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Grandma shares blunt advice for gift-giving season

<p>A grandmother has shared valuable advice for other grandparents who are prone to going over the top for birthday and Christmas presents. </p> <p>DeeDee Moore, who runs the TikTok account @morethangrand, reignited the debate on finding the line between spoiling your grandkids with an abundance of gifts, and not going over the top. </p> <p>With Christmas right around the corner, DeeDee shared some advice for grandparents before they hit the shops.</p> <p>"Too much stuff from grandparents is at the top of the list of topics that parents struggle with," Moore explained in a viral clip.</p> <p>A recent survey from <a href="https://www.morethangrand.com" target="_blank" rel="noopener">More Than Grand</a> found 75 percent of the parents surveyed, wished grandparents respected their wishes about gifts, for a few reasons, but the most common was the sheer volume of stuff.</p> <p>"Parents often don't have the physical space to accommodate the toys indulgent grandparents buy," she continued.</p> <p>However, the issue is that one grandparent probably isn't the only one going all out on gifts. </p> <p>"Say your grandson has four other grandparents and four aunts and uncles. Each of these people get him one gift for a second birthday. That's already nine gifts plus something for mum and dad. We're up to 10," she explained. </p> <p>"But if all of those grandparents buy him three things, and two of the aunts get him a little extra something, that's 22 presents for a two-year-old who would be just as happy with a box." </p> <p>Moore also pointed out while many kids are fortunate enough to be spoilt at Christmas, there are many children who are living in hardship and don't have the same luxuries. </p> <p>Her advice is to take some of the things you would have given to your grandchildren and donate them to a charity or organisation who works with less fortunate families.</p> <p>Dozens of mothers chimed in the comment section of the video, praising DeeDee's advice and sharing their own stress about presents. </p> <p>"I used to have so much anxiety about Christmas because my in-laws used to buy more than Santa, us and my parents combined. It was stressful," commented one mum. </p> <p><em>Image credits: Shutterstock</em></p>

Family & Pets

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Readers response: What’s the best advice you’ve received on staying healthy as you age?

<p>We asked our readers what the best advice they’ve received on staying healthy as you age is, and the response was overwhelming. Here's what they said. </p> <p><strong>Fred Pilcher </strong>- Don't smoke. That's the most important advice you're likely to get. If you do smoke, quit now. Today. I've lost parents and friends to lung cancer and emphysema - both terrible ways to go. (I say this as a former two pack a day addict.)</p> <p><strong>Kate Caddey</strong> - Stay as fit as you can. Walk, do the stretch, balance and dance offerings. Travel the slightly harder way with ups and downs included. Stay curious about people you meet and about everything in general. Never stop learning.</p> <p><strong>Marie Jones</strong> - Keep laughing.</p> <p><strong>Gloria Hickey</strong> - Keep active, but wish I had been told to have my B12 added to yearly blood work too. </p> <p><strong>Peter Connolly</strong> - Best advice I got was "Whatever you do, go out with a bang. There is absolutely no point in lying in bed in a hospital, dying of nothing!"</p> <p><strong>Terry Dolman</strong> - Enjoy being happy. It takes more energy to be grumpy than smile. Plus, a good Friend in Vietnam now said "don't carry the past plus a drink of whisky a day." </p> <p><strong>Heather Dixon</strong> - Keep busy.</p> <p><strong>Lydia Poli </strong>- Enjoy the ride while you can!</p> <p><strong>Marlene Cochrane</strong> - Don't stop moving. Both physically and mentally.</p> <p><strong>Karen Ambrose</strong> - Keep dancing!</p> <p><em>Image credits: Shutterstock </em></p>

Body

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Readers response: What advice would you give someone visiting Australia?

<p>We asked our readers what advice they would give to someone travelling to Australia, including where tourists need to see and what hidden gems cannot be missed. Here's what they said. </p> <p><strong>Peggy Rice</strong> - Respect our rules, the outback needs to be researched, swim between flags, don't swim with crocodiles. It's the best country in the world, let's keep it that way. Also do yourself a favour and put Tasmania on your list of beauty.</p> <p><strong>Kay L Bayly</strong> - Number 1 advice! Check distances between desired destinations. It is a much bigger country than most people understand.</p> <p><strong>Michael Pender</strong> - Bring a sense of humour.</p> <p><strong>Toni Stewart</strong> - You will need a year at least to see all the different areas from desert, scrub, rainforest, cities, beaches, country side fabulous little towns and lots of festivals.</p> <p><strong>Maureen Prince</strong> - We don’t have Kangaroos running the streets. Koalas are not in everybody's back yard trees. Whilst we do have snakes you’d be very unfortunate if you were to come across a venomous one. We don’t all go around saying “Good day mate”. Our scenery is incredible. Our food is superb and, best of all, we have good friends who do say “Good day mate”.</p> <p><strong>Tina Shaw</strong> - Leave preconceptions at customs. See who we are and you'll have a fantastic time.</p> <p><strong>Dianne Savage</strong> - Put Tasmania on your must do list.</p> <p><strong>Margaret Higgs</strong> - Use sunscreen, wear a hat, drink lots of fluids.</p> <p><strong>Cheryl Anne</strong> - Don't assume you can cover the whole country in 6 weeks.</p> <p><strong>Sarah Hayse-Gregson</strong> - Obey the beach culture. The flags, lifesavers are there for a reason. If a sign says, “beach closed” there’s no one to assist you if you get into difficulty. Our lifesavers are volunteers, don’t forget that. They give up their free time to monitor the beaches and are highly trained. Never turn your back to the sea.</p> <p><strong>Ann Lusby</strong> - Watch out for drop bears.</p> <p><em>Image credits: Shutterstock </em></p>

Domestic Travel

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The financial reality check after a major diagnosis

<p>Once you have received and processed your doctor’s diagnosis, take stock of the situation, because this will determine how you respond and what resources you have available to support you going forward.</p> <p>Who received the diagnosis – you or your spouse (if you have one)? Is it a terminal illness, chronic condition or treatable setback? </p> <p>If you are not yet retired, will you be able to keep working, need a period off work or will this bring forward your retirement? If leaving work temporarily, what are your prospects for re-entering the workforce? Will your partner need to leave their work to care for you (or vice versa)?</p> <p>Once you have clarified and considered this, spring into action as soon as possible.</p> <p><strong>Revisit your spending</strong></p> <p>Healthcare is expensive by any measure. </p> <p>Pensioners and healthcare card holders may get much or all of your treatment covered, but waiting times in the public system can be lengthy. For self-funded retirees, even with private health insurance, there can be considerable out-of-pocket costs: specialist visits, diagnostics, symptom management, physiotherapy and so on. </p> <p>Depending on the type of diagnosis, you may also need to modify your home (install ramps, railings etc.) and/or obtain specialist furniture and equipment. Then comes care requirements – private nurses, retirement living, hospice or palliative care.</p> <p>Your lifestyle may also change, and quickly. Your clothes and shoes may no longer fit if you lose weight rapidly. You may no longer be able to drive. You may need help with household chores – cleaning, cooking, gardening. Covering these requires money if you don’t have family and friends able to lend a helping hand.</p> <p>Carefully look at what supports your new reality demands and whether they will be one-off or ongoing expenses. Some things will need to be purchased, others could be hired to split the cost over the longer term. </p> <p><strong>Secure your income</strong></p> <p>Once you’ve established the impact on your ability to work and your spending needs, determine how you will pay for everything going forward.</p> <p>Your emergency fund can provide short-term cash if you need to stop working suddenly or fork out for large, unexpected bills. </p> <p>Depending on your age and circumstances, it may be worth bringing forward your retirement – allowing you to draw income from superannuation and focus more on your (or your partner’s) health.</p> <p>Check your insurances to see what claims you could make – having paid the premiums, now is the time make use of them. Relevant insurances include total permanent disability, income protection, trauma or critical illness cover. Meanwhile some life insurance policies may pay out based on a specialist’s diagnosis, unlocking much-needed funds sooner. Depending on your diagnosis, policy and the type of insurance, payouts may be a lump sum or smaller payments spaced out over time.</p> <p><strong>Update your estate plans</strong></p> <p>A major diagnosis typically elicits thoughts about mortality, legacy and how you want your loved ones to be provided for.</p> <p>Crucially, it may also influence factors such as guardianship of minors and pets while you are unwell/in hospital, Power of Attorney to cover important legal and financial decisions if you are incapacitated, and palliative care arrangements if required.</p> <p>Before heavy medications, surgeries or further deterioration of your health cloud your judgement, ensure your will and estate plans are updated to fully reflect your current needs and wishes.</p> <p><strong>Look after yourself</strong></p> <p>Stress, shock, anger and despair are common emotions to feel when faced with a major diagnosis. As such, it’s important you look after your mental and emotional wellbeing too.</p> <p>It needn’t cost a cent – you could look to free counselling services available such as Lifeline and Beyond Blue; a daily walk by the beach or through the local park; catching up with loved ones for support and companionship. </p> <p>Keeping your spirits up, as much as you can under the circumstances, can improve your quality of life while also helping you make clearer decisions about your health, finances and relationships – making it arguably the best investment of all.</p> <p>Back that up with sound legal, tax and financial advice. There is much to consider where insurance, superannuation, inheritances, Centrelink and more are involved, and you can’t know everything – especially when your focus is rightly elsewhere!</p> <p><em><strong>Helen Baker is a licensed Australian financial adviser and author of On Your Own Two Feet: The Essential Guide to Financial Independence for all Women. Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au/">www.onyourowntwofeet.com.au</a></strong></em></p> <p><em><strong>Disclaimer: The information in this article is of a general nature only and does not constitute personal financial or product advice. Any opinions or views expressed are those of the authors and do not represent those of people, institutions or organisations the owner may be associated with in a professional or personal capacity unless explicitly stated. Helen Baker is an authorised representative of BPW Partners Pty Ltd AFSL 548754.</strong></em></p> <p><em><strong>Image credits: Shutterstock </strong></em></p>

