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Independent you: preventing, and recovering from, elder abuse

From implementing safeguards to stop it from beginning to taking back control if it does, there is a lot of power in your hands to avoid elder abuse. Previously, we explored the warning signs of elder abuse and how <a href="https://www.oversixty.com.au/finance/retirement-income/are-you-a-victim-of-elder-abuse-without-even-realising-it">it is possible to be a victim without even realising it</a>. And with more wealth owned by people over 60 now than ever before, the potential for abuse only continues to grow. So, how can you prevent elder abuse happening to you? And if you are already experiencing it, what can you do to regain control over your finances, independence and wellbeing? Prevention better than cure The best way to avoid the impacts of elder abuse is to protect yourself against it beginning in the first place. Awareness is the first step, so having <a href="https://www.oversixty.com.au/finance/retirement-income/are-you-a-victim-of-elder-abuse-without-even-realising-it">read this article and knowing the warning signs</a>, you’re already ahead of the game! Other preventative actions include: <ul> <li>Maintaining contact: social interactions are important not just for warding off loneliness but providing access to other points of view and avenues for support. </li> <li>External advisers: engage your own advisers – don’t simply employ who someone tells you to. They should be an impartial, qualified set of eyes to monitor things for you and point out anything that doesn’t seem right. This includes a financial advisor, lawyer, accountant, doctor and so on. A support person attending appointments with you may give you extra assurance.</li> <li>Power of attorney/guardianship: nominate multiple people, so that no one individual has all the say. It can be useful to include someone who is not a relative for impartiality, such as a trusted friend or your lawyer. </li> <li>Superannuation beneficiaries: super is separate from your will, but beneficiary nominations can only be spouse, child, dependent or interdependent otherwise it will go to you Will. In your Will you can direct to other people or charities. Some beneficiaries lapse, so will need to be renewed.</li> <li>Wills: review your will to ensure it reflects YOUR wishes, not someone else’s. People can jostle over not only their own inheritance but may try to influence you to leave others out. </li> <li>Documenting everything: keep a written record, especially where money is concerned – such as acting as Bank of Mum and Dad for adult kids to purchase property. Outline how much is given, what if any interest/repayments are expected and when, and what happens if their relationship subsequently breaks down.</li> <li>Encouraging independence: people who have come to expect handouts can become abusive if those handouts stop or requests for more are denied. Support and encourage others, especially your kids, to be financially independent and self-sufficient.</li> </ul> Taking back control Sadly, prevention is no longer an option for an <a href="https://www.aihw.gov.au/family-domestic-and-sexual-violence/population-groups/older-people?xd_co_f=YjAzZDU4YTUtYzA5YS00YTNkLWJkNDQtNjdiZTM5ZmY5ZjQx#abuse">estimated 598,000 Australians</a> already experiencing elder abuse. However, it is still possible to break the cycle. Don’t be embarrassed or stick your head in the sand hoping things will improve. You have done nothing wrong. You are entitled to enjoy your retirement years. To take back control over your affairs, your wellbeing and your independence: <ul> <li>Ensure your physical safety first and foremost.</li> <li>Seek medical attention for your physical and mental health (the latter is crucial for making good decisions around the other points on this list).</li> <li>Get support from another relative, close friend, neighbour, or other trusted person. Don’t be alone.</li> <li>Secure a roof over your head. Having a stable place to live gives you the security and focus to tackle other concerns.</li> <li>Freeze access to your money – bank accounts, credit cards etc. This will stop (further) unauthorised withdrawals or purchases being charged to you.</li> <li>Seek professional advice. Your financial adviser, tax accountant and lawyer will be able to guide you through protecting your home, money, guardianship and estate planning matters.</li> <li>Make informed changes. Don’t do anything rashly – make necessary changes once you have sought independent advice and considered your options. This may involve making changes to your power of attorney, will, superannuation, bank accounts, even your phone number in extreme cases.</li> <li>Consider counselling. Your abuser may not realise the severity of their actions. An independent counsellor may be able to help them see this and change their ways, and ultimately salvage your relationship.</li> </ul> If you or someone you know is experiencing elder abuse, seek help straight away. Speak to a trusted relative or friend. Seek independent legal and financial advice about your affairs. Or call the government’s free elder abuse line on 1800 353 374. And if your life is in danger, call triple zero (000) immediately. Helen Baker is a licensed Australian financial adviser and author of On Your Own Two Feet: The Essential Guide to Financial Independence for all Women. Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au/">www.onyourowntwofeet.com.au</a> Disclaimer: The information in this article is of a general nature only and does not constitute personal financial or product advice. Any opinions or views expressed are those of the authors and do not represent those of people, institutions or organisations the owner may be associated with in a professional or personal capacity unless explicitly stated. Helen Baker is an authorised representative of BPW Partners Pty Ltd AFSL 548754. Image credits: Getty Images

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

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

Money & Banking

Are you a victim of elder abuse without even realising it?

A wealthy widow being told how to manage her money. A retired couple being denied access to their grandchildren. A single woman paying her high income-earning son’s credit card debt with her superannuation. Very different Australians with one unfortunate thing in common – they are all victims of elder abuse. While most people are familiar with the term ‘domestic violence’, the term ‘elder abuse’ is less well known. Which in itself is part of the problem: a lack of awareness helps perpetuate the cycle. The World Health Organization (WHO) <a href="https://www.who.int/news-room/fact-sheets/detail/abuse-of-older-people" target="_blank" rel="noopener">defines elder abuse</a> as: “a single or repeated act, or lack of appropriate action, occurring within any relationship where there is an expectation of trust, which causes harm or distress to an older person. This type of violence constitutes a violation of human rights.” It isn’t necessarily restricted to actions that leave physical scars – which can make it harder to identify, even for victims themselves. The absence of physical violence or financial theft can provide a false sense of security. Not recognising the signs that something is amiss lets mistreatment go unnoticed altogether. Alternatively, excuses are made for a loved one’s behaviour or concerns aren’t raised in order to ‘keep the peace’. How prevalent is elder abuse in Australia? The limited discussion of elder abuse in the media and society in general would suggest it isn’t common in Australia. Sadly, this couldn’t be more wrong. <a href="https://www.aihw.gov.au/family-domestic-and-sexual-violence/population-groups/older-people#abuse" target="_blank" rel="noopener">Government figures</a> estimate that one in six older people – around 598,000 individuals – were directly affected in 2023. Psychological abuse was the most widespread, while 2.1 per cent of older Australians – 83,800 people – experienced financial abuse. Who is responsible? The saddest fact of all is that elder abuse is typically committed by people their victims should be able to trust the most. More than half (53 per cent) of perpetrators are family members: adult children are the most common, with partners/spouses ranking third. Friends are the second most common perpetrators. What are the impacts? Impacts of elder abuse are typically far-reaching and depend on the type of abuse involved. Among them are: <ul> <li>Loss of control and independence</li> <li>Physical and mental health issues</li> <li>Relationship breakdowns</li> <li>Financial losses</li> <li>Insecure living arrangements</li> </ul> It is not uncommon for older people to be pressured over how to manage their finances and estate planning, influencing everything from how much they have to live off in retirement to care arrangements in their final years and who benefits from their estate. Much of the abuse and subsequent fallout centres around the family home. Charity <a href="https://www.theforgottenwomen.org.au/" target="_blank" rel="noopener">The Forgotten Women</a> notes there are over 40,000 women aged 55-plus who are homeless in Queensland alone. Elder abuse is often a contributing – if not causal – factor, such as one woman forced to live in her car while her son occupies her home. Meanwhile, the current housing crisis creates ideal conditions for abuse to flourish. Multi-generational households risk reduced independence and increased control over older people. A lack of proper agreements and structures when the Bank of Mum and Dad assists with a home deposit and/or loan guarantee opens the door to expectations of further financial assistance or threats to default on guaranteed loans. Warning signs of elder abuse Besides physical violence, red flags to look for include: <ul> <li>Coercive control – undue pressure over decision-making, living arrangements, spending and investment strategies, pensions, superannuation, tax, legal affairs and wills, ownership of assets, power of attorney.</li> <li>Guilt – emotional manipulation and ‘guilt-tripping’ for not meeting particular demands.</li> <li>Isolation – from family and friends as well as from independent professional advisers (your accountant, financial adviser, lawyer, healthcare professionals etc.).</li> <li>Money mismanagement – taking cash without consent; restricting access to money and assets; pressure to pay expenses that aren’t yours.</li> <li>Neglect and abandonment – withholding essentials or anything that is needed to maintain quality of life.</li> <li>Blackmail – a tragically common example is withholding access to grandchildren unless financial or legal demands are met.</li> </ul> Given the potentially disastrous consequences, it is important to recognise the signs and act quickly. Don’t suffer in silence or hope that things will sort themselves out. If you or someone you know is experiencing elder abuse, seek help straight away. Speak to a trusted relative or friend. Seek independent legal and financial advice about your affairs. Or call the government’s <a href="https://www.health.gov.au/contacts/elder-abuse-phone-line" target="_blank" rel="noopener">free elder abuse line on 1800 353 374</a>. And if your life is in danger, call triple zero (000) immediately. About the Author: Helen Baker is a licensed Australian financial adviser and author of On Your Own Two Feet: The Essential Guide to Financial Independence for all Women. Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au/" target="_blank" rel="noopener">www.onyourowntwofeet.com.au</a> Disclaimer: The information in this article is of a general nature only and does not constitute personal financial or product advice. Any opinions or views expressed are those of the authors and do not represent those of people, institutions or organisations the owner may be associated with in a professional or personal capacity unless explicitly stated. Helen Baker is an authorised representative of BPW Partners Pty Ltd AFSL 548754. Image: Getty

