartphone – Many people still try to hide passwords or PIN numbers within the body of text or phone numbers. However, despite how cleverly you may think you've concealed them, criminals know what to look for and where. It's always best to commit these security details to memory and not record them anywhere. This includes not ticking "save password" on website and applications that offer to remember your login details. Also make sure you limit other personal information. Criminals are interested in more than just your internet banking details. Any kind of personal information can be used to steal your identity, which criminals can then use to apply for credit cards, personal loans, even mortgages. 3. Use a password manager – Okay, in the real world you probably have more than one online financial account. Rather than strain your brain memorising hard-to-crack passwords for each of them, look at enlisting the help of a password manager. There are plenty of apps available and the best ones not only store your passwords securely but also help you work through your collection of passwords and replace weak ones and duplicates. 4. Activate smartphone security settings and password protection – All smartphones have built-in security features such as auto-locking and password protection. While it may seem like a bit of an inconvenience at times, these physical security measures are your first line of defense in keeping your smartphone and your personal details safe. You can also install smartphone security software as well as remote data wiping software if you lose your phone or it gets stolen. 5. Connect through your data plan – If you're banking online on a mobile device, you have a degree of in-built protection available when you turn off wi-fi tethering and bluetooth and connect using your mobile data plan. It's a lot harder for criminals to sniff your mobile data stream than to snag passwords from network traffic. If you’re on wi-fi only use reputable hot spots that are password protected. If you connect to a shared wi-fi hotspot you are completely dependent on the security of the host network. 6. Don't be tempted to jailbreak your smartphone – If you crack the manufacturer's security on your smartphone, you not only make your warranty invalid but you make it much more vulnerable to attacks by cybercriminals. 7. Clear your phone when you replace it – If you sell or discard your smartphone, it's crucial you delete all personal information first. This includes SMS messages, emails, photographs, contact details and internet links. Image credit: Shutterstock

Money & Banking

A piggy bank is the answer to saving for your next holiday

Not just for kids, the humble piggy bank is a great way to save up your hard earned cash for something special. How to: <ol> <li>Find a piggy bank for your savings. You can also use a glass jar or vase, which is great to be able to track your progress.</li> <li>At the end of each day come home and throw any coins that you have into your piggy bank</li> <li>Try paying for everything with notes instead of cards and keep all of your change each day for your savings jar.</li> </ol> So what are the benefits? Today we have four great reasons why you should start saving your coins in this way. Pain free You won’t even notice it missing from your wallet. As the money doesn’t feel like much you won’t feel as though you are actively ‘saving’ even though you are. Fast results Think about it, if you place just $5 worth of coins in your jar each day, it will only take one month to save up around $150. Out of sight Rather than keeping it in your savings account, it’s a much better idea to keep your holiday fund somewhere that you can’t accidentally spend it on everyday things like bills or petrol. You’re less likely to dip into it even for unexpected bills, as you know it is for your holiday. Satisfying You can literally see your savings building up, especially if you use a clear vase or jug. At the end of each day you will hear the satisfying sound of the coins being deposited. You’ll know then that you’re one step closer to that holiday that you thought you couldn’t afford. Images: Getty

Money & Banking

Senior bank robber’s unexpectedly polite note

A 78-year-old woman has caused some commotion with her bizarre Missouri bank heist. Bonnie Gooch, who already has two bank robbery convictions to her name, has collected a brand new charge - one count of stealing, or attempting to steal, from a financial institution - for her actions at the Goppert Financial Bank in Pleasant Hill. However, it’s the note that Bonnie had for the bank’s teller that has drawn the most attention around the world, with the senior bank robber allegedly stating that she “didn’t mean to scare” anyone. As The Kansas City Star reported, Bonnie supposedly entered the establishment just after 3pm, ‘disguised’ by her facemask and sunglasses. After approaching the counter, she is said to have handed over a note that demanded “13,000 small bills”, and another that read “thank you sorry I didn’t mean to scare you”. Prosecutors in Cass County said surveillance video from inside of the bank showed Bonnie banging on the counter and demanding that the teller hurry up. Bonnie made her getaway from there, but was ultimately caught by law enforcement officers, who reported that her car smelled of alcohol, and had money spread across its floor. Despite this, she is not facing any alcohol related charges. Pleasant Hill Police Chief Tommy Wright described the incident as “just sad’, and noted that Bonnie - as far as they were aware - had not been diagnosed with any notable ailments. “When officers first approached her, they were kind of confused ... it’s a little old lady who steps out,” he explained. “We weren’t sure initially that we had the right person.” He also noted that in his three decades as a police officer, he had never encountered a robbery suspect of a similar age to Bonnie. But it wasn’t Bonnie’s first rodeo, with Bonnie having been convicted for her actions in California in 1977, and again in another Kansas City suburb in 2020. Her probation for the latter only ended in November 2021. At the time of her 2020 theft, court documents cited by Fox 4 note that Bonnie’s son explained she had left the house “angry” and had declared that she was “going to rob a bank”. She is now being held on a $25,000 USD (~$37,500 AUD) bond at a Cass County detention centre for her 2023 crime. And as Police Chief Tommy Wright also revealed to Fox 4, he and his team were evaluating whether or not Bonnie would require further services as her case progressed through the criminal justice system. Images: Facebook