Money & Banking

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Readers response: What’s the best travel advice you’ve ever received?

<p>When planning a holiday, it's not unlikely to receive travel advice from others who have explored the world. </p> <p>We asked our readers to share the best travel advice they have ever received, and the response was overwhelming. Here's what they said.</p> <p><strong>Liz Mendygral</strong> - You must have travel insurance.</p> <p><strong>Nancy Rogers</strong> - Travel light and clever.</p> <p><strong>Anne Denise Houghton</strong> - If you are in a different country and see something you would really like to do, do it then as tomorrow you may miss the opportunity!</p> <p><strong>Deedee Cullum</strong> - Get off the beaten tourist track and meet the real people.</p> <p><strong>Karen Ambrose</strong> - When crossing the road in busy Vietnam cities, keep walking and the traffic will go around you. DON'T STOP!</p> <p><strong>Fran Cresswell</strong> - Pack what you think you will need then take out half of it!!</p> <p><strong>Bill King</strong> - Respect the customs of the country you are visiting.</p> <p><strong>Lorraine Kirkwood</strong> - Pack a spare set of clothes and Pjs in your cabin luggage. When your suitcases get lost you are ok.</p> <p><strong>Chris Walker</strong> - Go while you can.</p> <p><strong>Terry Dolman </strong>- Book your flight way ahead. Saves mega $$.</p> <p><strong>Denise Sutherland</strong> - Where your passport is concerned NEVER BEHAVE BADLY, save that for your backyard.</p> <p><em>Image credits: Shutterstock</em></p>

Travel Tips

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10 signs you’re not on the right financial path

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

Money & Banking

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Readers response: What’s your best advice for managing medications while travelling?

<p>When taking a trip, many people often have to factor in how their changing schedule will affect their regular medication routines. </p> <p>We asked our readers for their best advice on managing medications while travelling, and the response was overwhelming. Here's what they said. </p> <p><strong>Kristeen Bon</strong> - I put each days tablet into small ziplock bags and staple them at one corner. All that goes into one larger ziplock bag and into my toilet bag. I store all the outer packs flat into another ziplock bag and that stays in the zip pack with my first aid kit in the main suitcase. I travel long haul up to six times a year and this is the most manageable way I have found.</p> <p><strong>Diane Green</strong> - Firstly, take sufficient  supply of all meds to last the time I'm away. I separate morning medications and evening medications. Then it depends on how long I'm away. I have one that needs to be refrigerated. Depending on where I travel, this can entail arranging overnight in the establishment fridge while taking a freezer pack for daytime travel.</p> <p><strong>Irene Varis</strong> - Always get a letter from my doctor, with all my prescriptions for when I get overseas. Saves you a lot of trouble!</p> <p><strong>Helen Lunn</strong> - Just get the chemist to pack into Medipacks. I usually take an extra week. I alway put some of the packs in my partners baggage incase my bag goes missing and a pack and a doctor’s letter in my hand luggage.</p> <p><strong>Jancye Winter</strong> - Always pack in your carry on with prescriptions.</p> <p><strong>Jenny Gordon</strong> - Carry a letter from doc with all medications, leave in original packaging. Double check that it isn’t illegal to carry your medication as some countries have strict regulations for things like Codeine. Always carry in carry on as you don’t want them to get lost.</p> <p><strong>Nina Thomas Rogers</strong> - Be organised with all your medicines before you leave.</p> <p><em>Image credits: Shutterstock </em></p>

Travel Tips

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

<p><em><a href="https://theconversation.com/profiles/marianne-janack-681018">Marianne Janack</a>, <a href="https://theconversation.com/institutions/hamilton-college-2966">Hamilton College</a></em></p> <p>Most discussions of retirement focus on the financial aspects of leaving the workforce: “<a href="https://www.dol.gov/sites/dolgov/files/EBSA/about-ebsa/our-activities/resource-center/publications/top-10-ways-to-prepare-for-retirement.pdf">How to save enough for retirement</a>” or “<a href="https://www.businessinsider.com/personal-finance/investing/when-can-i-retire">How do you know if you have enough money for retirement</a>?”</p> <p>But this might not be the biggest problem that potential retirees face. The deeper issues of meaning, relevance and identity that retirement can bring to the fore are more significant to some workers.</p> <p>Work has <a href="https://www.theatlantic.com/ideas/archive/2023/03/work-revolution-ai-wfh-new-book/673572/">become central to the modern American identity</a>, as <a href="https://www.theatlantic.com/atlantic-editions/">journalist Derek Thompson bemoans</a> in The Atlantic. And some theorists have argued that work shapes what we are. For most people, as business ethicist <a href="https://www.luc.edu/quinlan/faculty/algini.shtml#:%7E:text=About,the%20Society%20for%20Business%20Ethics.">Al Gini</a> argues, one’s work – which is usually also one’s job – <a href="https://doi.org/10.4324/9780203950555">means more than a paycheck</a>. Work can structure our friendships, our understandings of ourselves and others, our ideas about free time, our forms of entertainment – indeed our lives.</p> <p>I <a href="https://www.hamilton.edu/academics/our-faculty/directory/faculty-detail/marianne-janack">teach a philosophy course about the self</a>, and I find that most of my students think of the problems of identity without thinking about how a job will make them into a particular kind of person. They think mostly about the prestige and pay that come with certain jobs, or about where jobs are located. But when we get to <a href="https://plato.stanford.edu/entries/existentialism/">existentialist philosophers</a> such as <a href="https://plato.stanford.edu/entries/sartre/">Jean-Paul Sartre</a> and <a href="https://plato.stanford.edu/entries/beauvoir/">Simone de Beauvoir</a>, I often urge them to think about what it means to say, as the existentialists do, <a href="https://philosophynow.org/issues/115/On_Being_An_Existentialist">that “you are what you do</a>.”</p> <p>How you spend 40 years of your life, I tell them, for at least 40 hours each week – the time many people spend at their jobs – is not just a financial decision. And I have come to see that retirement isn’t just a financial decision, either, as I consider that next phase of my life.</p> <h2>Usefulness, tools and freedom</h2> <p>For Greek and Roman philosophers, <a href="https://search.worldcat.org/title/Work-what-it-has-meant-to-men-through-the-ages/oclc/780872063">leisure was more noble than work</a>. The life of the craftsperson, artisan – or even that of the university professor or the lawyer – was to be avoided if wealth made that possible.</p> <p>The good life was a life not driven by the necessity of producing goods or making money. Work, Aristotle thought, was an obstacle to the achievement of the particular forms of excellence characteristic of human life, like thought, contemplation and study – <a href="https://classics.mit.edu/Aristotle/nicomachaen.7.vii.html">activities that express</a> the <a href="https://classics.mit.edu/Aristotle/nicomachaen.8.viii.html">particular character of human beings</a> and are done for their own sake.</p> <p>And so, one might surmise, retirement would be something that would allow people the kind of leisure that is essential to human excellence. But contemporary retirement does not seem to encourage leisure devoted to developing human excellence, partly because it follows a long period of making oneself into an object – something that is not free.</p> <p>German philosopher Immanuel Kant distinguished between the value of objects and of subjects by the idea of “use.” Objects are not free: They are meant to be used, like tools – their value is tied to their usefulness. But rational beings like humans, who are subjects, are more than their use value – <a href="https://search.worldcat.org/title/5796114">they are valuable in their own right</a>, unlike tools.</p> <p>And yet, much of contemporary work culture encourages workers to think of themselves and their value <a href="https://www.simonandschuster.com/books/Bullshit-Jobs/David-Graeber/9781501143335">in terms of their use value</a>, a change that would have made both Kant and the ancient Greek and Roman philosophers wonder why people didn’t retire as soon as they could.</p> <h2>‘What we do is what we are’</h2> <p>But as one of my colleagues said when I asked him about retirement: “If I’m not a college professor, then what am I?” Another friend, who retired at 59, told me that she does not like to describe herself as retired, even though she is. “Retired implies useless,” she said.</p> <p>So retiring is not just giving up a way of making money; it is a deeply existential issue, one that challenges one’s idea of oneself, one’s place in the world, and one’s usefulness.</p> <p>One might want to say, with Kant and the ancients, that those of us who have tangled up our identities with our jobs have made ourselves into tools, and we should throw off our shackles by retiring as soon as possible. And perhaps from the outside perspective, that’s true.</p> <p>But from the participant perspective, it’s harder to resist the ways in which what we have done has made us what we are. Rather than worry about our finances, we should worry, as we think about retirement, more about what the good life for creatures like us – those who are now free from our jobs – should be.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/233963/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><em><a href="https://theconversation.com/profiles/marianne-janack-681018">Marianne Janack</a>, John Stewart Kennedy Professor of Philosophy, <a href="https://theconversation.com/institutions/hamilton-college-2966">Hamilton College</a></em></p> <p><em>Image </em><em>credits: Shutterstock </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/retirement-doesnt-just-raise-financial-concerns-it-can-also-mean-feeling-unmoored-and-irrelevant-233963">original article</a>.</em></p>

