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From this week, you’ll be able to look up individual companies’ gender pay gaps

<a href="https://theconversation.com/profiles/natasha-bradshaw-1358801">Natasha Bradshaw</a>, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a> There will be nervous executives all over Australia this week. Come Tuesday, large private sector organisations will have their company’s gender pay gaps published for the first time for all to see, name, and shame. As they brace for the fallout, let’s look at how what we will be told is changing, and what it will mean for you. <h2>What is changing?</h2> Every year, the Workplace Gender Equality Agency (<a href="https://www.wgea.gov.au/">WGEA</a>) collects information from every employer with more than 100 employees. Until now it has published only a summary of the findings on its website, including Australia’s overall gender pay gap, and the gap by industry and employment arrangement. But for the first time legislation enacted last year also allows WGEA to publish the gender pay gaps of individual employers. <figure class="align-right zoomable"><figcaption></figcaption></figure> Tuesday’s release will include each large company’s median gender pay gap, and the share of women it employs in lower- and higher-paid jobs. Employers will have the chance to publish a <a href="https://www.wgea.gov.au/data-statistics/data-explorer">statement</a> alongside their results to provide context. That means from Tuesday you will be able to look on the <a href="https://www.wgea.gov.au/">WGEA website</a> and find the median gender pay gap of your large private sector organisation, or of an organisation you are thinking of joining, and how it stacks up against its competitors. <h2>Why the change?</h2> Australian women, like women elsewhere, have made astounding progress in the workforce in recent decades. Women are both working and earning more than ever before. But progress has stalled, and the gender pay gap remains stubbornly persistent. The Albanese government has shown its commitment to gender equity by increasing the <a href="https://www.servicesaustralia.gov.au/child-care-subsidy">childcare subsidy</a> and extending <a href="https://www.servicesaustralia.gov.au/parental-leave-pay">paid parental leave</a>. But beyond this, the options for governments are limited. Most of the barriers to women getting better-paid jobs can only be broken by employers. The public naming and shaming that will begin on Tuesday will push accountability onto employers, holding them responsible for the conditions in their workplaces. Workers and bosses are going to take notice: when employer gender pay gaps were released in the UK in 2018 it was the <a href="https://www.genderpay.co.uk/wp-downloads/moving-forward-may-2018/presentations/Gender_Pay_Gap_Moving_Forward_May_2018_Studio_2_5_Nick_Bishop.pdf">biggest business news story of the year</a>, with coverage rivalling the wedding of Prince Harry and Meghan Markle. At a time when companies are fighting for top talent, it is going to make it more difficult for employers with large pay gaps to hire talented women. Research shows that on average women are willing to accept a <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3584259">5% lower salary</a> in order to avoid working for the employers with the biggest gender pay gaps. <figure><iframe src="https://www.youtube.com/embed/vAr1Lhaw0Ao?wmode=transparent&start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe><figcaption>Workplace Gender Equality Agency.</figcaption></figure> <h2>Let’s not rush to judge</h2> While <a href="https://www.wgea.gov.au/about/our-legislation/publishing-employer-gender-pay-gaps">naming and shaming</a> will help make this policy effective, we should be careful about rushing to judgement. It is possible for an employer to be making serious efforts to improve while its gap remains large. And some actions aimed at improving things, such as implementing a gender quota on entry-level positions, can worsen a company’s apparent gender pay gap in the short term by temporarily increasing the number of lowly-paid women. Also, there will be firms that have a low gender pay gap because they pay both men and women poorly. On Tuesday, we should instead look closely at whether the organisation has outlined clear steps it will take to improve, and how it compares to its competitors. In future years, we will be able to see how things have changed. <h2>What will matter is what employers do next</h2> Since the UK reforms were introduced in 2018, the gender pay gap has narrowed by <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3584259">one-fifth</a>, with the biggest improvements coming from the worst offenders. UK companies have also become more likely to include wage information in their job ads, equalising the starting point of wage negotiations for all applicants. But for existing employees, the narrowing of the gap has been caused more by slower growth in men’s wages than faster growth in women’s wages, which isn’t good news for anyone looking for a pay rise. The full effects of the Australian reforms won’t be seen for some time. It is likely that making high-paid jobs more accessible to women will allow employers to tap into a new talent pool and encourage more highly credentialed women into the workforce, adding to productivity growth. What is clear now is that if we want to narrow the gender pay gap, we need to know what’s happening. The avalanche of data due on Tuesday will be a start.<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/224167/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/natasha-bradshaw-1358801">Natasha Bradshaw</a>, Senior Associate, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/from-this-week-youll-be-able-to-look-up-individual-companies-gender-pay-gaps-224167">original article</a>.

Money & Banking

"Proud to pay more": The billionaires who want to pay more tax

Over 250 millionaires and billionaires have issued an <a href="https://proudtopaymore.org/" target="_blank" rel="noopener">open letter</a> to global leaders encouraging them to implement wealth taxes to combat the cost-of-living crisis. This comes just as a report by the <a href="https://www.oversixty.com.au/finance/money-banking/shocking-amount-australia-s-richest-people-earn-per-hour" target="_blank" rel="noopener">Oxfam Charity</a> revealed that the global wealth of billionaires have only grown in the last three years despite inflation. The open letter, signed by super-rich individuals from 17 countries, includes signatories like Abigail Disney, the grand-niece of Walt Disney, Succession actor Brian Cox, and American philanthropist and Rockefeller family heir Valerie Rockefeller. They said that they would be "proud to pay more taxes" in order to address the inequality. "Elected leaders must tax us, the super rich," the letter read. "This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nations' economic growth. "But it will turn extreme and unproductive private wealth into an investment for our common democratic future." Austrian heir Marlene Engelhorn is also among the voices demanding that they pay more in taxes. "I've inherited a fortune and therefore power, without having done anything for it. And the state doesn't even want taxes on it," Engelhorn, who inherited millions from her family who founded chemical giant BASF, said. The letter was released just as global leaders gather in Davos, Switzerland for the World Economic Forum. Abigail Disney, whose net-worth is measured at more than $100 million, said that lawmakers need to come together to make a meaningful economic and social change. "There's too much at stake for us all to wait for the ultra rich to grow a conscience and voluntarily change their ways," she said. "For that reason, lawmakers must step in and tax extreme wealth, along with the variety of environmentally destructive habits of the world's richest." A recent <a href="https://static1.squarespace.com/static/63fe48c7e864f3729e4f9287/t/6596bfb943707b56d11f1296/1704378297933/G20+Survey+of+those+with+More+than+%241+million+on+Attitudes+to+Extreme+Wealth+and+Taxing+the+Super+Rich.pdf" target="_blank" rel="noopener">survey</a> of almost 2400 millionaires found that 74 per cent of them supported the introduction of a wealth tax to fund improved public services and deal with the cost-of-living crisis. The open letter also said that one-off donations and philanthropy "cannot redress the current colossal imbalance" of societal wealth. "We need our governments and our leaders to lead," the letter said. "The true measure of a society can be found, not just in how it treats its most vulnerable, but in what it asks of its wealthiest members." Images: Getty

Money & Banking

Shocking amount Australia's richest people earn per hour

Three of Australia's richest people — Gina Rinehart, Andrew Forrest and Harry Triguboff — have more than doubled their wealth since 2020, according to the charity Oxfam. A report from the charity published on Monday, found that the fortune of Australia's richest people doubled at a staggering rate of $1.5 million per hour. The report also found that the total wealth of the country’s billionaires increased by $120 billion in that same period, which is over 70 per cent. Tech tycoons Elon Musk, Mark Zuckerberg and Jeff Bezos, are among the top five richest men worldwide, with the report finding that it would take them 476 years to spend all of their wealth if they spent $1.5 million daily. The global wealth of billionaires grew three times faster than the inflation rate, and they are $4.9 trillion richer today than they were in 2020, despite nearly five billion people worldwide growing poorer. According to the Australian Council of Social Services, one in eight adults are living in poverty, earning half of the median household income which ranges from $489 a week for a single adult to $1,027 for a couple with two kids. The report was released to raise concern over the growing global inequality, as they urge the federal government to reduce the wealth gap by scrapping the stage three tax cuts coming into effect on July 1. The tax cuts will lower marginal tax rates for high-earning Australians. Oxfam Australia chief executive Lyn Morgain has urged governments to step up. “We cannot accept a society that promotes the gross accumulation of wealth alongside widespread global poverty,” she said. “One of the best mechanisms we have to address this is progressive taxation. “The shame of our woeful global response to catastrophic disasters, displacement, famine and the climate crisis cannot be attributed to a scarcity of resources, it is distribution — and that’s a problem all governments, including the Australian government, need to tackle urgently.” Oxfam have also called for a wealth tax on the world's millionaires and billionaires that it claims could bring in $2.7 trillion each year. The report also called to cap CEO pay and break up private monopolies, which have gained significant power thanks to surging stock prices. Images: Getty

