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Being carers costs women more than $500,000 over a lifetime, leaving them with less in retirement than men

<a href="https://theconversation.com/profiles/myra-hamilton-8638">Myra Hamilton</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> By the time they retire, women typically have about <a href="https://link.springer.com/book/10.1007/978-981-97-5461-8">one third</a> less superannuation than men. This can amount to more than <a href="https://www.carersaustralia.com.au/wp-content/uploads/2024/03/Final-Economic-impact-income-and-retirement-Evaluate-Report-March-2022_2024EDIT.pdf">$500,000</a> when wages and super are combined over their lifetime. The gendered super gap has narrowed over the last few decades, as women have joined the workforce <a href="https://www.abs.gov.au/articles/changing-female-employment-over-time#:%7E:text=Women's%20participation%20in%20paid%20work,women%20are%20also%20working%20longer.">in increasing numbers</a> and the superannuation system has matured. But progress is too slow. If we keep tracking as we are, we can’t expect parity until <a href="https://www.womeninsuper.com.au/application/files/3816/8782/3898/7._Not_up_for_discussion.pdf">2070</a>. So why is the gap so persistent? <h2>Making super compulsory</h2> For most of the 20th century, Australia’s retirement incomes system produced more equal outcomes because the age pension is not linked to a person’s lifetime earnings. But the introduction of <a href="https://www.australianretirementtrust.com.au/learn/education-hub/superannuation-history-australia">compulsory super</a> in 1992 linked lifetime earnings and retirement income. The gender super gap arises because women and men have different patterns of paid work and earning over their lifetimes. Women have <a href="https://www.wgea.gov.au/the-gender-pay-gap#:%7E:text=conscious%20and%20unconscious%20discrimination%20and,responsibilities%2C%20especially%20in%20senior%20roles">14% lower</a> average weekly earnings than men. This is due to <a href="https://www.wgea.gov.au/the-gender-pay-gap#:%7E:text=conscious%20and%20unconscious%20discrimination%20and,responsibilities%2C%20especially%20in%20senior%20roles">three factors</a>: <ul> <li> women are much more likely to have unpaid care responsibilities. As a result, they take career breaks, work fewer hours, or work in jobs incommensurate with their skills </li> <li> discrimination, bias and lack of workplace flexibility mean better pay and career outcomes for men and fewer opportunities for people to combine work and career with care responsibilities </li> <li> occupational segregation means women are concentrated in female-dominated industries, which tend to attract lower wages than male-dominated ones. </li> </ul> Over a lifetime, these factors limit women’s capacity to earn and to accumulate super. On average, a woman in full-time permanent employment accumulates <a href="https://www.wgea.gov.au/sites/default/files/documents/Women%27s%20economic%20security%20in%20retirement.pdf">17.7% less</a> superannuation per year than a man in an equivalent role. That amounts to A$1,540 less per year. This annual shortfall compounds over time resulting in a wide gender super gap by the time women retire. <h2>How does this work in practice?</h2> The interruptions to work caused by providing unpaid care reduces people’s opportunities for accumulating superannuation. For example, having a child leads to substantial reductions in mothers’ workforce participation and earnings. Women’s earnings <a href="https://treasury.gov.au/sites/default/files/2023-03/p2023-372004.pdf">fall</a> by an average of 55% in the first five years after entry into parenthood. In contrast, research suggests men’s earnings are <a href="https://treasury.gov.au/sites/default/files/2023-03/p2023-372004.pdf">unchanged</a>, or even <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5340267/#:%7E:text=Over%20time%2C%20unmarried%20but%20coresident,support%20for%20egalitarian%20gender%20roles.">increase</a>, after they become parents. So parenthood has a much greater impact on a mothers’ super than a fathers’. One <a href="https://melbourneinstitute.unimelb.edu.au/assets/documents/hilda-bibliography/hilda-conference-papers/2007/Parr,-Nicholas_final-paper.pdf">estimate</a> suggests having a child reduces a woman’s superannuation balance at age 60 by about $50,000 and a man’s by $5,000. It’s not just parenthood. <a href="https://www.aihw.gov.au/reports/australias-welfare/informal-carers">One in 10</a> Australians provide care for an ageing relative or person with a disability or chronic illness. Women do most of this unpaid care. Unpaid carers <a href="https://bristoluniversitypressdigital.com/view/journals/ijcc/6/3/article-p318.xml">often</a> reduce their working hours, withdraw from work, or put their careers on hold. Among primary carers <a href="https://www.wgea.gov.au/gender-equality-and-caring#:%7E:text=Primary%20carers%20are%20carers%20who,carers">only 58%</a> are in paid work. According to a <a href="https://www.carersaustralia.com.au/wp-content/uploads/2024/03/Final-Economic-impact-income-and-retirement-Evaluate-Report-March-2022_2024EDIT.pdf">recent study</a>, on average, by age 67, primary carers have lost $392,500 in lifetime earnings and $175,000 in super. Some older workers, especially women, also care for their grandchildren. More than a <a href="https://aifs.gov.au/sites/default/files/2022-07/Grandparents%20and%20child%20care%20in%20Australia_0.pdf">quarter</a> of grandparents of a child aged 13 or under provide care for the child in a typical week, usually while the parents work. In a <a href="https://nationalseniors.com.au/uploads/09151356PAC_GrandparentsChildcareLabourForceParticipation_Report_FINAL_Web_0.pdf">recent</a> study, 70% of grandparents, mostly grandmothers, providing regular childcare reported they adjusted their work to accommodate it. One in three reported it had negative impacts on their financial security as they aged. These factors compound over a lifetime. Many Australians provide care for multiple family members simultaneously, or at different times throughout their lives. Women in employment are more likely to be in lower paid positions, and lower paid industries and occupations. Employees in feminised industries such as community services (including paid care workers) and retail have among the <a href="https://www.superannuation.asn.au/wp-content/uploads/2024/01/2311_An_update_on_superannuation_account_balances_Paper_V2.pdf">lowest</a> median super balances, less than half of those of managers and professionals. <h2>What is the solution?</h2> The gender super gap reflects deep inequalities in the distribution of work, incomes and care responsibilities between women and men across their lives. How do we fix it? Policy and public debate has focused on boosting women’s workforce participation. More women in work, means higher incomes and more saving, reducing the gender super gap, right? Yes, up to a point and rates of <a href="https://www.abs.gov.au/articles/changing-female-employment-over-time">women’s workforce participation</a> are increasing. But we also know in Australia, we have a <a href="https://nationalseniors.com.au/uploads/09151356PAC_GrandparentsChildcareLabourForceParticipation_Report_FINAL_Web_0.pdf">preference</a> for some family care of young children, and for care of adults with disability and older people in the <a href="https://www.aihw.gov.au/reports/australias-welfare/australias-welfare-2017-in-brief/contents/ageing-aged-care">community</a>. This means many parents and carers will continue to have at least some interruptions to paid work, reducing their super contributions. We also know when women are encouraged to enter paid work, care responsibilities are often “redistributed” to other women. When mothers enter or re-enter paid work it’s often <a href="https://theconversation.com/caught-in-an-intergenerational-squeeze-grandparents-juggle-work-and-childcare-47939">grandmothers</a> who step in, frequently reducing their incomes and super. For care of ageing <a href="https://www.cambridge.org/core/journals/ageing-and-society/article/abs/an-integrative-analysis-of-sibling-influences-on-adult-childrens-caregiving-for-parents/038C6F299E62380F9C954A9A586A28CD">parents</a> it is often non-working female siblings that step in. As the savings potential of one group of women increases, the savings potential of another decreases. Where care can’t be redistributed to other women within the family, it is redistributed to paid early childhood education and care, disability support, and aged care services. All of these services are dominated by women. As a highly feminised industry, the caring roles are <a href="https://www.abc.net.au/news/2024-08-14/why-are-nurses-and-childcare-workers-so-poorly-paid/104218868">poorly remunerated</a>, so those doing the care, while paid, are themselves limited to save enough super. Boosting women’s workforce participation is an important step. But another is to pay super contributions to parents during the time they are off work providing childcare, as <a href="https://ministers.pmc.gov.au/gallagher/2024/super-boost-new-parents#:%7E:text=It%20means%20that%20eligible%20parents,to%20their%20nominated%20superannuation%20fund.">recently</a> agreed by the federal government. But we need an <a href="https://www.unsw.edu.au/newsroom/news/2015/04/carers-deserve-more-credit-in-the-retirement-incomes-debate">equivalent</a> for other kinds of unpaid carers. Even so, as long as care continues to circulate between different groups of women – older women, low paid women – and as long as care isn’t valued for the large social and economic contribution it makes, the gender super gap will persist. To close the persistent gender gap, we need to go further, encouraging greater men’s involvement in care, and providing better recognition and remuneration of unpaid and paid care. <hr /> This article is part of The Conversation’s retirement series, in which experts examine issues including how much money we need to retire, retiring with debt, the psychological impact of retiring and the benefits of getting financial advice. Read the rest of the series <a href="https://theconversation.com/au/topics/retirement-series-2024-168372">here</a>.<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/240323/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/myra-hamilton-8638">Myra Hamilton</a>, Associate Professor, gender, ageing and care, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> Image credits: Shutterstock 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/being-carers-costs-women-more-than-500-000-over-a-lifetime-leaving-them-with-less-in-retirement-than-men-240323">original article</a>.

Money & Banking

The cost of loving our pets – a guide for owners

Every year <a style="color: #0563c1;" href="https://southerncrosspet.co.nz">Southern Cross Pet Insurance</a> supports tens of thousands of pet parents and their furry friends to ensure they can access the healthcare their pets need to stay fit, well and active. Former vet nurse and Southern Cross expert Kerri Murray says there are countless reasons you might need to bring your pet to the vet, from routine checkups and vaccinations to more serious health concerns. She stresses the importance of knowing how to act in different situations. “Just like humans, pets need different vets for different reasons – your local vet will generally be able do all sorts of things including some surgeries, a little like an experienced family GP, whereas an emergency vet or specialist vet is advisable for treatment of major illness or trauma or things like knee reconstruction. The New Zealand Veterinary Association (NZVA) encourages pet owners to keep emergency veterinary clinics for emergencies only, so that pets needing urgent care can be seen as quickly as possible. They recommend you call your vet first and seek advice on whether your dog or cat may need emergency care. If you can wait a while, you can then see your usual vet, who has the advantage of knowing your pet’s health record and how your pet will probably respond to treatment. Vet visits can be costly as there’s no free public healthcare for pets. “Even the most well-behaved pets aren’t immune to having accidents or getting up to mischief – but there’s no such thing as ACC or publicly funded healthcare for cats and dogs,” says Murray. The SCPI team recently canvassed veterinary clinics up and down New Zealand to understand treatment costs. The numbers were independently verified and can be used by owners to understand what they may have to pay for Charlie or Loki (very popular names for pets insured with Southern Cross!) Your hound may develop arthritis as it ages, so expect to pay $1,000 to $4,500 for diagnosis and annual treatment. Likewise pets can develop allergies which can cost between $1,000 to $4000 for annual care. Grasses and some foods are often the culprits. A broken leg which can result from a high jump or accident could end up with costs to treat ranging from $1,000 to $7,000 When it comes to cats, wound treatment and surgical procedures resulting from a cat fight could set an owner back $500 to $1,800. Cancerous lump removal can cost between $900 to $3,000 and urinary infections can cost between $200 to $3,000. If your beloved is hit by a car, treatment and surgery costs could range from $800 to $3,000. Kerri Murray says, “Our experience shows it’s important not to underestimate how much vet bills can be. Pets give us so much joy, but when they are sick or injured there’s no safety net unless you have the peace of mind of pet insurance, especially when you end up at a specialist emergency vet. <h3 style="margin: 14pt 0cm 0cm; line-height: 17.12px; break-after: auto; font-size: 12pt; font-family: 'Calibri Light', sans-serif; color: #1f4d78; font-weight: normal;">More specialist care, less stress</h3> Southern Cross Pet Insurance customers can now access an exclusive 10% discount on treatment at VSA’s three hospitals in Auckland and Christchurch for both their specialist services and the 24 hour emergency care in Auckland. On top of that, they can take advantage of a service called <a style="color: #0563c1;" href="https://www.southerncrosspet.co.nz/pet-hub/news/partners-with-veterinary-specialists-aotearoa">Pet Easy-Claim</a>, which is available for treatment costs exceeding $1,000. The Pet Easy-Claim service streamlines the process at a time when pet parents are often feeling overwhelmed. “If your pet’s treatment qualifies, VSA will handle the claim directly with us,” Murray explains. “We’ll pay what’s covered under your policy straight to the provider, so you only need to cover the balance.” It’s a win-win for pet parents, prioritising the health and well-being of their animals while removing some of the financial stress. <h3 style="margin: 14pt 0cm 0cm; line-height: 17.12px; break-after: auto; font-size: 12pt; font-family: 'Calibri Light', sans-serif; color: #1f4d78; font-weight: normal;">Protecting pets just makes sense</h3> Southern Cross Pet Insurance currently helps care for the health of over 65,000 pets in New Zealand, highlighting the popularity—and necessity—of having a plan in place. “Pets bring us so much joy, but when they’re sick or injured, it can be tough emotionally and financially,” Murray reflects. While routine checkups and minor ailments are part of being a pet parent, emergencies can and do happen. Knowing how to act in different scenarios, whether it’s a trip to your family vet or an emergency clinic, is crucial. And having pet insurance takes it a step further, giving you the peace of mind that your pet’s health is in good hands—even when faced with unexpected costs. Sign up for pet insurance or find out more <a style="color: #0563c1;" href="http://www.scpi.co.nz/">here</a>. This is a sponsored article produced in partnership with Southern Cross Pet Insurance