Legal

Salon owner loses $40,000 from one $60 deposit

When beautician Thuy Le received a call from a supposed customer’s ‘husband’ regarding an accidental payment, she could never have foreseen the devastating turn her life would take from that point on. The mother of two, whose husband is living with Parkinsons and unable to work, recounted how her harrowing ordeal started with that one phone call, and the man on the other end requesting she return the $60 his wife had ‘accidentally’ paid. Le checked her bank statements to verify his story, and after noting one deposit that matched, she transferred the funds into the account he provided. She did not provide any of her own personal information, her passwords, or any critical numbers for her accounts. And yet, in the time to follow, Le could only watch in horror as more withdrawals were made from her account, into the very same one owned by the customer’s ‘husband’. The withdrawals totalled a devastating $41,600 stolen from Le’s life savings. Le also recounted how she was refused access to her business account, and that she got in touch with her bank as soon as she realised what had happened, suspecting she had been scammed. Her quest for support in her time of need was cut short, with the financial institution placing the blame solely on Le and ruling that they were not liable for the losses she had endured - this was despite the suspicious withdrawals raising no alarm with the bank, and the lack of personal information involved in the scam. Of their questionable red flag system, the bank claimed that it is “nearly impossible for an unauthorised third party to guess”, referencing the way that the logins for the costly transaction all succeeded on the very first try. Furthermore, as stated in a letter to Le, they declared that “the only reasonable explanation for these logins would be that your online banking credentials were known to the unauthorised third party, which would be in breach of the passcode security requirements.” “I am in financial hardship,” Le admitted of her dire situation, and the need to have the funds returned for her family and her husband’s crucial medication. “I have two little kids, I have a husband with Parkinson’s disease, he cannot work,” she continued. “We are still in the process of applying for government help and I have carried the financial burden on my shoulders.” While Le’s bank offered $200 to resolve her complaint, she was offered no further assistance, and took matters to the Australian Financial Complaints Authority, hoping to have her money returned to her. “I can’t sleep,” she confessed. “I want to know why this happened to me and how it happened to me. “I’m not a liar, not a criminal, not a fraud.” Images: Supplied to 7News, Facebook

Money & Banking

Is 13 too young to have a TikTok or Instagram account?