Retirement Income

Millions of eligible Aussies about to receive financial boost

Starting this Wednesday, millions of Australians relying on Centrelink benefits will see a welcome increase in their payments. With indexation kicking in, fortnightly boosts ranging from $14 to $30 will be allocated to eligible recipients, depending on their specific circumstances and the type of payment they receive. This adjustment will not only benefit current beneficiaries but also extend support to more individuals, with an additional 77,000 parents now qualifying for higher payment rates. The eligibility criteria for certain payments have been expanded, particularly for parents whose youngest child is under 14, a significant extension from the previous threshold of under eight. Income and assets limits tied to these payments will also experience an uptick in line with the indexation process, offering further relief to recipients. But how exactly will these increments manifest across different categories of payments? For single parents, the fortnightly payment will see a boost of $17.50, while partnered parents will witness an increase of $12.30 individually. Moreover, the income free area will rise to $1,345 for each person, an enhancement of $20 per fortnight. Jobseekers with children or those aged over 55 will receive an additional $14.40 fortnightly. Single JobSeeker recipients without children and individuals aged over 22 on ABSTUDY will enjoy a $13.50 increase per fortnight, with couples receiving an extra $12.30 each. Rent assistance, however, will see relatively modest increments, ranging from $2.27 to $3.40, depending on the recipient's family situation. For those on the age pension, disability support pension, and carer payment, the increase is more substantial, with singles receiving an extra $19.60 and couples combined receiving $29.40 each fortnight. This brings the maximum rate of the pension to $1116.30 for singles and $1682.80 for couples, including pension and energy supplements. Amanda Rishworth, the Social Services Minister, explains that indexation plays a crucial role in ensuring that welfare recipients can cope with inflation and the rising cost of living – and that addressing these pressures remains a top priority for the government. This increase in Centrelink payments comes at a critical time when many Australians are grappling with economic uncertainty due to various factors, including the ongoing pandemic. While these adjustments may seem modest to some, they can make a significant difference for those relying on welfare support to make ends meet. It's essential for eligible individuals to stay informed about these changes and ensure they receive the full benefits they're entitled to. For those who may be unsure about their eligibility or how to navigate the system, seeking assistance from Centrelink or relevant support services can provide valuable guidance. As the cost of living continues to evolve, initiatives like indexation serve as vital mechanisms for maintaining the welfare safety net and supporting vulnerable members of society. By keeping pace with economic realities, these adjustments strive to provide meaningful relief to those who need it most, contributing to a more equitable and inclusive society for all Australians. Image: Getty

Money & Banking

Princess Diana's brother reveals tragic secret

Charles Spencer has bravely detailed the alleged sexual abuse he experienced as a child. The younger brother of Princess Diana, now 59, initially made the revelation that he was abused as a child while in boarding school when he was 42. Now, the 9th Earl Spencer is recalling the alleged trauma in his new memoir A Very Private School, and the first moment he told anyone about the abuse he experienced. “I was doing a 10-day course of very deep introspection and therapy,” he told Fox News Digital. “My therapist said to each of us, ‘Whisper to me one secret you’d never told anyone.’ I whispered to him that I was sexually abused as a child by an adult. "And I remember him looking so shocked, and he had heard it all. Afterwards, he took me aside and said, ‘This is very serious stuff.’” He added that at that stage, he already had children, and having kids of his own made him realise how devastating his experience was. “I suddenly put it into context. What if one of my children of either gender had been subjected to this as an 11-year-old? It made my blood boil," he said. "I then started to allow myself to feel the full devastation of what had happened to me.” Spencer was eight when he was enrolled at Maidwell Hall, an elite English boarding school, and he claimed that it didn't take long for him to witness and experience incidents of alleged abuse. He claimed that he was groomed and sexually abused at age 11 by an assistant matron at the school, who was 19 or 20 years old. “It was a brutal experience,” he claimed in his memoir. “The headmaster was a sadistic pedophile. He staffed a very small number of teachers in this place who were either … perverted or would never tell tales against him. There wasn’t really anyone to go to.“ He added that the beatings had become "a ritual part of every day," and his parents had no idea the extent of what was going on behind closed doors. The royal also alleged that one student was whipped so badly he struggled to take off his pants at night because the dried blood and clothing stuck to his skin, and that it took two weeks for him to recover. Spencer claimed he was allowed to write a letter to his parents once a week, with the messages being supervised so he was unable to tell his parents what was going on. “We were just left there at the mercy of some really dangerous people,” Spencer alleged. He said that meeting with other former pupils was what motivated him to write the new memoir, and revisit the painful memories of his past. The historian recalled the moment he met another former student, who kept quiet about the abuse he experience because it was so traumatising. "He told me how he was made to feel worthless every day, how he’d been seriously sexually assaulted as a nine-year-old three times by somebody who was meant to protect him," he recalled. “I took 10 pages of notes, stopped and said, ‘This is too terrible — I can’t tell this story.’ He reached across, grabbed my arm and said, ‘Somebody has to do it – it’s got to be you.’ That convinced me, the truth needed to be shared with the world.” The 9th Earl also said that he is undergoing “a very effective” post-traumatic stress disorder treatment, as well as Tai Chi and breathing exercises. “I’ve got a whole armoury of support techniques to try and get to a better place,” he shared. Image: Getty

Caring

How baby boomers are benefiting from Australia's "worst financial mistake"

A financial expert has explained how baby boomers have remained largely unscathed by the ongoing housing crisis in Australia. ABC finance guru Alan Kohler described the crisis as Australia's "worst financial mistake", as Adelaide has now become the country's second least affordable city. The South Australian capital, which has long been known as one of the more affordable places in the country to live, has skyrocketed in price, as the median price for houses and units in Adelaide was $721,376 in January, which is 7.9 times higher than the state's average full-time salary of $91,026. "There are a couple of things that might surprise you: Adelaide became the second, least affordable Australian city last year," Mr Kohler explained. "Adelaide has just taken over from Hobart in second place." "What's going on: put simply, incomes in Adelaide, Hobart and Brisbane are not keeping up with house prices, which are being pushed up by fast-rising population and by first-home buyers." Mr Kohler, a baby boomer, noted that when he and his wife bought their first home in Melbourne for $40,000 in 1980, he was earning $11,500 as a journalist, meaning his home cost just 3.5 times his income before a mortgage deposit. "When my wife and I bought our first house in 1980, the average house price was 3.5 times average income," he said. "Now, it's 7.5 times and rising." "That didn't have to happen: it's Australia's worst, economic mistake." Mr Kohler said parents were increasingly propping up the mortgage deposits of first-home buyers, as first-home buyer subsidies from the federal government only pushed up property prices. "Despite rising prices and crushing interest rates, first-home buyers were the fastest-growing type of borrower," he said. "The Bank of Mum and Dad coughing up early inheritances and politicians showering them with grants and concessions, desperate to appear to be doing something about affordability while actually making it worse." Image credits: Shutterstock / ABC

Money & Banking

Monty Python star's candid financial admission

Monty Python star Eric Idle has made a candid admission about the state of his finances, revealing why he still has to work at the age of 80. The comic legend admitted he receives only a fraction of the millions the Python team have made in the past because the finances are a “disaster”. In messages on X, formerly Twitter, Idle wrote: “I don’t know why people always assume we’re loaded”. “I have to work for my living. I never dreamed that at this age the income streams would tail off so disastrously." “I have been working and earning for Pythons since 1995. And now no more.” Idle also took aim at TV lawyer Holly Gilliam, the daughter of fellow Python member Terry Gilliam, who took over the Python brand in 2013 as part of HDG Projects Ltd. He said, “I guess if you put a Gilliam child in as your manager you should not be so surprised”. “One Gilliam is bad enough. Two can take out any company.” Daughter Lily Idle backed him, writing online, “I’m so proud of my dad for finally finally finally starting to share the truth.” The Pythons, who also included John Cleese, 84, Michael Palin, 80, and the late Terry Jones — made a fortune thanks to their iconic cult films, including Life of Brian, hit stage show Spamalot, which Idle co-wrote, and the original Flying Circus BBC TV series. They were back in the limelight in 2014 with Monty Python Live (Mostly) — One Down, Five to Go: a reference to former member Graham Chapman who died in 1989 aged just 48. It featured interpretations of some of their famous sketches, and reportedly earned the surviving members at least £2 million ($3.87m AUD) each. Image credits: Getty Images