Family & Pets

What cost-of-living crisis? Luxury travel is booming – and set to grow further

<a href="https://theconversation.com/profiles/anita-manfreda-1544057">Anita Manfreda</a>, <a href="https://theconversation.com/institutions/torrens-university-australia-899">Torrens University Australia</a> About ten years ago, while working at Badrutt’s Palace Hotel in the Swiss town of St Moritz, I was shocked to learn a guest once <a href="https://towerrevue.com/life-style/the-party-never-ends/">requested an elephant</a> be brought in to deliver a birthday gift to his wife. And the hotel made it happen, squeezing the elephant into the lobby. This over-the-top gesture symbolised what luxury travel once meant: wealth and power, expressed through grand displays. Think millionaires and billionaires in lavish suites and on private yachts, enjoying <a href="https://www.sciencedirect.com/science/article/pii/S2211973621001392">exclusive services</a> most of us would never dream of, let alone actually ask for. Consulting group McKinsey defines the luxury traveller as someone prepared to spend <a href="https://www.mckinsey.com/industries/travel-logistics-and-infrastructure/our-insights/updating-perceptions-about-todays-luxury-traveler">US$500 or more per night</a> on accommodation. But luxury tourism is evolving. Thanks to demographic shifts, sustainability concerns, and a post-pandemic desire for connection, luxury travel has become more personal and meaningful. And luxury travellers these days aren’t always the super rich elites. Despite the cost-of-living crisis, luxury travel is <a href="https://www.virtuoso.com/getmedia/8c9e8d73-7529-4989-a8c1-cc464d71a9d4/2024-Press-Conference_FINAL-(2).aspx">booming</a>. So, what’s driving this growth and how is luxury travel changing? <h2>A trillion dollar industry</h2> The luxury travel sector has shown remarkable resilience, even during economic downturns and the COVID pandemic. Globally, it is projected to grow from <a href="https://luxonomy.net/report-on-the-countries-contributing-the-most-luxury-tourists-globally-2024-2030/">US$1.4 trillion</a> in 2024 to $2.2 trillion by 2030. The Asia-Pacific region is leading the surge at a compound annual growth rate of <a href="https://www.grandviewresearch.com/industry-analysis/asia-pacific-luxury-travel-market-report">8.6%</a> (a way of measuring growth that assumes profits are reinvested) from 2024 to 2030. In Australia, the trend is similar: the luxury travel market generated US$37.4 billion in 2023 and is forecast to reach <a href="https://www.imarcgroup.com/australia-luxury-travel-market">US$70 billion</a> by 2032. This growth is driven not just by affluence among the wealthy but by younger travellers. As <a href="https://www.forbes.com/sites/suzannerowankelleher/2024/05/29/new-luxury-traveler-younger-less-affluent/">Forbes magazine</a> points out, these travellers are often non-millionaires who may not earn enormous salaries or even own their own homes – but are willing to pay top dollar for meaningful experiences. And some are splurging on trips to make up for time and opportunities lost due to the pandemic – a trend industry experts sometimes refer to as “revenge” and “<a href="https://latteluxurynews.com/2024/08/19/no-slow-down-in-luxury-experiences-belles/">revelry</a>” travel. As one <a href="https://latteluxurynews.com/2024/08/19/no-slow-down-in-luxury-experiences-belles/">luxury travel industry</a> observer put it: <blockquote> We’re seeing travel at all costs, where people are determined to have the experience they want, regardless of what that price is. </blockquote> Many consumers are <a href="https://www.bain.com/about/media-center/press-releases/2024/global-luxury-spending-to-land-near-1.5-trillion-in-2024-remaining-relatively-flat-as-consumers-prioritize-experiences-over-products-amid-uncertainty">prioritising luxury travel</a> experiences over other discretionary items, including luxury goods. <h2>Luxury can have many meanings</h2> Today’s luxury travel isn’t just about extravagance; it can also include forking out for meaningful experiences. Luxury travellers are willing to pay up for holidays that promise <a href="https://journals.sagepub.com/doi/abs/10.1177/13567667231172995">authenticity, wellness and connection</a> with people and places. It can mean access to something rare, like an uncrowded natural environment or an authentic cultural experience that feels deeply personal. It can also come from <a href="https://www.sciencedirect.com/science/article/pii/S2211973621001392">expertise</a> – like appreciating the nuances of a rare bottle of wine, or touring a place with an expert or celebrity guide who has been there many times before. Where it was once defined by price and status symbols, luxury travel today is about <a href="https://journals.sagepub.com/doi/abs/10.1177/13567667231172995">stories worth sharing</a> (on social media and in real life) and experiences that align with personal values. <h2>Wellness, adventure and the digital detox</h2> In my 17 years of working in and researching luxury travel, I have seen a lot of different luxury holidaymakers. Everything from humble retirees relishing the rewards of their hard work to VIP celebrities who send 32 pages of requests before even stepping foot in the hotel. While older high-net-worth individuals from North America and Europe remain a significant demographic, a growing proportion of luxury travellers are millennials, Gen Z, and tourists from <a href="https://www.mckinsey.com/industries/travel-logistics-and-infrastructure/our-insights/updating-perceptions-about-todays-luxury-traveler#/">emerging markets</a> like Asia and the Middle East. Traditional hallmarks of luxury travel – like presidential suites and private islands – are still popular among high-net-worth individuals. But a growing number of travellers seek cultural experiences, adventure, and <a href="https://www.mckinsey.com/industries/travel-logistics-and-infrastructure/our-insights/updating-perceptions-about-todays-luxury-traveler#/">small, intimate group</a> trips. These travellers are opting for <a href="https://www.virtuoso.com/getmedia/8c9e8d73-7529-4989-a8c1-cc464d71a9d4/2024-Press-Conference_FINAL-(2).aspx">off-peak seasons</a> and less-visited destinations to avoid crowds, and may be more vocal about sustainable tourism. The future of luxury travel lies in its ability to adapt to evolving consumer values. <a href="https://www.nytimes.com/2024/01/18/travel/luxury-travel-wellness.html">Wellness</a> retreats, <a href="https://www.cntraveler.com/story/luxury-train-travel-is-entering-another-golden-age">slow</a> travel (including by train), and <a href="https://www2.deloitte.com/content/dam/Deloitte/global/Documents/gx-the-future-of-luxury-travel-2-the-sustainability-imperative.pdf">sustainability-focused</a> experiences are becoming central to the luxury travel narrative. In a hyper-connected world, luxury travel marketing is now often linked with the idea of a <a href="https://www.forbes.com/sites/sandramacgregor/2024/08/05/peace-and-quiet-11-luxury-global-resorts-for-a-true-digital-detox/">digital detox</a>. The chance to disconnect and fully immerse in the moment has become a modern indulgence. Luxury travellers today use their trips to <a href="https://www.sciencedirect.com/science/article/pii/S1447677023000207">explore and learn</a>, and to <a href="https://www.thetimes.com/article/why-extreme-escapism-is-the-latest-luxury-travel-trend-pntgrsr8b?id=21336839644&gad_source=1&region=global">reconnect with the world</a>, their relationships, and themselves.<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/244727/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/anita-manfreda-1544057">Anita Manfreda</a>, Senior Lecturer in Tourism, <a href="https://theconversation.com/institutions/torrens-university-australia-899">Torrens University Australia</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/what-cost-of-living-crisis-luxury-travel-is-booming-and-set-to-grow-further-244727">original article</a>.

International Travel

What is reformer pilates? And is it worth the cost?

