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Financial markets are tanking. Here’s why it’s best not to panic

<div class="theconversation-article-body"> Financial markets around the world have been slammed by the Trump adminstration’s sweeping tariffs on its trading partners, and China’s swift retaliation. Share markets have posted their biggest declines since the COVID pandemic hit in 2020, as fears of US recession surged. Iron ore, copper, oil, gold and the Australian dollar have all tumbled. On Wall Street, <a href="https://www.reuters.com/markets/sp-500-loses-24-trillion-market-value-biggest-one-day-loss-since-2020-2025-04-03/">leading indices</a> have fallen around 10% since the tariffs were announced, while the tech-heavy Nasdaq is down 20% from its recent peak. European and Asian markets have also slumped. In Australia, the key S&P/ASX 200 slid another 4.2% on Monday to levels last seen in December 2023, taking its three-day losses since the announcement to more than 7%. <hr /> <iframe id="AJ2rZ" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/AJ2rZ/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe> <hr /> <h2>Why are markets reacting so badly?</h2> Financial markets reacted so negatively because the tariffs were much larger than expected. They represent the <a href="https://www.abc.net.au/news/2025-04-05/trump-tariffs-upend-80-year-old-world-economic-order/105139464">biggest upheaval</a> in global trade in 80 years. Many traders were hoping the tariffs would be used mainly as a bargaining tool. <a href="https://finance.yahoo.com/news/live/trump-tariffs-live-updates-trump-digs-in-says-markets-may-have-to-take-medicine-as-stock-futures-plunge-191201959.html">But comments</a> by US President Donald Trump that markets may need to “take medicine” seem to suggest otherwise. The tariffs are expected to weaken economic growth in the US as consumers pare back spending on more expensive imports, while businesses shelve investment plans. Leading US bank JP Morgan has put the <a href="https://www.reuters.com/markets/jpmorgan-lifts-global-recession-odds-60-us-tariffs-stoke-fears-2025-04-04/">chance of a US recession</a> as high as 60%. This comes at a time when the US economy was already looking fragile. The highly regarded GDPNow model developed by the <a href="https://www.atlantafed.org/cqer/research/gdpnow">Atlanta Federal Reserve Bank</a> indicates US March quarter GDP will fall 2.8%, and that was before the tariff announcement. <h2>Worries about global growth</h2> Fears of a recession in the United States and the potential for a global downturn has led to a broad sell-off in commodity prices, including iron ore, copper and oil. Further, the Australian dollar, which is seen as a barometer for risk, has <a href="https://wise.com/au/currency-converter/currencies/aud-australian-dollar">fallen below 60 US cents</a> in local trading – its lowest level since 2009. While the direct impact of tariffs on Australia is expected to be modest (with around 6% of our exports going to US), the indirect impact could be substantial. China, Japan and South Korea together take more than 50% of Australia’s exports, and all have been hit with significantly higher tariffs. Treasurer Jim Chalmers said on Monday that the direct impact on the Australian economy would be “<a href="https://www.abc.net.au/news/2025-04-07/asx-markets-business-news-live-updates/105144276">manageable</a>”. The full effect on Australia will depend on how other countries respond, and whether we can redirect trade to other markets. The rapid decline in the Australian dollar will help offset some of the negative effects associated with a global downturn and the fall in commodity prices. We can also expect some interest-rate relief. Economists are now predicting <a href="https://www.afr.com/markets/debt-markets/traders-expect-up-to-five-rba-rate-cuts-amid-market-turmoil-this-year-20250407-p5lpo0">three further interest rate cuts</a> by the Reserve Bank, starting in May. This brings economists into line with financial market forecasts. <h2>Hang in there, markets will recover</h2> Watching equity markets tumble so dramatically can be unsettling for any investor. However, it is important to note that equity markets have experienced many downturns over the past 125 years due to wars, pandemics, financial crises and recessions. But these market impacts have generally been temporary. <hr /> <iframe id="lsNFF" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/lsNFF/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe> <hr /> History suggests that over the long term, equity prices continue to rise, supported by growing economies and rising incomes. The key thing for investors to remember is to not panic. Now is not the time to decide to switch your superannuation or other investments to cash. This risks missing the next upswing while also crystallising any current losses. For example, despite the steep market sell-off in March 2020 as the first COVID lockdowns came into effect, the Australian share market had completely recovered those losses by June 2021. It is good practice for investors to regularly reassess their risk profile to make sure it is right for their current stage of life. This means reducing the allocation to riskier assets as investors get closer to retirement age, while also maintaining a cash buffer to avoid having to sell assets during more turbulent periods such as now. <h2>Super funds are exposed to global risks</h2> The current sell-off has highlighted a potential issue facing the superannuation industry. So much of our superannuation is now invested in global equity markets, mostly in the US, because Australia’s <a href="https://www.abc.net.au/news/2025-04-02/australia-superannuation-retirement-savings/105098840">superannuation savings pool</a> – at more than A$4 trillion – has outgrown the investment opportunities available in Australia. Another issue facing the superannuation industry is the growth of cyber attacks, with several funds <a href="https://theconversation.com/hackers-have-hit-major-super-funds-a-cyber-expert-explains-how-to-stop-it-happening-again-253835">targeted in a recent attack</a>. Given the massive size of the assets held by some funds, it would seem they need to improve their security to be on par with that of the banking system.<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/253929/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> By <a href="https://theconversation.com/profiles/luke-hartigan-1491669">Luke Hartigan</a>, Lecturer in Economics, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> 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-markets-are-tanking-heres-why-its-best-not-to-panic-253929">original article</a>. Image: Shutterstock </div>

Money & Banking

Refinancing your home later in life – what you need to know

There are many reasons why you may look to refinance your home. The obvious one is to lower mortgage repayments with a better rate. However, other reasons people refinance later in life include: <ul> <li>unlocking equity to invest</li> <li>paying down other debts</li> <li>buying a holiday home</li> <li>funding extended travel</li> <li>launching a new business</li> <li>supporting children with a property deposit</li> </ul> Regardless of why you want to refinance, the points below will help you navigate your options. Changing lenders It may have been a while since you last revisited your mortgage, meaning you may not be aware of current lending options and traps. A common trick lenders use is the so-called “headline rate” to grab your attention. However, this interest rate is typically not what you end up paying. It may only be an introductory rate for the first few months, or hefty fees attached may wipe out any savings. Banks aren’t the only ones offering loans nowadays. Registered non-bank lenders, fintechs and online lenders can refinance your mortgage and provide other credit services the same as any bank; they just don’t take cash deposits. Alternatively, you could explore credit unions and mutual societies. Also consider any shareholder benefits you may have. Most banks have done away with them now but may still honour pre-existing ones. If you change lenders, you could lose this entitlement – permanently. Reverse mortgages Generally, only available to people aged 60-plus, a reverse mortgage effectively allows you to unlock equity in your home without you needing to make immediate repayments. However, they often have strict conditions including: <ul> <li>minimum borrowing amounts</li> <li>maximum borrowing ratios</li> <li>higher interest rates than standard mortgages</li> </ul> Crucially, the interest accrues over time and is repaid when you sell, move or pass away. As such, your debt liability grows over time – potentially impacting your future living arrangements and how much is left for beneficiaries in your will. The Govt has the “loan equity scheme” as another option to lenders. I just want to highlight the need to be careful with reverse mortgages. Changing homes Rather than selling, downsizing could involve making an investment property your primary residence and then renting out your existing home. This approach may require you to refinance both loans simultaneously. There will also be tax considerations to work through – including Capital Gains Tax liabilities when you do sell, negative gearing, depreciation, and changes to your income tax. Then there are the lifestyle factors to weigh up, especially if you are moving to a different area: <ul> <li>living expenses</li> <li>insurance and travel costs</li> <li>access to healthcare</li> <li>rental income</li> <li>property management expenses</li> </ul> Remember that if you have a Self Managed Super Fund (SMSF), it CANNOT own any property that you directly use yourself, including your home. Becoming Bank of Mum and Dad Refinancing can unlock equity to support adult children with their first property deposit. However, it isn’t without its risks. Ask yourself honestly: <ul> <li>Will this be a gift or loan?</li> <li>If a loan, under what terms? Will interest be applied? How and when will repayments be made? What if they default?</li> <li>What happens if their relationship breaks down, will you get your money back?</li> <li>How does going without that money affect your retirement?</li> <li>Do you have alternative assets to support you if your circumstances change?</li> <li>How does this affect inheritances or deposit contributions to your other children?</li> <li>Can you assist them another way without using your home equity?</li> </ul> Draw up a written agreement outlining all conditions and scenarios to avoid disagreements in the future. Pension impacts Don’t overlook how refinancing your home could impact your pension. While your home is exempt from the means test, any income or assets you generate from unlocking equity is not. You could inadvertently see your pension amount reduced or your eligibility voided altogether. This would come as a nasty shock if you haven’t pre-budgeted for such a change! Getting advice To ensure you get the best bang for your buck when refinancing, be sure to enlist the help of a good: <ul> <li>mortgage broker to source the best loans for your circumstances</li> <li>insurance broker to ensure your cover is right sized for your needs, risk and budget</li> <li>accountant to work through any tax implications</li> <li>estate planner to manage any changes</li> <li>financial adviser to keep your investments and financial strategy working for you</li> </ul> Ultimately, decisions – including about refinancing – are only as good the information you have at hand. So, make sure you have all the relevant facts before signing on the dotted line. Helen Baker is a licensed Australian financial adviser and author of the new book, Money For Life: How to build financial security from firm foundations (Major Street Publishing $32.99). Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a style="color: #467886;" title="http://www.onyourowntwofeet.com.au/" href="http://www.onyourowntwofeet.com.au/">www.onyourowntwofeet.com.au</a> 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.