The surgeon general is the “<a href="https://www.hhs.gov/surgeongeneral/index.html">nation’s doctor</a>” in the United States. They are tasked with giving Americans the “best scientific information” about their health. Late last month, the current US surgeon general, Vivek Murthy, <a href="https://edition.cnn.com/2023/01/29/health/surgeon-general-social-media/index.html">warned</a> 13 is too young to join social media. He said it poses a risk to young people’s “self-worth and their relationships”, adding, "I, personally, based on the data I’ve seen, believe that 13 is too early […] the skewed and often distorted environment of social media often does a disservice to many of those children." Is 13 too young? What should parents think about when it comes to their kids and social media accounts? <h2>Why are we talking about 13?</h2> Major social media platforms, including <a href="https://help.twitter.com/en/managing-your-account/account-restoration">Twitter</a>, <a href="https://about.instagram.com/blog/announcements/new-ways-to-verify-age-on-instagram">Instagram</a>, <a href="https://www.facebook.com/help/157793540954833">Facebook</a> and <a href="https://www.tiktok.com/safety/en/guardians-guide/">TikTok</a>, require users to be at least 13. This includes those in Australia and New Zealand. This minimum age requirement stems from <a href="https://www.ftc.gov/legal-library/browse/rules/childrens-online-privacy-protection-rule-coppa">1998 US legislation</a> which banned the collection of children’s personal data without parental consent. For many parents, schools and cybersafety experts, this minimum age has become something of a benchmark. Many assume it comes with the implicit assurance social media platforms are appropriate and safe for children once they turn 13. Conversely, they also assume they are unsafe for children under 13. But this is not necessarily the case. <blockquote class="twitter-tweet"> When I speak with kids & parents about <a href="https://twitter.com/hashtag/YouthMentalHealth?src=hash&ref_src=twsrc%5Etfw">#YouthMentalHealth</a>, the number one question I get is if social media is harming our kids. Based on the data I’ve seen and the conversations I’ve had, I believe 13 is too young for our kids to start using social media. <a href="https://t.co/vpBEcWySFc">https://t.co/vpBEcWySFc</a> — Dr. Vivek Murthy, U.S. Surgeon General (@Surgeon_General) <a href="https://twitter.com/Surgeon_General/status/1621644953347563526?ref_src=twsrc%5Etfw">February 3, 2023</a></blockquote> <h2>What does the evidence say?</h2> Social media platforms do present some risks for young people. These include <a href="https://theconversation.com/cyberbullying-among-teens-our-research-shows-online-abuse-and-school-bullying-are-often-linked-119442">online bullying</a> and harassment, exposure to misinformation and <a href="https://www.theguardian.com/technology/2022/dec/15/tiktok-self-harm-study-results-every-parents-nightmare">inappropriate content</a>, <a href="https://theconversation.com/children-can-be-exposed-to-sexual-predators-online-so-how-can-parents-teach-them-to-be-safe-120661">grooming</a>, <a href="https://theconversation.com/dozens-of-us-schools-universities-move-to-ban-tiktok-197393">privacy breaches</a> and excessive use. Stories documenting the potentially harmful effects of social media are rarely out of the news. Studies claim links between social media and <a href="https://www.theguardian.com/science/2022/mar/28/social-media-may-affect-girls-mental-health-earlier-than-boys-study-finds">poor mental health</a> and <a href="https://www.theguardian.com/society/2023/jan/01/social-media-triggers-children-to-dislike-their-own-bodies-says-study">low self-esteem</a>. These findings are concerning, and there is no doubt social media may negatively affect some young people’s wellbeing. However, it is not a straightforward question. While these studies might find a correlation or link between excessive social media use and poor self-esteem, for example, they rarely point to direct causation. Young people already experiencing low self-esteem and depression may use social media significantly more than others. <h2>So why don’t we just increase the age?</h2> Murthy acknowledges it is difficult to keep kids off their devices and social media. But he suggests parents band together, "and say you know, as a group, we’re not going to allow our kids to use social media until 16 or 17 or 18." But any increase in the age - whether formal or informal – will not necessarily keep children safer online. Children can easily falsify their ages (<a href="https://academic.oup.com/jcmc/article/18/3/303/4067510">many already do</a>). And young people are good at finding creative and secretive ways of doing what they want regardless. <h2>Why can’t parents just say no?</h2> It is often suggested – by cyber safety experts – that parents <a href="https://www.cybersafetysolutions.com.au/top-tips/">just say no</a>. This message has been reinforced by celebrity commentators such as British actress Kate Winslet, who recently told the BBC, "My children don’t have social media and haven’t had social media." While these approaches may work with younger kids, older children are unlikely to simply comply. Blanket bans and restrictions not only lead to <a href="https://journals.sagepub.com/doi/pdf/10.1177/1461444816655099?casa_token=q7SXs7TW4vMAAAAA:F8rirALQj6c2dGZb3pH8OHPbfy7zqwG-pkktOkU6H7Ig6MKg1jmbVNBHFt17bCOh8IfGOsVpsw5aPg">family conflict</a>, but are also more likely to lead to children using social media without parental consent or <a href="https://blogs.lse.ac.uk/parenting4digitalfuture/2017/02/07/digital-skills-matter-in-the-quest-for-the-holy-grail/">knowledge</a>. This is a problem because parents play an important role in helping children navigate online spaces, including the sometimes fraught nature of peer relationships on social media. If a child has a social media account without parental permission, they are much less likely to seek out their parents for help if they have a problem online, for fear of getting into trouble or having their device taken away. <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-permalink="https://www.instagram.com/reel/Cl3aWdyPqGw/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/reel/Cl3aWdyPqGw/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by BBC Woman's Hour (@bbcwomanshour)</a> </div> </blockquote> <h2>Children also have a right to be online</h2> Discussion about risks also tends to ignore the <a href="https://www.pewresearch.org/internet/2022/11/16/connection-creativity-and-drama-teen-life-on-social-media-in-2022/">potential benefits</a> of being online. Social media is incredibly important for many young people. It keeps them connected with friends and extended family, provides a platform for creativity and self-expression, and enables civic participation and activism. Social media also provides access to like-minded individuals and communities who may provide solidarity and support, especially for marginalised teens. Children, particularly teenagers, also have a right to participate in online spaces, including use of social media. The United Nations’ Committee on the Rights of the Child <a href="https://docstore.ohchr.org/SelfServices/FilesHandler.ashx?enc=6QkG1d%2FPPRiCAqhKb7yhsqIkirKQZLK2M58RF%2F5F0vEG%2BcAAx34gC78FwvnmZXGFUl9nJBDpKR1dfKekJxW2w9nNryRsgArkTJgKelqeZwK9WXzMkZRZd37nLN1bFc2t">notes</a> children have the right to “meaningful access to digital technologies” as a way of realising the full range of their civil, political, cultural, economic and social rights. <h2>So, when should my child get a TikTok account?</h2> There is no one-size-fits-all approach here. Children vary tremendously in terms of their maturity, skills, life experience and judgement. On top of this, online risk is not equally distributed, as children who are <a href="https://blogs.lse.ac.uk/parenting4digitalfuture/2019/02/20/vulnerable-offline-and-at-risk-online/">more vulnerable offline are more vulnerable online</a>. For example, children with mental health problems, learning difficulties, a disability or who have problems at home are more likely to experience high-risk situations online. In deciding whether your child is ready for a social media account, parents might consider: <ul> <li> Is my child especially vulnerable to online harms? </li> <li> Does my child have the required maturity and resilience to manage potentially negative online social interactions? </li> <li> Does my child listen to advice and follow rules? </li> <li> Is my child aware of the risks, and do they have strategies for managing them? </li> <li> Will my child come to me with any problems they encounter online? </li> </ul> Parents might also consider their children’s offline lives, as these often carry over into online spaces. This includes what their friendships are like, their propensity for taking risks, and their ability to consider the consequences of their actions. <h2>Start talking early</h2> The best thing that parents can do is initiate conversations about social media and the internet early and often. Many issues that play out on social media are extensions of young people’s existing peer relationships. Parents can talk to their children about their friends and peers, show an interest in their child’s online activities, and openly discuss their child’s rights and responsibilities online. Some parents may wish to set reasonable expectations and rules about appropriate use of social media. Documenting these expectations through a “family technology agreement” that is negotiated <a href="https://eprints.lse.ac.uk/106403/1/parenting4digitalfuture_2020_08_19_parenting_for_a_digital_future.pdf">democratically</a> as a family, rather than through top-down rules, is more likely to succeed. Image credits: Getty Images This article originally appeared on <a href="https://theconversation.com/is-13-too-young-to-have-a-tiktok-or-instagram-account-199097" target="_blank" rel="noopener">The Conversation</a>.