<a href="https://theconversation.com/profiles/hunter-bennett-1053061">Hunter Bennett</a>, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a>; <a href="https://theconversation.com/profiles/jacinta-brinsley-1419359">Jacinta Brinsley</a>, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a>, and <a href="https://theconversation.com/profiles/lewis-ingram-1427671">Lewis Ingram</a>, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a> Reformer pilates is <a href="https://www.globenewswire.com/news-release/2024/10/18/2965312/0/en/Pilates-Reformer-Market-Set-to-Reach-USD-11-848-3-Million-by-2031-Driven-by-Growing-Health-Awareness-and-Advancements-in-Portable-Equipment-FMI.html#:%7E:text=Key%20Takeaways%3A,8.2%25%20over%20the%20forecast%20period.">steadily growing in popularity</a>, with new studios opening regularly in major cities all over the world. But what exactly is reformer pilates? And how does it compare with regular pilates and other types of exercise? Classes aren’t cheap so let’s look at the potential benefits and drawbacks to help you decide if it’s right for you. <h2>Pilates with special equipment</h2> Pilates is a <a href="https://www.sciencedirect.com/science/article/abs/pii/S1360859201902372">mode of exercise</a> that focuses on core stability and flexibility, while also addressing muscular strength and endurance, balance and general fitness. At first glance, it might look a bit like yoga, with some more traditional weight training components thrown in. Reformer pilates uses a piece of equipment called a “reformer”. This looks like a narrow bed that slides along a carriage, has straps to hold onto, and has adjustable springs that add resistance to movement. You perform pilates on the reformer to target specific muscle groups and movement patterns. The reformer was first designed to help <a href="https://www.taylorfrancis.com/chapters/edit/10.4324/9781003524625-19/pilates-rehabilitation-brent-anderson">people recover from injuries</a>. However, it has now become common for general fitness and even <a href="https://journals.sagepub.com/doi/epdf/10.1177/1089313X06010003-406">sports performance</a>. Unlike normal pilates, also known as “mat pilates”, which only uses your body weight, the reformer adds resistance, meaning you can change the difficulty according to your current level of fitness. This not only provides a way to overload your muscles, but can make the exercise session more aerobically demanding, which has been proposed to <a href="https://figshare.utas.edu.au/articles/journal_contribution/Equipment-based_pilates_induces_a_cardiovascular_response_in_older_adults_an_observational_clinical_trial/22943213?file=40678763">improve cardiovascular fitness</a>. <h2>What are the benefits of reformer pilates?</h2> Despite being around for decades, there is surprisingly little research looking at the benefits of reformer pilates. However, what we have seen so far suggests it has a similar effect to other modes of exercise. Reformer pilates has been shown to help with <a href="https://files.eric.ed.gov/fulltext/EJ1250306.pdf">weight loss</a>, cause some <a href="https://www.tandfonline.com/doi/full/10.1080/03630242.2015.1118723?casa_token=weWacL5JmM8AAAAA%3AjlXtB-o29eDTHNegdvvfxa9FUT1iY18T0niXDdDpzgbn9AhMK4fgF1RQWLwyo3tVic49h9vhH4Ux">small increases in muscle mass</a>, and enhance <a href="https://www.sciencedirect.com/science/article/pii/S1360859224004558?casa_token=rEKoc-x8WoMAAAAA:Zvgqtp7SPNbWoTtxRb8-x5HCy0XD2M74Ky-7bBU2yFgGMOnyw2aJQDKCdep40AqRobWgR0V3yA">cognitive function</a>. All of these benefits are commonly seen when combining weight training and cardio into the same routine. Similarly, among <a href="https://www.sciencedirect.com/science/article/abs/pii/S1360859217302280?casa_token=txnU400G7DQAAAAA:KQLBRYBWuZ0asqaOJ4agUKZj2nFljuxFvCQFZeZQh53h0ZIp07qJ_4TuyCQto4c-BB1kzMpWug">older adults</a>, it has been shown to improve strength, enhance flexibility and may even reduce the risk of falling. From a rehabilitation perspective, there is some evidence indicating reformer pilates can improve <a href="https://www.sciencedirect.com/science/article/pii/S1360859216300857?casa_token=tQyxWGoPam8AAAAA:jlIpAr2ZuD3bjKKtT4qHbDz2dr_Tm2k4Cgb22qw_NQRb5gtLsJdYV7P0DuRlVWN04kI9p_dSOQ">shoulder health and function</a>, reduce <a href="http://www.jkspm.org/journal/view.html?uid=1105&&vmd=Full">lower back pain</a> and <a href="https://ksep-es.org/journal/view.php?number=1084">increase flexibility</a>. Finally, there is some evidence suggesting a single session of reformer pilates can improve two key markers of <a href="https://karger.com/ger/article-abstract/70/7/764/906990/Effect-of-60-Min-Single-Bout-of-Resistance">cardiovascular health</a>, being flow-mediated dilation and pulse wave velocity, while also <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC9098105/">improving cholesterol and insulin levels</a>. This suggests reformer pilates could lead to long-term improvements in heart and metabolic health, although more research is needed to confirm this. However, there are some key things to consider when discussing these benefits. Most of this research is quite exploratory and comes from a very small number of studies. So we do not know whether these findings will apply to everyone. Very few studies compared reformer pilates to other types of exercise. Therefore, while it can improve most aspects of health and function, it’s unlikely reformer pilates provides the optimal mode of exercise for each individual component of physical fitness. Traditional weight training, for example, will likely cause larger improvements in strength than reformer pilates. Similarly, stretching will <a href="https://theconversation.com/new-research-shows-how-long-hard-and-often-you-need-to-stretch-to-improve-your-flexibility-242488">probably make you more flexible</a>. And running or cycling will make you fitter. However, if you want a type of exercise that gives you broad overall health benefits, it could be a good option. <h2>What are the downsides of reformer pilates</h2> Reformer pilates is not for everyone. First and foremost, classes can be expensive compared to other fitness options. You need to be doing at least two to three sessions per week of any type of exercise to <a href="https://www.who.int/publications/i/item/9789240015128">maximise the benefits</a>. So even if you can find a class for A$20 or $30, paying for two or three classes a week (or buying a weekly or monthly subscription) is a significant outlay. Second, it’s not as accessible as other exercise. Even if you can afford it, not every town or suburb has a reformer pilates studio. Third, the effectiveness of your workout is likely to be impacted by how competent your instructor is. There are a host of different pilates qualifications you can get in Australia, and some take much less time than others. With this in mind, it might be best to look for <a href="https://www.pilates.org.au/about/">accredited pilates instructors</a>, although this will further reduce the number of options you have available. Finally, there is a learning curve. While you will get better over time, the exercise will likely be less effective during those first few weeks (or months) when you are getting used to the machine and the movements. <h2>Is it right for you?</h2> Reformer pilates can be a great addition to your fitness routine, especially if you’re looking for a low-impact way to build strength and flexibility. But if you have more specific goals, you might need a more specific mode of exercise. For example, if you need to get stronger to improve your ability to manage your daily life, then strength training is probably your best bet. Likewise, if your goal is to run a marathon, you will get more specific benefits from running. The cost and availability of reformer pilates make it less accessible for some people. With this in mind, if you are after similar benefits at a lower price point, mat pilates might be a better option. Not only does it have evidence suggesting it can improve <a href="https://journals.lww.com/ajpmr/FullText/2018/06000/Effects_of_Mat_Pilates_on_Physical_Functional.6.aspx?casa_token=7s6iayoW_s4AAAAA:ajVm-FSTsMeUsuUVH4fpv63bQb_eN0DgduCw7K83K4IlJ3OSQyNKCeoWb_tQZhEV3dRDa3dXwPYE7euORvMAwLM&casa_token=zUcAB1qT0a4AAAAA:KpwLVGmBXbLo0es1xEBF7SAJPIBy6mKoVzCWOLiFFHAnn4LbGHA3febsR9jhygDyNsNnobmKM2ukMJNPGixdypY">strength and fitness</a>, but it is something you can do at home if you find a good resource (<a href="https://www.youtube.com/watch?v=44HquH6QyXc">YouTube</a> could be a good starting point here). <a href="https://theconversation.com/profiles/hunter-bennett-1053061">Hunter Bennett</a>, Lecturer in Exercise Science, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a>; <a href="https://theconversation.com/profiles/jacinta-brinsley-1419359">Jacinta Brinsley</a>, Exercise Physiologist and Postdoctoral Researcher in the Alliance for Research in Nutrition, Exercise and Activity, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a>, and <a href="https://theconversation.com/profiles/lewis-ingram-1427671">Lewis Ingram</a>, Lecturer in Physiotherapy, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/what-is-reformer-pilates-and-is-it-worth-the-cost-244634">original article</a>.

Body

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

<a href="https://theconversation.com/profiles/angelique-nadia-sweetman-mcinnes-1361909">Angelique Nadia Sweetman McInnes</a>, <a href="https://theconversation.com/institutions/cquniversity-australia-2140">CQUniversity Australia</a> Australians are expected to spend more this Christmas than last, with spending projected to rise to <a href="https://www.shopassociation.org.au/sites/default/files/uploaded-content/field_f_content_file/2024-australian-christmas-shopping-intentions-research-report-cpmaustralia-retailsafari-1.pdf">A$69.7 billion</a>. This is a 2.7% increase on what we spent last year on gifts, food and other treats for ourselves and others. This is a lot at a time when many people are experiencing mortgage stress and high inflation. But by employing smart budgeting and spending strategies we can enjoy a festive Christmas season without huge financial stress. <h2>Know how much you are spending</h2> Being aware of what you are spending is important. So you don’t spend beyond your means, you need to decide what you are going to buy and track what you spend. Using budgeting tools in your banking app will help you monitor your spending. Your bank’s app or a <a href="https://www.savings.com.au/savings-accounts/budgeting-and-saving-apps">variety of budgeting apps</a>, can also help you find deals and stick to your financial goals. <a href="https://doi.org/10.1093/jcr/ucac024">Research</a> shows spending decreases when you use an online budgeting app by 15%. Christmas budgeting means setting clear limits, like a gift allowance for each person of, for example, under $10, $25, $50 or $100. This helps us stay on track. Before shopping, we should also ask ourselves: “Is this worth buying?” or “Do I really need this?”. <h2>How to bag a bargain</h2> About <a href="https://www.shopassociation.org.au/sites/default/files/uploaded-content/field_f_content_file/2024-australian-christmas-shopping-intentions-research-report-cpmaustralia-retailsafari-1.pdf">63% of Australian consumers</a> say they start their shopping in November, before the last-minute push to fill the Christmas stockings. This enables them to take advantage of the Black Friday sales on now and Cyber Monday, next Monday. Online research can uncover decent bargains to lower Christmas spending. Or you could wait until the Boxing Day sales to buy discounted gifts for people you don’t see until after December 25. The post-Christmas sales are also good for stocking up on heavily discounted crackers and decorations for next year. <a href="https://www.shopassociation.org.au/sites/default/files/uploaded-content/field_f_content_file/2024-australian-christmas-shopping-intentions-research-report-cpmaustralia-retailsafari-1.pdf">Most Australian shoppers</a> (89%) are combining online (websites, mobile apps, social media) with physical in-store shopping. <a href="https://www.shopassociation.org.au/sites/default/files/uploaded-content/field_f_content_file/2024-australian-christmas-shopping-intentions-research-report-cpmaustralia-retailsafari-1.pdf">Major online retailers</a> such as Amazon, eBay, and The Iconic (69%) are now more popular than department stores (59%). There are also thrift and discount stores which offer affordable gifts while using their income to help those in need. By using the internet to compare prices and set price alerts for goods you want to buy, you are more likely to get the best deals. Take time to search for store discounts. Using loyalty programs, coupons, promo codes, and free shipping also helps keep money in your pocket. <h2>Why cash at Christmas is better</h2> The <a href="https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/ensuring-future-cash-and-next-steps-phasing-out-cheques#:%7E:text=The%20Government%20will%20mandate%20that,will%20not%20be%20left%20behind.">federal government’s decision</a> last week to require businesses to accept cash, not just credit or debit cards, also has benefits for saving. Cash purchases encourage you to spend wisely, set your <a href="https://resources.depaul.edu/financial-fitness/tackle-overspending/Pages/solutions-for-overspending.aspx">spending limit, and prevent you from overspending, or paying interest and fees on cards</a>. There is also the old “<a href="https://www.ramseysolutions.com/budgeting/envelope-system-explained">cash envelope system</a>” used for centuries and popularised in the 1990s to help curb spending. This sees cash divided into envelopes, each labelled for a specific expense (for example, gifts for A, B, C). Once the money in the envelope is gone, nothing more can be spent. One way to help boost your Christmas budget; while simultaneously decluttering, your home is to sell items you no longer use. There are numerous online sites and bricks and mortar stores where this can be done. <h2>Saving money with DIY</h2> In 2024, Australians will spend an average of <a href="https://www.shopassociation.org.au/sites/default/files/uploaded-content/field_f_content_file/2024-australian-christmas-shopping-intentions-research-report-cpmaustralia-retailsafari-1.pdf">$660 per shopper on gifts</a>, with popular choices including clothing and shoes, books, and gift cards. However, it’s not necessary to buy all your gifts or Christmas decorations. Consider making affordable handmade gifts to add a personal touch. There are demonstration videos online showing you how to re-purpose old items, bake homemade festive treats, create a special moments photo album or scrapbook. Mix Epsom salts, essential oils and dried flowers to create relaxing bath salts or scrubs. Use natural pine cones or salt dough to make ornaments. Make wreaths using pine branches, holly or dried oranges. Sew fabric garlands to place on the tree, fireplace or mantle. Instead of buying multiple extravagant presents for each person, try doing a Secret Santa. This is the low-cost tradition where everyone buys only one gift for one recipient who is chosen using an online tool. Gifts are then given anonymously. <h2>Festive food</h2> Festive food spending is projected to be <a href="https://www.roymorgan.com/findings/9736-ara-roy-morgan-media-release-christmas-spending-2024">$28 billion, up 4.2%</a>, this year, contributing to the overall increase in expected total Christmas spending. To save on food expenses, asks guests to bring a dish to share. Or celebrate Christmas with an economical picnic or BBQ, weather permitting. Get creative with food leftovers to make meals and reduce the amount of food waste, while stretching your wallet further once Christmas has come and gone. <h2>Managing costs, avoiding debt</h2> Sticking to your Christmas budget can feel rewarding. If you do overspend, reflect on why, and adjust your plan. If needed, explore debt options, like credit cards or personal loans, but only as a last resort. Thoughtful planning will help you manage your costs, while enjoying the festive season. After all, the true spirit of Christmas is about creating memories and enjoying time with loved ones, not about overspending.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/244300/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/angelique-nadia-sweetman-mcinnes-1361909">Angelique Nadia Sweetman McInnes</a>, Academic in Financial Planning, <a href="https://theconversation.com/institutions/cquniversity-australia-2140">CQUniversity Australia</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/track-your-spending-use-cash-and-diy-gifts-how-to-keep-your-costs-down-this-christmas-244300">original article</a>.