Money & Banking

5 mistakes people make setting financial goals

In discussions around money and goal setting, people talk a lot about financial freedom. What does that mean to you, though? We might redefine money as ‘a unit of choice’, because the more money you make, the more choices you have. Everyone’s aspirations are different, which is one reason why there’s no one-size-fits- all approach to wealth. It’s time to begin to understand what financial freedom means to you, because how on earth are you going to get there, if you don’t know where there is? How will you craft a strategic wealth-building plan when you don’t know what your target is? How will you know if you are making the right decisions in the right areas, decisions that are intentionally and systematically advancing you towards your outcomes. Here are some of the big mistakes I see people make when setting financial goals. <h2>Mistake #1: They have none!</h2> Without a goal, how will you know what to steer towards? You are left just ‘hoping’ that one day things will work out. With no clear direction to head towards, any actions you take are more or less random. You’re often left sitting idle and going nowhere fast, just swept along by whatever current comes your way. <h2>Mistake #2: They make them too big</h2> This might seem counterintuitive, especially since the typical conversation about personal development emphasises aiming for big, ambitious goals. And while these can be valuable, helping to elevate your thinking and giving you something inspiring to work towards, the problem arises when they are your only focus. Without smaller, achievable milestones to serve as stepping stones, the gap between where you are now and your ultimate goal can feel overwhelming. This can make it hard for your subconscious mind to fully commit, leading to procrastination or self-sabotage due to fear of not knowing how to get there. <h2>Mistake #3: They make them too small</h2> While small goals may seem manageable, they can lack the power to ignite your motivation or emotional drive or to be the catalyst that pulls you towards something greater than who and where you are in life right now. Small, uninspiring goals can make it easy to remain complacent. Without a purpose or vision that stretches you, there’s no real incentive to pursue them with passion. They don’t create the emotional connection that’s essential for driving sustained effort and overcoming obstacles. As a result, you may never fully commit to these goals, and they end up being more like tasks to check off a list than meaningful milestones on your path to success. <h2>Mistake #4: They are vague and wishy-washy</h2> When your goals are unclear and lack focus, they are difficult to achieve. Goals like ‘I want to be rich’ of ‘I want more money’ are too broad to provide any real direction. Without concrete details – such as specific numbers, deadlines or actionable steps – you don’t have a clear path to follow. Vague goals make it hard to measure progress or stay motivated, because there’s nothing tangible to work towards. As a result, your efforts can become inconsistent, and it’s easy to lose focus. Without clarity, you can’t point your actions in a specific direction, which makes it unlikely you’ll make any meaningful progress. A well-defined goal, on the other hand, creates a roadmap and keeps you accountable along the way. <h2>Mistake #5: They have no plan to make it real</h2> Setting a clear goal is undeniably important but it’s only part of the process. Just because someone says they want a specific outcome does not mean they will achieve it. Yet many people fixate solely on the goal itself, or they try to manifest wealth and happiness through the ‘law of attraction’ alone. Most people spend 95 per cent of their time focusing on setting the goal and only 5 per cent on the actions needed to achieve it. Do you see the flaw in that approach? Instead, reverse the focus. Spend 5 per cent of your time defining the goal, and 95 per cent of your time working towards making it a reality. This is where having the right system becomes crucial. How do we break free from impotent goal setting and instead craft a set of financial goals that are not only big, beautiful and inspiring, but achievable. By setting targets that are tangible and tactical and are going to set you up to win, you become more than who you are right now. In the end, a goal without a plan is just an idea. A plan without a goal is simply directionless effort. It may keep you busy, but it won’t lead you anywhere meaningful. Both the goal and the plan must work together – one providing the destination, the other offering the roadmap. I always tell my clients they will never out-earn themselves. If you want to level up your results in life, you have to first level up as a person and raise the standards in how you choose to play the game. This is an edited extract from Escape the Middle (Wiley $32.95) by Todd Polke. Todd is an investor, entrepreneur and international educator in investing and wealth creation. For over two decades, he has guided thousands of individuals in growing and scaling their wealth to achieve financial independence. Find out more at <a href="https://www.portfoliowealth.com%20" target="_blank" rel="noopener">www.portfoliowealth.com </a> Image: Shutterstock

Money & Banking

Raygun's brother charged with financial crime

The brother of Australian Olympian Rachael Gunn, also known as Raygun, has been changed with a financial crime. Brendan Gunn faced Sydney Downing Centre on Wednesday after being charged for allegedly dealing with money that was the proceeds of crime. The Australian Securities and Investments Commission (ASIC) alleged he dealt with more than $100,000 in money or property that was reasonable to suspect were the proceeds of crime between March 2020 and May 2020, while director of Mormarkets: a role he has held since 2019. Brendan allegedly dealt with two bank cheques, which contained four investments totalling $181,000, by three investors who deposited the funds to convert to cryptocurrency. He went on to open several bank accounts to receive and transfer deposits on an ongoing basis, which were later closed due to concerns about scams. Brendan is facing a maximum penalty of three years' imprisonment, a $37,800 fine or both. ASIC chair Joe Longo said this case reflected his commitment to pursue those who are allegedly involved in facilitating cross-border scams targeting Australian investors. "ASIC continues to prioritise scam prevention and detection activity to protect consumers," he said in a statement. "We will continue to partner with international law enforcement organisations and investigate and take action where we see misconduct." Image credits: LinkedIn/Paul Kitagaki, Jr/ZUMA Press Wire/Shutterstock