Retirement Income

Storytelling allows elders to transfer values and meaning to younger generations

<a href="https://theconversation.com/profiles/mary-ann-mccoll-704728">Mary Ann McColl</a>, <a href="https://theconversation.com/institutions/queens-university-ontario-1154">Queen's University, Ontario</a> If you spent time over the holidays with elderly relatives or friends, you may have heard many of the same stories repeated — perhaps stories you’d heard over the years, or even over the past few hours. Repeated storytelling can sometimes be unnerving for friends and families, raising concerns about a loved one’s potential cognitive decline, memory loss or perhaps even the onset of dementia. <a href="https://tenstories.ca/">Our research</a> at Queen’s University suggests there is another way to think about repeated storytelling that makes it easier to listen and engage with the stories. We interviewed 20 middle-aged adults who felt they had heard the same stories over and over from their aging parent. We asked them to tell us those stories and we recorded and transcribed them. We used a <a href="https://doi.org/10.1108/14439881211248356">narrative inquiry approach</a> to discover that repeated storytelling is a key method for elders to communicate what they believe to be important to their children and loved ones. Narrative inquiry uses the text of stories as research data to explore how people create meaning in their lives. <h2>Transmitting values</h2> Based on nearly 200 collected stories, we found that there are approximately <a href="https://doi.org/10.1111/scs.13121">10 stories</a> that older parents repeatedly tell to their adult children. The hypothesis was that repeated storytelling was about inter-generational transmission of values. By exploring the themes of those repeated stories, we could uncover the meaning and messages elders were communicating to their loved ones. The ultimate purpose was to offer a new and more constructive way of thinking about stories that we’ve heard many times before, and that can be otherwise perceived as alarming. <h2>Here’s what we have learned:</h2> <ol> <li> There are typically just 10 stories that people tell repeatedly. While 10 is not a magic number, it does seem to be about the right number to capture the stories that are told over and over. Interviewees felt that a set of approximately 10 allowed them to do justice to their parent’s stories. </li> <li> Among our interviewees, a significant number of their parents’ stories – 87 per cent — took place when they were in their teens or twenties. A person’s second and third decades are a time when they make many of the decisions that shape the rest of their lives; a time when values are consolidated and the <a href="https://doi.org/10.1080/09658211.2013.863358">adult identity is formed</a> </li> <li> What’s important about the 10 stories is not the factual details, but the lesson that was learned, or the value that was reinforced — values like loyalty toward friends, putting family first, maintaining a sense of humour even in hard times, getting an education, speaking up against injustice, and doing what’s right. </li> <li> Key themes in the stories reflected the significant events and prevailing values of the early to mid-20th century. Many of the stories revolved around the war, and both domestic and overseas experiences that were formative. Many of our interviewees heard stories about immigrating to Canada, starting out with very little, seeking a better life and working hard. Stories often reflected a more formal time when it was important to uphold standards, make a good impression, know one’s place and adhere to the rules. </li> <li> The stories elders tell appear to be curated for the individual receiving them. They would be different if told to another child, a spouse or a friend. </li> </ol> <h2>Tips for listening</h2> Our research offers some tips for listening to stories from elders: <ul> <li> Focus on just 10 stories. It can make the listening seem less overwhelming. </li> <li> Write them down. Writing challenges us to get the story straight. </li> <li> Notice your loved one’s role in the story, as the message is often contained in that role. </li> <li> Be attentive to feelings, sensations, tension and discomfort. These can be signals or clues to the meaning of a story. </li> <li> Finally, remember these stories are for you — selected and told in the context of your relationship with your loved one. As such, they are a gift from a loved one who is running out of time. </li> </ul> <h2>The importance of receiving stories</h2> Storytelling is an <a href="https://doi.org/10.1002/cad.20067">essential human process</a> and a universal experience associated with aging. Neuroscientists suggest that storytelling has practical survival value for individuals and communities, <a href="https://www.jonathangottschall.com/storytelling-animal">as well as social and psychological benefits</a>. It may be as powerful as medication or therapy for <a href="https://doi.org/10.1002/gps.1018">overcoming depression among elders</a>. Storytelling becomes especially important <a href="https://doi.org/10.1080/13607863.2017.1396581">when people become aware of their mortality</a> — when they are ill, suffering or facing death. People don’t necessarily tell the same stories over and over again because they’re losing cognitive function, but because the stories are important, and they feel we need to know them. Telling stories repeatedly isn’t about forgetfulness or dementia. It’s an effort to share what’s important. Our hope is that by better understanding elderly storytelling, caregivers may be able to listen in a different way to those repeated stories and understand the messages they contain. Those 10 stories can help us to know our loved one at a deeper level and assist our parent or grandparent with an important developmental task of old age. This research offers a constructive way for caregivers to hear the repeated stories told by their aging parents, and to offer their loved one the gift of knowing they have been seen and heard.<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/197766/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/mary-ann-mccoll-704728">Mary Ann McColl</a>, Professor, School of Rehabilitation Therapy, <a href="https://theconversation.com/institutions/queens-university-ontario-1154">Queen's University, Ontario</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/storytelling-allows-elders-to-transfer-values-and-meaning-to-younger-generations-197766">original article</a>.

Mind

“I was silenced”: Jelena Dokic opens up on her difficult relationship with her father

Jelena Dokic has opened up about her difficult relationship with her father, and why she attempted to reconcile with him over ten years ago. The former tennis champion shared the details of the abuse she suffered at the hands of her father, documenting that he inflicted regular beatings in her new book Unbreakable. The 40-year-old said her victories on the court made no difference to her father’s violence, writing, “Even if I won, I would still at times be beaten and be abused. I had some very difficult moments where I was beaten and kicked and punched to the point of being unconscious.” Throughout her tennis career, her father Damir was her coach, and accepted nothing less than perfection from his daughter. “I was silenced for my whole life. From the very first day that I started playing tennis, the No. 1 rule was ‘Never tell anyone anything, or there will be massive, massive consequences’,” she said of his dominating personality. Now, Dokic has candidly shared the details of the last time she saw her father, who left her mentally scarred. “I last had contact with him about 10 years ago. And yeah, I even tried to reconcile with him once or twice,” she told the <a href="https://www.smh.com.au/sport/tennis/why-i-and-so-many-others-needed-to-apologise-to-jelena-dokic-20240125-p5f050.html">Sydney Morning Herald</a>. “I think no matter what happens, you kind of hope that maybe you can kind of salvage a relationship when it comes to family.” “Those dynamics are always very difficult. But it's very hard when someone doesn't have any remorse or can't say sorry. In fact, what he says is that he would do it all again. So, for me, that is very, very hard.” “I had to make a cut and go, ‘I don't need a toxic person or a toxic relationship in my life’.” Thankfully, the star player turned tennis commentator is in a much better place with her brother and mother. “I have a great relationship with my brother, which I'm really glad about because my father used my brother and weaponised our relationship - not allowing me to talk with him for about seven years, because he was so much younger than me,” she said. “We pretty much talk every day, and with my mum, as well. I've had some tough conversations with her because she was on my father's side - but we're in a good place today.” Image credits: Getty Images / Instagram

Family & Pets

Bruce Lehrmann targeted at the cricket by vigilantes

Bruce Lehrmann has been forced to flee the Sydney Cricket Ground after being targeted by four men who flung relentless abuse at him. The former Liberal staffer was attending the third Test match that saw Australia take on Pakistan at Sydney's Entertainment Quarter on Friday with his best friend, when the men started slinging insults at him. The four men, who appeared to be in their 30s, followed Lehrmann for roughly 300 metres while he was walking back to the SCG, as they taunted him over Brittany Higgins' rape allegations, mocking his physical appearance, trying to spit on him, and telling him to jump off the top bay. Despite always vehemently denying the rape allegations, the men shouted at Lehrmann saying, "Don't you know what consent is Bruce? You f***ing fat pr*ck." "Keep your d*** in your pants, f***ing rapist." After entering the SCG grounds, the men followed him up the escalator while continuing to insult him. "You up in the top bay?" they yelled. "You pr**k, jump off it - we will be ready to p*ss on you." A member of the group taunted him to "go back to your air conditioned mansion, you pr**k", adding that "Channel Seven will protect you". Mr Lehrmann's $2000-per-week rental property, on Sydney's northern beaches, was paid for by the TV network for a year in exchange for two exclusive interviews on its Spotlight program. Lehrmann was so shaken by the incident, that he and his friend fled the venue. Mr Lehrmann later described the incident as "abhorrent" and slammed the men for abusing him in front of children and their parents who were trying to enjoy the Pink Test, which is a special match to raise money for breast cancer. "The abhorrent physical and verbal abuse, threats and taunts from the idiots towards me are a reflection of the intellect and character of those blokes," he said. "What is most concerning is they thought it appropriate to hurl the profanity-laden abuse around dozens of children and families who, like me, simply wanted to enjoy a fun day at the cricket supporting Pink Test." Image credits: Getty Images

