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How to make the most of your hard-earned savings

<p>When you have a lump sum of money, it can often be very confusing to know what to do with it, when putting it into a bank offers little in the way of interest or reward. Chances are you might have been neglecting your savings, leaving them languishing in accounts that pay very little, if anything at all. But there is a better option that could see you drastically increasing your savings.</p> <p>A term deposit taker, such as boutique investment company Blue Sky money, can offer you far greater returns on your deposit – an impressive 7 per cent, around twice that which banks offer. Better yet, with all profits staying within and benefiting the community, you can also enjoy the knowledge that you’re helping to make a difference to New Zealanders while growing your nest egg.</p> <p><a href="https://blueskymoney.co.nz/" target="_blank" rel="noopener"><strong><img src="https://oversixtydev.blob.core.windows.net/media/2022/12/Blue-Sky-7.jpg" alt="" width="1280" height="1062" /></strong></a></p> <p><strong>Set and forget</strong></p> <p>Most of us are far too busy and time-poor to spend too much time tending to our finances. But that doesn’t mean we don’t want to see them grow! At Blue Sky money, with a minimum deposit of $30,000 and a minimum 12-month fixed term, you don’t need to think about anything. You’ll have your own personal customer service agent, and can just sit back and watch as your interest is calculated and paid into your account monthly – no fees, no charges.</p> <p>Believing that looking after your finances should be a pleasure, not a chore, Blue Sky money prides itself on offering a superior service and being far more user friendly than banks, so not only will your money work harder, but you’ll enjoy the satisfaction of feeling part of a financial family that truly cares about your wellbeing.</p> <p>Blue Sky money can also assist with small to medium loans for land, houses or other assets, are on hand to help with reverse mortgages and are even investing in retirement villages. And in an exciting new addition, from 2023 Blue Sky is launching its own travel club for all those who place their deposits. You’ll receive special deals and tour packages, ensuring your money goes even further, while enjoying everything the world has to offer.</p> <p><img src="https://oversixtydev.blob.core.windows.net/media/2022/12/money-laptop-happy-GettyImages-1307391886.jpg" alt="" width="1280" height="720" /></p> <p><strong>Improving New Zealanders’ lives</strong></p> <p>And while getting some much-needed extra cash seems like a pretty good deal all on its own, you’ll also have the piece of mind of knowing that with Blue Sky money – a family run business owned by Blue Sky charity, which is registered in New Zealand – all profits stay within New Zealand. With a philosophy of trying to make the world a better place, Blue Sky invests in research and development to better New Zealanders lives – everything from groundbreaking cancer treatment using ultrasound, to sustainable energy, sea trailers and indestructible home builds.</p> <p>Blue Sky money can also assist with small to medium loans for land, houses or other assets, and are available to help with reverse mortgages. And in an exciting new addition, from 2023 Blue Sky is launching its own travel club, where you can receive special deals and tour packages.</p> <p>So if you’re looking to make your savings work harder for you, while aligning yourself with a humanitarian company that’s working to improve the lives of New Zealanders, be sure to get in touch with the Blue Sky team at <a href="https://blueskymoney.co.nz/" target="_blank" rel="noopener">blueskymoney.co.nz</a></p> <p><img src="https://oversixtydev.blob.core.windows.net/media/2022/12/tropical-island-GettyImages-1360554439.jpg" alt="" width="1280" height="720" /></p> <p><em>Images: Supplied. </em></p> <p><em>This is a sponsored article produced in partnership with <a href="https://blueskymoney.co.nz/" target="_blank" rel="noopener">Blue Sky money</a>. </em></p>

Money & Banking

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Female artists earn less than men. Coming from a diverse cultural background incurs even more of a penalty – but there is good news, too