Money & Banking

Readers response: How do you handle changes in energy levels as you age?

As we get older, our levels of energy, ability and agility can slowly start to decrease, making us change our day-to-day lifestyles. We asked our readers how they handle these changes, and the response was overwhelming. Here's what they said. Margo Courtney - Eat clean and healthy and your body will reward you with heaps of energy and vitality. I have a very big green smoothie most days as one of my 2 meals, along with 2 litres of water a day, and I don't even need much sleep. Ron Stubbs - Up at 8am, can’t be late for my walk in the sun, and feeling great. Don’t need afternoon snooze then. I’m 77. Kristeen Bon - I don’t handle them. I flop on the couch most afternoons for a quick five minute interior eye check! Sylvia Brice - I have an autoimmune disease so my levels of energy are way down. I do what l can in small bursts and rest when l need to. Luckily l read and craft so can always do them. It's very hard to adapt but that's life and l am so much better for off than younger people with my disease. Think positive. Judie Fisher - Do chores in small stretches, and have regular breaks. Diane Green - Adjust. I do what I can, and what I can't just has to wait. Raymond Richards - As they told us at the heart clinic, if you have something you HAVE to do - do it first. Janis St George - Listen to your body - rest awhile when you need to. Kaylene Samuels - Have a SCAN..... Seniors Compulsory Afternoon Nap. Image credits: Shutterstock

Body

Readers response: What have you had to cut out of your life to cope with cost of living pressures?

As the cost of living continues to rise, many people have had to cut things out of their day to day spending to cope with the financial struggles. We asked our readers what they have had to cut out of their budgets to cope with cost of living pressures, and the response was overwhelming. Here's what they said. Wendy Oliver - We don’t eat out often at all… I spend too much in the supermarket. Christine Brooks - I've cut out steak, good nutritional foods, TV streaming, entertainment, haircuts, new clothes, pets, pool cleaning, and more. Kerrie Dare - I limit steak meals. I've stopped my haircuts to every 4 months. Internet is getting chopped. I can only afford exercise classes twice a week. I don't eat as much fruit as I used too. I only buy groceries when on special. One bottle of wine per fortnight. One slice of sourdough in the morning, which means the loaf lasts a week. I turn on my washing machine around every 10 days & I have quick showers. No eating out or take away. Maybe one cup of coffee per week with a friend. Movies once every 6 weeks as a social group. No concerts or clubs. I drive only locally, so a tank of petrol lasts 1 month. No weekends away. Jane Dawes - No coffees, beauty treatments, hairdresser, eating out, takeouts etc. The trouble is not affording to spend on certain items has a flow on effect for businesses. Everyone is suffering. Lois E. Fisk - Going out to eat or see movies in the cinema or live plays or new clothes. I shop at the least expensive grocery stores as much as possible, and good cuts of meat rarely happen. Janice Stenning - Don't go to the hairdressers as often and don't buy as many clothes. Debra Dugar - Thinking about dropping my extras cover of my insurance. By the time I pay for it, I can't afford the gap you have to pay. Robyn Lee - Living in my own house. I now live with my family. Rhondda Hughes - Well, petrol is expensive so I have to really think if I can afford to visit anyone. I can’t eat meat much and even vegetables can be expensive. We have three chickens so they give us eggs but good quality eggs and healthy chickens require money too. Fortunately I live in Perth so, in comparison to other states, it isn’t as cold however the cost of heating is a significant consideration and therefore I just tend to go to bed. <div style="font-family: inherit;">Felicity Jill Murphy - Stopped going out to shopping centres. That's where I spend money unnecessarily.</div> <div style="font-family: inherit;">Image credits: Shutterstock </div>

Money & Banking

Massive cost of global outage revealed

Experts have estimated that the global CrowdStrike IT outage has cost more than $1.5 billion in damages, as thousands of businesses were affected by the mass disruption. On Friday afternoon, thousands of workers and business who rely on the Microsoft computer system were hit with the "blue screen of death", as computers, EFTPOS machines and even the airport display screens froze. It was later revealed to be a bug wrought from a software update, originating from Texas-based cyber security firm CrowdStrike. The simple tech fail brought much of the world to its knees for hours, as airports, hospitals, shops, business, media outlets and banks were impacted. One American cyber expert estimated that compensation claims could easily top $1 billion USD ($1.5 billion AUD). However, it looks like the damages will be a lot more than that, as Business NSW estimated that in NSW alone, businesses racked up an eye-watering $200 million bill in damages. CrowdStrike has yet to address millions of questions about how it plans to compensate customers, although the company's CEO George Kurtz said the firm is concentrating all its efforts on fixing the problems, and that he believed most customers had been understanding. “My goal right now is to make sure every customer is back up and running,” Mr Kurtz said. “I think many of the customers understand it’s a complex environment and staying one step ahead of the bad guys requires these content updates.” Hundreds of thousands of businesses are expected to file for compensation with the company, as Patrick Anderson, CEO of US research firm Anderson Economic Group, told <a href="https://edition.cnn.com/2024/07/21/business/crowdstrike-outage-cost" target="_blank" rel="noopener">CNN</a>, “This outage is affecting far more consumers and businesses in a way that ranges from inconvenience to serious disruptions and resulted in out of pocket costs they can’t get back easily”. Image credits: RAJAT GUPTA/EPA-EFE/Shutterstock Editorial/Instagram

Money & Banking

Walking or running: for the same distance, which consumes more energy?

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/clement-lemineur-1529211">Clément Lemineur</a>, <a href="https://theconversation.com/institutions/universite-cote-dazur-2917">Université Côte d’Azur</a>; <a href="https://theconversation.com/profiles/clement-naveilhan-1495411">Clément Naveilhan</a>, <a href="https://theconversation.com/institutions/universite-cote-dazur-2917">Université Côte d’Azur</a>, and <a href="https://theconversation.com/profiles/francois-dernoncourt-1495410">François Dernoncourt</a>, <a href="https://theconversation.com/institutions/universite-cote-dazur-2917">Université Côte d’Azur</a> It’s Monday morning, the alarm goes off and it’s already 7:30 a.m. – and you’re 30 minutes late. Normally you need 45 minutes to walk the 3 kilometres to work, but this morning you’ll be running for 20 minutes. Yes, but by lunchtime you’re feeling more tired and you have the impression that you’ve expended more energy than usual on the trip. Yet you’ve covered the same distance as on the other days. How can this be? The calorie expenditure associated with any activity is called the “metabolic cost”, and corresponds to the energy consumed by our organs to cover a given distance. This metabolic cost can be determined by analysing the oxygen our bodies consume and the carbon dioxide they produce, we can estimate the amount of energy expended, and thus the metabolic cost. It was using this method that <a href="https://pubmed.ncbi.nlm.nih.gov/692303/">researchers had already answered our question back in the 1970s</a>. Perhaps not surprisingly, running consumes more energy than walking for the same distance covered. But why? <h2>Energy lost when running</h2> Imagine you’re watching someone running. Now look closely at the vertical movement (up and down) of their pelvis and head. As you can see from the diagram below, when we run, the distance that our body moves up and down is greater than when we walk. To produce this vertical movement, the muscles of the lower limbs have to generate more force, and that consumes more energy, yet doesn’t bring us any closer to our destination. So when running, part of the energy expended is used to move our bodies <a href="https://pubmed.ncbi.nlm.nih.gov/16029949/">upward rather than forward</a>. The energy needed to cover those 3 km is therefore higher for running than for walking. <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/602769/original/file-20240625-18-xilv63.png?ixlib=rb-4.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/602769/original/file-20240625-18-xilv63.png?ixlib=rb-4.1.0&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/602769/original/file-20240625-18-xilv63.png?ixlib=rb-4.1.0&q=45&auto=format&w=600&h=287&fit=crop&dpr=1 600w, https://images.theconversation.com/files/602769/original/file-20240625-18-xilv63.png?ixlib=rb-4.1.0&q=30&auto=format&w=600&h=287&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/602769/original/file-20240625-18-xilv63.png?ixlib=rb-4.1.0&q=15&auto=format&w=600&h=287&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/602769/original/file-20240625-18-xilv63.png?ixlib=rb-4.1.0&q=45&auto=format&w=754&h=361&fit=crop&dpr=1 754w, https://images.theconversation.com/files/602769/original/file-20240625-18-xilv63.png?ixlib=rb-4.1.0&q=30&auto=format&w=754&h=361&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/602769/original/file-20240625-18-xilv63.png?ixlib=rb-4.1.0&q=15&auto=format&w=754&h=361&fit=crop&dpr=3 2262w" alt="Illustration of the oscillations of running and walking" /></a><figcaption>Running involves much greater vertical oscillation of the centre of mass than walking. This is the main reason why running consumes more energy than walking for the same distance covered. François Dernoncourt, Fourni par l'auteur</figcaption></figure> This difference between walking and running is not confined to what happens during the activity itself. In fact, each physical exercise causes a delayed expenditure of energy, which is added to the expenditure during the activity. Taking this into account, it’s once again running that uses more energy than walking. Immediately after running your 3 km, the increased energy consumption (compared with resting) lasts for several minutes, mainly because of the increase in body temperature and the replenishment of energy reserves. This additional expenditure after running is <a href="https://pubmed.ncbi.nlm.nih.gov/22446673/">more than twice that observed after walking</a>, due to the difference in intensity between the two exercises. <h2>It all depends on speed</h2> Running therefore involves a higher calorie expenditure than walking for the same distance covered. But this is on condition that the walking speed considered is “normal” (around 5 km/h). So, if we walk very slowly, it will take us so long to cover the 3 km that the calorie expenditure will be greater in the end. This is because the body expends a certain amount of energy per unit of time no matter what, regardless of the activity performed (known as the “basal metabolic rate”). The same applies if the walking speed is very fast (<a href="https://pubmed.ncbi.nlm.nih.gov/29925582/">more than 8 km/h</a>): running is more energy-efficient. Here, the coordination required to walk at such a speed means that we need to activate our muscles more, without being able to take advantage of the elasticity of our tendons, as is the case with running. Moreover, we have a very precise intuitive perception of the energy efficiency of a particular style of movement. If we’re on a treadmill whose speed gradually increases, the point at which we spontaneously switch from walking to running coincides with the <a href="https://www.sciencedirect.com/science/article/pii/S096663622100120X">moment when it would become more energy-consuming to walk than to run</a>. <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/604700/original/file-20240703-17-4dlrj.jpg?ixlib=rb-4.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/604700/original/file-20240703-17-4dlrj.jpg?ixlib=rb-4.1.0&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/604700/original/file-20240703-17-4dlrj.jpg?ixlib=rb-4.1.0&q=45&auto=format&w=600&h=395&fit=crop&dpr=1 600w, https://images.theconversation.com/files/604700/original/file-20240703-17-4dlrj.jpg?ixlib=rb-4.1.0&q=30&auto=format&w=600&h=395&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/604700/original/file-20240703-17-4dlrj.jpg?ixlib=rb-4.1.0&q=15&auto=format&w=600&h=395&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/604700/original/file-20240703-17-4dlrj.jpg?ixlib=rb-4.1.0&q=45&auto=format&w=754&h=497&fit=crop&dpr=1 754w, https://images.theconversation.com/files/604700/original/file-20240703-17-4dlrj.jpg?ixlib=rb-4.1.0&q=30&auto=format&w=754&h=497&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/604700/original/file-20240703-17-4dlrj.jpg?ixlib=rb-4.1.0&q=15&auto=format&w=754&h=497&fit=crop&dpr=3 2262w" alt="" /></a><figcaption>Modelling of metabolic cost (kilocalories expended per kilogram per kilometre covered) as a function of speed (kilometres per hour) for walking and running. The curves cross at a certain speed (purple line; around 8 km/h): this means that above this speed, walking becomes more energy-intensive than running. It’s at around this threshold speed that people spontaneously switch from walking to running. François Dernoncourt, Adapted from Summerside et al, Fourni par l'auteur</figcaption></figure> In conclusion, because of greater oscillation of the centre of mass and increased energy expenditure after exercise, running to work is more energy-intensive than covering the same distance by walking. But remember, whether you choose to walk or run to work, the most important thing is that you’re already saving energy!<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/233943/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/clement-lemineur-1529211">Clément Lemineur</a>, Doctorant en Sciences du Mouvement Humain, <a href="https://theconversation.com/institutions/universite-cote-dazur-2917">Université Côte d’Azur</a>; <a href="https://theconversation.com/profiles/clement-naveilhan-1495411">Clément Naveilhan</a>, Doctorant en Sciences du Mouvement Humain, <a href="https://theconversation.com/institutions/universite-cote-dazur-2917">Université Côte d’Azur</a>, and <a href="https://theconversation.com/profiles/francois-dernoncourt-1495410">François Dernoncourt</a>, Doctorant en Sciences du Mouvement Humain, <a href="https://theconversation.com/institutions/universite-cote-dazur-2917">Université Côte d’Azur</a> Image credits: Shutterstock 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/walking-or-running-for-the-same-distance-which-consumes-more-energy-233943">original article</a>. </div>