Technology

Nobel economics prize: insights into financial contagion changed how central banks react during a crisis

This year’s <a href="https://www.nobelprize.org/prizes/economic-sciences/2022/prize-announcement/" target="_blank" rel="noopener">Nobel prize in economics</a>, known as the Sveriges Riksbank Prize in Economic Sciences, has gone to Douglas Diamond, Philip Dybvig and former Federal Reserve Chair Ben Bernanke for their work on banks and how they relate to financial crises. To explain the work and why it matters, we talked to Elena Carletti, a Professor of Finance at Bocconi University in Milan. Why have Diamond, Bernanke and Dybvig been awarded the prize? The works by <a href="https://www.nobelprize.org/uploads/2022/10/popular-economicsciencesprize2022.pdf" target="_blank" rel="noopener">Diamond and Dybvig</a> essentially explained why banks exist and the role they play in the economy by channelling savings from individuals into productive investments. Essentially, banks play two roles. On the one hand, they monitor borrowers within the economy. On the other, they provide liquidity to individuals, who don’t know what they will need to buy in future, and this can make them averse to depositing money in case it’s not available when they need it. Banks smooth out this aversion by providing us with the assurance that we will be able to take out our money when it’s required. The problem is that by providing this assurance, banks are also vulnerable to crises even at times when their finances are healthy. This occurs when individual depositors worry that many other depositors are removing their money from the bank. This then gives them an incentive to remove money themselves, which can lead to a panic that causes a bank run. Ben Bernanke fed into this by looking at bank behaviour during the great depression of the 1930s, and showed that bank runs during the depression was the decisive factor in making the crisis longer and deeper than it otherwise would have been. The observations behind the Nobel win seem fairly straightforward compared to previous years. Why are they so important? It’s the idea that banks that are otherwise financially sound can nevertheless be vulnerable because of panicking depositors. Or, in cases such as during the global financial crisis of 2007-09, it can be a combination of the two, where there is a problem with a bank’s fundamentals but it is exacerbated by panic. Having recognised the intrinsic vulnerability of healthy banks, it was then possible to start thinking about policies to alleviate that risk, such as depositor insurance and reassuring everyone that the central bank will step in as the lender of last resort. In a bank run caused by liquidity (panic) rather than insolvency, an announcement from the government or central bank is likely to be enough to solve the problem on its own – often without the need for any deposit insurance even being paid out. On the other hand, in a banking crisis caused by insolvency, that’s when you need to pump in money to rescue the institution. What was the consensus about bank runs before Diamond and Dybvig began publishing their work? There had been a lot of bank runs in the past and it was understood that financial crises were linked to them – particularly before the US Federal Reserve was founded in 1913. It was understood that bank runs made financial crises longer by exacerbating them. But the mechanism causing the bank runs wasn’t well understood. <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=405&fit=crop&dpr=1 600w, https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=405&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=405&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=509&fit=crop&dpr=1 754w, https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=509&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=509&fit=crop&dpr=3 2262w" alt="Police controlling an angry crowd during a Paris bank in 1904" /></a><figcaption>A bank run in Paris in 1904. <a class="source" href="https://www.shutterstock.com/image-illustration/paris-police-hold-back-crowd-making-242294071" target="_blank" rel="noopener">Everett Collection</a></figcaption></figure> How easy is it to tell what kind of bank run you are dealing with? It’s not always easy. For example, in 2008 in Ireland it was thought to be a classic example of bank runs caused by liquidity fears. The state stepped up to give a blanket guarantee to creditors, but it then became apparent that the banks were really insolvent and the government had to inject enormous amounts of money into them, which led to a sovereign debt crisis. Speaking of sovereign debt crises, the work by Diamond and Dybvig also underpins the literature on financial contagion, which is based on a <a href="https://www.jstor.org/stable/10.1086/262109" target="_blank" rel="noopener">2000 paper</a> by Franklin Allen and Douglas Gale. I worked with Allen and Gale for many years, and all our papers have been based on the work of Diamond, and Diamond and Dybvig. In a similar way to how state reassurances can defuse a bank run caused by liquidity problems, we saw how the then European Central Bank President Mario Draghi was able to defuse the run on government bonds in the eurozone crisis in 2011 by saying that the bank would do “<a href="https://qz.com/1038954/whatever-it-takes-five-years-ago-today-mario-draghi-saved-the-euro-with-a-momentous-speech/" target="_blank" rel="noopener">whatever it takes</a>” to preserve the euro. <figure><iframe src="https://www.youtube.com/embed/tB2CM2ngpQg?wmode=transparent&start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> The prize announcement has attracted plenty of people on social media saying we shouldn’t be celebrating Bernanke when he was so involved in the quantitative easing (QE) that has helped to cause today’s global financial problems – what’s your view? I would say that without QE our problems would today be much worse, but also that the prize recognises his achievements as an academic and not as chair of the Fed. Also, Bernanke was only one of the numerous central bankers who resorted to QE after 2008. And it is not only the central bank actions that make banks stable. It’s also worth pointing out that the changes to the rules around the amount of capital that banks have to hold after 2008 have made the financial system much better protected against bank runs than it was beforehand. Should such rules have been introduced when the academics first explained the risks around bank runs and contagion? The literature had certainly hinted at these risks, but regulation-wise, we had to wait until after the global financial crisis to see <a href="https://www.ecb.europa.eu/pub/pdf/fsr/art/ecb.fsrart201405_03.en.pdf" target="_blank" rel="noopener">reforms such as</a> macro-prudential regulation and more stringent micro-prudential regulation. This shows that regulators were underestimating the risk of financial crises, perhaps also pushed by the banking lobbies that had been traditionally very powerful and managed to convince regulators that risks were well managed. If retail banks become less important in future because of blockchain technology or central bank digital currencies, do you think the threat of financial panic will reduce? If we are heading for a situation where depositors put their money into central banks rather than retail banks, that would diminish the role of retail banking, but I think we are far from that. Central bank digital currencies can be designed in such a way that retail banks are still necessary. But either way, the insights from Diamond and Dybvig about liquidity panics are still relevant because they apply to any context where coordination failures among investors are important, such as sovereign debt crises, currency attacks and so on.<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/192208/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> Written by Elena Carletti. Republished with permission of <a href="https://theconversation.com/nobel-economics-prize-insights-into-financial-contagion-changed-how-central-banks-react-during-a-crisis-192208" target="_blank" rel="noopener">The Conversation</a>. Image: The Nobel Foundation

Money & Banking

Savings accounts or term deposits: where should you put your cash?