Legal

Could you cope with a shock to your bank balance? 5 ways to check you are financially resilient

<a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> Imagine the dentist has just said you urgently need a A$2,000 dental crown. A week later, a pipe in your bathroom bursts, causing $8,000 worth of damage. Suddenly, you’ve been hit with a $10,000 financial shock. As the cost-of-living crisis plunges more households into financial uncertainty and at least <a href="https://melbourneinstitute.unimelb.edu.au/data/taking-the-pulse-of-the-nation-2022/2023/australians-face-challenging-budgetary-constraints#:%7E:text=Over%20the%20past%20six%20months,has%20increased%20to%2060%20percent.">one-third</a> of Australians struggle to make ends meet, it’s more important than ever to ask yourself: how financially resilient am I? Being financially resilient means you aren’t left financially devastated when an expensive emergency creeps up on you. Here are five key signs of financial resilience. <h2>1. You have a plan for what you’d do if you suddenly lost your salary</h2> Financial resilience means having a plan to fall back on during tough times. This extends to how you’d make money if you lost your job. In practice, that means things like making sure your skills and contacts are kept up to date so you can more easily find a new job. You might also consider whether a “side hustle” job such as tutoring could work for you in the short term, and how you’d put that plan into practice if needed. Perhaps you have a spare room in your home you could rent out for a period of time if you lost your salary. Those examples won’t work for everyone, of course, but it’s still worth asking yourself the question: what would I do if I lost my salary tomorrow? <h2>2. You have enough liquid assets to meet an unexpected financial expense</h2> Liquid assets means money that can be accessed quickly and easily to overcome an unplanned financial expense. Savings are a good example. They provide a buffer so you can cope in the short term if a financial shock strikes. The federal government’s Moneysmart website suggests you aim to have enough in your emergency savings fund to cover <a href="https://moneysmart.gov.au/saving/save-for-an-emergency-fund">three months of expenses</a>. Having an <a href="https://moneysmart.gov.au/glossary/offset-account">offset account</a> as part of a mortgage is another option that provides a buffer. Putting money in an offset account helps you save while reducing the amount of interest on a home loan. You can still access the money in an offset account at any time. <h2>3. You have bought the right financial products, such as insurance</h2> Financial products, such as insurance, hedge against potential losses. Personal insurance is important because it provides income in the event of death, illness or injury. Examples include: <ul> <li> life insurance (which pays out to your beneficiaries, such as your partner or children, when you die) </li> <li> total and permanent disability insurance (which means you may get some money if you acquire a disability that prevents you from working) </li> <li> income protection (which provides you with an income if you can no longer work) </li> <li> trauma cover (which covers a life-changing illness or injury, such as cancer or a stroke). </li> </ul> Check if your superannuation has any of these insurances included in it. <a href="https://www.griffith.edu.au/__data/assets/pdf_file/0030/295770/FPRJ-V4-ISS1-pp-53-75-insurance-literacy-in-australia.pdf">Research</a> has found that many Australians are underinsured. <h2>4. You can still pay your debts when times are tough</h2> Being able to borrow money can help when you’re in a tight spot. But knowing where to borrow from, how much to borrow and how to manage debt repayments is crucial. Financially resilient people use debt responsibly. That means: <ul> <li> not using debt for frivolous expenses like after-work drinks </li> <li> staying away from private money lenders </li> <li> being cautious about buy-now-pay-later services </li> <li> watching out for debts with high interest rates, such as payday loans and credit card debt </li> <li> maintaining debt repayments consistently. </li> </ul> If you’re having debt problems, talk to your lender about renegotiating your repayment arrangements, or contact the <a href="https://ndh.org.au/">National Debt Helpline</a> on 1800 007 007. <h2>5. You are financially literate</h2> Being financially literate means you can assess the benefits and risks of using savings or taking out debt to meet an unplanned financial need. As I have <a href="https://theconversation.com/are-you-financially-literate-here-are-7-signs-youre-on-the-right-track-202331">written</a> before on The Conversation, key signs of financial literacy include tracking your cashflow, building a budget, as well as understanding what debts you have and which to pay first. It also means storing your money across different places (such as superannuation, savings accounts, property and the share market) and understanding how financial assets like cash, shares and bonds work. Being aware of your financial strengths and weaknesses, and having financial goals is also important. Nobody is born knowing how to make sound financial decisions; it’s a skill that must be learned. It’s good to think about the resources you would draw upon to help get yourself out of a difficult financial situation – well before disaster strikes.<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/218126/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, Assistant Professor in Finance and Financial Planning, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> 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/could-you-cope-with-a-shock-to-your-bank-balance-5-ways-to-check-you-are-financially-resilient-218126">original article</a>.

Money & Banking

5 financial lessons you should impart to your adult children

Ultimately, we want our kids to live long, happy, healthy lives. Financial security is central to achieving this dream. So it may be time to have a chat about matters of money and ensure they are well set up for a prosperous future! While there are many important things to instil in future generations, the five below are perhaps the most crucial current-day issues for your adult children to master. <ol> <li>Avoid BNPL</li> </ol> Buy now, pay later (BNPL) schemes have taken off in popularity in recent years, allowing shoppers to purchase and use goods straight away yet pay for them over time in instalments. Sound too good to be true? Indeed. Most schemes attach hefty penalties and interest for missed or late repayments – much the same as credit cards. The debt quickly balloons, and can become unsustainable. The best approach to instil in your children is to always live within their means. <ol start="2"> <li>Avoid sexually transmitted debt</li> </ol> Joint finances, loans, credit cards, utilities, subscriptions, vehicles, businesses, property… all of these and more are shared liabilities. Even if a partner is the one who racks up the debts, your child is equally responsible for repaying them. This is what I call sexually transmitted debt. It could be inadvertent (such as having a partner who, despite their best intentions, is simply bad with money); hidden (like gambling addiction), deliberate (financial abuse), lose their job, have an accident, get seriously unwell. Either way, sexually transmitted debts can create long-term and even life-long problems, regardless of whether the relationship that created those debts survives: repayment struggles, credit constraints, bankruptcy, legal woes. When it comes to money, your children (and yourself) need to think with their head, not their heart. <ol start="3"> <li>Start investing </li> </ol> The number one thing financial advisers hear most is “I wish I started years ago”. Investments typically grow over time. The more time you allow, the bigger their value. Younger adults have big demands on their hip pocket. However, even starting with small investments allows compound growth to work its magic. Plus, given the housing affordability constraints facing younger generations, investments that can be sold or leveraged could better help them onto the housing ladder in future. Superannuation is another investment to pay attention to from a young age: managing investments, ensuring they are in a cost-effective fund, and avoiding mistakes – like consolidating funds without getting advice, which can inadvertently see them consolidate into a poorer performing fund or cancel attached insurances that had preferential terms. <ol start="4"> <li>Get a will</li> </ol> While young people may feel invincible, untimely deaths or disablement claims sadly can and do happen. And often unexpectedly: land transport accidents and accidental poisoning, together with suicide, make up <a href="https://www.aihw.gov.au/reports/life-expectancy-deaths/deaths-in-australia/contents/leading-causes-of-death">the biggest causes of death for under 44s</a> in Australia. Not having a will and a nominated executor complicates matters for grieving family and can delay all-important access to finances. How would your child’s partner and kids (if they have them) survive if their super, insurances and other payouts are delayed through probate? Remember to point out that superannuation (and other structures like companies and trusts) are treated separately from a will, and so need beneficiaries nominated within them. Younger people are also less likely to have discussed their final wishes with loved ones – funeral arrangements, burial vs cremation, organ donation, inheritances etc. This is where a separate statement of wishes can be useful. <ol start="5"> <li>Get insured</li> </ol> Insurances – save perhaps vehicle and house/contents – are rarely on the minds of younger people. But they should be. That is because many insurances are cheaper and offer better coverage when people are younger and free of any health complications. That includes private health, life and permanent disability, and income protection cover. Other insurances, like asset protection, can also be more lucrative to lock-in early. Just think about how the Ts and Cs on insurances have changed (become more restrictive) since you were their age! So encourage your adult children to scrutinise their insurance coverage. (And keep them away from drugs and smoking to stay healthier for longer!) 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 credits: Getty Images