Retirement Income

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Readers response: What advice would you give to seniors looking to start a new relationship?

<p>When entering the dating world, there are always nerves, expectations and excitement at any age.</p> <p>But when it comes to dating and starting new relationships in your senior years, priorities can be skewed, and meeting someone can be nerve-wracking. </p> <p>We asked our readers what advice they would you give to seniors looking to start a new relationship, and the response was overwhelming. Here's what they said. </p> <p><strong>Judy Chappell</strong> - Don’t! Nothing better than independence &amp; freedom late in life after 63 years married. I have my kids, grandkids, great grandies &amp; great friends that’s enough for me. Don’t need another male around.</p> <p><strong>Jan Heggie</strong> - If it feels right, do it. If it doesn’t feel right after a while, leave. Life is too short to not enjoy it.</p> <p><strong>Karen Simpson Nikakis</strong> - Put legals in place to protect your assets, do not cohabit or marry, and split all bills. </p> <p><strong>Lois Hone </strong>- Be true to yourself. Choose someone who completes you, the one person you feel you can’t live without. The one person, who makes you smile, laugh and is still there when you are sad and hurt and wants to support you. Oh and if they like to cook and clean as well, go for it!</p> <p><strong>Julie Fause</strong>r - Live each in your own home.</p> <p><strong>Marilyn Langelaar </strong>- Do not compare to previous partner.</p> <p><strong>Janet Olsson</strong> - Be careful. Don't rush into anything.</p> <p><strong>Lynn Dilley</strong> - Just go for it if you are happy and feel safe, but keep your money and documents to yourself.</p> <p><strong>Merle Finlayson</strong> - Go for it! It’s never too late.</p> <p><strong>Margot R McCamley </strong>- Enjoy the relationship, but there are always buts so tread carefully. Think it through thoroughly, but don't dismiss it as folly.</p> <p><em>Image credits: Shutterstock</em></p>