<p>Artists all over the world, regardless of their gender, earn <a href="https://www.sciencedirect.com/handbook/handbook-of-the-economics-of-art-and-culture">considerably less</a> than professionals in occupations requiring similar levels of education and qualifications. </p> <p>But there’s an additional income penalty for artists who are female. </p> <p>In an analysis of gender differences in the incomes of professional artists in Australia that <a href="https://australiacouncil.gov.au/advocacy-and-research/the-gender-pay-gap-among-australian-artists/">we undertook in 2020</a>, we found the creative incomes of women were 30% less than those of men. </p> <p>This is true even after allowing for differences in such things as hours worked, education and training, time spent in childcare and so on. This income penalty on women artists was greater than the gender pay gap of 16% experienced in the overall Australian workforce at the time.</p> <p><a href="https://theconversation.com/screen-australia-celebrates-its-work-in-gender-equality-but-things-are-far-from-equal-122266">Some sectors</a> of the arts have tried to redress this problem. However, women continue to suffer serious and unexplained gender-based discrimination in the artistic workplace.</p> <p>Cultural differences are <a href="https://www.nber.org/papers/w27725">also known</a> to influence pay gaps in many countries. </p> <p>In new research <a href="https://australiacouncil.gov.au/advocacy-and-research/culture-and-the-gender-pay-gap-for-australian-artists">out today</a>, we considered whether cultural factors might also affect the gender pay gap of artists in Australia. In addition, we analysed the gender pay gap for remote Indigenous artists for the first time.</p> <h2>A larger gap for women from a non-English speaking background</h2> <p>In our <a href="https://australiacouncil.gov.au/advocacy-and-research/making-art-work/">2016 survey of 826 professional artists</a> working in metropolitan, regional and rural Australia, we asked participants if they came from a non-English speaking background. </p> <p>Only a relatively small proportion of artists – 10% – came from a non-English-speaking background, compared to 18% for the Australian labour force as a whole. </p> <p>A non-English-speaking background appears to carry an income penalty only for women artists, not for men. </p> <p>We found the annual creative earnings of female artists from a non-English-speaking background are about 71% of the creative incomes of female artists whose first language is English. But there is little difference between the corresponding incomes of male artists.</p> <p>Within the group of artists from language backgrounds other than English, the annual creative earnings of female artists are about half (53%) those of their male counterparts. </p> <p>By contrast, the ratio of female to male creative earnings among English-speaking background artists is 73%. </p> <p>These results suggest that women artists from a non-English-speaking background suffer a triple earnings penalty – from being an artist (and hence as a group earning less than comparable professionals), from their gender, and from their cultural background.</p> <p>Despite this earnings disadvantage, 63% of artists who identified as having a first language other than English thought their background had a positive impact on their artistic practice. Only 16% thought it had a negative impact.</p> <p>When artists were asked whether being from a non-English speaking background was a restricting factor in their professional artistic development, 17% of women answered “yes”, compared to only 5% of men from a similar background. </p> <p>Nevertheless, like their male colleagues, these women artists continue to celebrate their cultural background in their art. They contribute to the increasingly multicultural content of the arts in Australia, holding up a mirror to trends in Australian society at large.</p> <h2>No gender gap in remote Indigenous communities</h2> <p>For First Nations artists working in remote communities, a different picture emerges. </p> <p>For this research, we used results for remote communities in three regions of northern Australia drawn from our <a href="https://apo.org.au/node/257301">National Survey of Remote Aboriginal and Torres Strait Islander Artists</a>.</p> <p>The gender gap is not replicated among remotely practising First Nations artists. </p> <p>There are some minor variations in this finding for subgroups in different regions, depending in part on differences in the mix of visual and performing artists in the population. But whatever other differentials may exist between female and male earnings, they do not appear to be attributable to the sorts of systemic gender-based discrimination that affects the residual gender gap for other Australian artists.</p> <p>A possible reason relates to fundamental differences between the cultural norms, values and inherited traditions that apply in remote and very remote First Nations communities. </p> <p>Gender roles in Aboriginal and Torres Strait Islander communities have been <a href="https://anthrosource.onlinelibrary.wiley.com/doi/10.1525/can.1992.7.2.02a00020">described</a> by researchers as distinctively different, rather than superior or inferior. The importance of both women and men as bearers of culture has been clearly articulated. </p> <p>The unique cultural content of Aboriginal and Torres Strait Islander music, dance, visual art and literature is an essential feature of the work of these artists. These characteristics pass through to the marketplace, and there does not appear to be any obvious gender gap in the way the art from these remote communities is received. </p> <p>There is always differentiation between the art produced in different remote regions of Australia which varies depending on the complexities of different inherited cultural traditions. But there is no indication of any gender-based discrimination associated with these regional differences.</p> <p><em>Image credits: Getty Images</em></p> <p><em>This article originally appeared on <a href="https://theconversation.com/female-artists-earn-less-than-men-coming-from-a-diverse-cultural-background-incurs-even-more-of-a-penalty-but-there-is-good-news-too-195646" target="_blank" rel="noopener">The Conversation</a>. </em></p>

Art

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Stranded opera singer busks to earn cash after cancelled flights

<p dir="ltr">After her flight home was cancelled, one Jestar passenger said she was forced to busk for money until she could get home.</p> <p dir="ltr">Edit Pali had travelled to a remote resort in Phuket with her husband Tibor to celebrate her 50th birthday when a cancelled flight saw their stay extend for another five days.</p> <p dir="ltr">Having spent a large portion of their savings on their trip, the couple were faced with the problem of paying for their additional days in the resort.</p> <p dir="ltr">Ms Pali told <em><a href="https://9now.nine.com.au/a-current-affair/stranded-aussie-jetstar-passengers-speak-out/04c064ba-f60c-43dd-8ba8-640595f8ddc9" target="_blank" rel="noopener">A Current Affair</a></em> that the airline had offered them $30 for meals and $150 for accommodation each day in compensation - but the money failed to arrive.</p> <p dir="ltr">“I’m a tough chook but I cried, I really cried,” she said.</p> <p dir="ltr">Taking advantage of her skills as an opera singer, Ms Pali decided to sing for her supper at breakfast, lunch and dinner while they waited for the funds to come through.</p> <p dir="ltr">"We're just average people, we don't make a lot of money, so for us to go away to Thailand for a week to a luxury resort, that was a big enough chunk into our savings,” she added.</p> <p dir="ltr">A Jetstar spokesperson said they were aware of Ms Pali’s situation and were doing “everything we can”.</p> <p dir="ltr">But Ms Pali isn’t the only person affected by a cancelled flight, as six out of 11 of Jetstar’s 787 planes were grounded earlier this month.</p> <p dir="ltr">At least 4,000 passengers travelling on popular winter routes, including to Bali, Thailand, and Japan, have been affected by delays and cancellations, with the airline blaming lightning, bird strikes and parts shortages.</p> <p dir="ltr">"Our teams work around the clock to get passengers on their way as soon as possible and we provide a range of support, including help to cover accommodation and meals costs as well as other reasonable expenses," the airline said.</p> <p dir="ltr">In a statement, Jetstar said Ms Pali and her husband were due to have their expense claim paid by September 27.</p> <p><span id="docs-internal-guid-7af19fb0-7fff-5101-99ed-b86b59c0167c"></span></p> <p dir="ltr"><em>Image: A Current Affair</em></p>