Legal

Little-known road markings implemented to made roads safer

Aussie drivers could see a nationwide roll out of new road markings in an effort to improve road safety. While authorities continue to try to curb the number of people dying and being seriously injured on roads, many motorists have grown frustrated with state governments over the constant threat of hefty fines and the loss of demerit points. Authorities are now looking at alternative approaches to help reach the ambitious goal of achieving zero deaths and serious injuries by 2050, without further over-saturating roads with camera detectors. One new initiative, which is currently being trialed in Adelaide, is the introduction of new road markings intended to quickly grab the attention of drivers and alert them to a change up ahead without the threat of a fine or loss of demerit points. Known as 'dragon's teeth', the three-dimensional road markings are meant to "increase driver attention and create a sense of warning," leading road safety scientist at the University of Adelaide Mario Mongiardini told <a href="https://au.news.yahoo.com/drivers-warned-as-little-known-road-markings-could-be-rolled-out-across-australia-003513352.html" target="_blank" rel="noopener">Yahoo News</a>. If successful, the markings could be seen across the country, because they can be implemented "cheaply and quickly" by state authorities. The road markings, which are made of thermoplastic, are easy for councils and road authorities to implement and are designed to be durable and offer friction and grip for cyclists and motorcyclists. Mongiardini said inspiration for the markings came from Singapore, where they have adopted similar tactics. "They noticed drivers started to become much more compliant," Mario explained. "So that is one source of inspiration." Adelaide is not the only place they exist in Australia, with RAA Senior Traffic Engineer Matt Vertudaches, explaining "similar markings, without the 3D effect are used at school zones in other states such as NSW, where they indicate to drivers that there is an elevated risk and lower speeds may be more appropriate." Dr Chris Stokes, another researcher at the University of Adelaide, warned that the markings must be part of a multifaceted approach to road safety, with this specific road treatment thought to only work effectively if they're used sparingly. "You can't expect to have them around every corner, if that happens, people will quickly lose trust in the system," he explained. "They are not to be used where the environment speaks for itself." The markings are supposed to be used as a "complimentary" tactic, to work in tandem with reduced speed limits and changing the texture of roads too. "Hopefully if it's successful you may see them in some areas of Australia," Mongiardini said, but "don’t expect to see them all over the road, only where they are needed." Image credits: RAA

Legal

Despite decades of beach safety ads, at least 55 people have drowned in Australia this summer. It’s time to change tack

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/samuel-cornell-1418374">Samuel Cornell</a>, <a href="https://theconversation.com/institutions/unsw-sydney-1414">UNSW Sydney</a> Australia is considered a nation of beach lovers. But with all this water surrounding us, drownings remain tragically common. At least <a href="https://www.royallifesaving.com.au/research-and-policy/drowning-research/summer-drowning-toll">55 people have drowned</a> in waterways in Australia so far this summer, most of whom drowned at the beach. And the season’s not over. Every drowning is a tragedy, and Australia is nowhere near the federal-government supported <a href="https://www.watersafety.com.au/australian-water-safety-strategy/">goal of zero drownings</a>. Public health agencies are <a href="https://www.news.com.au/breaking-news/australia-in-the-grip-of-a-disturbing-rise-in-summer-drownings/news-story/bf2b1595f36bb4b458b371b9fab4f7ed">concerned</a> about the drowning numbers. So how do we fix it? An important factor to consider is how beach safety messages are communicated. <h2>Another season, another campaign</h2> The peak water safety bodies in Australia, <a href="https://sls.com.au/">Surf Life Saving Australia</a> and <a href="https://www.royallifesaving.com.au/">Royal Life Saving Society – Australia</a>, work to reduce drownings in all Australian aquatic locations, from swimming pools to rivers to beaches. Their public safety campaigns aim to raise awareness of drowning and risks around the water. Australians are undoubtedly safer because of the work and advocacy of these organisations – but drowning numbers remain stubbornly high. Surf Life Saving Australia is running a new campaign this summer – <a href="https://sls.com.au/surf-life-saving-calls-in-hollywood-actor-angus-sampson-to-help-reach-men-at-high-risk-of-drowning/">Stop, Look, Stay Alive</a> – featuring Australian-born actor and filmmaker Angus Sampson. This campaign is one of many in recent years urging Australians to stay safe near the water. Others include: <ul> <li>the “swim between the flags” message</li> <li>the “<a href="https://sls.com.au/surf-life-saving-australia-launches-new-summer-safety-campaign-give-an-f-about-the-flags/">give an F about the flags</a>” campaign</li> <li>the <a href="https://sls.com.au/slsa-draws-the-line-on-rips/">“think line”</a> campaign, which urges people to “stop, look and have a plan”</li> <li>the <a href="https://www.floattosurvive.au/">“float to survive”</a> campaign, which urges people to <a href="https://static1.squarespace.com/static/5f7cf9fd8c3f251339c3dfa8/t/65ea851cbcbf287ede28cdc3/1709868332878/Float+to+Survive+Report.pdf">float if they’re in trouble in the water or stuck in a rip</a></li> <li>the <a href="https://www.royallifesaving.com.au/about/campaigns-and-programs/respect-the-river">“respect the river”</a> campaign.</li> </ul> But the tragic number of drownings, particularly during summer, suggests not everyone is heeding the message. In fact, <a href="https://www.sciencedirect.com/science/article/abs/pii/S0278434322000760#:%7E:text=However%2C%20there%20is%20no%20evidence,and%20hazards%20to%20the%20public.">Australian researchers in 2022 found</a> no evidence to suggest beach drowning deaths in Australia have reduced over the long term. This, the researchers said: <blockquote> rais[es] questions regarding the effectiveness of existing strategies designed to communicate messages and information about beach safety and hazards to the public. </blockquote> <h2>Changing how we communicate</h2> <a href="https://sls.com.au/surf-life-saving-calls-in-hollywood-actor-angus-sampson-to-help-reach-men-at-high-risk-of-drowning/">According to Surf Life Saving Australia</a> the current Angus Sampson campaign aims to be: <blockquote> appealing to more Aussies, in particular men who continue to swim at unpatrolled locations and take unnecessary risks. </blockquote> As the <a href="https://sls.com.au/surf-life-saving-calls-in-hollywood-actor-angus-sampson-to-help-reach-men-at-high-risk-of-drowning/">organisation notes</a>, 86% of all drowning deaths on Australia’s coast last year were men. The campaign involves ads on television and online, as well as outdoor advertising. The decision to use a mix of platforms is wise. But the use of a TV and movie celebrity may not be effective. A <a href="https://archive.acrs.org.au/files/arsrpe/RS030057.pdf?utm">review looking at road safety campaigns</a>, for example, found limited evidence of celebrity effectiveness in improving safety outcomes. Could it be more effective to, for example, <a href="https://academic.oup.com/heapro/article/38/2/daad034/7143327">use a TikTok star</a> who is hugely popular among young males? Research suggests using the <a href="https://www.tandfonline.com/doi/full/10.1080/28355245.2024.2350155">right platform</a> and “<a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC7501494">voices that matter</a>” offer benefits when delivering safety messages. This is in part due to the <a href="https://www.tandfonline.com/doi/full/10.1080/17524032.2023.2237693">emotional connection</a> people form with these social media stars, which can result in behaviour change. When asked for evidence to show the current public messaging campaigns are working, Surf Life Saving Australia (SLSA) told The Conversation: <blockquote> SLSA is committed to preventing drowning through holistic, evidence-based approaches, combining awareness programs like Stop Look Stay Alive with lifesaving services, in-person programs, and education. This summer alone, lifesavers have performed over <a href="https://sls.com.au/coastal-safety/sls-research/national-summer-coastal-drowning-data/">2,500 rescues and 700,000 preventative actions</a>. Despite population growth, <a href="https://www.sciencedirect.com/science/article/pii/S1326020023000961">coastal drowning has remained stable</a>. This summer, 32 coastal drownings have been reported, fewer than the <a href="https://sls.com.au/coastal-safety/sls-research/national-summer-coastal-drowning-data/">same period last year</a>. SLSA focuses on behaviour change through initiatives like beachpassport.org.au (with 21,000+ “passports” issued already!), and on-beach programs that have provided active community learning <a href="https://www.sciencedirect.com/science/article/pii/S2212420924007040">opportunities</a>. It’s too early to comment on the broader effectiveness of Stop Look Stay Alive, however preliminary campaign results show positive impact and an evaluation will be conducted by <a href="https://www.beachsafetyresearch.com/">UNSW Beach Safety Research Group</a> later this year. </blockquote> <h2>Rethinking ‘swim between the flags’</h2> Many current beach messaging approaches, <a href="https://sls.com.au/1281-reasons-swim-flags/">including “swim between the flags”</a>, compel people to fit into what the system wants. But many beaches <a href="https://theconversation.com/australian-beachgoers-are-told-to-always-swim-between-the-flags-but-what-if-there-arent-any-220043">don’t have flags</a>. And not everyone stops or looks for flags, signs, or even the conditions before they go into the water. And studies show while most domestic beachgoers know to swim between the flags, <a href="https://www.sciencedirect.com/science/article/abs/pii/S0278434322000760#:%7E:text=However%2C%20there%20is%20no%20evidence,and%20hazards%20to%20the%20public">many choose not to</a> because, for example, people are located closer to beaches without flags or lifeguard patrols. What’s more, research suggests overseas visitors to Australia do not always understand <a href="https://www.sciencedirect.com/science/article/abs/pii/S0925753522003058">what “swim between the flags” means</a> or terms often used on common beach safety <a href="https://www.sciencedirect.com/science/article/pii/S0925753523003089">signage</a> such as “shore dump” and “shore break”. One 2021 <a href="https://www.sciencedirect.com/science/article/pii/S0925753523003089">study</a> found 21% of international students perceived “always swim between the flags” to mean that beachgoers who don’t or can’t swim need to stay outside the flags. This shows that current strategies aren’t resonating with all beach users, and there’s a need to reassess beach safety messaging. <h2>Changing tack</h2> Other forms of public safety messaging should also be considered when trying to reduce drowning numbers in Australia. For example, <a href="https://onlinelibrary.wiley.com/doi/full/10.1002/hpja.785">people who have been caught in rip</a> might be encouraged to tell their stories publicly. Research into other areas of <a href="https://journals.sagepub.com/doi/full/10.1177/10732748241237328">public health communication</a>, such as vaccines, suggest this can form the basis of an effective campaign. <a href="https://www.sciencedirect.com/science/article/abs/pii/S0278434322000760#:%7E:text=However%2C%20there%20is%20no%20evidence,and%20hazards%20to%20the%20public.">Research also suggests</a> teaching beachgoers about coastal science can improve beach safety behaviour. For example, people can be taught about how rip currents work, using images of dye released into the water. Crucially, consensus is needed on which <a href="https://www.jsams.org/article/S1440-2440(06)00231-3/abstract">key messages to prioritise</a>. Too much differing messaging <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC8807320/?utm_source">may lead to message fatigue or confusion</a> about which message is most important to follow. Messaging on beach safety to date has surely prevented drowning. But the stubborn drowning toll highlights the need to evaluate what is not working. Clear and consistent messaging, using modern platforms and engaging influencers may help us to get to zero drownings sooner.<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/245747/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/samuel-cornell-1418374">Samuel Cornell</a>, PhD Candidate, UNSW Beach Safety Research Group + School of Population Health, <a href="https://theconversation.com/institutions/unsw-sydney-1414">UNSW Sydney</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/despite-decades-of-beach-safety-ads-at-least-55-people-have-drowned-in-australia-this-summer-its-time-to-change-tack-245747">original article</a>. </div>