Body

Cost of living: if you can’t afford as much fresh produce, are canned veggies or frozen fruit just as good?

<a href="https://theconversation.com/profiles/evangeline-mantzioris-153250">Evangeline Mantzioris</a>, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a> The cost of living crisis is affecting how we spend our money. For many people, this means tightening the budget on the weekly supermarket shop. One victim may be fresh fruit and vegetables. Data from the <a href="https://www.abs.gov.au/media-centre/media-releases/australians-consuming-fewer-vegetables-fruit-and-less-milk#:%7E:text=Paul%20Atyeo%2C%20ABS%20health%20statistics,278%20to%20267%20to%20grams.%E2%80%9D">Australian Bureau of Statistics</a> (ABS) suggests Australians were consuming fewer fruit and vegetables in 2022–23 than the year before. The cost of living is likely compounding a problem that exists already – on the whole, Australians don’t eat enough fruit and vegetables. <a href="https://www.eatforhealth.gov.au/guidelines/australian-guide-healthy-eating">Australian dietary guidelines</a> recommend people aged nine and older should consume <a href="https://www.eatforhealth.gov.au/food-essentials/five-food-groups/fruit">two</a> serves of fruit and <a href="https://www.eatforhealth.gov.au/food-essentials/five-food-groups/vegetables-and-legumes-beans">five</a> serves of vegetables each day for optimal health. But in 2022 the <a href="https://www.abs.gov.au/statistics/health/health-conditions-and-risks/dietary-behaviour/latest-release">ABS reported</a> only 4% of Australians met the recommendations for both fruit and vegetable consumption. Fruit and vegetables are crucial for a healthy, balanced diet, providing a range of <a href="https://theconversation.com/were-told-to-eat-a-rainbow-of-fruit-and-vegetables-heres-what-each-colour-does-in-our-body-191337">vitamins</a> and minerals as well as fibre. If you can’t afford as much fresh produce at the moment, there are other ways to ensure you still get the benefits of these food groups. You might even be able to increase your intake of fruit and vegetables. <h2>Frozen</h2> Fresh produce is often touted as being the most nutritious (think of the old adage “fresh is best”). But this is not necessarily true. Nutrients can decline in transit from the paddock to your kitchen, and while the produce is stored in your fridge. Frozen vegetables may actually be higher in some nutrients such as <a href="https://pubmed.ncbi.nlm.nih.gov/25526594/">vitamin C and E</a> as they are snap frozen very close to the time of harvest. Variations in transport and storage can affect this slightly. <a href="https://pubs.acs.org/doi/10.1021/jf504890k">Minerals</a> such as calcium, iron and magnesium stay at similar levels in frozen produce compared to fresh. Another advantage to frozen vegetables and fruit is the potential to reduce food waste, as you can use only what you need at the time. As well as buying frozen fruit and vegetables from the supermarket, you can freeze produce yourself at home if you have an oversupply from the garden, or when produce may be cheaper. A <a href="https://www.growveg.com.au/guides/freezing-vegetables-and-herbs-the-garden-foodie-version/">quick blanching</a> prior to freezing can improve the safety and quality of the produce. This is when food is briefly submerged in boiling water or steamed for a short time. Frozen vegetables won’t be suitable for salads but can be eaten roasted or steamed and used for soups, stews, casseroles, curries, pies and quiches. Frozen fruits can be added to breakfast dishes (with cereal or youghurt) or used in cooking for fruit pies and cakes, for example. <h2>Canned</h2> Canned vegetables and fruit similarly often offer a cheaper alternative to fresh produce. They’re also very convenient to have on hand. The <a href="https://nchfp.uga.edu/how/can#gsc.tab=0">canning process</a> is the preservation technique, so there’s no need to add any additional preservatives, including salt. Due to the cooking process, levels of heat-sensitive nutrients <a href="https://onlinelibrary.wiley.com/doi/full/10.1002/jsfa.2825">such as vitamin C</a> will decline a little compared to fresh produce. When you’re using canned vegetables in a hot dish, you can add them later in the cooking process to reduce the amount of nutrient loss. To minimise waste, you can freeze the portion you don’t need. <h2>Fermented</h2> <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6723656/">Fermentation</a> has recently come into fashion, but it’s actually one of the oldest food processing and preservation techniques. Fermentation largely retains the vitamins and minerals in fresh vegetables. But fermentation may also enhance the food’s nutritional profile by creating new nutrients and allowing existing ones to be <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9352655/">absorbed more easily</a>. Further, fermented foods contain probiotics, which are beneficial for our <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10051273/">gut microbiome</a>. <h2>5 other tips to get your fresh fix</h2> Although alternatives to fresh such as canned or frozen fruit and vegetables are good substitutes, if you’re looking to get more fresh produce into your diet on a tight budget, here are some things you can do. 1. Buy in season Based on supply and demand principles, buying local seasonal vegetables and fruit will always be cheaper than those that are imported out of season from other countries. 2. Don’t shun the ugly fruit and vegetables Most supermarkets now sell “ugly” fruit and vegetables, that are not physically perfect in some way. This does not affect the levels of nutrients in them at all, or their taste. 3. Reduce waste On average, an Australian household throws out <a href="https://www.ozharvest.org/food-waste-facts/">A$2,000–$2,500</a> worth of food every year. Fruit, vegetables and bagged salad are the <a href="https://www.ozharvest.org/food-waste-facts/">three of the top five foods</a> thrown out in our homes. So properly managing fresh produce could help you save money (and benefit <a href="https://endfoodwaste.com.au/why-end-food-waste/">the environment</a>). To minimise waste, plan your meals and shopping ahead of time. And if you don’t think you’re going to get to eat the fruit and vegetables you have before they go off, freeze them. 4. Swap and share There are many websites and apps which offer the opportunity to swap or even pick up free fresh produce if people have more than they need. Some <a href="https://www.charlessturt.sa.gov.au/environment/sustainable-lifestyles/community-fruit-and-vege-swaps">local councils are also encouraging</a> swaps on their websites, so dig around and see what you can find in your local area. 5. Gardening Regardless of how small your garden is you can always <a href="https://www.gardeningaustraliamag.com.au/best-vegies-grow-pots/">plant produce in pots</a>. Herbs, rocket, cherry tomatoes, chillies and strawberries all grow well. In the long run, these will offset some of your cost on fresh produce. Plus, when you have put the effort in to grow your own produce, <a href="https://mdpi-res.com/sustainability/sustainability-07-02695/article_deploy/sustainability-07-02695.pdf?version=1425549154">you are less likely to waste it</a>.<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/229724/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/evangeline-mantzioris-153250">Evangeline Mantzioris</a>, Program Director of Nutrition and Food Sciences, Accredited Practising Dietitian, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a> Image credits: Shutterstock 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/cost-of-living-if-you-cant-afford-as-much-fresh-produce-are-canned-veggies-or-frozen-fruit-just-as-good-229724">original article</a>.

Food & Wine

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

<a href="https://theconversation.com/profiles/ama-samarasinghe-1386754">Ama Samarasinghe</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a> As our wallets feel the strain from the cost-of-living crisis, many of us are looking for ways to soften the blow. While everyone’s circumstances are different, and ideally you should seek help from an accredited financial adviser, there are some tried and true ways to work out where all your money is going and why. Here are three practical tips to reduce the impact of the cost-of-living increases, and stretch every hard-earned dollar. <h2>1. Hunt for a better loan rate</h2> For many households, the biggest hit comes from the mortgage, so start there. Even a modest 0.5% reduction can translate into substantial savings. Call your bank today and just ask for rate reduction. If the answer is no, consider shopping around for a different lender. Your loyalty to your current lender might be costing you more than you realise. Banks often reserve their most attractive rates for new customers, leaving long-time customers paying higher-than-necessary interest. Even if your bank does agree to a rate reduction, explore the market anyway. There is a range of free rate-comparison websites, or you can directly check individual bank websites. If you find a lender offering a better rate, you might consider calling the competing bank to ask about switching your mortgage to them. Or, you might seek assistance from a mortgage broker, who can guide you through the process of securing a better deal (just remember they often take <a href="https://www.canstar.com.au/home-loans/mortgage-brokers-fees/">commissions</a> from lenders). Tread carefully and factor in any exit fees or charges from your current lender. Refinancing isn’t without risk, so a thorough cost-benefit analysis is important before making the switch. Also consider the value of features such as <a href="https://moneysmart.gov.au/glossary/offset-account">offset accounts</a>. An offset account, linked to your home loan, allows you to deposit money such as your salary and savings. This money is then “<a href="https://www.rba.gov.au/publications/smp/2015/aug/box-e-offset-account-balances-and-housing-credit.html">offset</a>” against your home loan balance. That means you only pay interest on the outstanding amount (the loan minus whatever salary and savings you put in the offset). This can accelerate loan repayment and reduce interest costs. Keep in mind that offset accounts are typically only available with variable interest rates. Offset accounts work best if you have considerable savings to put into the offset account that outweigh the additional fees and charges attached to offset accounts. <h2>2. Trim your expenses and uncover hidden savings</h2> It’s time to become a budget detective, identifying and cutting down on non-essential costs that might be quietly draining your wallet. Take a close look at those recurring memberships and subscriptions. How often do you actually use that gym membership or streaming service? Many banking apps have handy spending tracking features to help you set realistic budget goals for each spending category. According to the <a href="https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/selected-living-cost-indexes-australia/latest-release">Australian Bureau of Statistics</a>, insurance and financial services are among the top risers in living cost indexes (which measure the price change of goods and services and its effect on living expenses). So search comparison websites for better insurance premiums. Australia’s insurance market is competitive, and you can often get discounts by bundling your insurances together (for example, having your home and contents insurance with the same company that also provides your car insurance). However, don’t shy away from exploring different insurers for potentially better value. Don’t overlook energy costs, either. Use comparison websites like <a href="https://www.energymadeeasy.gov.au/">Energy Made Easy</a> (or, if you’re in Victoria, the <a href="https://compare.energy.vic.gov.au/">Victorian Energy Compare</a> site) to find more cost-effective energy plans. Stay updated on rebates and concessions via the federal government’s <a href="https://energy.gov.au">Energy.gov.au</a> site, to ensure you’re maximising your entitlements. Use less energy, if you can. Small adjustments can make a significant dent in your bills. And for fuel costs, find websites and applications that allow you to lock in the lowest prices in your area. If you’re renting, ask yourself whether moving to a cheaper suburb or a cheaper home is an option. Many people use cashback sites like Cashrewards and ShopBack to accrue cashback incentives. <h2>3. Maximise returns and tackle high-interest debts</h2> While rising interest rates might make your mortgage climb, it also means high interest on your savings. Consider exploring high-yield savings accounts; with current interest rates, you could potentially earn around 5.5% with a bank savings account. Many people set up recurring transfers to help them stick to savings goals, increase deposits and maximise interest earnings. For those wrestling with high-interest debts such as credit cards or personal loans, prioritise settling outstanding balances to minimise interest payments. It can be hard to escape the long-term repercussions (such as a <a href="https://theconversation.com/payday-lending-trap-requires-a-credit-supply-rethink-39311">poor credit score</a>) of defaulting on <a href="https://www.sydney.edu.au/news-opinion/news/2022/09/21/researchers-uncover--pecking-order-of-defaults--as-belts-tighten.html">high-interest loans</a>. And approach buy-now, pay-later services with extreme caution. They may seem tempting but the <a href="https://onlinelibrary.wiley.com/doi/10.1111/acfi.13100">debts can quickly add up</a>. And if you need more help, contact the government’s free National Debt Helpline on 1800 007 007.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/218118/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/ama-samarasinghe-1386754">Ama Samarasinghe</a>, Lecturer, Financial Planning and Tax, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-cost-of-living-crisis-is-hitting-hard-here-are-3-ways-to-soften-the-blow-218118">original article</a>.