Travel Trouble

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How Meghan Markle earned her new nickname

<p dir="ltr">Meghan Markle has been given a new nickname thanks to her behaviour in California. </p> <p dir="ltr">The Duchess of Sussex and Prince Harry have been living in the American state after leaving the British Monarch.</p> <p dir="ltr">And Meghan seems to be making an impression on the locals that she has been dubbed “Princess of Montecito” because of her bizarre requests. </p> <p dir="ltr">“If she’s going into Beverly Hills or West Hollywood for lunch or dinner, she’ll generally call ahead and request a table that is completely secluded,” a source told the UK’s Closer magazine. </p> <p dir="ltr">The source alleges that Meghan’s favourite restaurants aren’t well known but when she goes to high-end places, she ensures the place is perfect for her arrival. </p> <p dir="ltr">“But, generally speaking, these days she likes higher-end hangouts like Cecconi’s, Sunset Tower, Sugarfish or Lucky’s steakhouse in Montecito, which was recommended by Oprah,” the magazine reported.</p> <p dir="ltr">“It’s become their favourite, and they’re waited on hand and foot.” </p> <p dir="ltr">Montecito is best known to host some of the most popular celebrities including Oprah, Ellen DeGeneres and Serena Williams.</p> <p dir="ltr">The source said that Meghan spend quite a bit of time with Oprah where they talk about her future, issues in the UK, and Harry. </p> <p dir="ltr">It comes as Harry and Meghan were seen leaving Oprah’s house in June with rumours swirling that another tell-all interview is on the way. </p> <p dir="ltr">Harry appears to be content with his life in California as he wakes up to feed the kids and drive his wife to meetings before coming back, the source alleges. </p> <p dir="ltr">But questions are swirling on how much longer he would be comfortable with the lifestyle. </p> <p dir="ltr">“With all this speculation around her political career ambitions, everyone thinks Harry would be happy at the idea of being first gentleman if she accomplishes her long-term goal,” the source continued.</p> <p dir="ltr">“Having said that, he might be fine with it right now — but you have to wonder for how much longer.”</p> <p dir="ltr"><em>Image: Getty </em></p>

Beauty & Style

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Brooke Shields earns TWICE what she spent on LA home

<p dir="ltr">Actress and model Brooke Shields has reportedly <a href="https://www.redfin.com/CA/Pacific-Palisades/1710-N-San-Remo-Dr-90272/home/6849498">sold</a> her LA home for $11 million - making a hefty $6.17 million profit in the process.</p> <p dir="ltr">According to <em><a href="https://www.dirt.com/gallery/entertainers/actors/brooke-shields-house-los-angeles-1203456072/brookeshields_pps15/" target="_blank" rel="noopener">Dirt</a></em>, Shields bought the five-bedroom, five-bathroom 1980s home for about $4.8 million in 1997, meaning she has collected double its original value.</p> <p dir="ltr">The opulent residence, located in the affluent Pacific Palisades neighbourhood, features an airy living area with a functional fireplace and exposed beams, as well as a large balcony area with sweeping views of the canyon, and a marble-topped professional kitchen.</p> <p dir="ltr">On the second floor, the master suite boasts two fireplaces, a study nook, a free-standing tub, a sauna, and its own private balcony.</p> <p><span id="docs-internal-guid-8fdc7489-7fff-a777-1952-99b2ec0a9efd"></span></p> <p dir="ltr">Outside, the home’s second deck on the first floor is home to a lagoon-style pool and spa, accompanied by a lush lounge area.</p> <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-captioned="" data-instgrm-permalink="https://www.instagram.com/p/CaVXUThuZb7/?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/p/CaVXUThuZb7/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Brooke Shields (@brookeshields)</a></p> </div> </blockquote> <p dir="ltr">Shields took to Instagram last week to announce she was moving on from her LA home, sharing a series of throwback photos from when she made jam with LA Times columnist Ben Mims.</p> <p dir="ltr">“My iPhone just reminded me of these pics from jamming mandarins with my new friend @benbmims in my backyard, as I said goodbye to my LA home 💛 #movingon,” she wrote.</p> <p dir="ltr">Although the <em>Blue Lagoon</em> star has owned the property for 25 years, she has spent most of her time on America’s east coast in the 1840s Manhattan townhouse she owns with her husband Chris Henchy.</p> <p dir="ltr"><span id="docs-internal-guid-d4a87b0a-7fff-c496-f5eb-c6102c2aef36"></span></p> <p dir="ltr"><em>Images: @brookeshields (Instagram), Redfin</em></p>