Whether you’re saving money for the short or the long term, choosing between a <a href="http://mozo.com.au/savings-accounts-" target="_blank" rel="noopener">savings account</a> or a <a href="http://mozo.com.au/term-deposits" target="_blank" rel="noopener">term deposit</a> should be a considered decision. The key differences between the two need to be balanced against your financial goals to help you decide which way to go. Access to your money –Term deposits lock your money away for a period of time starting at a minimum of one month and up to as long as several years. So make sure you won’t need to get your hands on your cash for a while. Savings accounts give you more direct access to your money but generally offer a lower interest rate than their term deposit counterparts. They let you take your money out when you need or want it. Interest rates –Savings accounts have variable interest rates, so they can change. Some rates are introductory so they’re only held for a certain amount of time, then they drop to a lower variable rate. Read the fine print to see if and when the rate changes, and to what amount. Some savings accounts give you bonus interest if you don’t make a withdrawal or you make a minimum monthly deposit. Be aware too that some accounts might reduce your interest if you withdraw too much or too often. Term deposits offer fixed interest for the length of your term. So once you’ve opened a term deposit, if rates go down, your money isn’t affected because the rates are locked in. Usually the longer the term you choose, the higher the interest rate on offer (although it’s not always the case). It’s worth keeping an eye out for special interest rate offers, too. Starting amounts –Term deposits generally have a minimum amount that you need to start with – often it’s at least $1,000. You can start a savings account from zero. Image: Getty Images Flexibility –Savings accounts let you add more money whenever you like. Term deposits generally don’t. Which suits –You need to ask yourself what your savings objectives are. Accessible cash for immediate requirements through a savings account is attractive but for longer-term objectives such as that trip or new car you’ve been eyeing off, the term deposit attracting higher interest and forcing you to refrain from dipping into your account will have you winning in the long run. If you open a term deposit, it’s good to maintain a savings account as well. That way you can keep adding to your savings and when you reach a certain amount, you’ve got the option of possibly starting another term deposit. If you’ve got enough for a term deposit now, shop around for the best deal. There are savings account and term deposit comparison websites which can help make this easier, but it’s also worth checking out different banks and other providers too.

Money & Banking

Paul Green’s brain donated to science

Paul Green’s brain has been donated to the Australian Sports Brain Bank to help with science. The legendary coach and former player Paul Green was just 49 when he <a href="https://oversixty.com.au/news/news/rugby-league-icon-dead-at-49" target="_blank" rel="noopener">was found dead</a> at his home in Brisbane on August 11. It is confirmed that the father-of-two died from suicide. His family has now confirmed that his brain will be donated to the <a href="https://www.mycause.com.au/page/290298/in-memory-of-paul-green" target="_blank" rel="noopener">Australian Sports Brain Bank</a> to help aid research into concussion-related condition chronic traumatic encephalopathy (CTE) - a common injury amongst NRL players due to the nature of the game. "In memory of our beloved Paul, we ask that you support the pioneering work of the Australian Sports Brain Bank,” their post read. "Paul was known for always looking out for others. We are proud that part of his legacy will be looking out for the brain health of all others involved in the game that he loved. "Amanda, Emerson and Jed." They are hoping to raise $150,000 to help with the research. Michael Buckland, the director of the Australian Sports Brain Bank, thanked Green’s family for their donation. "This is an incredibly generous donation and will be an invaluable part of our research into the long-term effects of repetitive head impacts in sport and elsewhere," he said. "We at the Australian Sports Brain Bank are blown away by the fact that in their time of grief, Amanda and the rest of the family thought of how they could help others." Green had an incredible NRL career, playing 162 first grade matches between 1994-2004 and winning the prestigious Rothmans Medal in 1995 as the game's best and fairest. He played for several different clubs including Cronulla-Sutherland Sharks, North Queensland Cowboys, Sydney Roosters, Parramatta Eels and the Brisbane Broncos. Green eventually swapped his playing boots to coaching ones as he took on the North Queensland Cowboys from 2014-2020. If you would like to donate to the research, click <a href="https://www.mycause.com.au/page/290298/in-memory-of-paul-green" target="_blank" rel="noopener">here</a>. If you are experiencing a personal crisis or thinking about suicide, you can call Lifeline 131 114 or beyondblue 1300 224 636 or visit <a href="https://www.lifeline.org.au/">lifeline.org.au</a> or <a href="https://www.beyondblue.org.au/">beyondblue.org.au</a>. Image: Australian Sports Brain Bank