Money & Banking

Unlocking the wealth in your home for a better retirement

In an era where the cost of living continues to rise, Australian retirees are facing unique financial challenges. Many find themselves in a situation where the bulk of their wealth is tied up in their family homes, leaving them with limited options to fund their retirement comfortably. That’s where <a href="https://householdcapital.com.au/" target="_blank" rel="noopener">Household Capital</a> steps in. As a specialist retirement funding provider, Household Capital offers a solution that empowers retirees to make the most of their home’s value. Through a helpful and enlightening Q&A session with Household Capital, we explore how their innovative approach allows retirees aged 60 and above to access their home wealth responsibly, providing flexible options such as regular income streams, lump sum payments, and even assistance for those still paying off mortgages! Whether you're looking to beat the cost-of-living crisis, help your children enter the property market, or simply secure a more comfortable retirement, Household Capital offers a pathway to a brighter financial future. Here’s how: <h3>Q: What does Household Capital do?</h3> A: Household Capital is a specialist retirement funding provider that provides responsible long-term access to your home wealth. Our approach aims to provide you with the best of both worlds – to continue living in your family home with the confidence to enjoy the retirement lifestyle you deserve. <h3>Q: How does Household Capital help retired Australians?</h3> A: If you’re like most Australian retirees, the majority of your wealth is probably tied up in your family home. This wealth is a valuable resource that could be used to improve your retirement funding and enhance your retirement lifestyle. Our Household Loan helps Australian homeowners aged 60 plus to unlock that wealth and put you in control of your retirement. Your home wealth can be drawn as a regular income, a lump sum payment to renovate your home, buy a new car or cover medical expenses, or both! Importantly, it provides flexibility and choice, so you can look to the future with confidence. <h3>Q: How can Household Capital help me beat the cost-of-living crisis?</h3> A: Many Australians are grappling with the rising cost of living. Food, medical costs, insurance premiums, petrol prices – it seems never ending. How do retired Australians manage this on a fixed income? In many cases, they don’t. Some give up doing things they love – other forgo necessities. Unlocking the wealth in your home can provide a regular income to supplement that received from your superannuation or government pension. You don’t have to go without. You can enjoy the lifestyle you deserve. <h3>Q: I’m over 60 and still paying a mortgage – can you help me?</h3> A: You may be one of the millions of Australians aged over 60 still paying off their home loan. Those principal and interest repayments can really stress budgets, especially as the interest rate for ‘old loans’ may be much higher than current rates for younger borrowers. For some over 60s, it means they can’t retire when they want to. For others, it’s having to find that monthly repayment from a fixed income that’s already been stretched by increasing rates and inflation. There is a better way. Many of our customers use a Household Loan to refinance their bank loan. Because a Household Loan does not require regular repayments, your retirement income is freed up. Notably, there is no risk of foreclosure if you miss repayments – because regular repayments are not required. You can stay in your home as long as you want with guaranteed lifetime occupancy and retain 100 percent ownership, meaning you benefit fully from any growth in your home’s value. <h3>Q: How can I help my kids get onto the property ladder?</h3> A: Did you know the ‘bank of mum and dad’ is consistently ranked among Australia’s top ten lenders? Typically, funds are drawn from retirement savings, which can have a detrimental impact on the ‘bank’ over the longer term. If your retirement funding needs are in hand, you can use your home wealth to contribute to a first home buyers deposit or help children with mortgage expenses. This enables you to help children and grandchildren when they need it most and use your home wealth to help the next generation build theirs. <h3>Q: How much home wealth could I unlock?</h3> A: The amount of home wealth you could unlock is dependent on the Loan to Value ratio (LVR). The calculation takes multiple factors into account including the age of the youngest borrower and the value of your property. The LVR for a Household Loan starts at 20 percent of the agreed property value for those aged 60 and increases one percent per year thereafter. To see how much home wealth you could unlock, check out Household Capital’s <a href="https://householdcapital.com.au/home-equity-calculators/" target="_blank" rel="noopener">online calculator</a> or call and speak to one of their Australian-based retirement specialists on 1300 734 720. Applications for credit are subject to eligibility and lending criteria. Fees and charges are payable, and terms and conditions apply (available upon request). Household Capital Pty Limited ACN 618 068 214, Australian Credit Licence 545906, is the Servicer for the credit provider Household Capital Services Pty Limited ACN 625 860 764 Image: Supplied. This is a sponsored article produced in partnership with Household Capital.

Retirement Income

Kyle Sandilands' toddler's jaw-dropping wealth

Kyle Sandilands has revealed the shocking bank balance his one-year-old son Otto has, an amount that most dream of having. The radio shock jock revealed his son's staggering wealth on the The Kyle & Jackie O Show on Thursday morning, confessing that Otto's wealth will one day eclipse his. “Otto's already been loaded up by his great-grandfather,” he said, revealing that his wife Tegan’s “wealthy” grandfather had set up a bank account for Otto on his first birthday. "My child's already a millionaire. He's already got $1,000,000 in his bank." The radio host told co-star Jackie O that he was jealous of his son. “He’s not even one, what an a**hole. I'm jealous of my own kid.” Although Sandilands himself has a reported net worth of $40 million, making a rumoured $40,000 every morning on The Kyle & Jackie O Show, he has hinted that his wife is wealthier. This comes just one month after the radio host revealed that the couple splurged $25,000 on their son's<a href="https://www.oversixty.com.au/lifestyle/family-pets/inside-kyle-sandilands-son-otto-s-first-birthday-party" target="_blank" rel="noopener"> first birthday</a>. The pair are known for their lavish way of living, after they tied the knot in a $1 million <a href="https://www.oversixty.com.au/lifestyle/relationships/kyle-sandilands-lets-slip-insane-cost-of-wedding-so-far" target="_blank" rel="noopener">wedding</a> earlier this year, followed by a $500,000 <a href="https://www.oversixty.com.au/finance/money-banking/the-astronomical-price-of-kyle-sandilands-honeymoon-revealed" target="_blank" rel="noopener">honeymoon</a>. Image: Instagram

Family & Pets

7 simple wealth creation ideas for over 60s

In today's world of rising costs and economic uncertainties, building wealth after the age of 60 might seem like a daunting task. However, it's essential to remember that it's never too late to take control of your financial future and explore innovative ways to boost your income and savings. The latest Retirement Standard from the super industry body ASFA reveals that singles aged 65-84 need an annual income of approximately $50,207 for a 'comfortable lifestyle' in retirement, while couples require a combined income of $70,806 per year. With the full age pension often falling short of these numbers, many seniors are seeking alternative ways to supplement their income during retirement. Let’s delve into some practical and achievable wealth creation ideas tailored to older Australians who are looking to secure their financial well-being in their golden years. <ol> <li>Intentional Spending</li> </ol> Cutting down on non-essential spending is a powerful way to save money. Review your discretionary expenses and identify areas where you can make reductions. For instance, consider cooking at home instead of dining out, exploring free or low-cost local activities for entertainment, and delaying the purchase of luxury items. Prioritise experiences that provide value without straining your budget. <ol start="2"> <li>Pressure Test Your Retirement Strategy</li> </ol> It's essential to regularly review your retirement plan, taking into account the evolving financial landscape, legislative changes, and opportunities to minimise costs. By doing so, you can maximise the funds under your control and make informed decisions that align with your retirement goals. Keep in mind that the financial world is dynamic, and staying proactive in managing your retirement assets can lead to a more secure and comfortable retirement. <ol start="3"> <li>Get rid of things you don't need by selling online</li> </ol> Embrace the digital age and leverage online marketplaces to turn your unneeded possessions into cash. If you're not tech-savvy, don't hesitate to enlist the help of your grandchildren or any trusted youngster who can guide you through the process. Selling items online not only declutters your living space but also opens up opportunities to supplement your retirement income. Embracing technology can be empowering and profitable at any age! <ol start="4"> <li>Part-Time Job Opportunities in the Gig Economy</li> </ol> Embrace the gig economy by exploring part-time job opportunities. Various platforms offer flexible work arrangements suitable for seniors, such as rideshare driving or food delivery services. These roles allow you to set your own hours and supplement your retirement income. <ol start="5"> <li>Freelancing or Consulting</li> </ol> Your years of experience and expertise are valuable assets. Consider venturing into part-time freelancing or consulting opportunities within your field. Many businesses are eager to hire experienced professionals for specific projects or advisory roles, providing an opportunity to boost your income without a full-time commitment. <ol start="6"> <li>Renting Out a Spare Room</li> </ol> If you have extra space in your home, consider renting out a spare room to short-term guests. Websites like Airbnb make it easy to find renters, providing a consistent source of income and helping to cover housing costs. <ol start="7"> <li>Compare and Save</li> </ol> Once you've reviewed your spending habits, identify areas where you can potentially save money by shopping around and obtaining comparison quotes. Renegotiating bills and subscriptions can also yield significant savings. Don't forget to review your insurance policies, adjusting the coverage and excess to potentially reduce premiums. Creating wealth in your golden years may seem challenging, but with the right approach and determination, it's entirely achievable. By exploring these simple and practical ideas, older Australians can take steps toward securing their financial future and enjoying a comfortable retirement. Remember that every financial decision should align with your individual circumstances and objectives. However, it's crucial to note that earning extra income during retirement can impact age pension payments. It can be worth seeking financial advice about the best way to increase income during retirement without compromising any other entitlements, so consider seeking professional guidance to make informed choices on your path to financial security, ensuring a comfortable and worry-free retirement. Amanda Thompson, author of Financially Fit Women, is a sought-after speaker and qualified financial adviser. As the founder of Endurance Financial, Amanda is driven to renew personal and confidence by providing the financial knowledge and guidance to have a great relationship with money allowing you to become your own CFO (Confident, Focussed & On top of your Finances). For more information visit <a href="http://www.endurancefinancial.com.au">www.endurancefinancial.com.au</a> Image credits: Getty Images

