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Storytelling allows elders to transfer values and meaning to younger generations

<p><em><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></em></p> <p>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.</p> <p>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.</p> <p><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.</p> <p>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.</p> <h2>Transmitting values</h2> <p>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.</p> <p>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.</p> <p>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.</p> <h2>Here’s what we have learned:</h2> <ol> <li> <p>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.</p> </li> <li> <p>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></p> </li> <li> <p>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.</p> </li> <li> <p>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.</p> </li> <li> <p>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.</p> </li> </ol> <h2>Tips for listening</h2> <p>Our research offers some tips for listening to stories from elders:</p> <ul> <li> <p>Focus on just 10 stories. It can make the listening seem less overwhelming.</p> </li> <li> <p>Write them down. Writing challenges us to get the story straight.</p> </li> <li> <p>Notice your loved one’s role in the story, as the message is often contained in that role.</p> </li> <li> <p>Be attentive to feelings, sensations, tension and discomfort. These can be signals or clues to the meaning of a story.</p> </li> <li> <p>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.</p> </li> </ul> <h2>The importance of receiving stories</h2> <p>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>.</p> <p>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.</p> <p>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.</p> <p>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.</p> <p>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.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><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" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><a href="https://theconversation.com/profiles/mary-ann-mccoll-704728"><em>Mary Ann McColl</em></a><em>, Professor, School of Rehabilitation Therapy, <a href="https://theconversation.com/institutions/queens-university-ontario-1154">Queen's University, Ontario</a></em></p> <p><em>Image credits: Getty Images </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/storytelling-allows-elders-to-transfer-values-and-meaning-to-younger-generations-197766">original article</a>.</em></p>

Mind

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She was mistakenly transferred $10.5m – so she bought a mansion

<p dir="ltr">A costly bungle has resulted in two Aussie women going on a spending spree and a cryptocurrency company left $10.5 million out of pocket.</p> <p dir="ltr">Thevamanogari Manivel received the hefty injection of cash after Crypto.com, one of the world’s largest cryptocurrency trading platforms, attempted to process a refund of just $100 in May last year.</p> <p dir="ltr">But, instead of sending through the refund, an account number was entered in the payment section, resulting in the accidental transfer.</p> <p dir="ltr">Seven months later, the company has launched legal action against Ms Manivel and her sister, Thilagavathy Gangadory, after discovering the error during an audit in December, per court documents.</p> <p dir="ltr">The only issue is that the sisters have already spent a chunk of the cash.</p> <p dir="ltr">The court found that Ms Manivel transferred the funds into a joint account last year, before taking out some of the money to buy a $1.35 million property in the Melbourne suburb of Craigieburn in February 2022.</p> <p dir="ltr">It’s understood that Ms Manivel bought the five-bedroom home - which reportedly includes a gym and home cinema - as a gift for her sister.</p> <p dir="ltr">The home, which sold on February 3 according to property records, is described as having a “monochrome palette”, four “designer” bathrooms, an outdoor entertaining area and an expansive kitchen/dining/family area with a butler’s pantry, per <a href="https://www.realestate.com.au/sold/property-house-vic-craigieburn-138330146">the listing</a>, </p> <p dir="ltr">According to the <em><a href="https://www.heraldsun.com.au/news/victoria/cryptocom-goes-to-court-to-recoup-105m-it-incorrectly-sent-to-melbourne-woman/news-story/1e2d91d007d1257593cf5d0d99f1477d" target="_blank" rel="noopener">Herald Sun</a></em>, Ms Manivel sent $430,000 to her daughter and transferred the ownership of the home to her sister, Ms Gangadory.</p> <p dir="ltr">Crypto.com has since won part of its legal battle after a judge in Victoria’s Supreme Court ordered that the luxury home be sold and that the $1.35 million be returned to the company, along with $27,369 in interest and other costs.</p> <p dir="ltr">It is believed that separate orders have been made for the remaining sum.</p> <p dir="ltr">Because Ms Gangadory failed to appear in court for the May hearing, Justice James Dudley Elliott said that “the allegations in the statement of claim are taken to be admitted”, after the reasons for his judgement were made <a href="http://publicly" target="_blank" rel="noopener">publicly available</a> last week.</p> <p dir="ltr">If Ms Gangadory doesn’t put the property on the market, a receiver could be appointed to arrange its sale or, if she ignores the orders, she could be in contempt of court, as reported by <em><a href="https://7news.com.au/news/vic/cryptocurrency-platform-cryptocom-accidentally-transfers-105-million-to-melbourne-woman-c-8058203" target="_blank" rel="noopener">7News</a></em>.</p> <p dir="ltr">“There’s no doubt that if you saw that in your account you would know it shouldn’t be there, and the onus is actually on you to actually call the sender and to say look that shouldn’t have come into my account,” Justin Lawrence from Henderson and Ball Lawyers told the outlet.</p> <p dir="ltr">“If you’re withholding property of someone else you’re effectively holding property by deception, you’re not entitled to it, you need to give it back.”</p> <p dir="ltr">The case is scheduled to return to court in October.</p> <p><span id="docs-internal-guid-c94f8e48-7fff-2553-0c20-ee3fb00a4876"></span></p> <p dir="ltr"><em>Images: Realestate.com.au/Getty Images</em></p>