Real Estate

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68% of millennials earn more than their parents, but boomers had it better

<p>A lot of us are pessimistic about our children’s future. According to the most recent data from the Pew Global Attitudes Survey (in 2019), just 29% of Australians believe today’s children will be <a href="https://www.pewresearch.org/global/question-search/?qid=1625&amp;cntIDs=&amp;stdIDs=">better off financially</a> than their parents.</p> <p>Such pessimism is common in many developed nations. In Japan, just 13% believe children will be better off, in France 16%, in Britain 22%. Australians are still marginally less optimistic than Canadians (30%) and Americans (31%), and significantly less optimistic than Swedes (40%) and Germans (48%).</p> <p><a href="https://www.lifecoursecentre.org.au/research/journal-articles/working-paper-series/are-we-richer-than-our-parents-were-absolute-income-mobility-in-australia/">Our research shows</a> things aren’t as bad as many fear, with 68% of millennials (those born between 1981 and 1987 for our research) earning more income than their parents did at the same age. This is close to the highest percentage <a href="https://www.iza.org/publications/dp/13456/trends-in-absolute-income-mobility-in-north-america-and-europe">among countries</a> for which estimates are available. The experience of gen-Xers (born from the early 1960s to late 1970s) has been similar.</p> <p>But it’s not all good news. That percentage is lower than the upward mobility enjoyed by baby boomers (born from 1946 to the early 1960s). For those born around 1950, 84% earned more at age 30-34 than their own parents did at the same age.</p> <p>There are two prime reasons for this decline in absolute mobility since the 1980s. Lower economic growth leading to average incomes growing more slowly; and growing income inequality.</p> <p><strong>How we did our research</strong></p> <p>The share of people whose income is higher than their parents at the same age is known as “absolute income mobility”. It is an appealing indicator of economic progress because it captures aspirations for our children. It reflects economic growth, inequality and opportunity.</p> <p>Estimating absolute mobility, though, is quite hard. The data we need to measure it directly – information about what people earned at a particular age compared to their own parents – does not exist for Australia.</p> <p>To do this exercise, therefore, we’ve applied <a href="https://science.sciencemag.org/content/356/6336/398">new statistical methods</a> that have been developed in recent years to estimate absolute mobility without linked parent-child data. These methods, using separate generational data on income distribution, have been verified in research published <a href="https://4a2bc32e-a967-44a4-9e23-f2b3b9cf578e.usrfiles.com/ugd/4a2bc3_10d644c7d36c42eba03136cca93e56fc.pdf">in 2018</a> and <a href="https://www.iza.org/publications/dp/13456/trends-in-absolute-income-mobility-in-north-america-and-europe">in 2020</a>.</p> <p>Our own approach closely follows leading international studies. We used sources of data including the Melbourne Institute’s Household, Income and Labour Dynamics in Australia (HILDA) survey, data from Australian Bureau of Statistics surveys and income tax records.</p> <p><strong>What our research shows</strong></p> <p>The main results are below. Of people born in 1950, 84% had higher household incomes than their parents. This fell to about 68% for those born since the early 1960s. It has stayed roughly constant for gen-Xers and millennials.</p> <hr /> <p><iframe id="CxoOP" class="tc-infographic-datawrapper" src="https://datawrapper.dwcdn.net/CxoOP/3/" height="400px" width="100%" style="border: none;" frameborder="0"></iframe></p> <hr /> <p>The main driver of this change is slower economic growth. Boomers’ incomes were much higher than their parents particularly due to decades of uninterrupted economic growth from World War II to the mid-1970s.</p> <hr /> <p><iframe id="qjHQt" class="tc-infographic-datawrapper" src="https://datawrapper.dwcdn.net/qjHQt/1/" height="400px" width="100%" style="border: none;" frameborder="0"></iframe></p> <hr /> <p>The other driver has been rising income inequality over the past 40 years, after falling in earlier decades, as the next chart shows. The relationship between inequality and mobility is complicated, because high inequality for either generation lowers the rate of mobility.</p> <hr /> <p><iframe id="8bQEW" class="tc-infographic-datawrapper" src="https://datawrapper.dwcdn.net/8bQEW/1/" height="400px" width="100%" style="border: none;" frameborder="0"></iframe></p> <hr /> <p>Absolute mobility would be higher if income was adjusted for family size – 78% for millennials, because the younger generation have smaller families than their parents did at the same age.</p> <p><strong>Complicating factors</strong></p> <p>Our results are for income earned in a single year (at about age 32). We have also found similar results when looking at income at around age 37.</p> <p>Ideally, we’d like to calculate absolute mobility of lifetime income. But methods to do this have not yet been developed. So we don’t know what mobility in lifetime income is. The same could be said for indicators of income inequality, which mostly use single-year income measures as well.</p> <p>You also might be wondering about how the cost of housing fits in – an important issue given the escalating cost of a home compared to the median wage.</p> <p>In all the results shown, income is adjusted for inflation using the Consumer Price Index. Housing is a big part of the index though costs such as the price of land and mortgage interest payments are <a href="https://www.abs.gov.au/ausstats/abs@.nsf/Lookup/6467.0Feature+Article1Mar+2017">not included</a>.</p> <p>The ABS does factor mortgage debts into its “Selected Living Cost Indices”, but these only go back to 1998, so couldn’t be used in these calculations. However, the changes in the CPI and the SLCI over the past 20 years are similar, which gives us some assurance our estimates account for the cost of housing. Further work could explore this in more detail.</p> <p><strong>Valid concerns</strong></p> <p>Australia has achieved high levels of absolute income mobility for all generations since at least the 1950s. This is still the case. But the pessimism about our children’s financial future is rooted in some valid concerns.</p> <p>Wage growth has been <a href="https://www.rba.gov.au/publications/bulletin/2017/mar/2.html">slow for years</a>. Income inequality has been <a href="https://wid.world/country/australia/">increasing for decades</a>. So has the gap <a href="https://grattan.edu.au/report/generation-gap/">between young and old</a>.</p> <p>So there are clear threats for the prosperity of today’s children – even without factoring in concerns such as climate change.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;" src="https://counter.theconversation.com/content/161647/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><span><a href="https://theconversation.com/profiles/peter-siminski-250958">Peter Siminski</a>, Professor of Economics, <em><a href="https://theconversation.com/institutions/university-of-technology-sydney-936">University of Technology Sydney</a></em></span></p> <p>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a rel="noopener" href="https://theconversation.com/68-of-millennials-earn-more-than-their-parents-but-boomers-had-it-better-161647" target="_blank">original article</a>.</p>