Body

Richard Gere makes bank on “magical” estate

After spending a decade building it and 36 years owning it, Richard Gere has farewelled his lavish New York country estate and walked away with a tidy $USD 28 million ($39.4 million or $NZD 44.1 million). The Pretty Woman star bought the property in 1986, four years before starring in the cult classic with Julia Roberts, He went on to build the mansion over 12,000 square metres using custom joinery, with the home boasting including a handsome library, several living areas, and a breakfast nook with an open fireplace. The estate, located about an hour’s drive away from Manhattan, also features a private lake with a beach and an island, a pool with a guest house, and a soccer field and is surrounded by 1740 hectares of hills and dense foliage. Having <a href="https://www.oversixty.co.nz/property/real-estate/bought-for-1-5m-selling-for-40m-richard-gere-lists-new-york-mega-mansion" target="_blank" rel="noopener">spent $USD 1.51 million</a> on the vacant property in the ‘80s, the 72-year-old earned a monumental profit when he finally sold the home five months after <a href="https://www.ginnel.com/exclusive/1193/81-Lyndel-Road-Pound-Ridge-NY" target="_blank" rel="noopener">listing it</a> with agent Muffin Dowdle from Ginnel Real Estate. With the home now under contract, it comes after he and his wife, Alejandra Silva, dropped $USD 9.8 million ($13.9 million or $NZD 15.4 million) for <a href="https://www.oversixty.co.nz/property/real-estate/richard-gere-lists-stunning-estate-for-eye-watering-price" target="_blank" rel="noopener">an upstate New York home</a> sitting on 14 acres in North Salem. Their new home sees the couple live among a slew of A-listers, with their new neighbours including media mogul Michael Bloomberg and Bill Gates’ daughter Jenna Gates. Residents reported that Gere and Silva have already moved in after spotting Buddhist prayer flags at the property, with Gere being one of Hollywood’s most high-profile Buddhists, according to <a href="https://www.nine.com.au/property/news/richard-gere-sells-40-million-dollar-new-york-country-estate/e0adf945-fd45-4269-bff0-dc70f92592c2" target="_blank" rel="noopener">Domain</a>. Images: Getty Images, Ginnel Real Estate

Real Estate

Millions paid out in Christmas banking bungle

A UK bank made a costly Christmas mistake by paying a total of £130 million ($NZD 260 million) to customers on December 25. In a statement released on December 30, British lender Santander said the large sum was split over 75,000 transactions from about 2000 businesses with accounts at the bank. “We’re sorry that due to a technical issue, some payments from our corporate clients were incorrectly duplicated on the recipients’ accounts,” the bank <a href="https://7news.com.au/business/banking/uk-bank-mistakenly-pays-out-nearly-250-million-in-colossal-christmas-day-disaster-c-5140630">said</a>. “None of our clients were at any point left out of pocket as a result and we will be working hard with many banks across the UK to recover the duplicated transactions over the coming days.” The bank blamed the duplicated payments on a scheduling issue, with the second payment funded by Santander. Santander added that the transactions included regular and one-off payments which may have included supplier payments or wages. Initial reports from The Times said account holders included Barclays, Virgin Money, and HSBC. According to the statement, Santander is working to recover the funds from rival banks who received the payments through the “bank error recovery process”. However, it was unclear how the banks would respond if customers had already spent the money, where asking customers to repay the funds could push them into overdraft. A payroll manager affected by the error <a rel="noopener" href="https://www.bbc.com/news/business-59826345" target="_blank">told the BBC</a> it had cast a shadow on Christmas and Boxing Day. “It ruined my holiday period because I thought I’d paid out hundreds of thousands in error - I thought I had done something wrong,” they said. “I thought it was just me and that I was going to get in trouble at work.” The manager added that Santander hadn’t said how the second payment should be explained to staff or how the funds would be recovered. “It’s just a complete shambles,” they said. “How they are going to recover it, I just don’t know.” Santander UK - a subsidiary of global bank Banco Santander - has 14 million active customers and 616 branches, according to its website. Image: Getty Images

Money & Banking

Man ordered to repay $201,000 “inheritance” to the bank

A grandfather has been left shocked by his bank, after they have ordered him to repay $201,000. Russell Alexander, 54, contacted Barclay’s Bank after huge sums of money were deposited into his account. Confused by the large sum, he reached out to Barclay’s and got no reply. Eventually, representatives from the bank told Russell that the money was part of an inheritance and to keep it, he told <a href="https://www.thesun.co.uk/news/16694791/handyman-renovated-home-barclays-mistake/">The Sun</a>. He used the money to renovate a fixer-upper house he purchased after his divorce, and could now make more expensive changes to his renovation project. However, nine months after the money first hit Russell’s account, Barclay’s realised they had made a mistake and took all the money back, including an extra $11,000 of Russell’s own money. Due to the brash withdrawal of funds, Russell has been left living in a semi-derelict home with no heating, and no money to improve his situation. Barclay’s admitted that the money was transferred to Russell by accident, and he was “incorrectly advised that he could keep the funds”. Russell said, “I’m totally outraged at their offer of £500 ($A1000) compensation. “I’ve been a loyal customer for 40 years and they clearly told me twice the money was mine to spend.” “I planned to renovate the house to rent out rooms on Airbnb, but I’ll need to work now to earn the money and it will take years.” “I never would have bought it if I didn’t have the extra money.” “Barclays have stolen my future plans and left me living like a stowaway.” Image credits: Shutterstock