Real Estate

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Covid’s origin found

<p dir="ltr">Amid accusations of it being made in a lab or purposefully made more infectious and fracturing faith in science, scientists say they have finally determined the origin of COVID-19.</p> <p dir="ltr">A team of scientists who have been investigating the virus’ origin have published their findings in two separate articles in <em>Science </em>(available to read <a href="https://www.science.org/doi/10.1126/science.abp8715" target="_blank" rel="noopener">here</a> and <a href="https://www.science.org/doi/10.1126/science.abp8337" target="_blank" rel="noopener">here</a>) and said they are at the end of their search.</p> <p dir="ltr">COVID-19 almost-certainly jumped from animals to humans in Wuhan’s Huanan Seafood Wholesale Market, with the researchers even pinpointing the most likely section of the market where it occurred.</p> <p dir="ltr">“The siren has definitely sounded on the lab leak theory,” Professor Edward Holmes, a world-leading expert on virus evolution and co-author of both papers, told the <em>Sydney Morning Herald</em>.</p> <p dir="ltr">“In terms of what we can reasonably do, with the available science and the science we’ll get in the foreseeable future, I think we’re at the end of the road frankly. There’s not a lot more to mine.”</p> <p dir="ltr">Professor Dwyer, the director of public health pathology in NSW and a member of the World Health Organisation (WHO) team who travelled to Wuhan to investigate Covid’s origins, agrees with the findings.</p> <p dir="ltr">“That’s what we thought originally back when we did the first report,” he said.</p> <p><span id="docs-internal-guid-de65d200-7fff-e4d3-3c8b-fb40bc3f2502"></span></p> <p dir="ltr">“This is yet another brick added to the wall of information around zoonotic infection.”</p> <blockquote class="twitter-tweet"> <p dir="ltr" lang="en">Analysis of spatial distributions of early <a href="https://twitter.com/hashtag/COVID19?src=hash&amp;ref_src=twsrc%5Etfw">#COVID19</a> cases and environmental samples from the Huanan market point to the market as the epicenter of <a href="https://twitter.com/hashtag/SARSCoV2?src=hash&amp;ref_src=twsrc%5Etfw">#SARSCoV2</a> emergence, from activities associated with wildlife trade. <a href="https://t.co/tykjmEOGxW">https://t.co/tykjmEOGxW</a> <a href="https://twitter.com/MichaelWorobey?ref_src=twsrc%5Etfw">@MichaelWorobey</a> <a href="https://twitter.com/K_G_Andersen?ref_src=twsrc%5Etfw">@K_G_Andersen</a> <a href="https://t.co/THYDkLualC">pic.twitter.com/THYDkLualC</a></p> <p>— Science Magazine (@ScienceMagazine) <a href="https://twitter.com/ScienceMagazine/status/1551931253179514880?ref_src=twsrc%5Etfw">July 26, 2022</a></p></blockquote> <p dir="ltr">Using Chinese and WHO data, as well as public online maps, photos, business registries, and official reports, the scientists reconstructed a map of the market, including human cases and Covid-postive environmental samples from late 2019.</p> <p dir="ltr">The market wildlife section was found to have COVID-19 all over it, with eight of the earliest human cases working nearby.</p> <p dir="ltr">A stall where COVID-19 was found on a metal cage, a machine used to remove hair and feathers from animals, two carts used for moving animal cages, and a nearby water drain, was also visited by Professor Holmes on a trip to Wuhan in 2014 - where he snapped a photo of caged racoon dogs stacked on top of caged birds.</p> <p dir="ltr">“We can’t prove it is this exact stall but the data is very suggestive,” he said.</p> <p dir="ltr">Racoon dogs, along with badgers, hares, rats and foxes are among several species of animals that Covid moves easily among, all of which were being sold in the market in 2019.