Retirement Income

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New study shows men feel stressed if female partners earn more than 40 percent of household income

<p>The best marriages are probably based on teamwork. But it seems individual contributions do matter – specifically, who earns how much of the household income.</p> <p><a href="https://journals.sagepub.com/doi/10.1177/0146167219883611">My research</a> shows that in, heterosexual couples, men are happier when both partners contribute financially – but much prefer to be the main breadwinners.</p> <p>With stress levels high when they are sole breadwinners, men appear to be more relaxed when their wives or partners earn anything up to 40% of the household income.</p> <p>But their distress levels increase sharply as their spouse’s wages rise beyond that point. And they find it most stressful when they are entirely economically dependent on their partners.</p> <p>The findings are based on an <a href="https://psidonline.isr.umich.edu/">analysis</a> of over 6,000 married or cohabiting heterosexual couples over a period of 15 years. Levels of distress are calculated based on feeling sad, nervous, restless, hopeless, worthless, or that day to day life is an effort.</p> <p>Men who are the only earners are relatively unhappy but they were not as stressed as men whose partners are the principal earners. Neither of the extreme scenarios is good for male mental health.</p> <p>The exception is men who knowingly partner with a high-earning woman. These men do not appear to suffer from higher psychological distress when their partners earn more. People do not pick their partners at random, so if the woman was the higher earner before marriage, then the potential income gap was already clear to the man – perhaps even a reason to partner with them.</p> <p><strong>Balance of power</strong></p> <p>There are a variety of reasons which may explain why husbands who are “outearned” by their partners may suffer from psychological distress.</p> <p>When one person in a couple earns a much greater proportion of the joint income, it may create a relationship imbalance. For example, if the relationship deteriorates significantly, the possibility of divorce or separation can make the lower earner feel more vulnerable, financially speaking. These effects are larger among cohabiting couples, possibly due to the <a href="https://ifstudies.org/blog/less-stable-less-important-cohabiting-families-comparative-disadvantage-across-the-globe">higher probability of break up</a>.</p> <p>Even if breaking up is not on the cards, money that comes into the household predominantly through one partner also affects the balance of power. This is important if partners have a different view on what is best for their family, how much to save, what to spend their money on, and various plans and big decisions.</p> <p><strong>Traditional gender identity norms</strong></p> <p>Another theory involves the historic effect of social, psychological and cultural norms when it comes to gender roles. The social construct of a male breadwinner has been highly durable in the past.</p> <p>For generations, in many cultures, there has been an expectation that men will be the primary income provider in the family, and masculinity is highly linked to <a href="https://www.jstor.org/stable/1389781?seq=1#page_scan_tab_contents">fulfilling this expectation</a>. Faced with a change in this outcome by being outearned by their partners, means men are likely to experience high levels of psychological distress.</p> <p>But the reality is that things are changing. In places like the US, the percentage of wives outearning their husbands <a href="https://muse.jhu.edu/article/630326/pdf">is growing</a>. In 1980, only 13% of married women earned about as much or more than their husbands. In 2000, that figure almost doubled to 25%, and in 2017 it was 31%. This trend is likely to continue into the future and similar patterns <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1136176">have been observed</a> in other countries.</p> <p><strong>The stress of being a sole bread winner</strong></p> <p>On average, men in my study said they experienced the lowest levels of psychological distress when their partners earned no more than 40 percent of household income.</p> <p>But for men, being the sole breadwinner may also come at a psychological price. For even if social gender norms support this situation, being the only income earner in a household comes with a lot of responsibility and pressure and so may result in significant anxiety and distress.</p> <p><img src="https://images.theconversation.com/files/302676/original/file-20191120-524-40h5dt.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="" /> <span class="caption">How perceived stress levels vary.</span> <span class="attribution"><span class="source">Joanna Syrda</span>, <span class="license">Author provided</span></span></p> <p>And while the emerging profile of a female breadwinner and its possible consequences has been <a href="https://www.researchgate.net/publication/225702056_The_Female_Breadwinner_Phenomenological_Experience_and_Gendered_Identity_in_WorkFamily_Spaces">widely researched</a>, very little attention has been devoted to the psychological hurdles faced by male primary breadwinners.</p> <p>This lack of research is perhaps symptomatic of the strength of the male bread-winning tradition. Health and wellbeing research is typically devoted to new phenomena, rather than widely accepted norms in society.</p> <p><a href="https://academic.oup.com/qje/article/130/2/571/2330321">Gender identity norms</a> clearly still induce a widely held aversion to a situation where the wife earns more than her husband. And as the number of women outearning their male partners grows, the traditional social norm of the male breadwinner may begin to adjust.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;" src="https://counter.theconversation.com/content/126620/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: http://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/joanna-syrda-386410">Joanna Syrda</a>, Lecturer in Business Economics, <a href="http://theconversation.com/institutions/university-of-bath-1325">University of Bath</a></em></p> <p><em>This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/men-feel-stressed-if-their-female-partners-earn-more-than-40-of-household-income-new-research-126620">original article</a>.</em></p>