Domestic Travel

Many people don’t get financial advice even though it can help ensure a comfortable retirement

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/antonia-settle-1019551">Antonia Settle</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> Many Australians, particularly those on lower incomes, are often characterised as <a href="https://www.mpmwm.com.au/latest-news/50475">lacking knowledge or interest</a> in superannuation. <a href="https://www.superannuation.asn.au/wp-content/uploads/2024/09/Research-Note-Survey-on-superannuation-and-retirement-Advice-Sept-2024.pdf#_msdynmkt_linkid=48e751d5-debe-4eb2-9309-4bc96b01930a">Research</a> by the Association of Superannuation Funds of Australia (ASFA) confirms this. It found only 51% have sought any sort of financial advice before retiring. Financial advice plays a critical role in helping people maximise their super. But most of us don’t seek professional guidance. To make matters worse, <a href="https://www.theaustralian.com.au/business/wealth/retirement-and-superannuation-questions-not-being-asked/news-story/cc2142c3b32c706ea6ff1dc99dab62a5">superannuation experts</a> say those with small amounts of super are the least likely to seek it. <h2>Financial literacy</h2> The failure of households to approach super like experienced asset managers is often attributed to <a href="https://treasury.gov.au/sites/default/files/2021-02/p2020-100554-ud00b_key_obs.pdf">poor financial literacy</a>. Better <a href="https://www.investopedia.com/terms/f/financial-literacy.asp#:%7E:text=%25%2025%25%200%25-,What%20Is%20Financial%20Literacy%3F,management%2C%20budgeting%2C%20and%20investing.">knowledge</a>, it is often reasoned, would help lower income households make financially savvy decisions. This would help give them a better chance of achieving a comfortable retirement. Getting professional advice about managing retirement savings is a first step towards knowing what you don’t know. Learning to trust independent advice can optimise risk and returns, even if those decisions conflict with our instincts. ASFA <a href="https://www.superannuation.asn.au/wp-content/uploads/2024/09/Research-Note-Survey-on-superannuation-and-retirement-Advice-Sept-2024.pdf#_msdynmkt_linkid=48e751d5-debe-4eb2-9309-4bc96b01930a">research</a> found while trust in super funds was relatively high, only 12% sought information or advice from the funds. <h2>Career interruptions</h2> Some households might have little superannuation because their hourly wages are low and they have long breaks from the workforce. This might be due to raising children, personal illness or caring for others. Instead of being able to rely on public healthcare or pay others to provide this support, they are required to reduce or abandon paid work to do it themselves. This group consists overwhelmingly of <a href="https://www.wgea.gov.au/publications/superannuation-gender-pay-gaps-by-age-group">women</a> They are also unlikely to have benefited from high employer contribution rates, such as those of <a href="https://www.csc.gov.au/Members/Funds-and-products/PSSap">federal public servants</a> or university employees, who have long earned a standard 17%. <h2>Tax and other benefits</h2> Low balance households are also unlikely to have paid large sums into super to avoid income tax. <a href="https://www.apra.gov.au/news-and-publications/apra-releases-superannuation-statistics-for-june-2024">One in every four dollars</a> contributed to super is deposited as voluntary contributions, which attract a low tax rate. But most of these low tax contributions are made by <a href="https://australiainstitute.org.au/wp-content/uploads/2024/06/P1527-Who-benefits-The-high-cost-of-super-tax-concessions-Web-1.pdf">the 20%</a> with the highest incomes. In fact, with <a href="https://povertyandinequality.acoss.org.au/inequality/">70% of superannuation assets owned by the wealthiest 20% of households</a>, low balance households have relatively little to gain. Research shows those with the <a href="https://melbourneinstitute.unimelb.edu.au/__data/assets/pdf_file/0008/4630688/ri2023n03.pdf">lowest balances</a> believe superannuation is a largely a tool for high income earners to avoid tax. And while financial advice will always be more useful to those who are able to use <a href="https://www.commbank.com.au/articles/tax/five-ways-to-save-tax-using-superannuation.html">super as a tax minimisation strategy</a>, even for low-balance households – getting financial advice is worthwhile. Financial advice can help households choose investments that optimise the risk/return profile of superannuation at each stage of the life cycle. It can help avoid unnecessary fees and taxes and help people make the best decisions about <a href="https://www.investopedia.com/terms/d/drawdown.asp#:%7E:text=A%20drawdown%20in%20retirement%20is,known%20as%20a%20drawdown%20percentage.">spending in retirement</a> so they can get the most out of their super. <h2>Potential sticking points</h2> The <a href="https://www.royalcommission.gov.au/banking#:%7E:text=The%20Royal%20Commission%20into%20Misconduct,into%20misconduct%20in%20the%20banking%2C">2017 royal commission</a> into banking and finance misconduct revealed major conflicts of interest in the advice sector. This only made some people more wary about trusting a stranger with their life savings. At between $4,000 and $12,000 for a <a href="https://www.moneymag.com.au/financial-planning/learning/how-much-does-financial-advice-cost">personal financial plan</a>, independent financial advice is not cheap. There is free counselling to manage debts but there is no free, independent advice for longer-term financial planning. Recent <a href="https://ministers.treasury.gov.au/ministers/stephen-jones-2022/media-releases/government-unveils-comprehensive-financial-advice">regulatory efforts</a> to better position superannuation funds to provide free financial advice to households will improve access for many. But these efforts won’t resolve the conflict of interest issue, given there is little incentive for funds to suggest investment strategies using other providers. This is particularly important during the <a href="https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/withdrawing-and-using-your-super/retirement-withdrawal-lump-sum-or-income-stream">draw down phase</a>. This is where people start using their super which they receive as either a lump sum or income stream. The products offered by any single super fund to set this up are limited. Superannuation balances can be seriously eroded by <a href="https://www.ato.gov.au/calculators-and-tools/super-yoursuper-comparison-tool">unnecessary fees</a>, inappropriate investments and poorly planned <a href="https://www.superguide.com.au/in-retirement/minimum-pension-payments-reduced">draw down</a> strategies. This is particularly damaging when low balances are involved. <h2>Facing poverty in retirement</h2> As a result, failure to seek financial advice can increase the risk of elderly poverty, especially if people retire without having bought or paid off a home. Any savings that can be preserved can make a meaningful difference to the capacity of such households to have a dignified retirement. For these reasons, access to free and independent advice is critically important for the superannuation system to better serve low-balance households. But free, independent advice is still not available in the superannuation system. It is not surprising low-balance households are reticent to engage in super given the lack of accessible advice. But the peripheral role of low-balance households in a system dominated by Australia’s wealthiest households may play a role in that reticence as well.<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/240207/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/antonia-settle-1019551">Antonia Settle</a>, Lecturer, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/many-people-dont-get-financial-advice-even-though-it-can-help-ensure-a-comfortable-retirement-240207">original article</a>. </div>