Relationships

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

<p><em><a href="https://theconversation.com/profiles/michelle-h-lim-176472">Michelle H Lim</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a></em></p> <p>One in four Australians <a href="https://lonelinessawarenessweek.com.au/wp-content/uploads/2024/08/why-we-feel-lonely.pdf">report</a> feeling lonely, according to our new report released this week from our research collaboration.</p> <p>The data builds on a large <a href="https://endingloneliness.com.au/wp-content/uploads/2023/10/ELT_LNA_Report_Digital.pdf">study we conducted last year</a> on social connection. Together, the data show that once someone <a href="https://endingloneliness.com.au/wp-content/uploads/2023/10/ELT_LNA_Report_Digital.pdf">becomes lonely</a>, they’re likely to stay lonely.</p> <p>Feeling lonely can have a <a href="https://endingloneliness.com.au/wp-content/uploads/2023/10/ELT_LNA_Report_Digital.pdf">negative impact on your health</a>. It increases the chance of having <a href="https://pubmed.ncbi.nlm.nih.gov/27124713/">social anxiety and depression</a>, and impacts the <a href="http://dx.doi.org/10.1037/0022-3514.85.1.105">health of your heart</a>, your <a href="http://pss.sagepub.com/content/13/4/384.full.pdf">sleep</a> and levels of <a href="https://pubmed.ncbi.nlm.nih.gov/15041083/">inflammation</a>. It also increases the likelihood of an <a href="https://www.ncbi.nlm.nih.gov/pubmed/?term=Loneliness+and+Social+Isolation+as+Risk+Factors+for+Mortality%3A+A+Meta-Analytic+Review">earlier death</a>. Staying lonely can accelerate these <a href="https://pubmed.ncbi.nlm.nih.gov/31237442/">negative impacts</a>.</p> <p>As more Australians grapple with a cost-of-living crisis, a key driver of loneliness is financial hardship.</p> <h2>Am I lonely?</h2> <p>Loneliness is a negative feeling that arises when your <a href="https://www.gilc.global/_files/ugd/410bdf_62e236db3a7146cd9f2654877a87dbc6.pdf">social needs are not met</a> by the relationships you hold. So you can feel alone, even if you’re surrounded by others, if you’re not getting the right kind of company and support.</p> <p>This might mean you feel, to a certain extent, that:</p> <ul> <li>you are not “in tune” with others</li> <li>your relationships are not meaningful</li> <li>you do not belong</li> <li>you do not have a group of friends</li> <li>no one understands you</li> <li>you do not have shared interests with others</li> <li>there is no one you can turn to.</li> </ul> <p>Not all of these may relate to you and you may experience these in varying degrees.</p> <h2>What drives loneliness?</h2> <p>We <a href="https://endingloneliness.com.au/wp-content/uploads/2023/10/ELT_LNA_Report_Digital.pdf">found</a> particular communities were more at risk of persistent loneliness:</p> <ul> <li>those aged 18 to 24</li> <li>people from culturally and linguistically diverse backgrounds</li> <li>people who were single or divorced</li> <li>those with a chronic disease</li> <li>those with mental ill health.</li> </ul> <p>But the largest effect we found, even after we accounted for all other possible contributing factors, is the impact of financial hardship.</p> <p>People who face financial hardship were almost seven times more likely to report persistent loneliness, and almost five times more likely to report persistent social isolation, compared with people who did not face financial hardship.</p> <p>This aligns with other studies that link economic hardships to <a href="https://pubmed.ncbi.nlm.nih.gov/33241698/">poor health</a>.</p> <p>In <a href="https://pubmed.ncbi.nlm.nih.gov/37761396/">children from low-income backgrounds</a>, for example, their family’s economic hardship is one of the main factors that negatively impacts their physical and psychological health.</p> <p>In a large <a href="https://www.sciencedirect.com/science/article/pii/S0277953622004282?via%3Dihub">study</a> using the UK Biobank, people who are from a lower economic background had a higher probability of reporting loneliness.</p> <p>In <a href="https://pubmed.ncbi.nlm.nih.gov/37528108/">Australia</a>, when compared with people on incomes more than A$150,000, those with incomes under $80,000 were 49% more likely to experience loneliness in one year and 66% more likely to report loneliness in at least two consecutive years.</p> <h2>Being poor affects how we interact with others</h2> <p>Factors such as income and your living environment are some of the <a href="https://www.who.int/health-topics/social-determinants-of-health#tab=tab_1">social determinants of health</a>, which influence our health outcomes.</p> <p>However, to date, little has been done to examine exactly how the lack of financial resources negatively affects the way we interact with others. There are two plausible scenarios.</p> <p>First, having financial pressures may change the way we feel and relate to others due to higher stress levels.</p> <p>Second, financial pressures may stop us from socialising because we have to take on more work to earn more money or we try to cut costs to save money. Socialising can be free in some circumstances, but most of the time, there is a cost to getting to places, or doing an activity together.</p> <h2>What can we do as a society?</h2> <p>The <a href="https://news.gallup.com/opinion/gallup/512618/almost-quarter-world-feels-lonely.aspx">high prevalence of loneliness across the world</a> – and the growing scientific evidence of the negative impact on our health, wellbeing and productivity, and subsequently the economy – can no longer be ignored.</p> <p>The World Health Organization is repositioning loneliness as a global public health priority and has established a <a href="https://www.who.int/groups/commission-on-social-connection">Commission on Social Connection</a>. This commission aims to set the global agenda for social connection, work with high-level commissioners to make the case for global action, scale up proven solutions and measure progress.</p> <p>We need to start by building a <a href="https://lonelinessawarenessweek.com.au/wp-content/uploads/2024/08/How-can-we-create-a-culture-of-connection.pdf">culture of connection</a> in Australia. This means changing the way we make decisions on how we relate to each other, promoting social connection within our schools, workplaces and communities. And to modify policies to allow us to start and maintain healthy social connections.</p> <p>Health and social policies to address loneliness and social isolation have to consider the impact of low incomes and increased financial pressures as barriers to building and maintaining meaningful social connection.</p> <p>Related to this is urban planning. People require safe and no- or low-cost spaces to interact in and to start and maintain relationships. This includes parks, libraries, public squares, community gardens and neighbourhood houses.</p> <p>Cuts to building or maintaining these spaces will stop people from interacting, gathering, or socialising within their community.</p> <p>Not addressing loneliness effectively or quickly will lead us to persistent loneliness and to potentially more distress.</p> <h2>How to connect if you’re financially pressured</h2> <p>Don’t feel alone in this experience. Let your family or friends know that you are financially pressured. Chances are, they are experiencing the same pressures because of the rise in the cost of living.</p> <p>Select no- or low-cost activities such as walking in the park with a friend, or connecting on the phone. Look for free events offered in your local area and city.</p> <p>Consider having meals at home as opposed to going out, or low-cost food options. Find some digital spaces which can allow you to interact with others in shared interest topics.</p> <p>If someone shares they are feeling lonely, asking “is there anything I can do to help?” facilitates the conversation and lets others know you are there without judgement.</p> <hr /> <p><em>If this article has raised issues for you, or if you’re concerned about someone you know, you can call Lifeline on 13 11 14.</em><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/236135/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><em><a href="https://theconversation.com/profiles/michelle-h-lim-176472">Michelle H Lim</a>, Associate Professor of Psychology, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a></em></p> <p><em>Image credits: Shutterstock </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/financial-hardship-is-the-biggest-driver-of-loneliness-heres-why-and-how-to-tackle-it-236135">original article</a>.</em></p>

Money & Banking

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Readers response: What is the best piece of advice you've passed down to your children?

<p>if there's one thing you can count on your parents or grandparents for, it's to hand down valuable advice that will work its way through generations. </p> <p>This advice could be simple everyday words of wisdom, or more life-altering affirmations. </p> <p>We asked our reader what is the best piece of advice they have passed down to their children and grandchildren, and the response was overwhelming. Here's what you said. </p> <p><span dir="auto"><strong>Margaret Barnes</strong> - Treat other people as you would like them to treat yourself.</span></p> <p><span dir="auto"><span dir="auto"><strong>Kate Stephens</strong> - Listen to your mother.</span></span></p> <p><span dir="auto"><span dir="auto"><span dir="auto"><strong>Keryn Bache</strong> - I recently advised my 22 year old granddaughter that if you have nothing nice to say, then say nothing at all. </span></span></span></p> <p><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><strong>Linda Kauffman</strong> - Be careful in relationships.</span></span></span></span></p> <p><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><strong>Janice Evans</strong> - Live within your means.</span></span></span></span></span></p> <p><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><strong>Norell Standley</strong> - Learn self defence to protect yourselves.</span></span></span></span></span></span></p> <p><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><strong>Les Thornborough</strong> - Look after your parents in their old age.</span></span></span></span></span></span></span></p> <p><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><strong>Linda Kauffman </strong>- Thinking before acting.</span></span></span></span></span></span></span></span></p> <p><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><strong>Liz N Jeff Busky</strong> - Don't try drugs, you may just like them.</span></span></span></span></span></span></span></span></span></p> <p><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><strong>Rick Dayes</strong> - Mind your own business.</span></span></span></span></span></span></span></span></span></p> <p><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><strong>Margie Buckingham</strong> - Live respectfully.</span></span></span></span></span></span></span></span></span></span></p> <p><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><strong>Marian Arakiel </strong>- Get a job, get up, dress up and show up.</span></span></span></span></span></span></span></span></span></span></span></p> <p><em><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto"><span dir="auto">Image credits: Shutterstock </span></span></span></span></span></span></span></span></span></span></span></em></p>

Family & Pets

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Woman seeks advice over family member’s list of “stupid” baby names

<p dir="ltr">A woman has asked for advice after seeing her cousin’s list of potential baby names, with many of them being classed as “just stupid”. </p> <p dir="ltr">The woman took to Reddit to explain how her cousin sent her baby name list to her family group chat, and no one has yet replied. </p> <p dir="ltr">"This was all sent in a family group chat and no-one has replied yet. I feel bad because at least she has put some thought into these names, especially compared to how most of us were named. On the other hand, well, you saw the names," the woman posted on Reddit. </p> <p dir="ltr">The names her cousin has shared and her logic behind them include: </p> <ol> <li dir="ltr" aria-level="1"> <p dir="ltr" role="presentation">Urf (Earth..because no matter where the child lives in life, it will always be on Earth. Can't fault the logic on that one – Elon Musk might take umbrage though.)</p> </li> <li dir="ltr" aria-level="1"> <p dir="ltr" role="presentation">Seaeoh (CEO. Apparently names dictate destiny and this name will cosmically transform the child into a successful business magnate.)</p> </li> <li dir="ltr" aria-level="1"> <p dir="ltr" role="presentation">Stamp (She was in a long distance relationship with the father for a while and they used to send each other letters with...stamps. Sounds like what a caveman character in a film would be called.)</p> </li> <li dir="ltr" aria-level="1"> <p dir="ltr" role="presentation">Biotic (Connected to antibiotic. This will protect the child from disease. Antibiotic would be and I quote, 'Ridiculous because it would sound like 'Aunty' which would cultivate bullying because she would sound old.')</p> </li> <li dir="ltr" aria-level="1"> <p dir="ltr" role="presentation">Ayeai (AI. In the future AI will take over and if it turns nasty it will go easy on her kid because they share a name.)</p> </li> </ol> <p dir="ltr">The woman explained that her cousin's logic for going with something very different for a name is "so many children nowadays have unique names that it will eventually become normal and people with 'standard' names will be the ones looking foolish." </p> <p dir="ltr">She also added that her cousin's husband isn't "brave enough" to say anything about the names and hopes she will lose interest. </p> <p dir="ltr">The people of Reddit had a lot to say about the choices, with one person commenting, “Those are all just terrible." </p> <p dir="ltr">"I say this in the kindest way possible. She is delusional and I dare say, stupid. That poor future child deserves better," wrote another user. </p> <p dir="ltr">Another suggested a normal name might actually be unique now and wrote, "Having a 'standard' name is what is unique now. How many kids are being named David and Lisa?" </p> <p dir="ltr"><em>Image credits: Shutterstock </em></p>