Money & Banking

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What the royals would earn if they had real-life jobs

<p><span>As members of the royal family, the Dukes and Duchesses might be <a href="https://www.oversixty.com.au/travel/international-travel/the-world-s-richest-royal-in-2019-revealed/">worth millions of dollars</a> – but how much would they earn as a commoner?</span></p> <p><span>Training and qualifications provider <a rel="noopener" href="http://www.theknowledgeacademy.com/" target="_blank">The Knowledge Academy</a> has analysed the royals’ skills and qualifications to discover the job and the salary they would have if they were part of today’s job market.</span></p> <p><span>Duchess Meghan came out as the top earner with an expected annual salary of £350,000 thanks to her acting experience, while Prince Harry and Prince William could earn between £21,000 and £55,000 as a charity worker or a major in the army.</span></p> <p><span>Duchess Kate – the first royal bride with a university degree – could earn up to £23,000 in a corporate administrative or marketing role, considering her experience working for high-end retailer Jigsaw and her parents’ party supplies company Party Pieces.</span></p> <p><span>Sophie, Countess of Wessex would earn £40,000 with her secretarial training and PR experience. Her husband Prince Edward, who had worked in production for theatre and television, could earn up to £28,000 as an experienced production assistant.</span></p> <p><span>Princess Anne and Duchess Camilla, who had limited work experience, were expected to have a salary of £19,000 and £17,500 as a charity worker and a secretary respectively.</span></p>

Retirement Income

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The Queen's side hustle that earns her $14 million

<p>The Queen has earned millions of pounds from horse racing over the past 31 years, it has been calculated.</p> <p>According to <a rel="noopener" href="https://www.horseandhound.co.uk/news/queen-wins-nearly-8m-racing-prize-money-31-years-688661" target="_blank">myracing.com</a>, the 93-year-old’s lucrative pastime has earned her £7,768,448 – or approximately NZ$15 million – in prize money since 1988.</p> <p>As a racehorse owner, the Queen has netted 534 wins in 3,205 runs, with an average of nine wins per year. Her highest-earning horse so far is Carlton House, who brought in £772,815.</p> <p>Matthew Newman, myracing.com’s racing expert, said the monarch has a real passion for horse racing. </p> <p>“She does it for fun, 100 per cent,” he said.</p> <p>“Her genuine love of the horses is not in question – one look at her face when her horse begins a run or gets to challenge will tell you all you need to know.”</p> <p>The Queen’s racing adviser John Warren said she “would have made a wonderful trainer” if she was not the reigning British monarch. </p> <p>“She has such an affinity with horses and is so perceptive,” he told <a rel="noopener" href="http://www.telegraph.co.uk/news/uknews/theroyalfamily/3225888/The-Queen-and-her-racehorses.html" target="_blank"><em>The Telegraph</em></a> in a 2008 interview.</p> <p>Warren also said the Queen does not mull over losses in the field. </p> <p>“Her Majesty lets fate take its course and accepts what happens. When it comes to horses, she always looks forward and never dwells on the past. She is never melancholy.”</p> <p>This side activity added to the royal’s personal wealth, which <em><a rel="noopener" href="https://www.forbes.com/sites/denizcam/2016/04/18/as-queen-elizabeth-ii-turns-90-a-look-into-her-fortune-and-multi-billion-dollar-lifestyle/#5a3fc1962418" target="_blank">Forbes</a></em> estimated to be at US$530 million or $814 million in New Zealand dollars.</p> <p>The Queen also <a href="https://money.cnn.com/2018/05/09/pf/where-queens-money-comes-from-uk-royal-wedding/index.html">gains her income</a> from the government’s Sovereign Grant, the Duchy of Lancaster estate, and her personal assets and investments such as the Sandringham Estate in England’s east.</p>

Money & Banking

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The highest-paid TV host for 2018 earns a whopping $216 million – can you guess who?