Money & Banking

"Yet another disgrace": Rolf Harris’ net worth revealed

Disgraced TV star Rolf Harris died penniless after wiping out his estimated $31 million fortune, making it difficult for his victims to claim compensation. The convicted pedophile died of neck cancer and old age last year after spending his final years as a recluse with his wife at their luxury $10 million riverside mansion in Bray, Berkshire. Harris – a staple of children’s TV in the 1980s - was convicted of 12 indecent assaults, and managed to overturn only one of his convictions. The vile pedophile was released from prison in 2017. After his death, it was said that he left a $31 million fortune that he amassed during his career to his wife Alwen Hughes and daughter Bindi, 60. However, probate documents seen by The Sun show that his assets were said to be worth just $853,436.98 when he died. When expenses were taken out the net value of his estate was $0. It is believed that most of his fortune was spent to make it difficult for his victims, who were seeking compensation, to access his wealth following his death. A large part of his fortune is believed to have been used on around-the-clock carers for him and his wife Alwen, who died in September this year after suffering from dementia. His legal documents show that his will was last signed in March 2022, a year before his death, and was witnesses by two of his carers. Investigator and ex-detective Mark Williams-Thomas, who helped to convict Harris, said: “This is yet another disgrace. “He has obviously planned to get rid of money and assets and there is no way he’d have actually been penniless. “He had amassed a huge amount of wealth and I would assume he has squirrelled it away to avoid victims making claims on it, even after his death. The man had no shame.” Harris was known for a string of children's TV hits and was the face of British Paints for more than three decades before he was dumped by the brand when he was arrested in 2013. The following year, he was convicted a found guilty on 12 counts of indecent assault, and was sentenced to five years and nine months in jail. The assaults include one on an eight-year-old fan who asked for his autograph, two on girls in their early teens, and a catalogue of abuse against his daughter's friend of over 16 years. He was released on parole in May 2017 after serving three years behind bars. Image: Alan Davidson/ Shutterstock Editorial

Money & Banking

The financial reality check after a major diagnosis

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. Who received the diagnosis – you or your spouse (if you have one)? Is it a terminal illness, chronic condition or treatable setback? 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)? Once you have clarified and considered this, spring into action as soon as possible. Revisit your spending Healthcare is expensive by any measure. 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. 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. 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. 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. Secure your income Once you’ve established the impact on your ability to work and your spending needs, determine how you will pay for everything going forward. Your emergency fund can provide short-term cash if you need to stop working suddenly or fork out for large, unexpected bills. 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. 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. Update your estate plans A major diagnosis typically elicits thoughts about mortality, legacy and how you want your loved ones to be provided for. 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. 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. Look after yourself 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. 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. 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. 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! 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> 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. Image credits: Shutterstock

Money & Banking

10 signs you’re not on the right financial path

Dreaming of owning a big house, nice car and a boat? Or just having enough cash to be comfortable? Here are 10 signs that you are not (yet) on the path to financial freedom. 1. You don't think about ways to make extra money 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. 2. You leave your savings in a savings account 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. 3. You borrow to buy 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. 4. You don't know where your money goes 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. 5. You're putting off planning for your retirement 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. 6. You hate risk 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. 7. You don't have a plan 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. 8. You don't pay yourself first 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. 9. You think you're bad with money 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. 10. You don't know the basics 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. Image credits: Shutterstock Written by Susan Edmonds. First appeared on <a href="http://www.stuff.co.nz/" target="_blank" rel="noopener">Stuff.co.nz</a>.

Money & Banking

Snakes are waking up. What should you do if you’re bitten? And what if you’re a long way from help?