Family & Pets

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Been scammed? Here's how to financially recover

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

Money & Banking

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

<p><em><a href="https://theconversation.com/profiles/michaela-rankin-1544784">Michaela Rankin</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a></em></p> <p>Yesterday was July 1, the first day of the new financial year in Australia.</p> <p>Also called fiscal years, financial years are often abbreviated in print. The one that’s just begun in Australia – July 1 2024 to June 30 2025 – will typically be denoted by FY24/25 or FY25.</p> <p>As the name suggests, financial years are used for financial reporting, tax and budgeting purposes. Whether you are preparing an individual tax return or financial statements for a business, it is important to understand the difference between financial and calendar years.</p> <p>Both have 365 days. But the calendar year, based on the <a href="https://www.timeanddate.com/calendar/gregorian-calendar.html">Gregorian calendar</a>, runs from New Years’ Day on January 1 through to December 31.</p> <p>Australian financial years on the other hand run from July 1 of one year to June 30 the next.</p> <p>But this July to June financial year <a href="https://web.archive.org/web/20200430054150/https:/www.cia.gov/library/publications/the-world-factbook/fields/228.html">does not apply</a> in all countries. Many align their financial year with the calendar year, but others have further variations still.</p> <p>So why are they different, and what does that mean for businesses operating across borders?</p> <h2>Different around the world</h2> <p>In contrast to our own, the United Kingdom’s financial year starts on April 6 each year and runs to April 5 the next.</p> <p>The English and Irish New Year traditionally fell on March 25, when taxes and other accounts were due. But in the 18th century, the British empire switched from the Roman Julian calendar to the Gregorian calendar, and had to <a href="https://www.bowesbrooks.co.uk/why-does-the-tax-year-start-on-6th-april/">adjust the start date</a> to avoid losing tax revenue.</p> <p>India’s fiscal year runs from April 1 until March 31, for a <a href="https://www.idfcfirstbank.com/finfirst-blogs/finance/reasons-why-the-financial-year-starts-from-april">number of reasons</a>. Historically a country that was heavily focused on agriculture, this timeframe aligned with the crop cycle and allowed the government to develop financial plans for the sector.</p> <p>The British empire also influenced the April reporting schedule in India, as prior to independence many financial policies were based on the British system.</p> <h2>Government budgets play a role</h2> <p>In the United States, fiscal years once ran from July 1 to June 30, like Australia’s do now. But in 1974 this was <a href="https://www.federaltimes.com/management/budget/2022/09/20/why-the-us-federal-fiscal-year-2023-starts-in-october/">changed</a> to instead span October 1 to September 30, giving Congress more time to agree on a budget each year.</p> <p>In the US, however, companies can also <a href="https://www.business.com/articles/how-to-decide-on-fiscal-year/">choose their own</a> fiscal years. Some choose a calendar year, but others elect dates that better align with their business cycle.</p> <p>Walmart’s, for example, ends on January 31 each year to reflect its typically strong financial performance over the holiday period at the end of the year.</p> <p>In Australia, the financial year matches government reporting cycles.</p> <p>Unlike the northern hemisphere, our parliamentarians typically take holidays over summer in December and January, which makes meeting over November and December to approve government budgets difficult.</p> <p>The federal budget is issued in May for the following financial year, giving parliament time to consider it before the new fiscal year begins.</p> <h2>Comparing (and taxing) performance</h2> <p>Regardless of the time period over which a financial year operates, its primary purpose is to provide a standardised time frame for financial reporting.</p> <p>Financial years allow income and expenses to be tracked and compared over the same timeframe each year. This allows investors to compare business performance across consistent periods. They are also used to determine the collection of personal income tax.</p> <p>Our government uses this information to calculate the amount of tax it will collect through the Australian Taxation Office each year.</p> <p>Businesses with operations spanning multiple countries may have to contend with fiscal years that do not align. Where this is the case, they may need to choose one financial year for the whole company, typically that used by the parent company.</p> <p>Keeping track of the financial year is helpful for individuals, in knowing when tax returns need to be prepared (and when to expect end-of-financial-year sales).</p> <p>It is also important for businesses to consider the financial year in making budgeting, business and tax planning decisions. <img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/233655/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><a href="https://theconversation.com/profiles/michaela-rankin-1544784"><em>Michaela Rankin</em></a><em>, Professor and Head, Department of Accounting, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a></em></p> <p><em>Image credits: Shutterstock </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/what-are-financial-years-and-why-are-they-different-from-calendar-years-233655">original article</a>.</em></p>

Money & Banking

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Why you should never take nutrition advice from a centenarian

<p><em><a href="https://theconversation.com/profiles/bradley-elliott-1014864">Bradley Elliott</a>, <a href="https://theconversation.com/institutions/university-of-westminster-916">University of Westminster</a></em></p> <p>It’s a cliche of reporting on people who reach 100 years of age, or even 110, to ask them some variation of the question: “What did you do to live this long?”</p> <p>Inevitably, some interesting and unexpected answer is highlighted. <a href="https://www.theguardian.com/society/2024/apr/05/briton-says-becoming-worlds-oldest-man-at-111-is-pure-luck">Fish and chips</a> every Friday. Drinking a glass of <a href="https://news.sky.com/story/worlds-oldest-man-juan-vicente-perez-dies-aged-114-13107627">strong liquor</a> every day. <a href="https://www.businessinsider.com/susannah-mushatt-jones-loves-bacon-2015-10">Bacon</a> for breakfast every morning. <a href="https://apnews.com/article/health-france-nursing-homes-795c8273f66b61669e93103cc9c25cd0">Wine and chocolate</a>.</p> <p>While a popular news story, this is a relatively meaningless question that doesn’t help us understand why certain people have lived so long. Let me try to explain why, via beautiful buildings, fighter pilots and statistics.</p> <p>In the second world war, Allied statisticians were applying their skills to minimising the number of bombers being shot down by enemy fire. By studying the damage patterns of bombers returning from action, maps could be drawn up of the most frequently damaged parts of aeroplanes so that expensive, heavy armour could be added to these areas.</p> <p>Simple enough, right? Then, along comes statistician Abraham Wald who argues for the exact <a href="https://www.jstor.org/stable/2287454?origin=crossref">opposite point</a>. The planes that they’re studying are all those that did return from combat with extensive damage, but what about those that didn’t return?</p> <p>Wald argues that armour should be added to those places that are undamaged on all the returning planes, as any plane hit in these undamaged areas was shot down, never making it back to be surveyed.</p> <h2>Survivorship bias</h2> <p>This phenomenon is known as survivorship bias, or the cognitive and statistical bias introduced by only counting those that are around to count but ignoring those that haven’t “survived”.</p> <p>You can take these examples to the absurd. Imagine a group of 100 people, all of whom have smoked their entire life. As a group, the smokers would die earlier of cancers, lung disease or heart disease, but one or two might defy the odds and live to 100 years of age. Now imagine the intrepid journalist interviewing the lucky soul on their 100th birthday with that classic question: “What do you attribute your successful ageing to?”</p> <p>“Smoking a pack a day,” says the newly minted centenarian.</p> <p>It seems obvious but survivorship bias is everywhere in society. We can all think of that one famous actor or entrepreneur who succeeded despite adversity, who worked hard, believed in themselves and one day made it. But we never read about or hear about the countless examples of people who tried, gave it their all and never quite made it.</p> <p>That’s not a good media story. But this creates a bias, we primarily hear the successes, never the failures. This bias applies to our perceptions of architecture (mostly great buildings from a given period “survive”), to finances (we often hear examples of people who have succeeded in risky investments, those who fail don’t sell books or self-help plans) and to career plans (“If you work hard, and drop out of college now, you can be a successful athlete like me,” say those who have succeeded).</p> <p>I work with a variety of older people and often include extreme outliers who have lived to extreme ages. We’re currently studying over 65-year-olds who have maintained unusually high levels of exercise into older age and have maintained excellent health.</p> <p>They’re phenomenal examples of older humans, many of them are faster, fitter and stronger than me by many of the measures we perform in the lab, despite being almost twice my age.</p> <p>While we know that their lifelong exercise is associated with their unusually good health into older age, we can’t directly say one causes the other yet. It could be that highly active people are protected against chronic diseases such as cancers, diabetes and heart disease. But it also could be that these people are still active into older age as they’ve not been afflicted by cancers, diabetes or heart disease earlier in their lives.</p> <p>Conversely, there could be some unknown third factor that we’ve not yet identified about these people that both keeps them healthy and separately keeps them exercising.</p> <p>For clarity, there are things that scientists like me will say in carefully caveated, scientific language that will probably help you to live longer. Being very physically active, not eating too much and not smoking are all on that list, along with generally having a positive outlook in life, and of course, picking the right parents and grandparents.</p> <p>Correlation does not equal causation. That point is hammered home relentlessly to students in science degrees. It’s how our brain works, we see a pattern between two variables, and assume they’re linked in some way. But often, like in survivorship bias, we’re not looking at all the data, and so finding patterns where there are none.<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/229159/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><em><a href="https://theconversation.com/profiles/bradley-elliott-1014864">Bradley Elliott</a>, Senior Lecturer in Physiology, <a href="https://theconversation.com/institutions/university-of-westminster-916">University of Westminster</a></em></p> <p><em>Image credits: Shutterstock </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/why-you-should-never-take-nutrition-advice-from-a-centenarian-229159">original article</a>.</em></p>