<p>Forbes has announced which TV host has taken home the biggest pay cheque for 2018.</p> <p>According to the publication, much-loved <em>Judy Judy</em> host, Judy Sheindlin, came in at the top spot after pocketing a hefty sum of $US147 million (NZ$216 million).</p> <p>In second place was Ellen DeGeneres who received $US87.5 million for her popular talk show.</p> <p>While Sheindlin usually pockets $US47 million annually for her show <em>Judy Judy</em> and being a producer on <em>Hot Bench,</em> one deal landed her an extra $US100 million this year.</p> <p>The star received the extra sum for selling a back catalogue of 5200 Judge Judy episodes to US network CBS.</p> <p>The extra cash meant that Judge Judy became Forbes' 48th richest self-made woman in America, with an estimated net worth of $US400 million.</p> <p>Daytime TV hosts took the first five spots on the list, with Dr Phil McGraw taking the third spot on $US77.5 million.</p> <p>Closely behind on the list was Ryan Seacrest, earning himself $US74 million for his work on <em>American Idol, Live With Kelly</em> and Ryan and for producing <em>Keeping Up With The Kardashians.</em> Coming out in the fifth spot was Steve Harvey, after earning $US44 million.</p> <p>This year, Harvey launched his own talk show <em>Steve</em> and hosted the US version of <em>Family Feud</em>.</p> <p>Do these winners surprise you? And do you think TV hosts earn too much? Let us know in the comments below.</p>

News

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Doing this in France will earn you a hefty on-the-spot fine

<p>Ask any women of any age if she’s ever been catcalled before, and the answer is most likely “yes”. Now, in the wake of the <a href="/entertainment/movies/2017/10/jane-fonda-ashamed-of-the-secret-she-kept-about-harvey-weinstein/" target="_blank"><span style="text-decoration: underline;"><strong>explosive sexual assault allegations</strong></span></a> against Hollywood producer Harvey Weinstein, one country is taking a drastic step towards curbing sexual harassment.</p> <p>In a recent televised interview, French President Emmanuel Macron announced his government would be proposing new laws against sexual harassment, in addition to stripping Weinstein of his prestigious Legion D’Honneur award.</p> <p>The day after his TV appearance, the country’s gender equality minister, Marlène Schiappa, outlined the proposed changes (which would include instant fines for catcalling and lecherous behaviour in public) to <em>La Croix</em> newspaper. “The idea is that society as a whole redefines what is acceptable or not,” she said.</p> <p>Speaking to RTL radio, Schiappa described the bill, which will be put to parliament next year, as “completely necessary because at the moment street harassment is not defined in the law”. This means that currently, women who experience harassment in the street cannot file legal complaints.</p> <p>As for what constitutes “street harassment”, Schiappa gives the example of a man following a woman for blocks, or persistently asking for her phone number despite being ignored or told “no”.</p> <p>“We know very well at what point we start feeling intimidated, unsafe or harassed in the street," she said.</p> <p>If the bill passes, France will join New Zealand (as well as countries such as Belgium, Portugal and Argentina) in making street harassment and catcalling illegal.</p>

International Travel

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6 ways to use your empty garage to earn money

<p><em><strong>Amelie Mahone is a loving wife and a mother of three. She loves to read about history and write articles on various topics, such as: business, education, history and teaching. In this piece, she explains how you can use an empty garage to earn money.</strong></em></p> <p>If you have an empty garage full of junk that’s gathering dust, you may be ignoring an asset that could make you some money.</p> <p>The sharing economy is growing substantially. This collaborative consumption is helping small businesses to save money and individuals to make the most of their resources. Online communities are forming and allowing people to share their assets for a profit. <span style="text-decoration: underline;"><strong><a href="https://www.airbnb.com/?af=61160407&amp;c=apac_au_over60" target="_blank">Airbnb</a></strong></span> is a prime example of the kind of websites cropping up to help pair renters with rentees.</p> <p>This all means that it’s easier than ever to turn empty space into a money spinner. And with a space as big as a garage there are lots of options to choose from.</p> <p>So how can you make use of your empty garage?</p> <p><strong>1. Rent it as a parking space</strong></p> <p>If you don’t need your garage for your own car and the space is easily accessed from the road, you could choose to rent it as a long term parking space to someone who commutes to your area. You could also offer short term rentals, particularly if you live near a city centre, a sports stadium or event venue. Parking space in many cities is at a premium so take advantage and advertise your empty space.   </p> <p><strong>2. Rent it as storage space</strong></p> <p>You’ll probably have less coming and going from your property if you rent out your garage as storage space. Whether they’re off travelling or being seconded to another city, people regularly search for storage space when they’re in between accommodation. There are many companies that can help you to market your space and find people looking for a place to keep their stuff.</p> <p><strong>3. Turn it into a workshop</strong></p> <p>If you have the means to invest a little into your garage, you could transform it into a workshop space fit for an artist, a repairman or a tradesperson. Getting one long term let or lots of shorter ones will give you a decent income. </p> <p><strong>4. Have a garage sale</strong></p> <p>Gather all of the bits and bobs you don’t use from around the house and <span style="text-decoration: underline;"><strong><a href="http://www.oversixty.com.au/finance/money-banking/2016/12/5-tips-for-a-successful-garage-sale/" target="_blank">set up a stall in your garage</a></strong></span>. Put a sign out at the front of your house to tell passers-by that you’re there. Get a money box with change and some tables on which to display your wares. You’ll get rid of lots of old junk and make some money in the process.</p> <p><strong>5. Rent it as a pop up venue</strong></p> <p>Many small independent businesses are choosing not to rent or purchase their own premises. Instead these companies are creating so called pop-up events in original spaces, avoiding the commitment of a long term let. Depending on the location of your garage, businesses and entrepreneurs may be interested in renting your space for a pop-up vintage clothes shop or a pop-up art exhibition.</p> <p><strong>6. Turn it into your own business space</strong></p> <p>If you have an eye for antiques or are handy with electrical appliances, you could start your own business from home, using your garage as storage or work space. Keep stock in the garage or kit the space out as a workshop. You may also be able to get some tax benefits for using your home as a workspace. </p> <p>It’s always worth checking with local authorities and your mortgage provider before you make any big changes to the way you use your property. However, all being well, there are plenty of ways to make money from your empty garage space. With the right online presence and the right space, the possibilities are endless.   </p> <p>Do you have empty garage space? If so, what do you use it for?</p> <p><em>Written by Amalie Mahone.</em></p>