<div class="theconversation-article-body"> <a href="https://theconversation.com/profiles/hamish-bradley-2217649">Hamish Bradley</a>, <a href="https://theconversation.com/institutions/the-university-of-western-australia-1067">The University of Western Australia</a>; <a href="https://theconversation.com/profiles/alice-richardson-252002">Alice Richardson</a>, <a href="https://theconversation.com/institutions/australian-national-university-877">Australian National University</a>, and <a href="https://theconversation.com/profiles/breeanna-spring-1545193">Breeanna Spring</a>, <a href="https://theconversation.com/institutions/charles-darwin-university-1066">Charles Darwin University</a> From the creeks that wind through inner city Melbourne to the far outback in Western Australia, snake season is beginning. Over the cooler months snakes have been in state of <a href="https://youtu.be/FjXOzNjZjoU?si=Mc0eeayVk4VU9906">brumation</a>. This is very similar to hibernation and characterised by sluggishness and inactivity. As warmer conditions return both snakes and humans become more active in the outdoors, leading to an increased likelihood of interaction. This may happen when people are hiking, dog-walking or gardening. The risk of being bitten by a snake is exceptionally small, but knowing basic first aid could potentially save your, or another person’s, life. <h2>When a snake bites</h2> Snake bite envenomation (when venom enters the blood stream) is a significant issue in Australia, with <a href="https://onlinelibrary.wiley.com/doi/full/10.5694/mja17.00094">3,000 cases annually and an average of two deaths</a>. Snake bite should always be <a href="https://stjohnwa.com.au/online-resources/first-aid-information-and-resources/snake-bite">treated</a> as a life-threatening emergency, and if you are bitten in rural or remote Australia, you will often receive an air medical emergency pick up to a regional or metropolitan hospital for advanced care. The effects of snake bites vary, depending on the species of snake and first aid measures undertaken. Australian <a href="https://www.healthdirect.gov.au/snake-bites">standard first aid guidelines</a> include: <ul> <li>calling for help (dialing 000 or activating an emergency beacon)</li> <li>applying a pressure immobilisation bandage</li> <li>resting.</li> </ul> <h2>Why pressure is important</h2> Snake venom is carried within the <a href="https://theconversation.com/what-are-lymph-nodes-and-can-a-massage-really-improve-lymphatic-drainage-209334">lymphatic system</a>. This is a collection of tiny tubes throughout the body that return fluid outside of blood vessels back to the blood stream. Muscles act as a “<a href="https://theconversation.com/pneumatic-compression-therapy-can-it-really-help-olympians-or-you-recover-after-exercise-236228">pump</a>” to help the fluid move through this system. That’s why being still, or immobilisation, is vital to slow the spread of venom. A firm pressure immobilisation bandage, applied as tight as you would for a sprained ankle, will compress these tubes and help limit the venom’s spread. Ideally bandage the entire limb on which the bite occurred and apply a splint to help further with immobilisation. It is very important that the blood supply to the limb is not limited by this bandage. Never attempt to capture or kill the snake for identification. This risks further bites and is not required for specialist care. The decision about when to give antivenom (if any) is based on the geographical location, symptoms, the results of blood tests and discussion with a toxicologist. <h2>The tyranny of distance</h2> People living in rural and remote locations may also have limited access to health care, including access to ambulance services, <a href="https://www.tandfonline.com/doi/full/10.1080/10871209.2020.1769778">snake bite first aid</a> such as bandages and splints, and to antivenom. Availability and the prompt use of antivenom have been identified as <a href="https://www.sciencedirect.com/science/article/pii/S2590171022000558">crucial factors in the effective treatment</a> of snake envenomation – but not studied in detail. Over one year (as a component of a larger three-year study) we collected information on the pre-hospital care and in-flight care with the Royal Flying Doctors Service Western Operations. During this time, 85 people from regional, rural, remote and very remote Western Australia were flown by Royal Flying Doctor Service to hospital for suspected or confirmed snake bites. Reassuringly, only five of these patients (6%) ultimately received a toxicologist’s diagnosis of envenomation. <h2>To move or not to move?</h2> Troublingly, 38 (45%) of the 85 snake bite victims continued to move around and be active following their suspected snake bite. This raises questions about whether people lack knowledge of first-aid guidelines, or whether this is a consequence of being isolated, with limited access to health care. Either way, our as-yet-unpublished research highlights the vulnerability of Australia’s rural and remote people. All patients eventually received a pressure immobilisation bandage, with an average time from bite to application of 38 minutes. Three quarters of the patients made their way to health-care site by foot, or private car, arriving on average 65 minutes after the bite. <h2>What needs to change?</h2> Our results indicate rural and remote Australians need innovative health-care solutions beyond the metropolitan guidelines, particularly when outside ambulance service areas. Basic snake bite first aid education needs to be not only reiterated but also a pragmatic approach is required in these geographically isolated locations. This would involve being vigilant, staying safe and, when isolated, always carrying emergency technology to call for help. <hr /> The authors wish to acknowledge the efforts required through this research project as it continues, including by Fergus Gardiner, Kieran Hennelly, Rochelle Menzies, James Anderson, Alex McMillan and John Fisher. Hamish Bradley is an Aeromedical Retrieval Specialist and Principal Investigator in this project.<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/234365/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/hamish-bradley-2217649">Hamish Bradley</a>, Adjunct Lecturer, Anaesthetist and Aeromedical Retrieval Specialist, <a href="https://theconversation.com/institutions/the-university-of-western-australia-1067">The University of Western Australia</a>; <a href="https://theconversation.com/profiles/alice-richardson-252002">Alice Richardson</a>, Associate professor and lead of Statistical Support Network, <a href="https://theconversation.com/institutions/australian-national-university-877">Australian National University</a>, and <a href="https://theconversation.com/profiles/breeanna-spring-1545193">Breeanna Spring</a>, PhD student, Molly Wardaguga Institute for First Nations Birth Rights, Faculty of Health, <a href="https://theconversation.com/institutions/charles-darwin-university-1066">Charles Darwin University</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/snakes-are-waking-up-what-should-you-do-if-youre-bitten-and-what-if-youre-a-long-way-from-help-234365">original article</a>. </div>

Body

More Australians are using their superannuation for medical procedures. But that might put their financial health at risk

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/neera-bhatia-15189">Neera Bhatia</a>, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a> A record number of Australians are accessing their superannuation early on compassionate grounds, mainly to fund their own medical procedures – or those of a family member. Some 150,000 Australians have used the scheme in the last five years. Nearly 40,000 people <a href="https://www.ato.gov.au/about-ato/research-and-statistics/in-detail/super-statistics/early-release/compassionate-release-of-super">had applications approved</a> in 2022-23, compared to just under 30,000 in 2018-19 – an increase of 47%. Some people think this flexible use of funds is a good way to ensure people can fund their own medical needs. But more transparency and better oversight is needed. <h2>What are compassionate grounds?</h2> Since July 2018, the Australian Tax Office has administered the early release of superannuation – meaning before <a href="https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/withdrawing-and-using-your-super/super-withdrawal-options#Preservationage">retirement</a> – under certain circumstances, including compassionate grounds. <a href="https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/withdrawing-and-using-your-super/early-access-to-super/access-on-compassionate-grounds/expenses-eligible-for-release-on-compassionate-grounds">Compassionate grounds</a> for you or your dependant (such as child or spouse) are: <ul> <li>medical treatment or transport</li> <li>modifying your home or vehicle to accommodate special needs for a severe disability</li> <li>palliative care for a terminal illness</li> <li>death, funeral or burial expenses</li> <li>preventing foreclosure or forced sale of your home.</li> </ul> The medical treatment must be for a life-threatening illness or injury, or to alleviate acute or chronic pain, or acute or chronic mental illness. The treatment cannot be “readily available” through the public system. Cosmetic procedures are excluded. You also have to prove you cannot afford to pay part or all of the expenses without accessing your super, for example, by spending your savings, selling assets or getting a loan. People who can access other funding for the expense, such as via the <a href="https://theconversation.com/lists-of-eligible-supports-could-be-a-backwards-step-for-the-ndis-and-people-with-disability-236578">National Disability Insurance Scheme</a>, are ineligible. <h2>Why are people using this scheme more?</h2> The ATO has not explained what is driving the surge. General cost-of-living pressures may play a role. People may have fewer savings to draw on for medical procedures. But the treatments most commonly being accessed using superannuation – fertility treatments, weight loss surgeries and dental care – point to other systemic issues. There have long been issues with IVF and <a href="https://theconversation.com/why-isnt-dental-included-in-medicare-its-time-to-change-this-heres-how-239086#:%7E:text=The%20real%20reason%20dental%20hasn,has%20a%20structural%20budget%20problem.">dental care</a> not being readily available or funded in the public health system. Weight loss surgeries (including <a href="https://www.mayoclinic.org/tests-procedures/bariatric-surgery/about/pac-20394258">bariatric surgery</a>) can help combat potentially life-threatening conditions such as heart disease. Recent <a href="https://www.monash.edu/news/articles/fewer-australians-having-bariatric-surgery-monash-university-led-report">research</a> suggests there has been an overall drop in the number of Australians having bariatric surgeries since 2016. But of those, 95% are performed through the private system. While early access to super can provide individuals access to critical treatment, there are issues with how compassionate grounds are defined and regulated. <h2>Lack of clarity</h2> As my co-author and I <a href="https://www.unswlawjournal.unsw.edu.au/wp-content/uploads/2021/06/Issue-442-PDF-3-Bhatia-and-Porceddu.pdf">have shown</a>, the vague wording of the <a href="https://www.legislation.gov.au/F1996B00580/2022-09-28/text">Superannuation Industry regulations</a> leaves them worryingly open to interpretation. For example, the meaning of “mental disturbance” is not defined. You may not meet the criteria of having an acute or life-threatening illness, or acute or chronic pain. But if you can show a certain condition causes you acute mental disturbance, you may qualify to release your superannuation early. People accessing their superannuation for IVF use this criterion, for example, by arguing they need to access funds to continue treatment and alleviate the acute mental distress caused by ongoing infertility issues. Two registered medical practitioners are each required to submit a report demonstrating the treatment is needed, and one must be a specialist in the field in which the treatment is required. However, the regulations do not specify clearly that the specialist should have relevant qualifications. In the IVF example, this means the specialist opinion can be provided by a fertility doctor rather than a mental health expert – and that person may stand to profit if they later also provide treatment. <h2>A closed-loop system</h2> Conflict of interest is another major issue. There is nothing in the regulations to stop a medical practitioner – such as a dentist – being involved in all steps and then financially benefiting. They could encourage a patient to access superannuation for a treatment, write the specialist report and then also receive payment for the treatment. Some clinics <a href="https://www.theguardian.com/australia-news/2024/apr/06/online-ads-promote-simple-access-to-super-to-pay-for-healthcare-despite-strict-rules">promote</a> accessing superannuation as an option to pay for expensive treatments. This raises important questions about the independence of the process, as well as professional ethics. Medical practitioners making recommendations for early release of superannuation should be doing so on genuinely compassionate grounds. But the potential for exploitation remains an ethical concern, when a practitioner can financially benefit from recommending early access to nest egg funds. Transparency around potential <a href="https://theconversation.com/people-are-using-their-super-to-pay-for-ivf-with-their-fertility-clinics-blessing-thats-a-conflict-of-interest-161278">conflicts of interest</a> are impossible to ensure without proper oversight. <h2>What is needed?</h2> 1. Mandatory financial counselling The ATO <a href="https://www.theage.com.au/healthcare/worrying-trend-record-number-of-australians-raid-super-to-fund-medical-treatments-20240920-p5kc44.html">has warned</a> accessing super early is not “free money”, with a spokesperson urging people to get financial advice. But the law should go a step further and make this compulsory. That way people making decisions during an emotionally charged moment can understand any future implications. 2. Tightening of the criteria Greater clarity in the legislation – such as defining “mental disturbance” – would help prevent loopholes being exploited. 3. Better oversight Less health-care industry involvement would promote greater transparency and independence. An independent body of medical practitioners could assess applications rather than practitioners who could financially benefit if applications are approved. This would help alleviate perceived and actual conflicts of interest. Accessing superannuation early may be the only option for some people to start a family or access other life-changing medical care. But they should be able to make this decision in a fully informed way, safeguarded from exploitation and aware of the implications for their future.<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/239588/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/neera-bhatia-15189">Neera Bhatia</a>, Associate Professor in Law, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/more-australians-are-using-their-superannuation-for-medical-procedures-but-that-might-put-their-financial-health-at-risk-239588">original article</a>. </div>