Money & Banking

What is the ‘sunk cost fallacy’? Is it ever a good thing?

<a href="https://theconversation.com/profiles/aaron-nicholas-1487960">Aaron Nicholas</a>, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a> Have you ever encountered a subpar hotel breakfast while on holiday? You don’t really like the food choices on offer, but since you already paid for the meal as part of your booking, you force yourself to eat something anyway rather than go down the road to a cafe. <a href="https://www.sciencedirect.com/science/article/pii/0167268180900517">Economists</a> and <a href="https://www.sciencedirect.com/science/article/pii/0749597885900494">social scientists</a> argue that such behaviour can happen due to the “sunk cost fallacy” – an inability to ignore costs that have already been spent and can’t be recovered. In the hotel breakfast example, the sunk cost is the price you paid for the hotel package: at the time of deciding where to eat breakfast, such costs are unrecoverable and should therefore be ignored. Similar examples range from justifying finishing a banal, half-read book (or half-watched TV series) based on prior time already “invested” in the activity, to being less likely to quit exclusive groups such as sororities and sporting clubs the more <a href="https://psycnet.apa.org/record/1960-02853-001">effort it took to complete the initiation ritual</a>. While these behaviours are not rational, they’re all too common, so it helps to be aware of this tendency. In some circumstances, you might even use it for your benefit. <h2>Sunk costs can affect high-stakes decisions</h2> While the examples above may seem relatively trivial, they show how common the sunk cost fallacy is. And it can affect decisions with much higher stakes in our lives. Imagine that Bob previously bought a house for $1 million. Subsequently, there’s a nationwide housing market crash. All houses are now cheaper by 20% and Bob can only sell his house for $800,000. Bob’s been thinking of upgrading to a bigger house (and they are now cheaper!), but will need to sell his existing house to have funds for a downpayment. However, he refuses to upgrade because he perceives a loss of $200,000 relative to the original price he paid of $1 million. Bob is committing the sunk cost fallacy by letting the original price influence his decision making – only the house’s current and projected price should matter. Bob might be acting irrationally, but he’s only human. Part of the reason we may find it difficult to ignore such losses is because losses are psychologically more salient relative to gains – this is known as <a href="https://psycnet.apa.org/record/1985-05780-001">loss aversion</a>. While most of the evidence for the sunk cost fallacy comes from <a href="https://link.springer.com/article/10.1007/s40685-014-0014-8">individual decisions</a>, it may also influence the decisions of groups. In fact, it is sometimes referred to as the <a href="https://www.nature.com/articles/262131a0">Concord fallacy</a>, because the French and British governments continued funding the doomed supersonic airliner long after it was likely it would not be commercially viable. Another example is drawn-out armed conflict that involves a large loss of lives for the losing side. Some may think it impossible to capitulate because the casualties will have “died in vain”. <h2>Knowing about sunk costs can help you</h2> If you find yourself justifying behaviour due to costs you’ve paid in the past rather than circumstances of the present, or predictions of the future, it’s worth checking yourself. Identifying sunk costs allows you to cut your losses early and move on, rather than perpetuating larger losses. This is apparent in the housing example: the larger the crash, the cheaper the bigger house; and yet the larger the crash, the greater the perceived loss from selling the existing house. Hence, the greater the loss in opportunity inflicted by the sunk cost fallacy. If you find it difficult to overcome the sunk cost fallacy, it may help to delegate such decisions to others. This may include the decision of whether to <a href="https://direct.mit.edu/rest/article-abstract/93/1/193/57894/The-Flat-Rate-Pricing-Paradox-Conflicting-Effects">go to a buffet</a> or subscribe to Netflix, with the latter potentially being a double whammy: one may feel compelled to binge-watch due to the flat fee structure and, as mentioned earlier, to finish mediocre series once halfway through. <h2>Use sunk costs to your advantage</h2> A second, less obvious benefit is actively using the fallacy to your advantage. For example, many gym memberships require upfront payments regardless of how much you use the facilities. If you find it hard to ignore sunk costs, choosing gym memberships that have large upfront fees and minimal pay-per-usage fees may be a way to <a href="https://pubsonline.informs.org/doi/abs/10.1287/mnsc.2018.3032">commit yourself</a> to a regular gym habit. This can also apply to other activities that involve short-term pain for long-term gain – for example, paying for an online course will make you more likely to stick with it than if you found a free course. But be warned, this doesn’t work for everything: it seems that spending wildly on a <a href="https://onlinelibrary.wiley.com/doi/abs/10.1111/ecin.12206">wedding ceremony or engagement ring</a> doesn’t have a “sunk cost” effect – it fails to increase the likelihood of staying married.<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/217798/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/aaron-nicholas-1487960">Aaron Nicholas</a>, Senior Lecturer in Economics, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/what-is-the-sunk-cost-fallacy-is-it-ever-a-good-thing-217798">original article</a>.

Money & Banking

Downsizing cost trap awaits retirees – five reasons to be wary

<a href="https://theconversation.com/profiles/erika-altmann-361218">Erika Altmann</a>, <a href="https://theconversation.com/institutions/university-of-tasmania-888">University of Tasmania</a> It’s time to debunk the myth of zero housing costs in retirement if we want to understand why retirees resist downsizing. Retirees have at least five reasons to be wary of the costs of downsizing. Retirees living in middle-ring suburbs face frequent calls to downsize into apartments to free up larger allotments in these suburbs for redevelopment. Retirees who fail to downsize into smaller units and apartments are viewed as being a greedy, baby-boomer elite, stealing financial security from younger generations. It also makes sense to policymakers for retirees to move into less spacious accommodation and make way for high-density housing. Housing think-tank AHURI <a href="http://www.ahuri.edu.au/__data/assets/pdf_file/0021/14079/AHURI_Final_Report_No_286_Australian-demographic-trends-and-implications-for-housing-assistance-programs.pdf">fosters this view</a>. Yet seniors remain resistant to moving, in part because of the ongoing costs they would face. The concept of zero housing costs in retirement is based on a 1940s view of a well-maintained, single dwelling on a single allotment of land where the mortgage has been paid off. This concept is incompatible with medium- and high-density housing and refusing to acknowledge ongoing housing costs may cause significant poverty for retirees. <h2>Reason 1 – upfront moving costs are high</h2> When a house is sold the owner receives the sale funds minus the real estate and legal fees. When the same person then buys a different property to live in, they pay legal fees plus stamp duty. For cities such as Melbourne and Sydney, these costs are likely to exceed A$70,000. These high transfer costs may mean it is not cost-effective <a href="https://theconversation.com/why-older-australians-dont-downsize-and-the-limits-to-what-the-government-can-do-about-it-76931">for the person to move</a>. <h2>Reason 2 – levies are high</h2> Because apartment owners pay body corporate levies, people often assume this is just the same as periodic payment of rates, water, insurance and other costs. It is not. Fees remissions for low-income retirees for rates, power, insurance and water are difficult to apply within a body corporate environment. As a consequence, these are usually not applied to owners of apartments. The costs of maintaining essential services, such as mandatory fire-alarm testing, yearly engineering certification, lift and air-conditioning inspections, significantly increase ownership costs. When additional services are supplied, such as swimming pools, gyms and rooftop gardens, these also require periodic inspections. Garbage collection, cleaning, gardening, concierge and strata management services also <a href="https://eprints.utas.edu.au/cgi/users/home?screen=EPrint%3A%3AView&eprintid=23322">must be paid</a>. Owners of standard suburban homes choose whether they want these services, with those on fixed incomes going without them. Annual levies for apartment buildings vary, but expect to pay between $10,000 and $15,000. They <a href="https://www.strata.community/understandingstrata/faqs">may be more than this</a>. <h2>Reason 3 – costs of maintenance</h2> <figure class="align-right "><figcaption></figcaption></figure> Apartments are often sold as a maintenance-free solution for older people. The maintenance is not free. It needs to be paid for. Maintenance costs are higher in an apartment than a standard suburban home because there are more items and services to be maintained and fixed. Lifts and air conditioning need periodic servicing and fixing. This is in addition to the mandatory inspections listed above. <h2>Reason 4 – loss of financial security</h2> It is a mistaken belief that the maintenance costs that form part of the body corporate fee include periodic property upgrades. This relates to items that are owned collectively with other apartment owners. Major servicing at the ten-year mark and usually each five-to-seven years after that include painting, floor-covering replacement, and lift and air-conditioning repair or replacement. Major upgrades may also include garden redesign or other external building enhancement including <a href="https://eprints.utas.edu.au/cgi/users/home?screen=EPrint%3A%3AView&eprintid=23315">environmental upgrades</a>. All owners share these upgrade costs. Costs of upgrading the inside of an apartment (a bathroom disability upgrade, for example) are additional again. Once the body corporate committee members pledge funds towards an upgrade, all owners are required to raise their share of the funds, whether they can afford it or not. Communal choice outweighs an individual owner’s need to delay upgrade costs. Owners who buy apartments that are part of a body corporate effectively lose control of their future financial decisions. <h2>Reason 5 – loss of security of tenure</h2> Loss of security of tenure is usually associated with renters. However, the recent introduction of <a href="http://www.lpi.nsw.gov.au/__data/assets/pdf_file/0009/25965/Termination_of_a_strata_scheme_by_RG.pdf">termination legislation</a> in New South Wales gives other owners the right to vote to terminate a strata title scheme. When this occurs, all owners, including reluctant owners of apartments within that scheme, are compelled to sell. There are valid reasons why termination legislation is desirable, as many older apartment complexes are reaching the end of their useful life. Even so, as termination legislation is rolled out across the states, owner- occupiers effectively lose control of how long they will own a property for. They no longer have security of tenure, which means retirees may face an uncertain housing future in their old age. <h2>Downsizing raises poverty risks</h2> Because current data sets do not adequately take account of ongoing costs associated with apartment living, the effect of downsizing on individual households is masked. Downsizing retirees into the apartment sector creates ongoing financial stress for older people. Creating <a href="https://theconversation.com/it-will-take-more-than-piecemeal-reforms-to-convince-older-australians-to-downsize-51043">tax incentives to move</a> does not tackle these ongoing costs. Centrelink payments for of <a href="https://www.humanservices.gov.au/customer/services/centrelink/age-pension">$404 per week</a> are well below <a href="http://acoss.wpengine.com/poverty-2/">the poverty line</a>. Yet we expect retirees to willingly downsize and to be able to cede most of their Centrelink payments to cover high body corporate costs. Requiring retirees to downsize for the greater urban good will shift poverty onto retirees who could barely manage in their previously owned standard suburban home. Failing to understand the effect of high ongoing costs associated with apartment living and reinforcing the myth of zero housing costs in retirement will continue to lead to poor policy outcomes.<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/80895/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/erika-altmann-361218">Erika Altmann</a>, Property and Housing Management Researcher, <a href="https://theconversation.com/institutions/university-of-tasmania-888">University of Tasmania</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/downsizing-cost-trap-awaits-retirees-five-reasons-to-be-wary-80895">original article</a>.