Retirement Income

Jackie O's candid admission about her wealth

Jackie O Henderson, who is one of the most well-paid women in Australia's entertainment industry, has opened up about how "embarrassed" she feels by the reports of her wealth, and how daunting it is to earn so much. The radio star made the candid admission on Stellar’s Something To Talk About podcast, where she shared the “scary” reality of being a self-made female millionaire. “I do sometimes get embarrassed to talk about money. I hate showing off wealth. I’ve always been like that … I want a nice bag, car and house, but I don’t want to flaunt it,” she said. The breakfast host and her co-star Kyle Sandilands were rumoured to earn around $7-8 million each per year, when they renewed their contract for The Kyle and Jackie O show with ARN in 2019. “But [at the same time] I shouldn’t be embarrassed about it, so I am trying to take more ownership of that," she added. Henderson shared her own struggles of navigating conversations around wealth. “And as a man, they’d absolutely be owning that, and as a female, when you’re single, it’s quite scary to earn a lot of money, because a lot of men can be intimidated by that. “And so your instinct is to downplay it for that reason.” She added that although she is grateful for such a successful career, she preferred the "chase" over the destination. “I am grateful for it, I am, but sometimes I think … I wish I was just back in my 20s and trying to buy my first apartment,” she added. “Isn’t that weird? It’s only a thought I had a couple of weeks ago … I don’t know. I keep asking myself why I’m thinking that way. “All I’ll say is, as women, we just need to be proud a little more.” Images: Instagram / Stellar Magazine

Money & Banking

Bees have appeared on coins for millennia, hinting at an age-old link between sweetness and value

<a href="https://theconversation.com/profiles/adrian-dyer-387798">Adrian Dyer</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> In 2022, the Royal Australian Mint issued a $2 coin decorated with honeybees. Around 2,400 years earlier, a mint in the kingdom of Macedon had the same idea, creating a silver obol coin with a bee stamped on one side. Over the centuries between these two events, currency demonstrating a symbolic link between honey and money is surprisingly common. In a recent study in <a href="https://s3.ap-southeast-2.amazonaws.com/assets.mmxgroup.com.au/ACR/Bee+Article.pdf">Australian Coin Review</a>, I trace the bee through numismatic history – and suggest a scientific reason why our brains might naturally draw a connection between the melliferous insects and the abstract idea of value. <figure class="align-center "><img src="https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=600&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=600&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=600&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=754&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=754&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=754&fit=crop&dpr=3 2262w" alt="" /><figcaption>A Royal Australian Mint 2022 two-dollar coin representing 200 years since the introduction of the honeybee to Australia.</figcaption></figure> <h2>What is currency and why is it important?</h2> Money is a store of value, and can act as a medium of exchange for goods or services. Currency is a physical manifestation of money, so coins are a durable representation of value. Coins have had central role in many communities to enable efficient trade since ancient times. Their durability makes them important time capsules. Ancient Malta was famous for its honey. The modern 3 Mils coin (<a href="https://en.numista.com/catalogue/pieces1775.html">1972-81</a>) celebrates this history with images of a bee and honeycomb. According to the information card issued with the coin set, <blockquote> A bee and honeycomb are shown on the 3 Mils coin, symbolising the fact that honey was used as currency in Ancient Malta. </blockquote> <figure class="align-center "><img src="https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=582&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=582&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=582&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=732&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=732&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=732&fit=crop&dpr=3 2262w" alt="" /><figcaption>A circulating 3 Mils coin from Malta showing a honeybee on honeycomb.</figcaption></figure> In ancient Greece, bees were used on some of the earliest coins made in Europe. A silver Greek obol coin minted in Macedon between 412 BCE and 350 BCE, now housed in the British Museum, shows a bee on one side of the coin. <figure class="align-center "><img src="https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=293&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=293&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=293&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=368&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=368&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=368&fit=crop&dpr=3 2262w" alt="" /><figcaption>An ancient obol from Macedon, dated between 412 BCE and 350 BCE, shows a bee one side.</figcaption></figure> Bees also feature on coins minted elsewhere in the ancient Greek world, such as a bronze coin minted in Ephesus dated between 202 BCE and 133 BCE. <figure class="align-center "><img src="https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=546&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=546&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=546&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=686&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=686&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=686&fit=crop&dpr=3 2262w" alt="" /><figcaption>A bronze coin minted in Ephesus, dated between 202BCE and 133BCE, featuring a honeybee.</figcaption></figure> The use of bees on ancient coins extended for many centuries including widely circulated bronze coins, and new varieties <a href="https://coinweek.com/bee-all-that-you-can-bee-honeybees-on-ancient-coins/">continue to be discovered</a>. <h2>Why we might like bees on coins</h2> Why have bees appeared so often on coins? One approach to this question comes from the field of neuro-aesthetics, which seeks to understand our tastes by understanding the basic brain processes that underpin aesthetic appreciation. From this perspective, it seems likely the sweet taste of honey – which indicates the large amount of sugar it delivers – promotes positive neural activity <a href="https://brill.com/view/journals/artp/10/1/article-p1_2.xml">associated with bees and honey</a>. Indeed, primatologist Jane Goodall once proposed that obtaining high-calorie nutrition from bee honey may have been <a href="https://www.sciencedirect.com/science/article/abs/pii/S0066185668800032">an important step</a> in the cognitive development of primates. Our brain may thus be pre-adapted to liking bees due to their association with the sweet taste of honey. Early usage of bees on coins may have been a functional illustration of the link between a known value (honey) and a new form of currency: coins as money. <h2>The bee on modern coins</h2> <figure class="align-center "><img src="https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=588&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=588&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=588&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=738&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=738&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=738&fit=crop&dpr=3 2262w" alt="" /><figcaption>A 1920 Italian bronze ten-centesimi coin featuring featuring an Italian honeybee on a flower.</figcaption></figure> The use of bees as a design feature has persisted from ancient to modern times. A honeybee visiting a flower is shown on a series of ten-centesimi bronze coins issued in Italy from <a href="https://en.numista.com/catalogue/pieces1960.html">1919 to 1937</a>. (As an aside, the world’s last stock of pure Italian honeybees is found in Australia, on Kangaroo Island, which was declared a sanctuary for Ligurian bees by an <a href="https://www.legislation.sa.gov.au/home/historical-numbered-as-made-acts/1885/0342-Lingurian-Bees-Act-No-342-of-48-and-49-Vic,-1885.pdf">act of parliament</a> in 1885.) <figure class="align-center "><img src="https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=586&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=586&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=586&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=737&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=737&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=737&fit=crop&dpr=3 2262w" alt="" /><figcaption>A coin from Tonga showing 20 honeybees emerging from a hive.</figcaption></figure> More recently, a 20-seniti coin from the Pacific nation of Tonga shows 20 honeybees flying out of a hive. This coin was part of a series initiated by the Food and Agriculture Organization of the United Nations to promote sustainable agricultural and cultural development around the world. Bees are relevant here because their pollinating efforts contribute to about one-third of the food required to feed the world, with a value in excess of <a href="https://zenodo.org/record/2616458">US$200 billion per year</a>, and they are threatened by climate change and other environmental factors. <h2>Bees on coins, today and tomorrow</h2> Public awareness of bees and environmental sustainability may well be factors in the current interest in bee coins. The diversity of countries using bees as a design feature over the entire history of coins suggests people have valued the relationship with bees as essential to our own prosperity for a long time. In Australia, the 2022 honeybee $2 coin is part of a series developed by the <a href="https://www.ramint.gov.au/about-mint">Royal Australian Mint</a>. In 2019, the Perth Mint in Western Australia also released coins and stamps celebrating native bees. <figure class="align-center "><img src="https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=373&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=373&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=373&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=469&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=469&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=469&fit=crop&dpr=3 2262w" alt="" /><figcaption>Australian native bee coin and stamps released in 2019 by the Perth Mint.</figcaption></figure> Despite the decline of cash, bee coins still appear to be going strong. The buzzing companions of human society are likely to be an important subject for coin design for as long as coins continue to be used.<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/208912/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/adrian-dyer-387798">Adrian Dyer</a>, Associate Professor, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> Image credits: Australian Royal Mint / NZ Post Collectables 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/bees-have-appeared-on-coins-for-millennia-hinting-at-an-age-old-link-between-sweetness-and-value-208912">original article</a>.

Money & Banking

Australia's top earners revealed – and it might be you

A new report has found Australians are the third most wealthy citizens in the world, with a surprising way to make the cut as one of the richest. A six figure salary will qualify an Aussie to be among the top 10 per cent richest in the world, while homeowners in Sydney are included among the global elite. The top 10 per cent of earners in Australia make $122,664 or more, with some of the highest paid incomes in the country including miners who earn $124,550 on average, school principals who rake in $130,142 and dentists that receive $131,773. Prestige property company Frank Knight’s report revealed anyone with $1.5 million in assets was classified as a “high-net-worth individual”, which would qualify plenty of Sydney homeowners. Meanwhile, the net worth required to be in the top one per cent of Australia’s rich was the third highest figure globally, behind Monaco and Switzerland. However, to be considered in Australia’s highest percentage of wealth, you must have a total net worth of an eye-watering US%5.5 million ($A8.26 million). Its annual Wealth Populations report as part of its Wealth Report Series found that wealth levels across every country analysed had seen an increase since 2021, despite experiencing a “dip” the following year. Australia has almost doubled its 2021 wealth figure, revealing that the rich got richer during the pandemic. In 2021, Australia was number seven, with $US2.8 million as the baseline. Monaco reportedly has the world’s “densest population of super-rich individuals” which saw it at the top of the list out of 25 countries analysed. To be considered one of the top earners in Monaco, people must have income and assets that equate to US$12.4 million in overall net worth. Switzerland calls for just half of Monacos, coming in at $US6.6 million. New Zealand earned a spot right behind their neighbour at number four, with a $US5.2 million net worth qualifying an individual to be in the country’s top percentile. The US rounded out the top five, at US$5.1 million. Ireland, Singapore, France, Hong Kong and the UK made it into the top 10 on the “One per cent club” respectively. China was number 15 on the list, with US$960,000 marking out the number its top one per cent exceeds. In a staggering comparison, having a net worth of more than US$20,000 in Kenya would make you one of the richest in the African nation, which saw itself last on the list. Despite the remarkable wealth of the people detailed in the report, the authors pointed out that every country still fell “well short” of an “ultra high net individual”. The elite must have a net worth that exceeds US$30 million to earn the title. After a tumultuous financial year, the filthy rich remained unaffected with their number increasing by 2 per cent to almost 70 million nationwide. The report’s authors said the Middle East was “the standout region” regarding adding mega rich individuals to their list, with a 16.9 per cent growth. However, during that time, the number of billionaires dropped by five per cent to 2,629. It is expected over the next five years that another 750,000 people will join the exclusive club of remarkably high net worth individuals. Image credit: Shutterstock