Money & Banking

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

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/marianne-janack-681018">Marianne Janack</a>, <a href="https://theconversation.com/institutions/hamilton-college-2966">Hamilton College</a> 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>?” 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. 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. 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>.” 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. <h2>Usefulness, tools and freedom</h2> 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. 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. 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. 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. 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. <h2>‘What we do is what we are’</h2> 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. 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. 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. 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" /> <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> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/retirement-doesnt-just-raise-financial-concerns-it-can-also-mean-feeling-unmoored-and-irrelevant-233963">original article</a>. </div>

Retirement Income

Retirement tips for Australians without a full superannuation safety net

Most people who commenced paid work before the 1992 launch of compulsory employer contributions won’t have enjoyed money going into their retirement fund for the full duration of their working lives. Others have spent most or all of their adult lives as caregivers – stay-home parents, carers for elderly parents or relatives living with disability. Unquestionably valuable work, yet sadly unpaid – meaning no superannuation. Then there other factors impacting retirement savings – the gender pay gap, periods of unpaid leave, unemployment, working abroad, being a low income earner and more. So don’t think you are alone if you don’t have enough in superannuation for a comfortable retirement. Consider the following options to fall back on instead of, or as well as, your super: Age pension This is the most obvious alternative. What fewer realise, though, is that you may still be eligible for a part-pension, even if your assets exceed the eligibility threshold for the full amount. Claiming a part-pension will stretch what super you do have further. Plus, the related concession card entitles you to a range of discounts, reducing your living costs. Don’t overestimate the value of your assets under the pension means test – potentially denying yourself a legitimate source of income. Semi-retirement Consider transitioning to part-time work instead of retiring outright, allowing you to reduce your workload while still generating both income and employer contributions into your super. This could include self-employment – many retirees begin building a business out of their hobby or do paid consulting work within their industry (often a much higher hourly rate than as a permanent employee). Your home If you own your home, chances are you are sitting on a pile of equity. Yes, you would need to sell and move in order to unlock those funds. But it’s tax-free money. And it can be as much of a lifestyle opportunity as a financial one: downsize to a home with less maintenance needs; relocate nearer to grandkids; enjoy a seachange or treechange. Downsizer provisions also allow you to contribute a chunk of the proceeds into your superannuation over-and-above voluntary contribution caps. Investments Certain investments can deliver a lucrative passive income stream, which you can use in lieu of – or alongside – income from super. Think investment property rents, share dividends, even renting out your car/caravan/boat when you’re not using it. Or you could sell investments you own and use the proceeds to top up your super, which is typically more tax effective than holding as cash. Family business/trust If you have a family business or family trust, you may be able to draw down a regular income from it if structured correctly. Doing so over time from operating profits/investment returns, rather than as a lump sum, means a trust can continue as normal without being forced to sell assets or be wound up, while a business can continue trading under family ownership without the remaining directors having to find the cash to buy out your share (though this may be another option to explore with them). Living costs Your living costs are quite different in full-time retirement compared to full-time work. Goodbye to many commuting, clothing, personal grooming, professional development, registration/certification, lunches and coffees, and work-from-home expenses. Hello to greater energy bills (more time at home and no more remote working tax deductions), travel and lifestyle spending. Don’t overlook the power of updating your household spending and investments plan to reflect this new reality, cancel work-related outgoings and cut unnecessary spending. Timing Perhaps the most far-reaching, yet most commonly overlooked, aspect around retirement is timing. For instance: <ul> <li>the later in the financial year you retire, the more employment income you have accrued – potentially pushing you into a higher tax bracket and ballooning your tax bill.</li> <li>the proceeds from investments differ depending on when in the market cycle you sell them.</li> <li>retiring early may reduce employment bonuses, leave payouts, share option entitlements etc.</li> <li>both spouses/partners retiring simultaneously may reduce overall employment earnings, while conversely unlocking greater opportunities to do things together (like travel, shared hobbies, visiting family).</li> </ul> A qualified financial adviser can help you work through your various options and alternatives, allowing you the peace of mind to enjoy your golden years comfortably – whether that is with or without superannuation. 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> 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. Image credits: Shutterstock

Retirement Income

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

<div class="theconversation-article-body"><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> 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. 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. 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>. As more Australians grapple with a cost-of-living crisis, a key driver of loneliness is financial hardship. <h2>Am I lonely?</h2> 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. This might mean you feel, to a certain extent, that: <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> Not all of these may relate to you and you may experience these in varying degrees. <h2>What drives loneliness?</h2> 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: <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> But the largest effect we found, even after we accounted for all other possible contributing factors, is the impact of financial hardship. 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. This aligns with other studies that link economic hardships to <a href="https://pubmed.ncbi.nlm.nih.gov/33241698/">poor health</a>. 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. 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. 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. <h2>Being poor affects how we interact with others</h2> 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. 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. First, having financial pressures may change the way we feel and relate to others due to higher stress levels. 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. <h2>What can we do as a society?</h2> 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. 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. 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. 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. 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. Cuts to building or maintaining these spaces will stop people from interacting, gathering, or socialising within their community. Not addressing loneliness effectively or quickly will lead us to persistent loneliness and to potentially more distress. <h2>How to connect if you’re financially pressured</h2> 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. 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. 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. 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. <hr /> 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.<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" /> <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> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/financial-hardship-is-the-biggest-driver-of-loneliness-heres-why-and-how-to-tackle-it-236135">original article</a>. </div>

Money & Banking

6 extra items to pack when travelling by yourself

Travelling alone can be a life changing experience, but it also requires a few extra precautions. Pack these six things to keep yourself safe. 1. Doorstop A simple wedge of wood or plastic can give you priceless peace of mind in a hotel room. Even if you lock the door, people might be able to break the lock or use a cloned key. A doorstop quickly and easily wedges it shut so you can sleep easy. If you want to go one step further, you can get special doorstop alarms that will emit a loud siren if anyone tries to force the door. 2. Extra lock There are endless uses for an extra padlock or bike lock-style cable. You can double up on your hotel door, secure your train carriage or ship cabin, double lock your suitcase or chain it to something sturdy. Compact, sturdy locks are relatively cheap and easy to carry with you, and will deter most thieves or intruders looking for an easy mark. 3. First aid kit If you don’t have a travel buddy to send down to the chemist, a simple first aid kit can be a lifesaver. Keep it stocked with band aids, basic bandages, pain killers, antibiotics, antihistamines and gastro meds, along with anything else you think will be useful. If you are really unwell, you’ll obviously need to see a doctor, but having the first line of defence within easy reach is always smart. 4. Whistle or personal alarm If you will be walking through unfamiliar cities at night (or even in the day), a whistle or personal alarm can give you a feeling of security. If anyone unsavoury approaches you, a loud noise will startle them and generally scare them off. It also draws the attention of other people and makes them aware of your predicament. 5. Small torch Never underestimate the power of a little light to make you feel safe. It’s great for finding your way through dark streets, looking for your keys in your bag or seeing the lock on your hotel door. You can get small lights that attach to a keychain or wallet and give out a surprisingly bright light. People are less likely to approach you if they feel they will be seen. 6. Fake wedding ring This one is for the ladies – in some countries an unmarried woman is seen as an easy target. Buying a cheap, fake wedding ring can give you a simple cover. Men may be less likely to approach you and, if they do, you can simply say your husband is in the next shop or waiting for you back at the hotel. Image credits: Shutterstock