Retirement Income

Calories and kilojoules: how do we know the energy content of food, and how accurate are the labels?

<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/emily-burch-438717">Emily Burch</a>, <a href="https://theconversation.com/institutions/southern-cross-university-1160">Southern Cross University</a>, and <a href="https://theconversation.com/profiles/katelyn-barnes-1238606">Katelyn Barnes</a>, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a> Everything we consume contains energy our bodies use to move, grow and maintain health. To work out how much energy is in different foods and drinks, we need to first look at a few core concepts. Firstly, you’ve probably heard of the units of measurement for energy – calories – as well as the metric equivalent, which is joules. One calorie is defined as the amount of energy required to raise the temperature of 1 gram of water by 1℃. In human nutrition, the amounts of energy needed to maintain health, and to fuel a body, are much larger than the tiny singular calories used to heat up a gram of water. So, the term “calorie” in nutrition commonly refers to a <a href="https://www.sciencedirect.com/science/article/pii/S0022316622085546">kilocalorie</a> (or kcal), which is 1,000 calories. When you see the word “calories” on a nutrition label, it’s likely referring to kcals. The energy stored in food and drinks is released when the body breaks down one or more of the four macronutrients inside the food (carbohydrates, proteins, fats, alcohol). The body then uses that energy for activities such as keeping our heart beating, our lungs breathing and our muscles moving. When energy in food is estimated, it is the amount of energy food and drinks provide for these bodily processes. The four macronutrients provide <a href="https://www.sciencedirect.com/science/article/pii/S0002916522039454">different amounts of energy</a>: <ol> <li>1 gram of carbohydrate provides about 4 kcal of energy</li> <li>1 gram of fat provides about 9 kcal of energy</li> <li>1 gram of protein provides about 4 kcal of energy</li> <li>1 gram of alcohol provides about 7 kcal of energy.</li> </ol> <h2>How are calories estimated?</h2> There are two ways to estimate the amount of energy in food and drinks. The first is called “bomb calorimetry”. This gold-standard method involves placing a small sample of food or drink inside a device known as a bomb calorimeter. The food is burned in the presence of oxygen, releasing heat. The amount of heat released is directly related to the amount of energy in the food, allowing a calculation to be made. This method is most commonly used for foods rich in fats and is considered the most reliable (but expensive) method. The second method, the Atwater system, is a much less expensive method for estimating energy content. It is more commonly used when calculating energy of most food and drinks sold in supermarkets. Named after legendary food researcher <a href="https://www.sciencedirect.com/science/article/pii/S0022316622065336">Wilbur Atwater</a>, this system uses a standard conversion factor for each macronutrient found in food and drinks. By estimating the amount of each of the four macronutrients, an approximate calculation of the total energy can be made. However, this method requires detailed knowledge of the ingredients within composite foods (such as muesli bars or hamburgers) – which may reduce accuracy. There is also a margin of error to expect with the Atwater system, because it assumes each ingredient is always the same in composition. For example, a cup of oats grown in one part of the country won’t necessarily have the exact same nutritional content as another cup of oats grown elsewhere, due to climate and soil differences. So, this system is an estimation based on an average. Importantly, both methods estimate the amount of energy in food and drinks. But the actual energy our bodies extract from these foods and drinks can vary due to factors such as individual differences in digestion and absorption, as well as food processing and cooking methods. <h2>Why do foods have calories written on them?</h2> In Australia, it’s a <a href="https://www.foodstandards.gov.au/consumer/labelling/panels/Pages/default.aspx">legal requirement</a> for packaged food items to have a nutrition information panel that displays the number of kcal it contains. However, homemade food items sold at places like a fresh market may not be required to provide a nutrition information panel. This will depend on the type of food being sold and the scale of the business operation. Fresh foods such as fruit, vegetables and meat also don’t require a nutrition information panel. To find out the number of kcal in them, you can either run an experiment with a bomb calorimeter or look up an estimated value in an online nutrition database. Food composition databases such as <a href="https://www.calorieking.com/us/en/">CalorieKing</a> compile information about the energy and nutrient content of various foods. Dietitians and other health professionals often use these databases to estimate the energy content of foods to inform dietary recommendations. <h2>Different international standards</h2> Both kJ and kcal refer to energy – they are just two different units of measurements (such as how inches and centimetres are two different units for measuring length). Kilojoules (kJ) is part of the International System of Units (SI). Australia, New Zealand and some parts of Europe use kJ. The United States and the United Kingdom use kcal. To convert between calories and kilojoules you use the conversion factors: <ul> <li>1 kcal = 4.184 kJ</li> <li>1 kJ = 0.24 kcal (about ¼).</li> </ul> For example, if you have a packet of chips with an energy content of 200 kcal, you can convert it to kJ as follows: 200 kcal × 4.184 = 836.8 kJ. As for how many calories are acceptable to eat, the Australian Guidelines for Healthy Eating estimate the average adult requires about 7,000kJ or 1,670Kcal every day. However, differences in age, gender, size, health and physical activity will influence how much energy a person needs. To estimate your personal energy requirements, you can use this <a href="https://www.eatforhealth.gov.au/nutrient-reference-values/nutrients-dietary-energy-calculator#results-energy">nutrients and dietary energy calculator</a>.<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/211613/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/emily-burch-438717">Emily Burch</a>, Dietitian, Researcher & Lecturer, <a href="https://theconversation.com/institutions/southern-cross-university-1160">Southern Cross University</a>, and <a href="https://theconversation.com/profiles/katelyn-barnes-1238606">Katelyn Barnes</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> 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/calories-and-kilojoules-how-do-we-know-the-energy-content-of-food-and-how-accurate-are-the-labels-211613">original article</a>.

Food & Wine

The cost of living is biting. Here’s how to spend less on meat and dairy

Food & Wine

King Charles hit hard by cost of living crisis

As the cost of living crisis continues around the world, it seems even those at the very top are not as immune from the financial uncertainty as expected. King Charles and the royal family are the latest hit by the crisis, with the Crown Estate losing half a billion pounds (approx. $950 million AUD) on its London property portfolio after the value of retail space crashed. King Charles was reportedly forced to dip into the royal reserves by £21 million (approx. $40 million AUD) due to overspending by the Palace, while staff have implemented a number of cost-cutting measures across the various royal estates including turning down the heating. Following a year of "unprecedented" royal activity that saw both the death of Queen Elizabeth and the coronation of King Charles, Buckingham Palace's net expenditure grew by more than £5 million this year, to £107.5 million (approx. $203 million AUD) in just a few short months. The spending was used on events such as the Queen Elizabeth II's Platinum Jubilee, the Queen's funeral, preparation for the King's coronation and the joining of two royal households. During a media briefing on Tuesday, Sir Michael Stevens, keeper of the royal family's Sovereign Grant, emphasised that it had been "an exceptional year" for the royal household. He said the financial strain related to a year of "grief, change and celebration, the like of which our nation has not witnessed for seven decades". The historic events, he said, have "inevitably entailed additional burdens on resources" to ensure that they were "delivered safely and smoothly, and that the change of reign was effected as seamlessly as possible at a time of great national and international interest". The Platinum Jubilee cost £700,000 (approx. $1.3 million AUD), while the Queen's funeral cost £1.6 million (approx. $3.5 million AUD). Image credits: Getty Images

Money & Banking

Ready-made foods you should avoid at all costs

<h2>Pasta dishes</h2> Those ready-made spaghetti Bolognese and creamy pasta dishes are comfort foods at their finest, but they’re not the best for your body. Skip the frozen dishes, which tend to be loaded with sodium and fat, and throw your own healthy pasta recipe together, suggests paediatric dietitian Jodi Greebel. Not only is boiling pasta quick and easy, but you also have more control over what goes into the sauce and sides. Load yours up with nutritious veggies and throw in a tin of lentils for a healthier twist on your guilty-pleasure pasta. <h2>Kids’ meals</h2> Parenting is a 24/7 job, and if you cook separate meals for your little ones, sometimes you lack the energy and time. It’s tempting to pop a frozen kids’ meal in the oven and serve dinner 20 minutes later, but that meal probably isn’t something you really want in your child’s belly. “Some meals have more than half the amount of fat a child needs for the whole day,” says Greebel. With just a teensy bit more effort, you can dish up something you can feel confident feeding your child. For standby freezer aisle meals, Greebel recommends baked chicken nuggets with frozen veggies, but fresh food can be just as easy. Pick up a rotisserie chicken to serve with two vegetables – food that will feed not just your children but the adults in the house too. Any leftovers use in tacos for tomorrow night’s meal. <h2>Low-protein veggie burgers</h2> Skipping the traditional cheeseburger for a meatless option can be better for your belly and the planet, but there’s a catch. A lot of people look at all plant-based burgers as healthy protein substitutes, but some are much higher in carbohydrates and fat than protein, says nutrition program creator Ilana Muhlstein. “Protein is important for keeping us full and preventing overeating.” Leave it on the shelf if the nutrition facts say just five grams of protein, and hunt down another veggie patty with ten grams or more, she suggests. <h2>Frozen stir-fries</h2> Frozen meals like stir-fries are loaded with sodium, thanks in part to the sauces they come in. Luckily, a healthier version is just as easy and freezer-friendly. Buy a pack of plain frozen veggies – some stores even sell stir-fry vegetables without the sauce – and throw them in your wok or frying pan with chicken or beef, suggests Greebel. Use just a bit of low-sodium soy or teriyaki sauce to keep the salt to a minimum. <h2>Fried foods</h2> So, how bad are fried foods? Chips and other frozen fried food is tasty, but it shouldn’t be a part of your regular diet. Loaded with sodium and saturated fats, it could increase your risk of heart disease and obesity. Keep some healthier snack options on hand so you’re not tempted by the fried stuff. Throw together a pita pizza instead of frozen pizza, or make chicken tacos. <h2>Two-serving meals</h2> When you’re looking for a quick and healthy single-serving dinner, buyer beware: some frozen foods look reasonable in calories, fat, and sodium at first glance, but they’re actually two servings disguised as one. Double-check the portion size before you dig in to make sure you’re not biting off more than you’d want to chew. Swap the poser out for a single-serving meal, or set half aside for leftovers. Image credit: Shutterstock This article originally appeared on <a href="https://www.readersdigest.co.nz/kitchen-tips/ready-made-foods-you-should-avoid-at-all-costs" target="_blank" rel="noopener">Reader's Digest</a>.