Money & Banking

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Highest-earning films of all time

<p>It seems like all the time we’re hearing about record-shattering blockbusters, but many of these reports don’t take into account inflation. If you’ve gone to the movies recently you’ll have noticed ticket prices are nowhere near as affordable as they were when we were kids. Because of this, the real list of highest-earning films is quite different to what you might think.</p> <p>Take a look at the gallery above and see how many of your favourites made the list.</p> <p><strong>10. <em>Snow White and the Seven Dwarfs</em> (1937)</strong> – $935,220,000</p> <p><strong>9. <em>The Exorcist</em> (1973)</strong> – $948,940,900</p> <p><strong>8. <em>Doctor Zhivago</em> (1965)</strong> – $1,065,082,200</p> <p><strong>7. <em>Jaws</em> (1975)</strong> – $1,098,916,300</p> <p><strong>6. <em>The Ten Commandments</em> (1956)</strong> – $1,123,980,000</p> <p><strong>5. <em>Titanic</em> (1997)</strong> – $1,162,371,000</p> <p><strong>4. <em>E.T.: The Extra-Terrestrial</em> (1982)</strong> – $1,217,110,200</p> <p><strong>3. <em>The Sound of Music</em> (1965)</strong> – $1,221,923,900</p> <p><strong>2. <em>Star Wars</em> (1977)</strong> – $1,528,266,100</p> <p><strong>1. <em>Gone with the Wind</em> (1939)</strong> – $1,733,542,900</p> <p><em>Source: Box Office Mojo. All figures in USD correct as of 1 May 2016.</em></p> <p><strong>Related links:</strong></p> <p><a href="/entertainment/movies/2016/02/most-watched-movie-on-netflix/"><strong><em><span style="text-decoration: underline;">Most watched movie in the history of Netflix</span></em></strong></a></p> <p><a href="/entertainment/movies/2016/03/harrison-ford-new-indiana-jones-movie/"><strong><em><span style="text-decoration: underline;">Harrison Ford set to return for fifth Indiana Jones movie</span></em></strong></a></p> <p><a href="/entertainment/movies/2016/02/best-family-movies/"><strong><em><span style="text-decoration: underline;">Top 10 movies to watch with the whole family</span></em></strong></a></p>

Movies

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Mother Teresa had earned her sainthood

<p>Mother Teresa of Calcutta, the nun who selflessly dedicated her life to helping the poor, will be made a saint of the Roman Catholic Church at a ceremony on Sept. 4.</p> <p>Pope Francis made the announcement on Tuesday at a meeting of cardinals to give the final approval to several sainthood causes. This makes the humanitarians canonisation the second fastest in modern history after that of Saint John Paul II.   </p> <p>The Albanian born nun died in 1997 at the age of 87, leaving behind a legacy. Her original community of about a dozen nuns helped the poor on the city's streets before spreading throughout the world, including to Ireland. She won the Nobel Peace Prize in 1979 for her work with the poor, sick and dying. There has been some contention to her sainthood however, with many criticizing her opposition to birth control and accusing her of religious imperialism.</p> <p>Despite the nay-sayers, Mother Teresa was beautified in 2003, giving her the terms ‘blessed’.  The church defines saints as those believed to have been holy enough during their lives to now be in heaven and capable of interceding with God to perform miracles. She has been credited in the church with two miracles, both involving the healing of sick people. </p> <p><strong>Related links:</strong></p> <p><span style="text-decoration: underline;"><em><a href="/lifestyle/retirement-life/2016/02/how-you-can-make-a-difference-by-volunteering/"><strong>How you can make a difference by volunteering</strong></a></em></span></p> <p><span style="text-decoration: underline;"><em><a href="/travel/international-travel/2015/08/tibet-changed-my-life/"><strong>A trip to Tibet changed my life</strong></a></em></span></p> <p><span style="text-decoration: underline;"><em><strong><a href="/finance/retirement-income/2016/02/little-charitable-things-you-can-do/">6 little things to do to be more charitable</a></strong></em></span></p>

Caring