Money & Banking

The ethics of home ownership in an age of growing inequality

For many Americans today, <a href="https://www.pewresearch.org/fact-tank/2022/03/23/key-facts-about-housing-affordability-in-the-u-s/">homeownership is an unattainable dream</a>. In 2022, the average <a href="https://apnews.com/article/inflation-business-economy-prices-mortgages-b3d20020ecddf7a13bd62fb7b5ed7c0c">long-term U.S. mortgage rate rose to 7%</a> for the first time in more than two decades. The median sales price of existing homes <a href="https://www.wsj.com/articles/u-s-home-sales-fell-again-in-june-economists-estimate-11658309401">climbed to a record US$416,000</a> while demand for mortgages dropped to a <a href="https://www.cnbc.com/2022/10/19/mortgage-demand-drops-to-a-25-year-low-as-interest-rates-climb.html">25-year low</a>. Experts forecast a turnaround in 2023, predicting a fall in <a href="https://www.forbes.com/advisor/mortgages/real-estate/housing-market-predictions/">home prices</a> and <a href="https://www.forbes.com/advisor/mortgages/mortgage-interest-rates-forecast/">mortgage rates</a>. With the housing market likely to cool modestly, the prospect of a gradual return to affordability may sound like music to buyers’ ears. But should people be purchasing property at all? My <a href="https://hi.psu.edu/scholars/desiree-lim/">research examines</a> the negative impact of property ownership. Despite the current state of the housing market, property is <a href="https://www.forbes.com/sites/qai/2022/08/30/housing-prices-are-dropping---yes-a-house-is-still-a-good-investment/">still considered a sound investment</a> – at least for the limited group who can afford it. However, property ownership can have serious consequences on others’ lives. <h2>Buying to make a profit?</h2> There is a difference between the two main categories of property buyers: those purchasing property as a primary home versus property for investment. Purchasing property as a primary home is considered more ethical than acquiring property for investment, as housing is considered a basic necessity. Property for investment, however, is owned for personal profit, often without the owner’s intending to ever live there. Investors may purchase homes that can be “fixed and flipped” and sell them at a profit or lease them to renters. As of 2019, renters headed around <a href="https://www.pewresearch.org/fact-tank/2021/08/02/as-national-eviction-ban-expires-a-look-at-who-rents-and-who-owns-in-the-u-s/">36% of the nation’s 122.8 million households</a>. Census data shows that <a href="https://www.census.gov/housing/hvs/files/currenthvspress.pdf">there are 48.2 million rental units</a> in the U.S., roughly 70% of which are owned by individual landlords. <h2>Landlordphobia?</h2> Landlords have often been <a href="https://jacobin.com/2021/07/abolish-landlords-cancel-rent-eviction-homelessness">criticized for being callous</a> and <a href="https://www.theguardian.com/commentisfree/2018/apr/16/landlords-social-parasites-last-people-should-be-honouring-buy-to-let">greedy</a>. <a href="https://doi.org/10.1007/s11524-020-00502-1">COVID-19</a> exacerbated landlords’ poor reputations because the pandemic increased <a href="https://doi.org/10.1080/10511482.2021.2020866">renter payment difficulties</a> and <a href="https://doi.org/10.2105/AJPH.2021.306353">triggered widespread evictions</a> and <a href="http://dx.doi.org/10.2139/ssrn.3613030">homelessness</a>. Some renters complained about uncaring landlords who were <a href="https://doi.org/10.1111/josi.12555">accused of pressuring and threatening vulnerable tenants</a>. The federal and state governments stepped in to help people with such interventions as the <a href="https://nlihc.org/coronavirus-and-housing-homelessness/national-eviction-moratorium">federal eviction moratorium</a> and New York City’s <a href="https://www.nyc.gov/site/rentfreeze/index.page">rent freeze program</a>. Yet landlords also provide rental opportunities for those who prefer not to buy and for those who wish to buy their own home but cannot afford it. Furthermore, landlords can be seen as offering a <a href="https://www.businessinsider.com/personal-finance/reasons-renting-a-house-is-better-than-buying-one-2019-8?r=US&IR=T">valuable service to those who are not seeking long-term occupancy</a>, such as university students who plan to leave upon graduation or temporary visitors to the U.S. The ethics of renting out property, then, seems to turn partly on whether renters need it for long-term basic shelter. Landlords are often blamed for the housing crisis. However, it is the responsibility of the government to ensure the <a href="https://www.ohchr.org/en/special-procedures/sr-housing/homelessness-and-human-rights">right to long-term shelter</a>. Individual landlords may contribute toward a poor housing system, but they act within the confines of the system. Only governments have the power to change the system, through investment in affordable housing. <h2>The ethics of owning a home</h2> Homebuyers also have ethical obligations to others. Choosing to own property in a <a href="https://bayareaequityatlas.org/indicators/gentrification-risk#/">gentrifying neighborhood, or one considered at risk of gentrifying</a>, may contribute to the forced displacement of <a href="https://www.law.georgetown.edu/poverty-journal/blog/examining-the-negative-impacts-of-gentrification/">existing long-term residents</a>. The harms of having to leave one’s former neighborhood include the severing of community networks or enduring the strain of <a href="https://www.nytimes.com/2017/08/17/business/economy/san-francisco-commute.html">extraordinarily long work commutes</a>. Additionally, persons of color <a href="http://www.wipsociology.org/2021/05/20/how-gentrification-reproduces-racial-inequality">are disproportionately affected by gentrification</a>, which may create new patterns of racial segregation. Given these consequences, aspiring homeowners should perhaps avoid purchasing homes in neighbourhoods with vulnerable residents. But, with housing unaffordability writ large, first-time buyers may be able to afford properties only in neighborhoods at risk of gentrification. <h2>Mitigating risk</h2> How can governments mitigate risks like racial segregation while also providing affordable housing? One example is Singapore’s system of <a href="https://www.bloomberg.com/news/articles/2020-07-08/behind-the-design-of-singapore-s-low-cost-housing">affordable public housing</a>. To prevent segregation, Singapore introduced racial quotas in public housing that require minimum levels of occupancy of each of its main ethnic groups – Chinese, Malay, Indian, and others, which includes all other ethnicities. Though intrusive and <a href="https://www.cigionline.org/static/documents/documents/PB%20no.128web.pdf">imperfect in its execution</a>, the Singaporean approach shows that a more proactive approach to housing is possible. Landlords may have moral duties, but the government’s role in recognising and protecting the right to stable long-term housing must not be ignored. Image credits: Getty Images This article originally appeared on <a href="https://theconversation.com/the-ethics-of-home-ownership-in-an-age-of-growing-inequality-196775" target="_blank" rel="noopener">The Conversation</a>.

Real Estate

Readers Respond: What is the most egregious display of wealth you've ever seen?

We asked our readers what they thought were the most extravagant and outrageous displays of wealth that they’ve seen and honestly, we couldn’t believe some of the answers. Melanie Gibbons- My ex showing up in a BMW sports car when he owed 46k in child support and I hadn't received a cent for 2 years... his parents also showing up in their porsche 4wd and demanding I pay them petrol money to see their granddaughter because I moved 90mins away from them. Anita Thornton- Nearly fifty years ago, in my role as a teacher, I went to a School Council dinner. One mother had a copious amount of jewellery on, over the top! Richard Norman Ewing- A man and his wife arriving at a WA country airstrip in an American registered Grumman Gulfstream G650 business jet. Two pilots and two cabin attendants, all the way from the USA. (They stopped in Sydney for customs). What a way to travel. Jim Davies- A person with a huge collection of Vincent motorcycles. Moyra Rocchio- We were staying at "The Minna House. In Cairo , The day we arrived a Sheik was having a wedding reception (we were told ) what appeared to be several other wives who were dripping in gold and jewels, arrived by Limo. Bev Traveller Chad- The Crown Jewels, London Tower. Sam Siney- The Vatican… never seen anything like it. Cathy Pitman- European castles Image: Getty