Retirement Life

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Fergie reveals the advice she received from Queen Elizabeth before she died

<p dir="ltr">Sarah Ferguson has revealed the heartfelt advice she received from Queen Elizabeth before she died.</p> <p dir="ltr">In an interview with <a href="https://www.hellomagazine.com/royalty/555582/sarah-ferguson-feeling-better-than-ever-exclusive-interview/"><em>Hello</em>!</a> magazine, the Duchess of York has opened up about her battle with cancer, and how a piece of advice she received from the late Queen helped her through her health journey. </p> <p dir="ltr">Speaking about how her outlook on life has changed after her diagnosis, Fergie reflected on what her ex-mother-in-law said to her before she passed away. </p> <p dir="ltr">"One of the only people who saw me properly was the Queen [the late Elizabeth II]," she told the publication. "And before she died, she said: 'Sarah, being yourself is enough'."</p> <p dir="ltr">The Duchess of York still carries that advice with her to this day, explaining that she's raised her daughters, Princess Beatrice and Princess Eugenie, to be honest in who they are.</p> <p dir="ltr">Fergie has previously opened up about her relationship with the late Queen, sharing how her words of wisdom have impacted her for years. </p> <p dir="ltr">In September 2023, she shared that the last thing the Queen ever said to her was to “just be yourself”. </p> <p dir="ltr">"And she saw it. She just got so annoyed when I wasn't being myself," she explained on an episode of the podcast Tea Talks with the Duchess and Sarah. "And that's probably when I got into all the pickles. But now I am myself, and I'm just so lucky to be able to be myself."</p> <p dir="ltr">Earlier that same year, the Duchess reflected on the calming presence of the Queen, telling <em><a href="https://people.com/sarah-ferguson-reveals-queen-elizabeth-last-words-before-death-7964451">People</a></em> magazine that Queen Elizabeth was "so brilliant at putting you at ease," adding, "She had the most incredible faith of any single person I've ever met."</p> <p dir="ltr">"She just knew what to do," Fergie continued. "She knew how to make people feel good. She never took it onboard as about her."</p> <p dir="ltr"><em>Image credits: Getty Images</em></p>

Family & Pets

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5 questions to ask before becoming a carer

<p>Thinking about becoming a caregiver? Deciding to step up and provide care for a loved one is a huge responsibility. Make sure you’re prepared and ask these five vital questions first.</p> <p><strong>Do I need to hire help?</strong></p> <p>Just because you’re taking on caregiving duties doesn’t mean you have to be super human. It’s perfectly okay to ask for help, whether it’s in the form of a cleaner or someone to take on tasks that you would prefer to outsource. According to Health.com, 40 per cent of caregivers say dealing with incontinence is one of their most difficult task, while 30 per cent say helping relatives bathe is hard as well.</p> <p><strong>What is my Plan B?</strong></p> <p>If something should happen to you and your schedule or demands change, it’s important to discuss a back-up plan. As the primary carer, a lot of responsibility will rest on you so make sure you have a Plan B before you need one.</p> <p><strong>Should I be compensated?</strong></p> <p>A survey found that 60 per cent of careers adjust their work schedule to look after others, which means either cutting back hours or taking a leave of absence. While you might not want to accept money to care for loved ones, it’s a good idea to have an open discussion with close friends and family about how the responsibilities might impact your life and earning capacity, so that all parties agree on a fair solution.</p> <p><strong>What is Power of Attorney?</strong></p> <p>If you are looking after someone with memory loss, you may need to look into a legal document called power of attorney. Talk to family about who should have this responsibilities, and how you will navigate legal issues that could arise.</p> <p><strong>Who is my support group?</strong></p> <p>Roughly one in three carers don’t receive any help. Having a strong support network of people you can turn to, even just for a chat, can make a huge difference. You might be surprised by how many people you know are also caregivers.</p> <p><em>Image credits: Getty Images </em></p>