</p> <p dir="ltr"><span id="docs-internal-guid-fad47587-7fff-0e06-efe8-1cddecca3178"></span></p> <p dir="ltr">The racoon dogs supplied to the market came from farms in western Hubei, the <em>Science </em>papers note, which is an area known for extensive networks of caves filled with Rhinolophus bats that carry coronaviruses similar to the one that causes COVID-19.</p> <p dir="ltr"><img src="https://oversixtydev.blob.core.windows.net/media/2022/08/wuhan-racoon-dogs.jpg" alt="" width="601" height="533" /></p> <p dir="ltr"><em>Professor Edward Holmes photographed racoon dogs being sold in the Huanan Wildlife Market in 2014. Image: Edward Holmes</em></p> <p dir="ltr">“Raccoon dogs are a suspect,” Professor Holmes added.</p> <p dir="ltr">“I think, strongly, there are a whole bunch of animals out there who have viruses like this that we have not sampled yet.”</p> <p dir="ltr">In their second paper, the team even determined the two viral lineages that were detected a week apart in December 2019, and which one was the most likely one to have been transmitted from animals to humans.</p> <p dir="ltr">Using computers to simulate the most likely sequence of events that would produce the two strains, which differ by two small changes in their genetic codes, they found it exceedingly unlikely that the virus would jump into humans and then split into two strains.</p> <p dir="ltr">Instead, they found that it would be far more likely that multiple strains of Covid had already been circulating in animals, with two strains separately jumping to humans.</p> <p dir="ltr">As for the theory that Covid originated in a lab, you would expect it to be introduced into humans just once - rather than as two distinct lineages - with samples taken from the Huanan market also containing both strains.</p> <p dir="ltr">“That, I think, is pretty good evidence,” Professor Dwyer said.</p> <p dir="ltr">Though supporters of the lab leak theory argue that the market is a perfect super-spreader site, introduced by scientists from the Wuhan Institute of Virology, the scientists found that it isn’t the perfect spreader site that people may think it is.</p> <p dir="ltr">The scientists found that 155 cases in December 2019 were strongly clustered in the suburbs around the market, but that it is a small and rather obscure shopping spot and was among the least-visited of 430 identified possible super-spreader sites in Wuhan.</p> <p dir="ltr">“It’s like going to Coles in Bendigo on a wet Wednesday afternoon. It’s not a thriving mass of humanity,” Professor Holmes said.</p> <p dir="ltr">No-one has proved COVID-19 - or even a twin strain - has been at the Wuhan Institute of Virology either, with no epidemiological evidence showing the virus spreading near the institute.</p> <p dir="ltr">“There’s no emails. There’s no evidence in any of the science. There’s absolutely nothing,” Professor Holmes said.</p> <p dir="ltr">On top of that, Covid wasn’t detected in any of the tens of thousands of blood donations in Wuhan between September and December 2019, nor in thousands of samples taken from patients hospitalised with flu-like symptoms between October and December.</p> <p dir="ltr">“What are the odds that two lineages escape from the lab and both make their way into the market and both cause superspreader events?” Professor Holmes said.</p> <p dir="ltr"><span id="docs-internal-guid-d9a32911-7fff-345d-3948-858a5f899ba8"></span></p> <p dir="ltr">“It’s ridiculous. There is no way that can happen.”</p> <p dir="ltr"><em>Image: Getty Images</em></p>

Body

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Woman transfers $750,000 from offshore accounts – and STILL claims Centrelink benefits