Money & Banking

How to make your money count

How you use your money will be how you’re remembered. For some, the amount of money or wealth they accumulate is the score by which their success is measured. More wealth equals more success. Yet shrouds don’t have pockets, and dead is dead. In order to make your money count, it has to be used, not hoarded. Others use their wealth to purchase a more comfortable ride through life. That’s certainly possible, yet materialism is like fame: addictive and at the same time self-deprecating; there will always someone else who is richer than you and has more toys than you. The quest for more is insatiable. Instead of being defined by the wealth you’ve accumulated and have stored, why not be defined by the wealth you’ve accumulated and have deployed? The 3C’s of Significance The secret to making your money count is a process I call ‘the three Cs of significance’: care, cause and context. Identifying a care and resourcing a cause that supports it will add a context to your money that transcends dollars and cents. The 3C’s are a way of adding significance to your wealth and giving meaning to your life. Let’s look at each of the 3Cs. Care Everyone has at least one care etched on their hearts at birth or engraved on their hearts from life experience. If you were to shut out the ‘busy-ness’ of life and listen to the quiet voice of your soul or engage your self-awareness by looking for issues that trigger an above-average or disproportionate emotional response, you’ll likely identify what you care most about. Possibilities include social justice issues, animal welfare, the environment, politics, gender and social equality, faith, health, nutrition, sport … the list is just about endless. Furthermore, there are niches within niches. For instance, animal welfare might be your thing, and within that, you might be particularly concerned with the wellbeing of koalas, and more specifically, orphaned koalas in south-east Queensland. The ‘thing’ you care about may be a burning passion or just a glowing ember. It may also change over time. For the moment, all that’s important is that you identify something you care about. Does something come to mind? If it helps as an illustration, cancer became an unexpected care that was recently etched on my heart. Prior to being diagnosed with skin cancer, I was aware but not particularly concerned about cancer, but that all changed when a spot on my face turned sinister. Now I had something to care about! Cause Once you have a care in mind, the next step is to find a cause – a person, program, charity or organisation that is doing work that relates to the matter(s) you care about, and offer to become a partner in, or sponsor of, that work by making a financial contribution. The secret to knowing the cause is to stop thinking ‘me’ and start thinking ‘we’. Sometimes the things we care about seem too big, complex or challenging to do anything meaningful about. Or we assume our resources are insignificant compared to the scale of the problem. When we are overwhelmed, the temptation is to feel defeated, to conclude ‘why bother’, and use our time and energy to solve survival problems closer to home. Don’t be put off by what you can’t do—be empowered by what you can. It’s very unlikely you’ll be the only person in the world who cares about the issue on your heart, and you may find an already established ‘cause’ you could partner with to be the change you hope to see. If you’re interested, the Peter McCallum Cancer Centre was a ‘cause’ I found that related to my ‘care’. Context The cares you advance based on the causes you support will provide a context for your money that transcends dollars and cents. Your wealth gains meaning based on the means it provides for the causes you care about. Your life will count because your money counts, and the significance you generate will make you feel more significant. But how will you create the context for your dollars? Will you give time or money or both? And how frequently will you give? Time or money? Many people giving small amounts is just as effective as a few people giving large amounts. You can only give from what you have. If you have money, give money. If you have time (including expertise), give time. If you have both, give both. There’s usually a lack of ‘resource-ers’ over ‘resources’; that is, a shortage of people who can pay for the labour and materials needed to resource the care. Frequent or infrequent giving? Experience has taught me that it is better to give less, more often, than more, less often. Most charitable organisations would rather have guaranteed financial supply over several years, than unreliable and infrequent one-off donations. Why? Because with guaranteed funding they can create, administer and execute programs they know they’ll be able to resource and fund through to completion. Here’s a final suggestion: rather than giving from capital, give repeatedly from the recurrent income your invested capital generates. Giving capital is something you do once. Investing the capital and giving the income is something you can do forever. For example, say you had $50000 to donate. One option would be to donate it in one lump sum. Another option is to invest it and donate the annual income. Assuming you achieved an after-tax return of 8 per cent per annum, then after 12.5 years of giving you will have given the same amount (i.e. $50,000), except the second option would allow you to keep giving and supporting causes you care about for years and years to come—a magic pudding that gives and gives and never runs out! Some people like to count their money. Others like to make their money count. How will you be remembered – for the way you counted your money, or the way you made your money count? If you don’t like the answer, be sure to do something about it while you still can. The secret to making your money count is to put it to use by supporting causes that do good work in fields you care about. Edited extract from Steve McKnight’s Money Magnet: How to Attract and Keep a Fortune that Counts (Wiley $32.95), now available at all leading retailers or online at www.moneymagnet.au Image: Getty Images

Money & Banking

Who wants to be a billionaire? Thankfully for the planet, most people don’t

Reality check: most people don’t actually want to be billionaires. A <a href="https://dx.doi.org/10.1038/s41893-022-00902-y" target="_blank" rel="noreferrer noopener">new study</a> is challenging the long-held economic belief that it’s in human nature to have unlimited wants, finding this widely held assumption only applies to a minority of people. In a survey of nearly 8,000 people from 33 countries across six continents, social psychologists asked people how much money they wanted to accrue in their “absolutely ideal life”. They found that in 86% of countries most people thought they could achieve the ideal life with US$10 million (AUD$14.3 million) or less, and in some countries the ideal was as little as US$1 million (AUD$1.4 million), across their entire lives. To put that into context, the current richest person in the world, Elon Musk, has a net worth of more than US$200 billion – that’s enough for 200,000 people to achieve their perceived ideal lives. The push to continually increase individual wealth and pursue unending economic growth has had dire environmental consequences for the planet, with resource use and <a href="https://cosmosmagazine.com/earth/earth-sciences/global-pollution-mapped-for-good-and-bad/" target="_blank" rel="noreferrer noopener">pollution</a> increasing alongside wealth. But these findings, published in Nature Sustainability, challenge the idea that approaches relying on limiting wealth and growth to achieve sustainability are against human ideals and aspirations. “The findings are a stark reminder that the majority view is not necessarily reflected in policies that allow the accumulation of excessive amounts of wealth by a small number of individuals,” explains co-author Dr Renata Bongiorno, a social psychologist at the University of Exeter and Bath Spa University in the UK. “If most people are striving for wealth that is limited, policies that support people’s more limited wants, such as a wealth tax to fund sustainability initiatives, might be more popular than is often portrayed.” <h2>Would you want to win a billion in the lottery?</h2> The researchers specifically asked people to imagine their absolutely ideal life, and then consider how much money would want in that life. Participants made a choice of their preferred prize in a hypothetical lottery, choosing from US$10,000, US$100,000, US$1 million, US$10 million, US$100 million, US$1 billion, US$10 billion or US$100 billion. It was emphasised that the odds of winning each lottery were identical. The researchers hypothesised that people with insatiable wants – those who cannot conceive of a point where their wants would be fully satiated, so they will always aspire to accumulate more/better goods – would choose the maximum of US$100 billion over all the lesser (limited) amounts. But while people with unlimited wants were identified in every country surveyed, they were always in the minority. They tended to be younger people and city-dwellers, who placed more value on success, power and independence. They were also more common in countries with greater acceptance of inequality, and in countries that are more collectivistic – that focus more on group than individual responsibilities and outcomes. “The ideology of unlimited wants, when portrayed as human nature, can create social pressure for people to buy more than they actually want,” says lead researcher Dr Paul Bain, from the Department of Psychology at the University of Bath, UK. “Discovering that most people’s ideal lives are actually quite moderate could make it socially easier for people to behave in ways that are more aligned with what makes them genuinely happy and to support stronger policies to help safeguard the planet.” Image credits: Getty Images  <img id="cosmos-post-tracker" style="opacity: 0; height: 1px!important; width: 1px!important; border: 0!important; position: absolute!important; z-index: -1!important;" src="https://syndication.cosmosmagazine.com/?id=195370&title=Who+wants+to+be+a+billionaire%3F+Thankfully+for+the+planet%2C+most+people+don%E2%80%99t" width="1" height="1" />  <div id="contributors"> This article was originally published on <a href="https://cosmosmagazine.com/news/who-wants-to-be-a-billionaire/" target="_blank" rel="noopener">cosmosmagazine.com</a> and was written by Imma Perfetto. </div>

Retirement Income

Five expensive (but avoidable) financial mistakes

The road to financial freedom can have many potholes but knowing how to avoid them is simple if you know what to do. Here’s some tips on what to look out for. When it comes to your retirement, planning is crucial. The first step, however, is understanding how to make the most of your financial position by avoiding the mistakes many people make when it comes to planning for the future. Here’s a few tips from wealth management firm BT Financial Group on how to avoid the speed bumps you may find along your financial journey. Too little too late The government has deliberately set up the superannuation system to favour those who start early and stay on track. Those who leave it to the last minute often do so at their own peril. Start as soon as possible and map out your road to financial freedom. Pay unnecessary taxes There are many simple, legal ways to make sure you’re not paying more tax than you need. Check with your financial planner or accountant if you’re making the most of the tax incentives offered by the government. Fall for investment fads This probably poses the greatest single danger to your prosperity. Technology stocks in the late 1990s and speculative miners in the late 2000s were very tempting when they were rising fast. Your best weapon against this temptation is to develop a disciplined investment plan and stick with it. It won’t happen to me Wealth management is just as much about protecting your assets as it is about building wealth. Make sure you have a “Plan B” to pay off your house and look after your family if you were to die or be permanently unable to work. Your ability to earn money is actually your most valuable asset, so it’s vital to protect that asset with income protection insurance. Fail to plan As the old adage goes, “if you fail to plan, you plan to fail”. If you can articulate your goals and visualise what achieving those goals looks like, you are well on your way to achieving them. Write down your three most important goals and keep them in a safe place to review at least once a year.