Money & Banking

Paris Hilton calls on Biden to take account for troubled teen industry

Paris Hilton has shared her own shocking experiences while calling on US President Joe Biden and Congress to do something about the “troubled teen industry”. The former reality TV star previously revealed she had faced mental and physical abuse as a teenager in youth facilities. Appearing outside Capitol Hill, <a rel="noopener" href="https://celebrity.nine.com.au/latest/paris-hilton-strangled-slapped-watched-in-the-shower-troubled-teen-industry-reform/c0ee9436-162e-48e1-988b-503af5584097" target="_blank">Hilton said</a>: “For 20 years I couldn’t sleep at night as memories of physical violence, the feeling of loneliness, the loss of peers rushed through my mind when I shut my eyes. “This was not just insomnia. It was trauma.” Hilton appeared on October 20 alongside other teen survivors to announce the Accountability for Congregate Care Act. They were joined by lawmakers representative Ro Khanna and Senator Jeff Merkley, who are co-sponsors of the legislation. The 40-year-old star called on Biden to support the legislation, which would establish a bill of rights for children in youth facilities and act as oversight for the “troubled teens industry”. “Ensuring children are safe from institutional abuse isn’t a Republican or Democratic issue,” she said. “It’s a basic human rights issue that requires immediate attention.” <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/CVQrDczvaPA/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" rel="noopener" href="https://www.instagram.com/p/CVQrDczvaPA/?utm_source=ig_embed&utm_campaign=loading" target="_blank">A post shared by Paris Hilton (@parishilton)</a> </div> </blockquote> In her speech, Hilton also shared her experiences and the trauma she endured as a teenager. “One night when I was 16 years old, I woke up to two large men in my bedroom asking if I wanted to go the easy way or the hard way,” she said. “Thinking I was being kidnapped, I screamed for my parents. As I was being physically dragged out of my house, I saw them crying in the hallway. They didn’t come to my rescue that night. “This was my introduction to the troubled teen industry. “My parents were promised that tough love would fix me and that sending me across the country was the only way.” Hilton went on to share details about her treatment at the facility she was taken to. “I was strangled, slapped across the face, watched in the shower by male staff, called vulgar names, forced to take medication without a diagnosis, not given a proper education, thrown into solitary confinement in a room covered in scratch marks and smeared in blood,” she said. “I was forced to stay indoors for 11 months straight - no sunlight, no fresh air.” <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7845046/paris-hilton2.jpg" alt="" data-udi="umb://media/b08c4c74198f46a29f4b7cbdf2203326" /> Image: Getty Images “I wish I could tell you what I experienced or witnessed was unique or even rare, but sadly,it’s not,” she continued. “Every day in America, children in congregate care settings are being physically, emotionally and sexually abused.” In the past, Hilton has also called on Biden to support another bill which would require youth residential treatment centres to be under additional government oversight and document when they use restraints. Testifying at a February state Senate committee hearing in favour of the bill, Hilton told the committee that talking about such a personal subject “was and is still terrifying”. “But I cannot go to sleep at night knowing that there are children that are experiencing the same abuse that I and so many others went through, and neither should you.” Image: Getty Images

Relationships

IT WASN’T DOLLY! Fake TikTok account breaks 680,000 hearts

An account on the video-sharing platform TikTok appearing to belong to country music star Dolly Parton has sent the internet into a tailspin after it was banned hours after it first appeared. An account called @ItsDollyParton went live on Sunday, with a clip of the songstress sharing a positive message and a song with her fans. When the account <a rel="noopener" href="https://oversixty.co.nz/entertainment/music/dolly-parton-drops-first-tiktok-video-immediately-banned" target="_blank">vanished</a> hours later, fans took to Twitter to share their outrage with the platform. A representative of TikTok told OverSixty that the account in question was banned for violating Community Guidelines involving impersonation. The account has since <a rel="noopener" href="https://celebrity.nine.com.au/latest/dolly-parton-banned-from-tiktok-hours-after-posting-first-video/2571e924-187e-42ff-9bd2-07f9e6c0f2c2" target="_blank">been identified</a> as a fake. The video posted on the account was re-posted from Parton’s charity @imagination library, which she had filmed in May of 2020. <img style="width: 0px; height: 0px;" src="/nothing.jpg" alt="" data-udi="umb://media/a161e1c019cc4ac088ed802f046c09cf" /><img style="width: 378.66666666666663px; height: 500px;" src="https://oversixtydev.blob.core.windows.net/media/7844484/image-4.jpg" alt="" data-udi="umb://media/a161e1c019cc4ac088ed802f046c09cf" /> The fake account re-posted an older clip of Parton from her charity’s account. Image: @itsdollyparton / TikTok “Why hello, I guess I’m on TikTok!” Parton says in the clip. “I just dropped in to say that it will be okay.” She then sings a short song to her fans with the lyrics, “If I can do it so can you… I believe in you.” <img style="width: 359.34664246823957px; height: 500px;" src="https://oversixtydev.blob.core.windows.net/media/7844483/https___prodstatic9net-25.jpg" alt="" data-udi="umb://media/1559248ab12b449ea709a0f20542bd45" /> The account was banned due to “multiple Community Guidelines violations”. Image: TikTok Before the impersonator’s account was terminated, it had gained more than 680,000 followers and received three million likes on the video. The video is still available on the Imagination Library’s TikTok account, where it has received over 385,000 likes and been shared more than 13,000 times. With the outpouring of adoration from fans on the impersonator’s account, some may be hoping that the real Dolly Parton will make her debut on TikTok soon. Image: @dollyparton / Instagram