Caring

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

<p><em><a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a></em></p> <p>Every day seems to bring new headlines about rising costs. <a href="https://www.news24.com/news24/africa/news/nigerias-big-unions-call-indefinite-strike-over-fuel-prices-and-the-cost-of-living-20230926">In Nigeria</a>, unions are threatening to strike amid soaring fuel prices; the country’s inflation rate <a href="https://www.cbn.gov.ng/rates/inflrates.asp">hit 25%</a> in August. The amount it costs to fill a food basket in South Africa <a href="https://pmbejd.org.za/wp-content/uploads/2023/09/PMBEJD_Key-Data_September-2023_27092023.pdf">keeps climbing</a>. Ghanaians <a href="https://www.reuters.com/world/africa/multi-day-protests-over-economic-crisis-grip-ghanas-capital-2023-09-23/">took to the streets</a> of Accra in late September to protest about the cost of living.</p> <p>A <a href="https://www2.deloitte.com/us/en/insights/industry/retail-distribution/consumer-behavior-trends-state-of-the-consumer-tracker.html">recent study by the audit and consulting firm Deloitte</a> found that 75% of South Africans were concerned that the prices for everyday purchases would continue to increase, while 80% of consumers across all income groups expected the prices of groceries, household utilities and fuel to rise.</p> <p>This stark reality means budgeting may be more necessary than ever.</p> <p>If you don’t know how to create a budget, then you shouldn’t feel bad – most adults aren’t taught how to create one. And most people don’t budget, because they see it as restrictive or unsustainable. But it need not be: once you appreciate that a budget can work for you, it can be a financially empowering exercise. It’s a cornerstone of financial planning because it ensures you are living within your means and helps you remain in financial control.</p> <p>As a financial planning academic, I focus in <a href="https://researchprofiles.canberra.edu.au/en/persons/bomikazi-zeka/publications/">my research</a> on improving financial wellbeing and promoting savings behaviours through interventions such as budgeting. Here are five guidelines for creating a budget.</p> <h2>1. Apps vs spreadsheet</h2> <p>A good place to start is to choose the format of how you’re going to budget. There are several <a href="https://www.sanlamreality.co.za/wealth-sense/setting-up-a-family-budget-that-works/">online templates</a> and apps you can use for budgeting. For instance, <a href="https://www.22seven.com/">22Seven</a> has gained popularity in South Africa due to its compatibility with several financial institutions, including the country’s big five banks. Similarly, <a href="https://www.the-star.co.ke/business/kenya/2021-01-25-budgeting-using-mint-app/">Mint</a> is a popular budgeting tool that is used in Kenya and Nigeria.</p> <p>If you prefer to put pen to paper, some online templates come with <a href="https://www.wonga.co.za/blog/free-budget-template">free printable budgets</a>. Creating your own <a href="https://create.microsoft.com/en-us/learn/articles/how-to-make-excel-budget">Excel spreadsheet</a> is an equally good approach.</p> <p>What matters most is using a tool that you can commit to.</p> <h2>2. Itemising your income and expenses</h2> <p>A budget essentially shows how much you’re spending in relation to how much you’re earning. So once you have selected your budgeting tool, you need to fill in your income and itemise how much you’re spending on each expense in a month. A budget can be considered a cashflow statement because it allows you to track money coming in (income) and money going out (expenses).</p> <p>If you are living within your means, your budget should indicate a surplus – more cash inflows than cash outflows. So budgeting provides an accurate account of your short-term financial position.</p> <h2>3. A realistic account of expenses</h2> <p>When you look at your financial statements, fill your expenses into your budget honestly and accurately. Don’t cheat! Since everyone’s financial situation is different, your budget will also be unique.</p> <p>Even though there is no one-size-fits-all approach to budgeting, it should still consider all of your expenses (both regular and intermittent). A general rule of thumb is that if it’s deducted from your account then you should treat it as an expense. This includes payments for housing, medical insurance, fuel, dining out, credit card repayments and even bank fees.</p> <h2>4. Save first, spend later</h2> <p>Now you’ve seen how much you’re spending. Either it’s too much – and you can plan where to cut back – or you have savings at the end of the month.</p> <p>When compiling your budget it’s important to demarcate how much will be in the form of savings. What’s more important is getting into the habit of saving before you spend instead of saving after spending. If you spend first then you’ve deprived yourself of the opportunity to save for a rainy day.</p> <p>Furthermore, <a href="https://eprints.hud.ac.uk/id/eprint/10231/1/Microsoft_Word_-_submitted_version_3rd_June_201.pdf">research</a> has shown that getting into the habit of saving has a transgenerational effect: it can be considered a cultural value that is passed on from one generation to another. So think of saving as paying yourself first. Once you have done so, you won’t feel guilty for treating yourself because you’ve already done the financially responsible thing by putting your savings aside.</p> <h2>5. Considering assets and liabilities</h2> <p>Once you’ve become comfortable with consistently budgeting, you can take it up a notch by including your assets (everything you own with an economic value) and liabilities (everything you owe) to determine your overall financial position.</p> <p>You can get a clearer picture of your overall financial wellbeing by compiling a list of all your assets, for example your savings and <a href="https://www.investopedia.com/terms/h/home_equity.asp">home equity</a>, in relation to liabilities (such as bank loans). Knowing your long-term financial position can indicate how financially resilient or vulnerable you are. In the event of a financial emergency, you will know which resources you can draw upon to meet an unexpected expense.</p> <p>By creating a budget (and sticking to it), you can protect yourself and your household from financial shocks. Consider the alternative. Imagine you haven’t budgeted and set savings aside. If a financial emergency were to arise, your next best bet would be to borrow the funds you need. You’d have to come up with a plan to repay what you’d borrowed while also building your savings.</p> <h2>A healthy habit</h2> <p>Getting into the habit of budgeting isn’t easy, especially if you haven’t done it before or you’re intimidated by the process. But, as the expression goes, “a journey of a thousand miles begins with a single step”. Think of budgeting as taking a small but important step towards reclaiming control over your finances and improving your financial well-being.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/214861/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><em><a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, Assistant Professor in Finance and Financial Planning, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a></em></p> <p><em>Image credits: Getty Images </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/battling-to-make-ends-meet-financial-planning-expert-offers-5-tips-on-how-to-build-your-budget-214861">original article</a>.</em></p>

Money & Banking

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

<p><em><a href="https://theconversation.com/profiles/ylva-baeckstrom-1463175">Ylva Baeckstrom</a>, <a href="https://theconversation.com/institutions/kings-college-london-1196">King's College London</a></em></p> <p>The number of people struggling with money in Britain is at a <a href="https://www.theguardian.com/money/2024/mar/18/record-numbers-of-uk-people-in-debt-warns-charity">record high</a>. Financial charities say that people are contacting them for help with debt, paying bills and insolvency. The campaign group Debt Justice found in a <a href="https://debtjustice.org.uk/wp-content/uploads/2024/03/WalnutOmnibus-Debt-Justice-Policy-Development-Weighted.xlsx">survey</a> that 29% of 18- to 24-year-olds and 25% of 25- to 34-year-olds had missed three or more bill payments in the last six months.</p> <p>A majority (65%) of people don’t think they can survive on their savings for three months without <a href="https://www.money.co.uk/savings-accounts/savings-statistics">borrowing money</a>. Statistics from the UK’s financial markets regulator show that more than one-third of UK adults have less than £1,000 in savings. And a survey by Money.co.uk found that 30% of Brits aged 25-64 do not save at all <a href="https://www.pensionsage.com/pa/Nearly-one-third-of-Brits-are-not-saving-for-retirement.php">for retirement</a>.</p> <p>With figures like that, is it any wonder that 75% of people in the UK feel <a href="https://www.mentalhealth.org.uk/about-us/news/financial-strain-driving-uks-anxiety#:%7E:text=Almost%20three%2Dquarters%20of%20the,cited%20job%20insecurity%20or%20unemployment">anxious about money</a>?</p> <p>The current state of the economy is particularly scary for young people. Unless you were born with a trust fund (not most people), you are likely part of the first generation to be financially worse off than <a href="https://edition.cnn.com/2020/01/11/politics/millennials-income-stalled-upward-mobility-us/index.html">your parents</a>. Retirement seems like an impossibility, and you’re unlikely to own your own home. Eighty percent of people in their early 20s worry about <a href="https://www.youngminds.org.uk/parent/parents-a-z-mental-health-guide/money-and-mental-health/#Thelinksbetweenmoneyandmentalhealth">not earning enough</a>.</p> <p>It is important to start planning for your financial future early in your career, but you may find it overwhelming. The good news is, there are ways to overcome this.</p> <h2>Finding your financial attachment style</h2> <p>As a psychotherapist and finance researcher, I work with people to help them to increase their financial confidence and find the motivation to start planning. This often starts with understanding what influences their relationship with money.</p> <p><a href="https://www.cambridge.org/core/journals/behavioral-and-brain-sciences/article/bowlbyainsworth-attachment-theory/6D35C7A344107195D97FD7ADAE06C807">Attachment theory</a> is a psychological concept introduced in the late 1950s. Your attachment style – which can be, for example, secure, anxious or avoidant – explains how you approach creating emotionally intimate relationships with other people. Some people feel secure building relationships, while others are extremely anxious. Some avoid close relationships altogether.</p> <p>Attachment style can also apply to your finances. If you feel confident and safe when it comes to money, you are secure in your relationship to saving and spending. But if the thought of opening an ISA or filling out a tax return, let alone planning for retirement, fills you with dread and panic, you may be anxiously attached. And if you if you push money worries to the back of your mind, you are likely avoidant.</p> <p>Attachment theorists and psychotherapists like me think that attachment styles are shaped by childhood experiences – for example, how well you were looked after by your parents or carers, and how safe and loved you felt.</p> <p>The way money was handled in your family growing up is likely to have set the blueprint for your <a href="https://www.sciencedaily.com/releases/2020/02/200225114410.htm">financial attachment style</a>. Outside influences like education or work experiences may shape this too.</p> <p>Although financial education is part of the <a href="https://maps.org.uk/en/work-with-us/financial-education-in-schools">school curriculum</a> in the UK, 76% of children leave school without sufficient <a href="https://maps.org.uk/en/media-centre/press-releases/2024/hundreds-of-thousands-leaving-school-without-money-skills#:%7E:text=In%20its%20poll%20of%201%2C012,knowledge%20they%20need%20for%20adulthood">financial knowledge</a> to manage their lives. Similarly, financial services like banks have done a poor job helping people establish secure financial relationships. Complex and <a href="https://www.pwmnet.com/private-view-blog-time-for-the-financial-industry-to-jettison-the-jargon">off-putting language</a> has placed a barrier between those who know about money and those who need to learn.</p> <p>If you feel unable to keep up with financial terms, or that you don’t understand money, this is likely to hurt your confidence in your financial planning abilities and fuel a more avoidant attachment style.</p> <p>Identifying your attachment style can help you nurture a better relationship with money. You will be able to understand and predict how and why you react to finances in certain ways. And, it can provide confidence by reminding you that money struggles are not necessarily your fault.</p> <h2>Getting over financial anxiety</h2> <p>Some of the recent financial trends spreading on social media may give an insight into your attachment style. Are you <a href="https://www.cnbc.com/select/what-is-loud-budgeting-trend-can-it-work/">“loud budgeting”</a> (being vocal about why you aren’t spending money)? This could be a sign of financial confidence and that you have secure financial attachment. Or are you “doom spending” (spending money you don’t have instead of creating a <a href="https://www.theguardian.com/lifeandstyle/2024/jan/31/are-you-loud-budgeting-or-doom-spending-finance-according-to-gen-z">nest egg</a> for the future)? You may be avoidant.</p> <p>Healthy relationships with <a href="https://www.nhs.uk/every-mind-matters/lifes-challenges/maintaining-healthy-relationships-and-mental-wellbeing/#:%7E:text=People%20with%20healthy%2C%20positive%20and,such%20as%20stress%20and%20anxiety">people</a> and <a href="https://www.nhs.uk/every-mind-matters/lifes-challenges/money-worries-mental-health/#:%7E:text=Our%20mental%20health%20might%20be,earning%20enough%20or%20currently%20unemployed">money</a> are both critical for our survival and mental health. As an adult, you have the power to improve these relationships. But because attachment patterns were formed early on, they are difficult to change. Therapy and other support can help you adopt healthier habits, as can increasing your financial knowledge.</p> <p>If you want to change your relationship with money, you should try to be mindful of what may be influencing you. While financial advice on social media may be useful and help young people feel more empowered to <a href="https://www.forbes.com/advisor/investing/financial-advisor/adults-financial-advice-social-media/">talk about money</a>, it can also <a href="https://www.mcleanhospital.org/essential/it-or-not-social-medias-affecting-your-mental-health">increase anxiety further</a> and be <a href="https://theconversation.com/if-you-get-your-financial-advice-on-social-media-watch-out-for-misinformation-222196">full of misinformation</a>. A good place to start for accurate and helpful information is the government’s <a href="https://www.moneyhelper.org.uk/en">Money Helper website</a>.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/225243/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><em><a href="https://theconversation.com/profiles/ylva-baeckstrom-1463175">Ylva Baeckstrom</a>, Senior Lecturer in Finance, <a href="https://theconversation.com/institutions/kings-college-london-1196">King's College London</a></em></p> <p><em>Image credits: Getty Images </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/if-you-have-money-anxiety-knowing-your-financial-attachment-style-can-help-225243">original article</a>.</em></p>