Money & Banking

Top 5 tips to be financially healthy, wealthy and wise

Financial health, wealth and wisdom aren’t exclusive to the billionaires of the world – every Aussie can use these tips to live happier and more secure lives. The old saying goes ‘Early to bed and early to rise, makes a man healthy, wealthy, and wise.’ I believe this refers to more than just sleeping habits and speaks to the importance of a good routine and planning ahead. ith that in mind, here are some tips to ensure you and your bank balance remain on good terms: 1. Build strong foundations There are five financial foundations I recommend which form the building blocks for a strong relationship with money: <ul> <li>Emergency fund</li> <li>Spending and investment plan (more in-depth than a budget)</li> <li>Superannuation</li> <li>Adequate insurance cover</li> <li>Estate planning</li> </ul> Having these foundations in place allows you to build wealth to enjoy a good lifestyle, protect you and your family against any unexpected disaster or loss of income, and plan for a comfortable retirement. The earlier you put them in place, the more time you have for them to work in your favour (think back to your schooldays about the benefits of compound interest!) 2. Take charge – it’s YOUR money Do you know your current superannuation balance? The interest rate on your mortgage? How much you spent last month? Many people don’t – often because they leave the finances up to their significant other. It’s a risky move. What if your partner invests unwisely? Develops a gambling addiction? You split up? Sadly, many people have faced financial ruin simply because they wrongly believed their partner had everything hunky-dory. It’s important to be actively involved in your finances – know where your money comes from and where it goes. Don’t just leave it up to someone else, no matter how much you may love them. 3. Avoid runaway debt Unpaid bills, late tax returns, missed Afterpay instalments and credit card repayments – they all accrue interest and can quickly snowball until you’re buried under an avalanche of debt. Find ways of managing repayments that work for you. That could be: <ul> <li>Setting reminders in your phone and/or on your fridge to pay bills by their due date. </li> <li>Using a mortgage offset account to reduce your payable interest.</li> <li>Paying with cash/debit rather than credit/buy-now-pay-later (convenience typically costs more than transparency).</li> </ul> If you’re struggling, tackle your most expensive debts first (those with the highest interest rates). You may also be better off consolidating your debts into one, such as your mortgage – to pay less interest overall and to cut the number of repayments to keep track. 4. Don’t ‘set and forget’ Your income, expenses, debts and taxes all change as your life and circumstances change, meaning they should be reviewed regularly. Update your spending and investment plan whenever you change jobs, move house, expand your family, get a payrise etc. Scrutinise your expenses to cut wasteful spending – like that gym membership or TV subscription you no longer use. Examine ways to reduce your taxable income throughout the year, such as extra contributions to your super and keeping records for allowable deductions. Beware the ‘loyalty tax’ – banks, utilities and insurers typically offer better deals for new customers than existing ones. If you don’t review those at least once a year, or simply pay the renewal without comparing, you’re probably paying more than you need to. (If you do switch providers, double check that you are getting a like-for-like service – read the fine print carefully.) 5. Look after yourself ‘What does self-care have to do with money – apart from costing lots?’ I hear you ask. My response is – who can really afford to be sick given how fast healthcare costs keep rising! Not to mention lost earnings and other impacts. Looking after yourself – physically and mentally – means you’re less likely to need to pay for medical care, treatments and medications. Plus, you’ll need less sick or unpaid leave from work. And you’ll reduce your chances of a debilitating condition which could cut short your ability to earn a living, such as a stroke or heart attack. Then there’s the benefits of better cognitive function – making smarter decisions about money and better productivity at work (increasing your prospects for promotions and higher incomes). Invest in self-development too. Learning new skills and gaining extra qualifications aren’t just good for mental health but help you earn a higher income. Hence looking after yourself means lower costs AND higher income. What’s not to love about that?! Helen Baker is a licensed Australian financial adviser and author of the new book, On Your Own Two Feet: The Essential Guide to Financial Independence for all Women (Ventura Press, $32.99). Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au/">www.onyourowntwofeet.com.au</a> Image: Getty Images

Money & Banking

Natural spaces linked to better health – especially for poorer areas

We know wealth is a huge decider of public health, with people in wealthier neighbourhoods enjoying longer life expectancy. Now a new study has suggested that natural spaces can reduce this inequality. Published in the Journal of Epidemiology of Community Health, the research suggests that the amount of green and blue space in an area lengthens the lifespans of people under 65: and, critically, narrows the lifespan gap between richer and poorer areas. Fighting for green space is nothing new to many people, like those in places like Adelaide, Perth and Canberra, but this new understanding will add weight to their arguments that it needs to be retained. The researchers took data from the 2016 Scottish Burden of Disease study, which tracks health in the Scottish population at a local level. Examining data from people aged under 65, the researchers tracked “years of life lost”, or YLL, to get an idea of the chance of premature death. The researchers then used the Ordnance Survey Mastermap to examine area of natural space or private garden. This included woodland, marshes, open water, natural and semi natural grassland (such as grass on sports pitches, roadside verges, and farmland), agriculture, and bare rocky ground or sand and soil. Comparing these two showed that areas with the highest income deprivation had smallest amount of natural space and gardens, as well as the worst health. But, even when wealth was controlled for, natural spaces were still linked with improved health. Every 10% increase in natural space was associated with a 7% fall in premature deaths. Because the study is observational, the researchers can’t show that natural spaces are causing better health: even though income has been taken into account, there may be other factors at play. But, since this result is similar to other studies which have found a beneficial effect of nature, the researchers are hopeful that natural spaces have an “equigenic” effect: they can help to equalise the effects of wealth inequality. “An increased amount of natural/green spaces within local areas has the potential to reduce the disparity in YLL between the most and least income deprived areas,” write the researchers in their paper. An accompanying editorial points out that we still don’t fully understand why natural spaces are good for our health. “Why is green space beneficial? An obvious explanation is that interaction with the natural environment drove our evolution; thus, we prefer biologically diverse environments and derive mental benefits from them,” write the editorial authors, who weren’t involved with the research. “Physical activity, facilitated by green space, is an established contributor to better health,” they add. They also suggest that more time in green space improves the diversity of our microbiome and immunity, but advocate for more research in the area. This article originally appeared on <a href="https://cosmosmagazine.com/health/natural-space-health-inequality/" target="_blank" rel="noopener">cosmosmagazine.com</a> and was written by Ellen Phiddian. Image: Shutterstock

Body

"Health is wealth": How Warnie's son has dealt with the loss of his father

Jackson Warne has candidly opened up about his struggles with grief following the death of his cricketer father. Shane Warne, 52, died of natural causes on March 4 in a luxury villa on the Thailand holiday island of Koh Samui. Almost seven months later, Jackson said that he “could’ve easily gone down hill” after losing his dad, but decided on taking the high road. “I could’ve drank a lot of alcohol, gambled too much, quit the gym, ate shit food and not socialise. Be miserable,” he wrote in his Instagram post. “But I didn’t. “I didn’t because I used this trauma as energy for life. I surrounded myself with good people, went to the gym EVERY DAY, drank water, swam, laughed a lot and was consistent. 1 day at a time.” <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/Cjw_211LfaM/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/Cjw_211LfaM/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Jackson Warne (@jacksonwarne18)</a> </div> </blockquote> Jackson confessed that he is now the happiest and healthiest he’s ever been because of the support he’s been receiving. “I can now say because of this I am the happiest and healthiest I’ve been. Health is wealth. “It cost’s $0 to exercise, laugh, drink water and go outside. If you do this I promise you’ll be the happiest and healthiest you can be. “To everyone who is still messaging me and supports me every single day, It doesn’t go unnoticed and I appreciate it. Thank you.” Images: Instagram