Music

How maths can help you get a good deal at the bank

<div class="copy"> Few people love mathematics. A common refrain among students is, “Why do I have to learn this stuff? When will I need it?” But having a working knowledge of the basic concepts is essential in daily life as an adult. We use them when counting cash, calculating mortgage payments and filling out tax returns. In fact, it was financial matters such as loans, interest payments and gambling that spurred the development of a lot of early mathematics. Negative numbers, for example, were needed to represent debt, and the mathematical rules for their use were worked out in India and the Islamic world by the 7th century. One money problem that was carefully analysed in the 17th century concerned compound interest – a familiar enough concept today. Just like modern banks, the money lenders of the day competed for customers using interest rates as incentives. But when making comparisons the customer always has to be careful of the small print. Interest rates are normally expressed on an annual basis. For example, a simple 5% annual interest means that $100 investment becomes $105 at the end of one year. But if interest is credited, say, every six months, the customer gets a higher overall annual return. To keep the arithmetic simple, imagine a bank that paid 100% annual interest (that would be nice!). If credited annually, that rate of interest would turn $100 into $200 at the end of the year. But if credited every six months, then $50 gets credited to the account after six months, so at the end of the year the original capital has earned $100, but the $50 credited after six months will itself earn $25 interest over the second half of the year. So by offering biannual compound interest, the bank would pay the customer $125 interest at the end of one year rather than $100. A customer who started with $100 would now have $225 in the account. If the interest is paid quarterly, the deal is even better, amounting to a little over $244 at the end of the year. The more often the interest is credited, the higher the final total. But it is a process of diminishing returns: the total goes up by a smaller and smaller amount the more frequently you credit the interest. Crediting every day would yield a bit over $271. That is to say, the original capital will have been boosted 2.71 times. All of which raises the question: what would be the upper limit to this compounding process? Mathematicians were pondering this even back in the 17th century. In 1683, the mathematician Jacob Bernoulli found the answer: 2.7182818… (the ellipsis indicates that this number is an unending decimal). It is an <a href="https://cosmosmagazine.com/mathematics/the-square-root-of-2">irrational number</a> and, like π, proved to be a fundamental mathematical constant that turns up in fields as diverse as accounting, physics, engineering, statistics and probability theory. It is such an important number it is given a letter all its own: e. Peruse any textbook on science, engineering or economics, and you will see the symbol e scattered throughout. It is most often used in connection with “exponential growth” – a term that has entered the popular lexicon, though it is often misused. The correct meaning refers to a specific type of rapid, runaway growth in which a quantity doubles in a fixed time, and then doubles again, and again, ad infinitum. The population of bacteria in a dish, for example, will increase exponentially if their growth is unrestrained. One familiar example of exponential growth is Moore’s Law, named after Gordon Moore, co-founder of Intel. After noticing in 1965 that the size of transistors was rapidly shrinking, which meant more of them could fit onto a computer chip, he predicted that processing power would double roughly every two years (and the price would drop by half). Remarkably, this exponential growth has remained more or less consistent for several decades, though nobody expects it to go on forever. And e makes a surprise appearance in less obvious places, too. My favourite example is e’s application to the secretary problem. Imagine there are 100 applicants to be randomly interviewed for a secretarial job. At the end of each interview, the interviewer must give the applicant an irrevocable decision as to whether they’ve got the job. It would be risky to see them all, dismissing the first 99, because the 100th interviewee would have to be given the job regardless of quality. The conundrum is this: to maximise the probability of getting the best candidate, how many should be interviewed before selecting the first remaining candidate who trumps the ones already seen? It turns out the answer is 100/e, or about 37. This result is worth remembering by people who like to play the dating game methodically. So mathematical knowledge isn’t just useful at tax time. Perhaps if more people knew maths could help them find love, more would be willing to embrace it. Image credit: Shutterstock This article was originally published on <a rel="noopener" href="https://cosmosmagazine.com/science/mathematics/explore-the-potential-of-exponential-growth/" target="_blank">cosmosmagazine.com</a> by Paul Davies. </div>

Money & Banking

Banking tips we can all use

We all use banks most of the time and knowing how to spend or save your money wisely can be tough. While you may be able to do your banking with just a few taps on your phone, managing money well is much more complicated. Here are a few tips to help you get started. 1. Budget using an app or a website to help Tracking how much you spend weekly and monthly shows you where your money goes and how you can save more. You can use a budgeting app to tracks your cash automatically. Choose an app that lets you spend as little or as much time on budgeting as you want. From there, you can identify your total fixed expenses, such as rent and car payments, and more flexible costs such as shopping and dining out. You can use the <a href="mailto:https://moneysmart.gov.au/budgeting/how-to-do-a-budget">Moneysmart website</a> which has a lot of free advice as well. 2. Set up automatic transfers to your savings When you have a rough idea of how much you can save regularly, create a recurring transfer from your checking account to a savings account. By making savings automatic, you can get used to spending ‘below your means’ and never have to worry about remembering to transfer. It’s also good to set up automatic transfers to savings accounts which reward you for a monthly increase by a higher interest rate, so set this up. 3. Avoid overdrawing your accounts Before you pay rent or spend any other big chunk of money, take a look at your account’s available balance. This can prevent you from spending more than you have in your account because if you overdraw, you may be charged a fee. If you get a number of these, they all add up. 4. Establish credit Loans and credit cards can help you build good credit — as long as you stay current on monthly payments and don’t overuse them. Your credit score, which shows how responsible you are with credit, is an important factor which lenders check before approving car loans and mortgages. The better your score, the lower the interest rate you may be eligible for. 5. Repay debts strategically If you have debts from multiple credit cards and student loans, pay the minimum on each and then contribute more to your higher-interest debts. By making these a priority, you can reduce how much interest you’re paying faster than by treating all debts the same. 6. Start an emergency fund Being financially prepared in case of health emergencies or any other financial strains can save you from going into debt. Have a separate savings account just for this purpose — don’t mix it up with your regular savings. A good rule of thumb is to save enough to pay three to six months’ worth of living expenses. 7. Set long-term savings goals Consider opting to pay a higher rate to your superannuation on a long-term basis as this will help you out when you retire. The earlier you start doing this the better. Photo: Shutterstock

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Banking tips we can all use