Money & Banking

About 1 in 6 older Australians experiences elder abuse. Here are the reasons they don’t get help

<a href="https://theconversation.com/profiles/eileen-obrien-95332">Eileen O'Brien</a>, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a>; <a href="https://theconversation.com/profiles/catriona-stevens-1455614">Catriona Stevens</a>, <a href="https://theconversation.com/institutions/edith-cowan-university-720">Edith Cowan University</a>, and <a href="https://theconversation.com/profiles/loretta-virginia-baldassar-1485078">Loretta Virginia Baldassar</a> Each year, many older Australians experience abuse, neglect or financial exploitation, usually at the hands of their adult children or other close relatives. A recent <a href="https://aifs.gov.au/research/research-reports/national-elder-abuse-prevalence-study-final-report">national prevalence study</a> revealed one in six older Australians living at home experiences elder abuse. This may encompass various forms of abuse, such as emotional, financial, social, physical and sexual abuse, or neglect. Despite elder abuse being such a common problem, older people often don’t get the help they need. With the right responses, we can make it easier for those working with older people, and the wider community, to support them. Our <a href="https://www.wa.gov.au/system/files/2023-11/everyones_business_research_into_responses_to_the_abuse_of_older_in_wa_report.pdf">new research</a> reveals the key reasons older people experiencing harm do not receive the support they so desperately need. Our study included a survey of nearly 700 service providers throughout Western Australia. Respondents worked in diverse fields including healthcare, law, aged care, financial services and law enforcement. We found four key obstacles to people getting help with elder abuse. 1. Older people are too scared to report abuse. Older people are often afraid to report abuse because they fear repercussions both for themselves and for the perpetrator, usually an adult child or other close relative. These concerns can mean an older person endures abuse for a long time. They may only seek help when the situation escalates to an extreme level or when someone else notices the ongoing mistreatment. Equally important, they may fear other negative outcomes of reporting abuse. They may fear having to leave their home and enter residential care. They may fear increased isolation and loneliness, or that the abuse will get worse. All these fears combined create a formidable barrier to older people promptly reporting abuse and getting the help they need. <blockquote class="twitter-tweet"> <a href="https://twitter.com/hashtag/ElderAbuse?src=hash&ref_src=twsrc%5Etfw">#ElderAbuse</a> is more common than people realize. It can happen: In their own homes In hospitals In nursing homes or other kinds of long-term care facilities Learn more, including how to prevent elder abuse: <a href="https://t.co/CAkBHQO4gm">https://t.co/CAkBHQO4gm</a><a href="https://twitter.com/hashtag/Alzheimers?src=hash&ref_src=twsrc%5Etfw">#Alzheimers</a> <a href="https://twitter.com/hashtag/dementia?src=hash&ref_src=twsrc%5Etfw">#dementia</a> <a href="https://twitter.com/hashtag/aging?src=hash&ref_src=twsrc%5Etfw">#aging</a> <a href="https://twitter.com/hashtag/geriatrics?src=hash&ref_src=twsrc%5Etfw">#geriatrics</a> <a href="https://t.co/gO3Dc6Dy3Z">pic.twitter.com/gO3Dc6Dy3Z</a> — Ian Kremer (@LEAD_Coalition) <a href="https://twitter.com/LEAD_Coalition/status/1720567529200918550?ref_src=twsrc%5Etfw">November 3, 2023</a></blockquote> 2. Older people don’t know where to turn for help Elder abuse cases are often complex, involving long family histories and complicated relationships. Older people trying to improve their situation may need support from multiple service providers. The challenge of accessing the right services and acting on their advice can be daunting. Addressing complicated matters may require intensive support and advocacy for an extended time. In the words of one experienced advocate, <blockquote> People don’t need to know the next ten steps. They need to know one step, maybe two, and then see where they are at. </blockquote> Helping older people feel empowered to seek help requires simple, accessible channels of assistance, promoted through multiple formats and outreach efforts. 3. Government-funded responses to family violence are more focused on intimate partner violence and child protection, leaving elder abuse out of the picture Most programs targeting family violence prioritise intimate partner violence and child protection, inadvertently sidelining elder abuse. Services such as shelters and perpetrator programs are not always compatible with the distinct characteristics of elder abuse. Additionally, the gendered nature of family violence responses fails to address the diverse demographics of elder abuse, which includes older men. As a result, older people, regardless of gender, may struggle to access supports suited to their needs. A refuge manager explained: <blockquote> When a bed becomes available we have this awful job of deciding who’s more high-risk and who gets the bed. If an older person needs the bed, as opposed to a single mum with a newborn, unfortunately we would go with the mum. That really presents a barrier where there isn’t refuge accommodation specifically for older people. </blockquote> There is a pressing need for a shift in focus to better recognise elder abuse as a significant issue and tailor responses to meet the specific needs of older people. This includes creating safe and accessible refuge options and providing specialised support services to address the multifaceted nature of elder abuse. 4. There’s low public awareness about what elder abuse looks like or how to respond Awareness of elder abuse remains surprisingly low, hindering effective responses. Changing this requires clear public information campaigns and community-wide conversations about abuse. This includes greater awareness of the challenge for well-meaning adult children who might limit the choices of their older relatives, thinking they know best. This can result in unintended social isolation or even neglect. A society that speaks openly about elder abuse, without stigma, is better equipped to support victims and intervene. By building public knowledge and promoting a culture where such issues can be freely discussed, we lay the groundwork for reducing its incidence. We are living longer lives than ever before, meaning we can expect to spend more years in older age than previous generations. This is good news, but also means we need to do more work to support people to age well. Positive steps we can all take include tackling ageism when we see it and normalising conversations about abuse so older people can feel confident to seek help when it’s needed.<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/216827/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/eileen-obrien-95332">Eileen O'Brien</a>, Professor of Law, Discipline of Law, Justice and Society, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a>; <a href="https://theconversation.com/profiles/catriona-stevens-1455614">Catriona Stevens</a>, Forrest Prospect Fellow in Sociology and Anthropology, <a href="https://theconversation.com/institutions/edith-cowan-university-720">Edith Cowan University</a>, and <a href="https://theconversation.com/profiles/loretta-virginia-baldassar-1485078">Loretta Virginia Baldassar</a>, Vice Chancellor Professorial Research Fellow, School of Arts and Humanities, Edith Cowan University 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/about-1-in-6-older-australians-experiences-elder-abuse-here-are-the-reasons-they-dont-get-help-216827">original article</a>.

Legal

7 ways to create realistic financial goals that you'll actually stick to

Establishing robust financial habits not only fosters comfort but also alleviates anxieties about the road ahead. A positive change in our financial circumstances commences with a shift in our money mindset. When you shift to creating lasting change, you can achieve more than you believe is possible. When creating financial goals that you’ll actually stick to, parallels can be drawn between achieving physical and financial fitness. Let’s take a look. <ol> <li>Precision in Goal Setting</li> </ol> Just like any other endeavour, the path to financial well-being requires setting clear objectives that are both quantifiable and feasible. Whether it's building an emergency fund or saving for a major purchase, your goals need to be well-defined and measurable. Just as a fitness regimen consists of various exercises targeting different muscle groups, your financial goals should cover different aspects of your financial life. <ol start="2"> <li>The Inaugural Step</li> </ol> The hardest part is starting – there will always be competing priorities. Think of it as taking one step at a time. Starting your financial goals might feel overwhelming due to competing priorities and uncertainties. Start small and build momentum gradually. Establish a budget, track your expenses, and save a modest amount regularly. <ol start="3"> <li>Avoiding Extreme Measures</li> </ol> Remember, lasting change comes from sustainable actions. Financial quick fixes like waiting for bonuses or tax returns won't foster healthy habits and can lead to financial fatigue. Instead, embrace gradual progress; small efforts compound over time. The allure of crash diets can be tempting, but they rarely yield lasting results. Instead, opt for consistent, manageable actions. Focus on building sustainable habits, like making regular contributions to savings or investments. <ol start="4"> <li>The Power of Knowledge</li> </ol> Equip yourself with information. Education is a powerful tool in achieving financial well-being. Understanding the options available is pivotal to making informed financial decisions. Gain a comprehensive understanding of your financial options. Research investment opportunities and strategies that align with your goals. Knowledge empowers you to navigate the complex landscape of personal finance confidently. <ol start="5"> <li>Exploration of Strategies</li> </ol> Just as someone might prefer running over cycling, finding financial strategies that resonate with you enhances your chances of long-term success. Experiment with diverse approaches to identify what resonates best, reducing stress and enhancing commitment. Opt for strategies that resonate with your values, minimise stress and amplifying commitment. <ol start="6"> <li>Consistency </li> </ol> Success lies in cultivating steady habits over time, ensuring enduring benefits. Just as regular workouts lead to improved physical health, cultivating small, consistent financial habits over time leads to enhanced financial well-being. Set up automated transfers to savings accounts, make incremental increases in contributions, and avoid overspending. <ol start="7"> <li>Intermittent Rewards</li> </ol> Occasionally treat yourself. Sporadic indulgences can enhance well-being and acknowledge hard-earned victories. Rewarding yourself for achieving financial milestones enhances your commitment and prevents financial fatigue. It's essential to strike a balance between frugality and enjoyment. By embracing these principles, we not only engineer realistic financial objectives but also cement a commitment to achieving them. That’s the key to lasting financial prosperity. 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 support women to have a great relationship with money and own their own financial success. For more information visit <a href="http://www.endurancefinancial.com.au">www.endurancefinancial.com.au</a> Image credits: Getty Images