Caring

How investors can build a sustainable income in an inflationary market

Over recent months, rising inflation has hit our back pockets more and more each day, while our hard-earned dollar is getting us less than it used to. The last 12 months have seen Aussies grapple with terms like inflation, interest rates and volatility, along with plenty of numbers and percentages, as we try to make sense of what’s happening in the financial world. Tim Montague-Jones, Head of Australian Equities Research at ASR Wealth Advisers, tells OverSixty that during periods of inflation, like the one we’re experiencing currently, we can actually become poorer despite our bank balances staying the same. “In simplistic terms, if you had $100,000 in savings, and you have 10 percent inflation, then that $10,000 is just evaporating out of your bank account each year,” he explains. “But in reality, what it means is you go into the shop and everything just costs more money, your dollar buys less. So you become poorer.” If we do nothing or invest in generally considered safe options such as bonds, government securities or term deposits, our money can also lose value. “If cash value goes down 10 percent a year, you lose 10 percent. Now, if you go and put it in a bond, you’ll be lucky to get a four or five percent return,” Montague-Jones says. “So what people talk about is real rates, which means the difference between inflation and what you can return from an investment, a cash account for example is unable to offer a higher return than inflation, meaning your money is going down in value every year. “If people do nothing in such conditions, they will lose wealth.” “You’re seeing higher prices and lower economic growth, and it just erodes people’s savings. “And it hits the hardest for people who aren’t employed, who don’t have a salary because they’re not going to get wage inflation.” As unstable as everything might seem, Montague-Jones says it is possible to still get a return on your investments and ensure your hard-earned cash isn’t losing all of its value. “In reality, there’s no safe place to put your money to offset inflation, but there are certain strategies you can take to try and mitigate that inflation,” he says. Income portfolios, like the one offered by <a href="https://www.australianstockreport.com.au/top-3-income-stocks-2022-o" target="_blank" rel="noopener">ASR Wealth Advisers</a>, are created by analysts who scan the market for high quality stocks that are expected to achieve a steady return on investment and therefore may provide you with a sustainable income in addition to your other income sources.” “We have put together what we call our income portfolio. I have a team of analysts, and what we do is we are looking for businesses which pay what we call a ‘defensive’ cash flow,” he explains. “So we’re not trying to buy a company which is going to double in price, we’re not looking for that capital growth. What we’re looking for is a company with that annual cash flow.” In times like these, Montague-Jones says it comes down to investing in defensive stocks. This refers to buying stock in businesses that return consistent profits each year, rather than those that are high risk and high reward. Examples of defensive sectors of the market include infrastructure, utilities, supermarkets and healthcare. “What we like is electricity distribution, gas pipelines, toll roads, port facilities, airports. We like what we call defensive infrastructure, utilities, things that are expected to continue doing well and are resilient to an economic cycle,” Montague-Jones explains. “Because we will continue to have economic cycles, what we want to do is just have that cash flow, so we’re not going to really look at the share price from month to month, what we’re going to be looking at is the consistency of that cash flow through time. “And that’s what we’ve helped our investors to get exposure to through our income portfolio.” As a result of its consistent returns, the <a href="https://www.australianstockreport.com.au/top-3-income-stocks-2022-o">income portfolio</a> from ASR Wealth Advisers has a low turnover or a ‘set and forget’ nature, which Montague-Jones says allows some investors to essentially live off the income generated by the portfolio. “What we like about our income stocks is of the nature of its cash flow, even through an economic cycle, we still wake up, we turn the lights on, you turn the gas on, businesses still function, life goes on and so does income from the portfolio,” he says. In terms of strategies investors can use during inflation, Montague-Jones says that there aren’t many places where your money can go without incurring some kind of loss. Even areas that have done well in the past, such as property, offshore assets and precious metals aren’t generally offering the same kinds of returns as defensive stocks. “And I do think you have just got to invest in infrastructure assets, such as a utility business churning out cash flow, is where you need to hide at the moment until the smoke clears and we can work out where to go,” he says. “Longer term, we still like commodities, we like green metals. We particularly like copper, there’s a big structural shift happening into electric vehicles and a move away from combustion vehicles,” Montague-Jones explains. “And there’s a big boom for lithium, copper, nickel and aluminium, so we like to get more speculative investors to invest in these commodities.” With over 20 years of experience in investment management, Montague-Jones has personally adopted some successful strategies over the years, including having a “get rich slow” mindset. “I like to set and forget, to own a business and then just let it do what it does, which is generate income. “And that’s what it’s all about. It’s not get rich quick, it’s get rich slow. “It’s about that compound return, year in year out. If you can make nine or ten percent every year, you compound that over 10 or 20 years, you’ll have better chances to become extremely wealthy, rather than trying to make 30 percent this year then lose 30 percent next year. “So it’s about get rich slow and about income; it’s a key ingredient to becoming wealthy.” To find out more and receive a free report detailing how you can see attractive growth on your investment, head <a href="https://www.australianstockreport.com.au/top-3-income-stocks-2022-o" target="_blank" rel="noopener">here</a>. This is a sponsored article produced in partnership with <a href="https://aaigl.com.au/" target="_blank" rel="noopener">AAIGL</a>. Atlantic Pacific Securities Pty Limited ABN 72 135 187 085 trading as ASR Wealth Advisers CAR 339207 of Trilogy Group Australia Pty Ltd ABN 80 078 111 654 AFSL 218770 and Amalgamated Australian Investment Solutions Pty Ltd ABN 61 123 680 106 AFSL 31461 distributes a wide range of its investment research reports through Australian Stock Report Pty Ltd ABN 94 106 863 978 AFSL 301682. ASR Wealth Advisers and Australian Stock Report Pty Ltd are part of Amalgamated Australian Investment Group Limited ABN 81 140 208 288. General Advice Warning: Any views and recommendations expressed in this article are limited to general advice only without taking into account your individual objectives, ﬁnancial situation or needs. You should consider whether this information is appropriate for you in light of your personal circumstances and seek professional investment advice. Past performance is not a reliable indicator of future performance. Investment in securities involves risk. Share prices rise and fall. The payment of dividends and the return of capital are not guaranteed.

Retirement Income

Digital inequality: why can I enter your building – but your website shows me the door?