Money & Banking

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‘Girl math’ may not be smart financial advice, but it could help women feel more empowered with money

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/ylva-baeckstrom-1463175">Ylva Baeckstrom</a>, <a href="https://theconversation.com/institutions/kings-college-london-1196">King's College London</a></em></p> <p>If you’ve ever calculated cost per wear to justify the price of an expensive dress, or felt like you’ve made a profit after returning an ill-fitting pair of jeans, you might be an expert in <a href="https://www.standard.co.uk/news/world/girl-maths-tiktok-trend-its-basically-free-b1100504.html">“girl math”</a>. With videos about the topic going viral on social media, girl math might seem like a silly (<a href="https://www.glamourmagazine.co.uk/article/girl-math-womens-spending-taken-seriously">or even sexist</a>) trend, but it actually tells us a lot about the relationship between gender, money and emotions.</p> <p>Girl math introduces a spend classification system: purchases below a certain value, or made in cash, don’t “count”. Psychologically, this makes low-value spending feel safe and emphasises the importance of the long-term value derived from more expensive items. For example, girl math tells us that buying an expensive dress is only “worth it” if you can wear it to multiple events.</p> <p>This approach has similarities to <a href="https://www.investopedia.com/terms/m/modernportfoliotheory.asp">portfolio theory</a> – a method of choosing investments to maximise expected returns and minimise risk. By evaluating how each purchase contributes to the shopping portfolio, girl math shoppers essentially become shopping portfolio managers.</p> <h2>Money and emotions</h2> <p>People of all genders, rich or poor, feel anxious when dealing with their personal finances. Many people in the UK do not understand pensions or saving enough to <a href="https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/workplacepensions/articles/pensionparticipationatrecordhighbutcontributionsclusteratminimumlevels/2018-05-04">afford their retirement</a>. Without motivation to learn, people avoid dealing with money altogether. One way to find this motivation, as girl math shows, is by having an emotional and tangible connection to our finances.</p> <p>On the surface, it may seem that women are being ridiculed and encouraged to overspend by using girl math. From a different perspective, it hints at something critical: for a person to really care about something as seemingly abstract as personal finance, they need to feel that they can relate to it.</p> <p>Thinking about money in terms of the value of purchases can help create an <a href="https://www.thetimes.co.uk/article/every-time-i-use-my-card-my-phone-buzzes-and-that-stops-me-shopping-ps0fjx6nj">emotional relationship</a> to finance, making it something people want to look after.</p> <figure><iframe src="https://www.youtube.com/embed/GPzA7B6dcxc?wmode=transparent&amp;start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> <h2>The girl math we need</h2> <p>Women are a consumer force to be reckoned with, controlling <a href="https://www.forbes.com/sites/bridgetbrennan/2015/01/21/top-10-things-everyone-should-know-about-women-consumers/#7679f9d6a8b4">up to 80%</a> of consumer spending globally. The girl math trend is a demonstration of women’s mastery at applying portfolio theory to their shopping, making them investment powerhouses whose potential is overlooked by the financial services industry.</p> <p><a href="https://www.theguardian.com/world/2019/oct/28/women-paid-less-than-men-over-careers-gender-pay-gap-report">Women are disadvantaged</a> when it comes to money and finance. Women in the UK earn on average £260,000 less than men during their careers and the retirement income of men is twice as high as women’s.</p> <p>As I’ve found in <a href="https://www.routledge.com/Gender-and-Finance-Addressing-Inequality-in-the-Financial-Services-Industry/Baeckstrom/p/book/9781032055572">my research</a> on gender and finance, women have lower financial self-efficacy (belief in their own abilities) compared to men. This is not helped by women feeling patronised when seeking financial advice.</p> <p>Because the world of finance was created by men for men, its language and culture are <a href="https://www.routledge.com/Gender-and-Finance-Addressing-Inequality-in-the-Financial-Services-Industry/Baeckstrom/p/book/9781032055572">intrinsically male</a>. Only in the mid-1970s did women in the UK gain the legal right to open a bank account without a male signature and it was not until 1980 that they could apply for credit independently. With the law now more (<a href="https://www.worldbank.org/en/news/press-release/2023/03/02/pace-of-reform-toward-equal-rights-for-women-falls-to-20-year-low">but not fully</a>) gender equal, the financial services industry has failed to connect with women.</p> <p>Studies show that 49% of women are <a href="https://www.ellevest.com/magazine/disrupt-money/ellevest-financial-wellness-survey">anxious about their finances</a>. However they have not bought into patronising offers and <a href="https://www.fa-mag.com/news/gender-roles-block-female-financial-experience--ubs-says-73531.html">mansplaining by financial advisers</a>. This outdated approach suggests that it is women, rather than the malfunctioning financial system, <a href="https://www.theguardian.com/commentisfree/2020/sep/16/women-are-not-financially-illiterate-they-need-more-than-condescending-advice">who need fixing</a>.</p> <p>Women continue to feel that they do not belong to or are able to trust the world of finance. And why would women trust an industry with a <a href="https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/bulletins/genderpaygapintheuk/2019">gender pay gap</a> of up to 59% and a severe lack of women in senior positions?</p> <p>Girl math on its own isn’t necessarily good financial advice, but if it helps even a handful of women feel more empowered to manage and understand their finances, it should not be dismissed.</p> <p><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/ylva-baeckstrom-1463175">Ylva Baeckstrom</a>, Senior Lecturer in Finance, <a href="https://theconversation.com/institutions/kings-college-london-1196">King's College London</a></em></p> <p><em>Image credits: Getty Images </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/girl-math-may-not-be-smart-financial-advice-but-it-could-help-women-feel-more-empowered-with-money-211780">original article</a>.</em></p> </div>

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