Money & Banking

William Tyrrell's foster mother pleads guilty to assault

William Tyrrell's foster mother has been found guilty of assaulting a child. The 58-year-old woman, who cannot be named for legal reasons, appeared in Parramatta’s Local Court on Monday morning alongside her husband. She entered guilty pleas to two counts of common assault relating to a child, who is not William. Despite her plea, she plans to fight the charges after also pleading not guilty to two counts of intimidation. Her husband, 56, has pleaded not guilty to one count of common assault and one count of intimidation. The court heard details of the incidents that took place between January and August 2021, with the foster mother previously trying to have the charges in question withdrawn on mental health grounds. The couple will face a contested hearing before Magistrate Susan McIntyre, with the hearing expected to last five days. William was only three years old when he vanished from his foster grandmother’s house at Kendall on the NSW mid North Coast on September 12th 2014. The case attracted national attention and has become one of the state’s most notable cold cases. No one has been charged over William’s disappearance and suspected death, and his foster parents have continued to deny any wrongdoing. Image credits: NSW Police <div class="media image" style="caret-color: #000000; color: #000000; font-style: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; text-decoration: none; box-sizing: inherit; margin-bottom: 24px; display: flex; flex-direction: column; align-items: center; width: 705.202209px;"> </div>

Legal

What does financial abuse really look like?

Sally is in her 20s, lives in a dilapidated rental home and works three jobs. Fifty-something Sarah owns a large home, drives a Mercedes and is a corporate executive. Pensioner Scott, in his mid-70s, still lives in the home in which he and his late wife raised their children. Who would you say is more vulnerable to financial abuse? The answer, you may be surprised to learn, is all three. Financial abuse, according to the government’s <a href="https://moneysmart.gov.au/living-in-retirement/financial-abuse">MoneySmart</a>, is a type of family and domestic violence: “It often happens alongside other types of violence, such as physical or emotional abuse. It can leave you feeling vulnerable, isolated, depressed and anxious. It can also take away your independence.” Commonly a spouse or partner is the perpetrator, but it can come from any relative or friend. A <a href="https://www.commbank.com.au/content/dam/caas/newsroom/docs/Cost%2520of%2520financial%2520abuse%2520in%2520Australia.pdf">2022 Commonwealth Bank report</a> suggests over 623,000 Australians experienced financial abuse in 2020 alone – roughly one in 30 women and one in 50 men. Anyone – regardless of age, wealth etc. – can be a victim. Financial abuse has many faces Just as finances are complex, so too is financial abuse, which can be viewed from many angles: <ul> <li>Couples: One partner controls everything money related. I know of one instance where a woman’s partner went so far as counting coffee pods; another checked car mileage to stop his partner driving further than school drop-offs.</li> <li>Exes: Not working specifically to avoid paying child support; withholding information to delay settlement; bullying into a menial settlement.</li> <li>Multi-generations: Children or grandchildren milking elderly relatives; seizing control over their finances and living arrangements.</li> <li>Non-relatives: Such as friends buying property together without properly documenting everything, then fighting come sale time.</li> <li>Business relationships: Duped signatures on trust and business documents; hiding debts; impeding or undervaluing someone’s exit.</li> </ul> Warning signs There are common warning signs that you, or someone you know, is suffering financial abuse: <ul> <li>Pressure to make decisions: to invest your money or superannuation in crazy things that go bust, or to do nothing and not keep up with inflation (let alone grow your wealth), go guarantor on a loan, or sign power of attorney.</li> <li>Draining money: using your money to fund their business or investment on the promise a return is coming that never does (which could be poor management or deliberate deceit). This could continue for years until you’re left homeless and bankrupt.</li> <li>Unfair claims: your partner came into the relationship with nothing and stays just long enough to make a claim on your home.</li> <li>Controlled spending: this may start small (‘Don’t spend so much on clothes!’) but can become extreme. </li> <li>Blackmail: I’ve heard of people denied access to their grandkids unless they gave their son/daughter money or amended their will.</li> <li>Restricted access: you’re denied access to your own or joint finances, from having your own accounts, or are banned from working to earn your own income and superannuation.</li> <li>Tracking: sharing your location by smartphone may sound practical or safe but is open to abuse.</li> <li>Social isolation: cutting you off from friends and family; pressing for an interstate move.</li> <li>Reckless spending: your money is spent haphazardly – you may be kept in the dark or pressured not to ask questions.</li> <li>Tying down: trapping you into a big mortgage to crimp your freedom.</li> <li>Guilting: I have seen wealthy adults guilt their less fortunate parents into paying their bills, and gambling addicts guilt partners into paying their debts (with no intention to address their addiction or plan to pay it back).</li> </ul> Protecting yourself The best prevention of all is to avoid thinking ‘it won’t happen to me’. So many victims of financial abuse once thought exactly the same. Other tips include: <ul> <li>Speak up: Sometimes, starting a conversation can be enough to deliver positive change and even save a relationship (avoiding divorce is cheaper for everyone!)</li> <li>Have an emergency fund – cash only you can access, easily, in a crisis.</li> <li>Keep separate bank accounts – deposit your income here, then transfer money for joint bills into a joint account. </li> <li>Make decisions together – don’t leave money matters to your partner/children. It’s your money too.</li> <li>Get outside perspective: financial advisers are accountable to you as their client and help provide visibility over your assets, liabilities and risks. Ensure they are qualified and currently practicing.</li> </ul> If you think you may be a victim of financial abuse, I beg you – seek help immediately. Suffering in silence and letting the situation snowball is the costliest thing you can do. Both financially and emotionally! <a href="http://www.lifeline.org.au/">Lifeline - </a>13 11 14 <a href="https://www.1800respect.org.au/">1800RESPECT - </a>1800 737 732 <a href="https://www.familyrelationships.gov.au/talk-someone/advice-line">Family Relationship Advice Line - </a>1800 050 32 <a href="https://goodshep.org.au/">Good Shepherd Australia Financial Independence Hub - </a>1300 050 150 <a href="http://www.ndh.org.au/">National Debt Helpline - </a>1800 007 007 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 credits: Getty Images

Money & Banking

Terminally ill teacher convicted of child abuse granted end-of-life permit

A convicted child abuser from Adelaide, who was imprisoned for his acts of paedophilia against students during his tenure as a music teacher, has been authorised to pursue assisted dying, according to an exclusive report by <a href="https://www.9news.com.au/national/exclusive-adelaide-news-jailed-paedophile-teacher-malcolm-day-given-end-of-life-permit-voluntary-assisted-dying/cab7e95c-f3b1-4dbd-ae0d-cc8dbfee22c0" target="_blank" rel="noopener">9News</a>. Malcolm Day, aged 81, has emerged as the first incarcerated individual in Australia to receive approval for voluntary assisted dying following a terminal illness diagnosis, reportedly linked to cancer. Having received a 20-year prison sentence last June, Day's remaining term spans 17 years. Navigating the 11-step process required for accessing voluntary assisted dying in South Australia, Day's application is reported to be in its concluding stages, potentially reaching completion within the next few days. Dr Philip Nitschke, the director of the pro-euthanasia organisation Exit International, acknowledged that an incarcerated individual availing themselves of this scheme was an inevitable eventuality. "By the sounds of it, he satisfies all the conditions of the South Australian assisted dying legislation," Dr Nitschke told 9News. "So there should be no impediment… he should be given the option that any other person would have if they were terminally ill." During the 1980s, Day, while serving as a music teacher in South Australia, inflicted profound and lasting harm upon two of his students. After grooming and exploiting his victims, he vehemently refuted all allegations when investigated by educational authorities. When Day was sentenced, his legal representative, Stephen Ey, acknowledged the real possibility of his client passing away behind bars, saying at the time that it was "a real prospect... given his age." According to the latest data from SA Health, since the initiation of voluntary assisted dying in January of this year, 39 terminally ill residents of South Australia have opted to peacefully conclude their lives after being granted the necessary permits. Image: Nine News