Food & Wine

9 cost-effective ways to warm your home this winter

Sick of hearing about the same old heating methods that never quite do the job? Try these nine unconventional heating hacks. 1. Preheat your pyjamas While you shower, put your pyjamas in the dryer to ensure that you have toasty warm clothing to change into as soon as you leave the warmth of the bathroom. For a slightly more affordable version, wrap your PJs in a hot water bottle or heat bag, not only will it heat your clothes but it will make your bed toasty warm too, just be sure to remove the hot water bottle from your bed before you settle down to sleep for the night. 2. Join the fan club It might seem counter-productive but turning a fan on at the lowest setting will help circulate heat throughout the room. Don't knock it until you try it! 3. Hottie in the car Dreading your chilly morning commute to work? Make your early start a little easier to stomach by putting hand warmers into your pockets or heat up a hot water bottle with warm water or a heat bag and put it on your lap as you drive. 4. Utilise bubble wrap For those whose home insulation isn't up to scratch, a budget-friendly trick is to use bubble wrap to insulate your windows from the inside. To create the DIY double glazing, simply get some bubble wrap and use a product like blue-tac to hold it in place on your windows. 5. Make use of your curtains Keep your house warmer for longer by making use of your curtains and the limited winter sun. To do this, open all of your curtains on a sunny morning and allow the house to soak up as much heat as possible during the day. As night falls, let your curtains act as an additional piece of insulation by closing them at dusk and trapping heat inside the house. 6. Cuddle your pet When in doubt, a great way to stay warm on a cold night is by sharing body heat. While snuggling up with your partner might make you a little bit warmer, cuddling a furry pet will heat you up a lot faster. The key to success with this hack is to cuddle up with the fluffiest animal possible, so try and find a friend with a Ragdoll cat or a St Bernard. 7. Go camping… indoors Just because it's winter doesn't mean you can't go camping... well, as long as it's in the living room. For a warm night's sleep, fill up a tent with pillows and blankets, make sure it's all zipped up and settle down for the night. The enclosed space will heat up by trapping the air and using your body warmth to make the space nice and cosy. 8. Redecorate Positioning your favourite seat in front of the heater might feel great when you're sitting in it, but when you put furniture too close to a heating source you're actually stopping the hot air from circulating throughout the rest of the room. Fix this problem by repositioning your furniture and allowing the hot air to fill the whole room, rather than just absorbing it all up in one spot. 9. Get in the kitchen There's nothing like a good soup or a roast to make you feel better on a cold winter’s night. Cooking is an easy way to warm up the air in your home, while also providing you with something warm to eat at the same time. Republished with permission of <a href="http://www.stuff.co.nz/" target="_blank" rel="noopener">Stuff.co.nz</a>. Images: Getty

Home Hints & Tips

1 in 4 households struggle to pay power bills. Here are 5 ways to tackle hidden energy poverty

<a href="https://energyconsumersaustralia.com.au/news/how-increases-in-energy-prices-are-impacting-consumers#:%7E:text=Energy%2520affordability%2520is%2520not%2520just,in%2520the%2520past%252012%2520months.">One in four Australian households</a> are finding it hard to pay their gas and electricity bills. As winter looms, <a href="https://www.aer.gov.au/news-release/default-market-offer-2023%25E2%2580%259324-draft-determination">energy price rises</a> will make it even harder. Cold homes and disconnections resulting from energy poverty threaten people’s health and wellbeing. <a href="https://www.acoss.org.au/wp-content/uploads/2023/03/ACOSS-cost-of-living-report2-March-2023_web_FINAL.pdf">Income support for welfare recipients</a> and retrofitting homes to make them more thermally efficient – by adding insulation, for example – can ease the burden. And when homes are not too cold or hot, <a href="https://theconversation.com/fuel-poverty-makes-you-sick-so-why-has-nothing-changed-since-i-was-a-child-living-in-a-cold-home-201787">people’s health benefits</a>. This in turn <a href="https://apo.org.au/node/319556">eases pressure on the public health system</a>. However, many people are missing out on assistance as programs often do not recognise their difficulties. Their energy vulnerability is hidden. <h2>What forms does hidden energy poverty take?</h2> <a href="https://www.sciencedirect.com/science/article/pii/S2214629623000737">Our newly published study</a> has revealed six aspects of hidden energy vulnerability. These are: <ol> <li> underconsumption – households limit or turn off cooling, heating and/or lights to avoid disconnections </li> <li> incidental masking – other welfare support, such as rent relief, masks difficulties in paying energy bills </li> <li> some households disguise energy poverty by using public facilities such as showers or pooling money for bills between families </li> <li> some people conceal their hardship due to pride or fear of legal consequences, such as losing custody of children if food cannot be refrigerated because the power has been cut off </li> <li> poor understanding of energy efficiency and the health risks of cold or hot homes adds to the problem </li> <li> eligibility criteria for energy assistance programs may exclude some vulnerable households. For example, people with income just above the welfare threshold are missing out on energy concessions. Energy retailer hardship programs also ignore people who have voluntarily disconnected due to financial hardship. </li> </ol> <h2>5 ways to help these households</h2> Our studies suggest trusted intermediaries such as people working in health, energy and social services can play a vital role in identifying and supporting such households. First, energy efficiency and hardship initiatives may be <a href="https://www.rmit.edu.au/about/schools-colleges/property-construction-and-project-management/research/research-centres-and-groups/sustainable-building-innovation-laboratory/projects/care-at-home-system-improvements">integrated into the My Aged Care in-home care system</a>. Energy poverty risk identification, response and referral could be built into the national service’s assessment form. This could leverage existing client screening processes. The system’s front-line staff could connect at-risk householders with energy counsellors. These counsellors could help people access better energy contracts, concessions, home retrofits and appliance upgrade programs. A new Commonwealth “energy supplement” could help pay for essential energy-related home modifications. This would help avoid My Aged Care funds being diverted from immediate healthcare needs. Second, general practitioners and other health professionals could help identify energy vulnerability among patients with medical conditions of concern. They could also provide letters of support emphasising renters’ health-based need for air conditioners or heaters. Third, energy providers could use household energy data to identify those that seem to be under-consuming or are often disconnected. They could also identify those that are not on “best offer” deals. They could be proactive in checking struggling householders’ eligibility for ongoing energy concessions and one-off debt relief grants offered by states and territories. Energy providers could also make it easier for social housing providers to ensure concessions for tenants renew automatically. Fourth, local councils could use their data to identify at-risk householders. They might include those with a disability parking permit, discounted council rates or in arrears, on the social housing waiting list, Meals on Wheels clients and social housing tenants. Maternal and child health nurses and home and community care workers making home visits could call attention to cold or hot homes. Councils could employ in-house energy counsellors to provide assistance and energy literacy training. Council home maintenance teams could develop bulk-buying, insulation and neighbourhood retrofit programs. Strategies to reduce vulnerability to energy poverty should be part of municipal public health and wellbeing plans. Under these strategies, net-zero-carbon funds set up by states and local councils to reduce emissions could finance targeted housing retrofits. We also suggest setting up a central helpline to improve access to energy assistance via local referrals. Fifth, residential energy-efficiency programs could become more person-centric. For example, we already have <a href="https://www.homescorecard.gov.au/">Residential Efficiency Scorecard</a> audits to assess the thermal quality of a home. These audits could also explore whether concessions and better energy deals are available to the household. <h2>Building capacity at all levels</h2> <a href="https://cur.org.au/cms/wp-content/uploads/2021/08/tackling-hidden-energy-final.pdf">Capacity-building strategies</a> are needed at all levels – individual, community and government – to overcome the <a href="https://www.sciencedirect.com/science/article/pii/S2214629623000737">challenges</a> of reducing energy poverty. Current obstacles include the competing priorities of service providers, lack of time and resources, and <a href="https://www.sciencedirect.com/science/article/abs/pii/S2214629622003553">poor co-ordination between siloed</a> programs and services. Access to essential energy services should be part of state and local governments’ strategic health plans. Housing, energy and health departments could work together to include housing retrofits in preventive health programs. A comprehensive approach is needed to overcome hidden energy poverty. It must include public education, integrated services and well-funded energy-efficiency programs. Regulatory reforms and ongoing funding are both needed to improve the availability of energy-efficient, affordable homes for tenants. Our suggested strategies start with improving the skills and knowledge of trusted intermediaries. Doctors, social workers, housing officers, community nurses and volunteers can play a central role. Using these front-line professionals to help identify and act on energy poverty offers a novel, cost-effective and targeted solution. This article originally appeared on <a href="https://theconversation.com/1-in-4-households-struggle-to-pay-power-bills-here-are-5-ways-to-tackle-hidden-energy-poverty-204672" target="_blank" rel="noopener">The Conversation</a>. Images: Getty

Home Hints & Tips

How much it costs to rent Hugh Jackman’s bucket list home

After building and developing this stunning, minimalist East Hamptons estate over a period of six years, Wolverine star Hugh Jackman and his wife Deborra-lee Furness have decided to put it to better use by popping it onto the rental market – and it will only set you back around half-a-million dollars per month, according to <a href="https://www.corcoran.com/listing/for-rent/20-hedges-banks-drive-east-hampton-ny-11937/6517169/regionId/3" target="_blank" rel="noopener">Corcoran.com</a>. “Stunning Modern Waterfront Compound!” screams the listing. “Beautifully done, highest end construction, with every amenity, including gym, theater, flush edge pool, jacuzzi, and two single and separate homes, set high on the bluff overlooking the open bay with the most spectacular views!” After Hugh bought the property for $3.5m in 2015, he and Deborra-lee spent six long years renovating it, and turning it into what Furness described as her “lifelong dream”. Architect Stelle Lomont Rouhani collaborated with Jackman and Furness to create “the utmost Zen tranquillity overlooking the Gardiner's Bay in East Hampton”. The minimalist main house with a gourmet kitchen, Gaggenau appliances and an informal dining room features a hand-carved solid bleached walnut dining table, custom crafted by Field & Co., 3 en suite bedrooms, floor-to-ceiling glass doors, and a guest house, meticulously renovated and features open living space complete with a top-of-the-line kitchen with bar area, a step-down open living room with lounge-style seating, along with a loft bed and lounge areas and a primary suite overlooking the oversized pool and spa sitting above the bay with a spectacular 180-degree vista of the water. Set on a sprawling 2.5-acre plot, the 5-bedroom, 5 1/2 bath compound is the ultimate retreat with all the amenities of a 5-star resort. Images: Corcoran.com

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Being carers costs women more than $500,000 over a lifetime, leaving them with less in retirement than men

The cost of loving our pets – a guide for owners

What cost-of-living crisis? Luxury travel is booming – and set to grow further

What is reformer pilates? And is it worth the cost?

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

Readers response: How do you handle changes in energy levels as you age?

Readers response: What have you had to cut out of your life to cope with cost of living pressures?

Massive cost of global outage revealed

Walking or running: for the same distance, which consumes more energy?

Cost of living: if you can’t afford as much fresh produce, are canned veggies or frozen fruit just as good?

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

What is the ‘sunk cost fallacy’? Is it ever a good thing?

Downsizing cost trap awaits retirees – five reasons to be wary

Calories and kilojoules: how do we know the energy content of food, and how accurate are the labels?

The cost of living is biting. Here’s how to spend less on meat and dairy

King Charles hit hard by cost of living crisis

Ready-made foods you should avoid at all costs

9 cost-effective ways to warm your home this winter

1 in 4 households struggle to pay power bills. Here are 5 ways to tackle hidden energy poverty

How much it costs to rent Hugh Jackman’s bucket list home