Travel Tips

Bruce Springsteen is officially a billionaire

Bruce Springsteen has officially become a billionaire. Financial magazine Forbes announced his achievement, with the 74-year-old's fortune at an estimated $US 1.1 billion (approx. $1.7 billion), with the outlet emphasising that they were just "conservatively estimating". The rock star had a six-decade long career, with over 140 million albums sold worldwide, an autobiography, Born to Run, and a sold-out Broadway show called Springsteen on Broadway, as a few of the factors that helped him become a billionaire. But of course, the biggest reason would be due to selling his entire music catalogue — featuring hits such as Dancing in the Dark, Brilliant Disguise and Streets of Philadelphia — to Sony in 2021 for $US 500 million (approx. $748 million). In 2023, his world tour raked in $US380 million ($569 million), according to Pollstar, and he is still touring to this day, having recently been in Stockholm for the European leg of his tour, Springsteen and E Street Band. Springsteen also dabbles in real estate, with two lavish properties in Wellington, Florida and a residence in Beverly Hills he bought in 2010, which is now estimated at $US15 million ($22 million). The rock star has certainly come a long way from his humble beginnings as a bartender at the Stone Pony club in Asbury Park, New Jersey. “I wasn’t much of a bartender, but I’d serve up the beers and just have fun with the fans, and just enjoy myself,” Springsteen said in his new book I Don’t Want to Go Home: The Oral History of the Stone Pony. “[My signature] was beer. With a Jack Daniel’s on the side, maybe.” No matter how much money he has earned, Springsteen stays true to his roots as the boy from New Jersey, and just last year he was spotted at a cheap diner, Roberto’s Freehold Grill, in his home town. “I just still like it here,” he told Variety in 2017. “I think Jersey Shore is a great place to live … I’m still a beach bum so I’ll swim until November. It’s just still a place that we love, man.” Image: JUANJO MARTIN/EPA-EFE/ Shutterstock Editorial

Money & Banking

"The pain is unbearable": Nick Campo's family speaks out

The parents of a Perth teenager who tragically died in a car crash have started an emotional campaign for road safety in the name of their late son. Budding footballer Nick Campo, who had just turned 18, was the rear passenger in a Toyota HiLux that rolled and collided with a Jeep Patriot in Perth’s southern suburbs on Saturday night and was pronounced <a href="https://www.oversixty.com.au/health/caring/rising-star-footy-player-dies-at-just-18" target="_blank" rel="noopener">dead</a> at the scene. Campo's parents Daniel and Bianca told <a href="https://www.9news.com.au/national/nick-campo-parents-speak-of-unbearable-pain-after-losing-son-to-horror-crash/a5ab695f-d536-4fbb-9a95-088e155e3cba" target="_blank" rel="noopener">9News</a> of their "unbearable pain" since the sudden and tragic loss of their son. "My Nick, he was definitely one of a kind," his mum Bianca said. "I knew he was special, but he was really special to a lot of people." "And he was a beautiful boy, and he's going to be missed by so many, so many people." His father Daniel said his son was "the complete package" but was best known for his quick wit cheekiness. "If you had to sum Nick up in one word, 'cheeky'," he said. "From day dot .... Cheeky, cheeky." Sitting in the ute alongside Nick at the time of the crash were two of his teammates from the South Fremantle Football club, as well as the 17-year-old driver and one other young man. "He loved footy, he loved cricket, he just was so committed," his mum said. "He loved getting around all the boys, you know all the teammates. He loved being in the clubs." The 17-year-old boy accused of being behind the wheel, who was also injured in the crash alongside one of the other passengers, is facing serious charges. Another boy is fighting for his life in Royal Perth Hospital. Nick's parents are praying their son's friend pulls through and don't want other families to go through what they have gone through. "(Because) It is, it is the worst nightmare that you can imagine and the pain is unbearable," his mum said. The family is now channelling their grief towards a road safety campaign called "Call Out for Nick". "If it doesn't look right, that person doesn't look right to drive, the habits - it's got to be called out," his father said. "We see it every day - young kids they think they're bulletproof, they're not." Image credits: Nine

Caring

Beloved Oodie company fined $100k over child safety

The company behind the popular winter staple Oodie has paid over $100,000 in fines after concerns over failing to comply to safety standards for children's clothing. Davie Clothing Pty Ltd was issued with infringements by the Australian Competition and Consumer Commission (ACCC) after it was alleged that they did not include high fire danger warnings on six varieties of the Kids Beach Oodie. Fire hazard warnings are crucial to alert customers and keep children safe as it prevents potential burns if their clothing catches fire. “Children can suffer serious burns if their clothing catches fire and we urge consumers to remain especially vigilant when kids are more likely to be near artificial heating or open flames,” ACCC Deputy Chair Catriona Lowe said. The alleged breaches came between September 29, 2022 and July 14, 2023, with over 2400 affected Oodies sold during that period. According to the ACCC the fire warnings were not fixed to the wearable blankets or displayed on the company's website, which is a requirement of the safety standard. An investigation was reportedly launched after a complaint from a customer. The impacted products were recalled last year, with the founder of the company Davie Fogerty saying: “We would like to address a labelling matter concerning the first production run of the ‘Kids Beach Oodies’ that you have purchased.” “While the safety of these products is not compromised, we regret to inform you that they do not comply with the Ministry of Business, Innovation & Employment due to the absence of the required red fire hazard warning label," the statement concluded. The ACCC Deputy Chair added that this "serves as an important reminder to suppliers of kids clothing to ensure all their relevant products meet safety standards, particularly regarding the use of fire danger warning labels. “Failure to take the necessary steps to comply can result in consumers being unaware of high fire danger risk, which is unacceptable. This is particularly concerning where children’s clothing is concerned.” Davie Clothing has paid $101,210 for the six infringement notices it received. The ACCC has accepted a court-enforceable undertaking from the clothing company, which included them publishing a corrective notice on their website and establishing a consumer law compliance program. Images: news.com.au

Legal

"Hero" teens steer bus to safety after driver has a heart attack

Two teenagers have worked together to steer a school bus to safety after the driver had a heart attack. The pair were among 20 other students from Aquinas College, who were on board the bus yesterday afternoon when the 70-year-old driver had the medical episode. A 15-year-old girl, not yet old enough to drive, and Daniel Knight, a year 12 student sprung to action to stop the bus. "We were only going like five [kilometres an hour], 10 k's, so I was like I better just stop the bus before it gets any worse," Knight said. "She opened the door up, she was calming everyone down." Bennet Rogers, a student on the bus recalled the moment the incident happened. "Us students on the bus, we didn't know what was happening and everyone was screaming," Rogers said. "She had to steer the bus so we didn't crash into a building," he added. Knight and the 15-year-old girl's actions have been commended by the school in a letter to their parents. The bus driver remains in hospital and is recovering from surgery, and the principal has said that there would be an investigation into what happened. Many are calling for the teen girl to be recognised with a bravery award, with Queensland Premier Steven Miles telling Nine News he would personally nominate her. "She's a hero for that, definitely," another fellow student, Brodie Wilkinson, said. "I really hope she gets an award or something." Image: Nine News

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