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#GirlMaths: a seemingly innocent and fun way to justify expenses that can have serious financial consequences

<a href="https://theconversation.com/profiles/janneke-blijlevens-150258">Janneke Blijlevens</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>; <a href="https://theconversation.com/profiles/angel-zhong-1204643">Angel Zhong</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>, and <a href="https://theconversation.com/profiles/lauren-gurrieri-5402">Lauren Gurrieri</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a> These shoes are perfect, made for me! I have to get them! But really, I should be paying off my car loan instead. I can’t justify this purchase. Or can I …? We all know this feeling, this tension between what you really want to do and what you really should, or shouldn’t, do. What you are experiencing is <a href="https://www.britannica.com/biography/Leon-Festinger/Cognitive-dissonance">cognitive dissonance</a>. It’s a psychological discomfort we feel when our behaviours and our values or beliefs do not match. Not to worry, we can make that discomfort simply disappear with a good dose of #GirlMaths! <h2>So what is #GirlMaths?</h2> GirlMaths recently became a viral phenomenon on TikTok after New Zealand FVHZM radio hosts Fletch, Vaughan and Hayley used #GirlMaths to justify one host’s mother’s expensive dress purchase as basically free because the dress was going to be worn at least four times. <iframe id="tc-infographic-904" class="tc-infographic" style="border: none;" src="https://cdn.theconversation.com/infographics/904/f0b5e215a804bb450e609c397b96c7fcbf46172f/site/index.html" width="100%" height="400px" frameborder="0"></iframe> Since then, influencers have added to the #GirlMaths trend with gems such as “If I buy it for $100, wear it, and then resell it for $80 then I basically wore it for free”, “If I pay with cash, it means it’s free”, and “If I just returned something, then purchase something new for the same amount of money, then it’s free”. The reason #GirlMaths resonates so well with everyone and allows it to go viral is that we are very familiar with this type of thinking. The mental gymnastics of #GirlMaths needed to justify cost-per-wear or cash-is-free is a perfect display of behavioural biases and heuristics, such as confirmation bias and denomination bias, being applied to everyday consumption decisions. <h2>The psychology of decision-making</h2> Behavioural biases and heuristics are shortcuts in our thinking that help us make decisions quicker and easier, and are great for reducing the cognitive dissonance we sometimes experience. Our brain has a lot of decisions to make in a day and simply doesn’t have the power to scrutinise every little detail of every <a href="https://theconversation.com/what-shall-we-have-for-dinner-choice-overload-is-a-real-problem-but-these-tips-will-make-your-life-easier-193317">decision</a>. These shortcuts in our thinking may facilitate the decision making process, but they don’t always mean we make the most optimal decisions. Confirmation bias is a bias where you justify your decisions by considering only the evidence that supports what you want and ignore the evidence that would mean you’d have to make a different decision. Cost-per-wear does sound quite financially savvy. It is just like bulk-buying pantry essentials, right? The issue is you are ignoring the facts such as: 1) your disposable income does not match this expense in light of your utility bills, 2) you could rewear a cheaper dress all the same, and 3) by spending money on a fancy dress, you lose the opportunity to spend the money on other better investments for wealth accumulation, or to pay off your car loan. <h2>The financial and social costs</h2> But it’s all a bit of innocent fun, right? Surely people won’t take #GirlMaths that seriously? We beg to differ. First, the term is unnecessarily gendered. Gendered language operates to reinforce societal expectations with a particular gender and can promote stereotypes, biases and binary categories. In this case, the term “girl maths” reinforces problematic stereotypes that equate women with consumption, frivolity and extravagant spending. When stereotypes are reinforced within our own social circles, we are more likely to <a href="https://journals.sagepub.com/doi/abs/10.1177/0146167299025007004?casa_token=dOhnQVtFwPsAAAAA:XSBdix5AB6bDfGjNgfbX9OIjstw4KE071GP0l60mAxvHJMaEwkyPERqHXf3z9PhctWJUl6h7TgTHg_U">internalise these as part of our identity</a>. By representing women in a less favourable way, the term operates to both demean and discriminate on a gendered basis. This is heightened by the use of “girl” as opposed to “woman”, which implies someone is childlike or lacking in knowledge or experience. It also begs the question what “boy maths” - set up as something opposing and different - might connote. Second, the #GirlMaths trend reminds us of the power of “<a href="https://theconversation.com/fintok-and-finfluencers-are-on-the-rise-3-tips-to-assess-if-their-advice-has-value-161406">finfluencers</a>” – social media content creators amassing huge online followings by sharing advice on anything from budgeting to buying a house, to investing. These online gurus appeal to Gen Z and millennials, simplifying complex financial concepts into digestible nuggets, much like #GirlMaths simplifies purchases based on cost-per-wear or cash-as-free. Just as regulators such as <a href="https://moneysmart.gov.au/other-ways-to-borrow/buy-now-pay-later-services">ASIC</a> repeatedly warn us of the dangers of buy-now-pay-later services, we must caution the #GirlMaths trend as a dangerous cocktail for young women who are susceptible to the “advice” of finfluencers. The trend resembles BNPL by breaking down expenses into smaller, more palatable portions, making purchases seem justifiable and affordable at the moment. Denomination bias describes this tendency to spend more money when it is denominated in small amounts rather than large amounts. We find it much easier to spend $50 four times than $200 all at once. However, the convenience of these shortcuts in our thinking can obscure the hidden financial risks. You may overlook the bigger picture of your financial health, and spend more than what you can afford. That’s why a large number of BNPL users find themselves ending up in a <a href="https://www.choice.com.au/money/credit-cards-and-loans/personal-loans/articles/bnpl-submission-to-treasury">modern debt trap</a>. <h2>The perils of #GirlMaths</h2> The danger of #GirlMaths to young women lies in the cocktail of feeling oddly familiar and reinforced in this biased thinking, the problematic stereotypes that shape identities, and the power of finfluencers, who wield increasing influence over the financial choices and decision-making of young women. While the term may initially come across as innocent fun, it’s crucial not to underestimate its potential harms. Instead, let’s champion the use of inclusive language in finance that doesn’t perpetuate gender biases. And if you’re a staunch supporter of #GirlMaths, we strongly urge you to take into account the possible adverse financial consequences of these quick-fix spending habits.<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/211903/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/janneke-blijlevens-150258">Janneke Blijlevens</a>, Senior Lecturer in Marketing, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>; <a href="https://theconversation.com/profiles/angel-zhong-1204643">Angel Zhong</a>, Associate Professor of Finance, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>, and <a href="https://theconversation.com/profiles/lauren-gurrieri-5402">Lauren Gurrieri</a>, Associate Professor in Marketing, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/girlmaths-a-seemingly-innocent-and-fun-way-to-justify-expenses-that-can-have-serious-financial-consequences-211903">original article</a>.