When people hear the term “accessibility” in the context of disability, most will see images of ramps, automatic doors, elevators, or tactile paving (textured ground which helps vision impaired people navigate public spaces). These are physical examples of inclusive practice that most people understand. You may even use these features yourself, for convenience, as you go about your day. However, such efforts to create an inclusive physical world aren’t being translated into designing the digital world. <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/463211/original/file-20220516-25-nl8hd8.jpeg?ixlib=rb-1.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/463211/original/file-20220516-25-nl8hd8.jpeg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/463211/original/file-20220516-25-nl8hd8.jpeg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=400&fit=crop&dpr=1 600w, https://images.theconversation.com/files/463211/original/file-20220516-25-nl8hd8.jpeg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=400&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/463211/original/file-20220516-25-nl8hd8.jpeg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=400&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/463211/original/file-20220516-25-nl8hd8.jpeg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=503&fit=crop&dpr=1 754w, https://images.theconversation.com/files/463211/original/file-20220516-25-nl8hd8.jpeg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=503&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/463211/original/file-20220516-25-nl8hd8.jpeg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=503&fit=crop&dpr=3 2262w" alt="A large wheelchair sign is visible to the left of a wheelchair ramp." /></a><figcaption>New buildings are required to comply with a range of physical access requirements, which may include tactile paving (seen in yellow). Shutterstock</figcaption></figure> Accessibility fails Digital accessibility refers to the way people with a lived experience of disability interact with the cyber world. One example comes from an author of this article, <a href="https://www.abc.net.au/news/science/2019-07-13/dark-patterns-online-captcha-accessibility-disability-community/11301054" target="_blank" rel="noopener">Scott</a>, who is legally blind. Scott is unable to purchase football tickets online because the ticketing website uses an image-based “CAPTCHA” test. It’s a seemingly simple task, but fraught with challenges when considering accessibility issues. Despite Scott having an IT-related PhD, and two decades of digital accessibility experience in academic and commercial arenas, it falls on his teenage son to complete the online ticket purchase. Screen readers, high-contrast colour schemes and text magnifiers are all assistive technology tools that enable legally blind users to interact with websites. Unfortunately, they are useless if a website has not been designed with an inclusive approach. The other author of this article, Justin, uses a wheelchair for mobility and can’t even purchase wheelchair seating tickets over the web. He has to phone a special access number to do so. Both of these are examples of digital accessibility fails. And they’re more common than most people realise. We can clearly do better The term “disability” covers a spectrum of <a href="https://www.apsc.gov.au/working-aps/diversity-and-inclusion/disability/definition-disability" target="_blank" rel="noopener">physical and cognitive conditions</a>. It can can range from short-term conditions to lifelong ones. “Digital accessibility” applies to a broad range of users <a href="https://www.w3.org/WAI/people-use-web/abilities-barriers/" target="_blank" rel="noopener">with varying abilities</a>. At last count, nearly <a href="https://www.abs.gov.au/statistics/health/disability/disability-ageing-and-carers-australia-summary-findings/2018" target="_blank" rel="noopener">one in five Australians (17.7%)</a> lived with some form of disability. This figure increases significantly when you consider the physical and cognitive impacts of ageing. At the same time, Australians are becoming increasingly reliant on digital services. According to a <a href="https://www.pwc.com.au/consulting/connected-government/potential-of-digital-inclusion.html" target="_blank" rel="noopener">2022 survey</a> by consulting firm PricewaterhouseCoopers, 45% of respondents in New South Wales and Victoria increased their use of digital channels during the COVID-19 pandemic. In contrast, research undertaken by <a href="https://www.infosys.com/australia/digital-accessibility-journey/executive-summary.html" target="_blank" rel="noopener">Infosys in December 2021</a> found only 3% of leading companies in Australia and New Zealand had effective digital accessibility processes. But have we improved? Areas that have shown accessibility improvement include <a href="https://blog.hootsuite.com/inclusive-design-social-media/" target="_blank" rel="noopener">social media platforms</a> such as YouTube, Facebook and Instagram, food ordering services such as <a href="https://www.afb.org/aw/20/4/16411" target="_blank" rel="noopener">Uber Eats</a>, and media platforms such as the ABC News app. Challenges still persist in <a href="https://www.forbes.com/sites/cognizant/2022/03/03/how-to-make-online-banking-disabled-people-friendly/?sh=21a3d5dda4a5" target="_blank" rel="noopener">online banking</a>, <a href="https://www.travelweekly.com/Travel-News/Travel-Agent-Issues/Websites-critiqued-on-accessibility-to-disabled-customers" target="_blank" rel="noopener">travel booking sites</a>, <a href="https://www.forbes.com/sites/sarahkim/2020/12/30/accessibility-of-online-shopping/?sh=66a9d883e49e" target="_blank" rel="noopener">shopping sites</a> and <a href="https://link.springer.com/article/10.1007/s10209-021-00792-5" target="_blank" rel="noopener">educational websites and content</a>. Data from the United States indicates lawsuits relating to accessibility <a href="https://www.essentialaccessibility.com/blog/web-accessibility-lawsuits">are on the rise</a>, with outcomes including financial penalties and requirements for business owners to remedy the accessibility of their website/s. In Australia, however, it’s often hard to obtain exact figures for the scale of accessibility complaints lodged with site owners. <a href="https://humanrights.gov.au/our-work/disability-rights/publications/overlooked-consumers-20-australian-population-disabilities" target="_blank" rel="noopener">This 1997 article</a> from the Australian Human Right Commission suggests the conversation hasn’t shifted much in 25 years. <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/463213/original/file-20220516-19-vjfht8.jpeg?ixlib=rb-1.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/463213/original/file-20220516-19-vjfht8.jpeg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/463213/original/file-20220516-19-vjfht8.jpeg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=257&fit=crop&dpr=1 600w, https://images.theconversation.com/files/463213/original/file-20220516-19-vjfht8.jpeg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=257&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/463213/original/file-20220516-19-vjfht8.jpeg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=257&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/463213/original/file-20220516-19-vjfht8.jpeg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=323&fit=crop&dpr=1 754w, https://images.theconversation.com/files/463213/original/file-20220516-19-vjfht8.jpeg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=323&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/463213/original/file-20220516-19-vjfht8.jpeg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=323&fit=crop&dpr=3 2262w" alt="A rendered illustration of a disabled man in a wheelchair and woman with a hearing aid lifting weights." /></a><figcaption>It’s a human right to have fair and equal access to the web and all its services. Shutterstock</figcaption></figure> There are solutions at hand There’s a clear solution to the digital divide. The World Wide Web Consortium’s <a href="https://www.w3.org/TR/WCAG21/" target="_blank" rel="noopener">Web Content Accessibility Guidelines</a> (WCAG) standard has been widely adopted across the globe. It’s universally available, and is a requirement for all Australian public-facing government websites. It guides website and app developers on how to use web languages (such as HTML and CSS) in ways that enable end users who rely on assistive technologies. There are no specialist technologies or techniques required to make websites or apps accessible. All that’s needed is an adherence to good practice. Unfortunately, WCAG is rarely treated as an <a href="https://www.rev.com/blog/web-accessibility-laws-australia-new-zealand" target="_blank" rel="noopener">enforceable standard</a>. All too often, adherence to WCAG requirements in Australia is reduced to a box-ticking exercise. Our academic work and experience liaising with a range of vendors has revealed that even where specific accessibility requirements are stated, many vendors will tick “yes” regardless of their knowledge of accessibility principles, or their ability to deliver against the standards. In cases where vendors do genuinely work towards WCAG compliance, they often rely on automated testing (via online tools), rather than human <a href="https://zoonou.com/resources/blog/why-automated-accessibility-testing-tools-are-not-enough/" target="_blank" rel="noopener">testing</a>. As a result, genuine accessibility and usability issues can go <a href="https://www.researchgate.net/publication/262352732_Benchmarking_web_accessibility_evaluation_tools_Measuring_the_harm_of_sole_reliance_on_automated_tests" target="_blank" rel="noopener">unreported</a>. While the coding of each element of a website might be WCAG compliant, the sum of all the parts may not be. In 2016, the Australian government adopted <a href="https://www.accessibility.org.au/policy-and-research/australian-policy/" target="_blank" rel="noopener">standard EN 301549</a> (a direct implementation of an existing European standard). It’s aimed at preventing inaccessible products (hardware, software, websites and services) entering the government’s digital ecosystem. Yet the new standard seems to have achieved little. Few, if any, references to it appear in academic literature or the public web. It seems to have met a similar fate to the government’s <a href="https://www.governmentnews.com.au/national-transition-strategy-web-accessibility-in-transition/" target="_blank" rel="noopener">National Transition Strategy</a> for digital accessibility, which quietly disappeared in 2015. The carrot, not the stick Accessibility advocates take different approaches to advancing the accessibility agenda with reticent organisations. Some instil the fear of legal action, often citing the <a href="https://www.youtube.com/watch?v=A1RbzjUBT1s" target="_blank" rel="noopener">Maguire v SOCOG case</a>, where the 2000 Olympic website was found to be inaccessible. In a more recent example, the <a href="https://www.abc.net.au/news/2014-11-05/blind-woman-launches-court-action-against-coles-over-its-website/5869874?nw=0&r=HtmlFragment" target="_blank" rel="noopener">Manage v Coles settlement</a> saw Coles agree to make improvements to their website’s accessibility after being sued by a legally blind woman. <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/463210/original/file-20220516-21-7tu89a.png?ixlib=rb-1.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/463210/original/file-20220516-21-7tu89a.png?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/463210/original/file-20220516-21-7tu89a.png?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=448&fit=crop&dpr=1 600w, https://images.theconversation.com/files/463210/original/file-20220516-21-7tu89a.png?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=448&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/463210/original/file-20220516-21-7tu89a.png?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=448&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/463210/original/file-20220516-21-7tu89a.png?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=563&fit=crop&dpr=1 754w, https://images.theconversation.com/files/463210/original/file-20220516-21-7tu89a.png?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=563&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/463210/original/file-20220516-21-7tu89a.png?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=563&fit=crop&dpr=3 2262w" alt="Screenshot of the top of Coles's 'accessibility' section on the company's website, with a red Coles logo on the top-left." /></a><figcaption>After getting sued by a legally blind customer in 2014, Coles made improvements to its website’s accessibility features. Screenshot/Coles</figcaption></figure> In the Coles case, the stick became the carrot; Coles went on to win a <a href="https://www.accessibility.org.au/award-winners-2019/" target="_blank" rel="noopener">national website accessibility award</a> after the original complainant nominated them following their remediation efforts. But while the financial impact of being sued might spur an organisation into action, it’s more likely to commit to genuine effort if this will generate a <a href="https://www.w3.org/WAI/business-case/" target="_blank" rel="noopener">positive return on investment</a>. Accessible by default We can attest to the common misconception that disability implies a need for help and support. Most people living with disability are seeking to live independently and with self-determination. To break the cycle of financial and social dependence frequently associated with the equity space, governments, corporations and educational institutions need to become accessible by default. The technologies and policies are all in place, ready to go. What is needed is leadership from government and non-government sectors to define digital accessibility as a right, and not a privilege. <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/182432/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/scott-hollier-1337594" target="_blank" rel="noopener">Scott Hollier</a>, Adjunct Senior Lecturer - Science and Mathematics, <a href="https://theconversation.com/institutions/edith-cowan-university-720" target="_blank" rel="noopener">Edith Cowan University</a> and <a href="https://theconversation.com/profiles/justin-brown-1344442" target="_blank" rel="noopener">Justin Brown</a>, Associate Dean (Teaching and Learning), School of Science, <a href="https://theconversation.com/institutions/edith-cowan-university-720" target="_blank" rel="noopener">Edith Cowan University</a> This article is republished from <a href="https://theconversation.com" target="_blank" rel="noopener">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/digital-inequality-why-can-i-enter-your-building-but-your-website-shows-me-the-door-182432" target="_blank" rel="noopener">original article</a>. Image: Getty Images

Technology

7 savvy ways to grow your wealth

You don’t need to start with a fortune to grow wealth – but you do need good foundations on which to build. From where you get investment ideas to how you manage your taxes, it is the little things that add up to quickly grow wealth. Lay the groundwork with these easy-to-implement tips: 1. Start early The longer your investments have to grow, the more wealth you should accumulate. That’s thanks to a combination of value growth over time and the compound effect of reinvesting profits and dividends. So start investing now. Additionally, good habits formed early are more likely to become ingrained. 2. Create a savings and investments plan I hate the word ‘budget’ – it’s the financial equivalent of a diet. A savings and investments plan both sounds nicer and is more encompassing. This plan gives you visibility over your incomings and outgoings, your assets, and liabilities. Then you can determine if debts are being paid down as fast as possible and whether any surplus funds are being invested prudently. 3. Have an emergency fund This might seem counter-intuitive – squirrel money away that you could be used to invest and grow your wealth. But having available cash should disaster unexpectedly strike – such as redundancy, illness, even another pandemic – means you won’t have to sell assets to make ends meet. Forced sales may generate below fair value for a quick result or occur at a low point in the investment cycle. Plus, that asset and its growth potential are gone for good. 4. Reduce your tax bill No one likes paying taxes. Surprisingly, though, many people pay more than they need to. Avoid under-declaring your deductions: good record-keeping will help you claim your rightful deductions, such as for donations, investment expenses, business costs, and even financial advice fees. Embrace legitimate tax breaks: for instance, spousal super contributions and certain investment structures (like family trusts) can be used to cut your income tax or get taxed at a lower rate. Look at the calendar: Which financial year you sell an asset or claim a benefit can affect your tax liability. 5. Invest wisely A gung-ho approach to investing can be a costly mistake, so invest wisely. If something seems too good to be true, it probably is. Only invest what you can afford to lose – while the aim is for investments to grow in value, you shouldn’t be left destitute if things go pear-shaped. Have a clear exit strategy – know when and how you will sell to maximise your returns, keep costs down and minimise your tax on the profits. 6. Get good advice Your father, sister, friend, or hairdresser may mean well, but unless they are qualified to give advice, you could be making a mistake. Money matters are complicated and most people simply don’t know what they need to know. Plus, everyone’s circumstances are different – so what worked for dad, Julie, Tom, or Bev might not be beneficial for you. Just as you want medical advice from a doctor, seek advice about money from those qualified and registered to give it: your financial adviser, tax accountant, estates solicitor, and mortgage or insurance broker. Chances are the cost of that advice is far less than you stand to lose through an avoidable mistake. 7. Invest in you You are an asset that, when in tip top condition, can deliver a solid return on investment. Invest in education and training: gaining extra qualifications and skills allows you to boost your earning potential. Invest in your wellbeing: Good mental health equals wiser decision-making, better productivity, and hence more room to grow your income. Invest in your health: Good health means lower healthcare costs, fewer lost work hours and cheaper life and disability insurances. Not to mention a longer lifespan allows you to enjoy the fruits of your wealth-building efforts! Helen Baker is a licensed Australian financial adviser and author of the new book, On Your Own Two Feet: The Essential Guide to Financial Independence for all Women (Ventura Press, $32.99). Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at www.onyourowntwofeet.com.au Image: Shutterstock

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