Money & Banking

Four myths about the financial side of divorce

<a href="https://theconversation.com/profiles/emma-hitchings-388514">Emma Hitchings</a>, <a href="https://theconversation.com/institutions/university-of-bristol-1211">University of Bristol</a> and <a href="https://theconversation.com/profiles/gillian-douglas-1428314">Gillian Douglas</a>, <a href="https://theconversation.com/institutions/kings-college-london-1196">King's College London</a> It’s no wonder many people think divorce involves going to court, huge legal fees and decades of spousal payments, considering these are the cases that dominate our headlines. However, the kinds of divorce cases reported in the news involve the very rich, and are far removed from the reality for most couples. The Law Commission of England and Wales, the body responsible for law reform, <a href="https://www.lawcom.gov.uk/project/financial-remedies-on-divorce/">recently announced a review</a> of the law of finances on divorce, with a scoping report due in September 2024. Review of this law is much needed, given the legislation governing how couples in England and Wales sort out their financial affairs upon marriage breakdown mainly dates back to the 1970s (the <a href="https://www.legislation.gov.uk/ukpga/1973/18">Matrimonial Causes Act 1973</a>). The problem is that key politicians <a href="https://hansard.parliament.uk/lords/2023-03-08/debates/3AB3D708-24E5-4FF2-8481-05EFA27E2593/DivorceFinancialProvision">who have been calling for change</a> still rely on the issues raised in these <a href="https://hansard.parliament.uk/lords/2018-05-11/debates/89A33706-7DCD-4FA0-AE0D-B06E11FAF264/Divorce(FinancialProvision)Bill(HL)">exceptional, “big money” divorce cases</a>. We need to correct the misleading narrative about divorce if reform is to address the needs of the 110,000 couples <a href="https://www.gov.uk/government/statistics/family-court-statistics-quarterly-july-to-september-2022">who get divorced in England and Wales each year</a>. Although there is limited research about this issue, we do know enough to challenge the following myths. <h2>1. Spouses are often forced to fund costly legal battles</h2> Family courts grant divorces and the fee is currently £593. However, it is not mandatory for a divorcing couple to get an additional order regarding their finances, and there is no need for expensive court hearings. In fact, <a href="https://www.gov.uk/government/statistics/family-court-statistics-quarterly-july-to-september-2022">fewer than 40%</a> of those divorcing each year do so. While there is no authoritative data on average legal costs incurred in these cases, it seems that, for many couples, the costs of sorting out their financial arrangements need not be high because the courts are not involved. And even those couples who do use the courts for their financial matters overwhelmingly settle rather than fight their case, which limits their legal costs. Only <a href="https://www.gov.uk/government/statistics/family-court-statistics-quarterly-july-to-september-2022">13% of financial orders</a> made in a divorce are actually decided by a judge after contested litigation. The rest are consent orders: orders finalised by the judge on terms that have already been agreed by the divorcing couple. <h2>2. Everything is split 50/50</h2> The law does not lay down a principle of equal sharing of the marital assets on divorce. However, the courts <a href="https://www.lawteacher.net/cases/miller-v-miller-mcfarlane-v-mcfarlane.php">do accept this is a desirable goal</a> if this can be done while meeting both parties’ needs – and those of their children. Research suggests that, rather than rigidly applying a 50/50 split, couples focus on their needs first and <a href="https://research-information.bris.ac.uk/en/publications/financial-remedies-on-divorce-the-need-for-evidence-based-reform">particularly those of their children</a>. This can result in an unequal split of the value of the main asset most couples have – the former marital home. <h2>3. Men have to pay lifelong maintenance</h2> Some news media object to the current law as they claim it allows an ex-wife to be supported <a href="https://www.dailymail.co.uk/news/article-5965629/Surveyor-marriage-ended-16-years-ago-WINS-Supreme-Court-battle.html">for the rest of her life</a> by her former husband (or vice versa). The argument is that this casts ex-wives as dependants who cannot look after themselves, and prevents husbands from moving on after their divorce. In reality, lifelong maintenance is rare, and even limited ongoing financial support is uncommon. The most recent data found that only 16% of court orders involved any kind of ongoing spousal support – of which, two-thirds were for a fixed term. Nearly all such orders involved <a href="http://www.nuffieldfoundation.org/sites/default/files/files/briefing%20paper%20Jun%202018%20FINAL.pdf">dependant children</a>, with the order terminating when the youngest child reaches a certain age or stage of education. <h2>4. London is the divorce capital of the world</h2> Some news media <a href="https://www.theguardian.com/lifeandstyle/shortcuts/2015/feb/24/divorce-rich-husband-london-english-law">report</a> that the courts’ endorsement of the principle of equal sharing has led to some wives, married to oligarchs, sheikhs and tycoons, seeking divorce through an English court due to its “generous” treatment of them. For example in 2021, a High Court judge ordered Sheikh Mohammed bin Rashid al-Maktoum, the emir of Dubai, to pay a <a href="https://www.businessinsider.com/why-london-divorce-capital-world-for-mega-rich-2019-7?r=US&IR=T">£554 million divorce settlement</a> to his former wife, Princess Haya. By their nature, these cases are atypical – that’s why they make headlines. But why should the fact that English law takes spousal equality seriously be a matter for regret? The 1970s legislation aimed to ensure the non-financial contributions of spouses, such as home-making and caring, should be recognised. Judges have been clear <a href="https://uk.practicallaw.thomsonreuters.com/3-503-7596?transitionType=Default&contextData=(sc.Default)&firstPage=true">it is discriminatory to assume</a> the breadwinner spouse is making a greater contribution to the relationship and should keep a larger part of the wealth than the other who takes on the role of carer. Surely this is an enlightened position. That doesn’t mean we shouldn’t update the law, though. Working patterns have changed but women still earn, on average, <a href="https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/bulletins/genderpaygapintheuk/2022#:%7E:text=Image%20.csv%20.xls-,The%20gender%20pay%20gap%20has%20been%20declining%20slowly%20over%20time,up%20from%207.7%25%20in%202021.">less than men</a>. They are still more likely to assume the bulk of <a href="https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/articles/familiesandthelabourmarketengland/2021">child care</a>, <a href="https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/articles/familiesandthelabourmarketengland/2021">work part-time </a>, and, in consequence, have <a href="https://adviser.scottishwidows.co.uk/assets/literature/docs/women-retirement-report-2022-press-release.pdf">smaller pensions compared with men</a>. The result is that, far from being treated generously, women still come out of divorce <a href="https://ses.library.usyd.edu.au/bitstream/handle/2123/26207/Fisher_2018_AJFL_Final.pdf?sequence=1">financially worse off than men</a>. But there is still so much we don’t know about how divorced couples divide their assets. Since the norm is for couples to stay out of the courts, there is no official record of how the majority of the divorcing population arranges their finances. That’s why <a href="https://research-information.bris.ac.uk/en/persons/emma-hitchings">one of us</a> (Emma) is leading the Fair Shares Study, expected to publish in autumn 2023. This will provide the <a href="https://www.bristol.ac.uk/law/fair-shares-project/">first nationally representative picture</a> of couples’ finances on divorce. We need a law that meets the needs of all divorcing couples rather than the few wealthy exceptions, and a major corrective to the myths that abound in this area of family law.<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/202975/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/emma-hitchings-388514">Emma Hitchings</a>, Professor of Family Law, <a href="https://theconversation.com/institutions/university-of-bristol-1211">University of Bristol</a> and <a href="https://theconversation.com/profiles/gillian-douglas-1428314">Gillian Douglas</a>, Professor Emerita of Law, <a href="https://theconversation.com/institutions/kings-college-london-1196">King's College London</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/four-myths-about-the-financial-side-of-divorce-202975">original article</a>.

Money & Banking

“Unfathomable”: Former childcare worker facing 1,623 child abuse charges

Warning: This article contains mentions of child sexual abuse that readers may find distressing. A man from the Gold Coast is facing charges of child sexual abuse, after spending most of his life as a childcare worker. The 45-year-old has been charged with 1623 child abuse offences, including 136 charges of raping pre-pubescent girls. The alleged offences relate to 87 children in Australia and four overseas, and includes 110 counts of sexual intercourse with a child under 10. Australian Federal Police allege that the man carried out the offences while working at 10 different childcare centres in Brisbane between 2007-13 and 2018-22. The man is further alleged to have carried out offences at a single Sydney centre between 2014-2017, as well as overseas between 2013-14. Australian Federal Police Assistant Commissioner Justine Gough said the man recorded the assaults on his phone and on a separate camera. During a press conference on Tuesday, she described the “chilling news” as “unfathomable”. “We are highly confident that all 87 Australian children who were recorded in the alleged child abuse material have been identified,” she said. “The parents of all the Australian children recorded in the alleged child abuse material have been informed of the investigation.” “Some of the individuals identified in the alleged child abuse material are now aged over 18 years and have been informed.” Assistant Commissioner Gough said officers were still working with law enforcement overseas, in a country they have yet to name, to determine the identity of four more children. The man has been in custody since August 2022 when AFP charged him with two counts of making child exploitation material. Since his initial arrest, police discovered a plethora of the self-produced child abuse material, totaling almost 4,000 images and videos. “The genesis of Operation Tenterfield is linked to police locating alleged child abuse images and videos on the dark web in 2014,” Assistant Commissioner Gough said. “The AFP and other agencies examined the images, but they contain a few distinguishable clues for investigators to follow.” The investigation then led police to one of the childcare centres in Brisbane, and the subsequent warrant to raid the man’s home. “That warrant relates to 180 charges of child sexual abuse, and 23 victims are a part of those charges,” he said. “Those charges carry life imprisonment. Once this man faces the AFP charges here in Queensland, we will be seeking his extradition.” “This is one of the most horrific child abuse cases that I‘ve seen in nearly 40 years of policing.” “We are absolutely committed to prosecuting anyone who comes after our most vulnerable.” Image credits: Australian Federal Police

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#GirlMaths: a seemingly innocent and fun way to justify expenses that can have serious financial consequences

Four myths about the financial side of divorce

“Unfathomable”: Former childcare worker facing 1,623 child abuse charges

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“I was silenced”: Jelena Dokic opens up on her difficult relationship with her father

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Could you cope with a shock to your bank balance? 5 ways to check you are financially resilient

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7 ways to create realistic financial goals that you'll actually stick to

William Tyrrell's foster mother pleads guilty to assault

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Terminally ill teacher convicted of child abuse granted end-of-life permit

#GirlMaths: a seemingly innocent and fun way to justify expenses that can have serious financial consequences

Four myths about the financial side of divorce

“Unfathomable”: Former childcare worker facing 1,623 child abuse charges

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