<p>A 35-year-old Russian woman has avoided jail time after taking advantage of still receiving Centrelink whilst secretly transferring $750,000 from offshore accounts.</p> <p>Nadezda Bek transferred funds between Russian credit cards to two Australian accounts and kept them under the taxable and reportable threshold of $10,000 as the payments were between $8,000 and $9,500.</p> <p>She did this more than 70 times between 2014 and 2018, the <em><a rel="noopener" href="https://www.goldcoastbulletin.com.au/news/crime-court/russian-mother-nadezda-bek-claims-centrelink-benefits-while-secretly-transferring-750000-from-offshore-accounts/news-story/53a801e3333a85397a3cdb0256159ffe" target="_blank">Gold Coast Bulletin</a> </em>reported<span>.</span></p> <p>Bek was seen smiling as she left Southport District Court on Thursday, as she avoided any time in prison.</p> <p>She pleaded guilty to one count of conducting transactions to avoid reporting requirements relating to threshold transactions.</p> <p>The court was told that Bek and her former husband were trying to transfer their Russian wealth to Australia without alerting any authorities. The court was not told how much taxpayers' money Bek had received whilst on Centrelink family benefits.</p> <p>Bek’s barrister Tony Kimmins said that she had no connection to money laundering, drugs or terrorism.</p> <p>“It was a tax matter as opposed to any other nefarious matter,” he said.</p> <p>The Australian Taxation Office is now investigating into the matter.</p>

Money & Banking

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The bank change that will improve your life

<p>It can be a bit of dilemma patiently waiting for a friend or family member's fund transfer to arrive in your bank account.</p> <p>Sometimes it can even take a few days for someone’s transfer to pop up in your “account balance”.</p> <p>However, bank transfers will soon be changing thanks to a billion-dollar technology upgrade.</p> <p>From January next year, customers of Australia’s four big banks, as well as 50 smaller institutions, will be able to instantly transfer money.</p> <p>The upgrade follows a review of Australia’s payment systems in 2012, reported the ABC.</p> <p>Adrian Lovney, chief executive of New Payments Platform – the company building the technology – said the new transfers will be good for businesses.</p> <p>“Through the weekend, public holidays, at 3 o’clock in the morning — funds will arrive in the recipient’s bank account in about 30 to 45 seconds,” he said.</p> <p>“The core benefit at launch is the faster receipt of money in real time, and that will happen 24/7, 365 days a year.”</p> <p>“(Customers expect things to happen instantly, with a mobile phone, in a 24/7 digital economy — they expect if I’m going to send you money that you’ll receive it today and not next week.”</p> <p>The company’s website reveals that the technology will also allow payments to be made using identifiers such as phone numbers, email addresses or ABNs, instead of solely using account numbers and BSBs.</p> <p>One concern with this new technology is ensuring that fraud mechanisms are up to par.</p> <p>The current delay in transferring money allows banks to use the time to scan transactions for fraud and for banks to stop it before it becomes an issue.</p> <p>“What we might see is people using the speed of the system to rip people off or to con people or to trick people in ways that they do today, but faster,” Mr Lovney said.</p> <p>“We’ve been hearing a lot recently about the ATO scams — people ringing up pretending to be from the Tax Office — or we also see lots of activity around romance scams.”</p> <p>Are you excited for this new way to transfer money? Let us know in the comments below. </p>

Money & Banking

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Major bank transfer changes coming on Australia Day

<p>Major bank transfer changes are set to be rolled out on Australia Day 2018, completely overhauling the way we conduct banking transactions in this country.</p> <p><a href="http://www.oversixty.com.au/finance/money-banking/2017/09/the-massive-catch-behind-banks-removing-atm-withdrawal-fees/" target="_blank"><span style="text-decoration: underline;"><strong>Australia’s major banks</strong></span></a> are set to put the finishing touches on a new payments platform (NPP) that will allow for real-time payments between customers of different banks.</p> <p>NPP Australia Adrian Lovney told <a href="http://www.smh.com.au/" target="_blank"><span style="text-decoration: underline;"><strong><em>Fairfax</em></strong></span></a>, "Our aim was to be live in the last quarter of 2017; we're on track to do that.</p> <p>"All of the banks that are participating are moving in absolute lockstep and absolute unison through the final stage of testing, and we anticipate a strong take-up and a strong participation at launch," he said.</p> <p>"When people come to work after Australia Day, the platform will commence rolling out to the public at large."</p> <p>The substantial project which was triggered by a review of Australia’s payment infrastructure in 2012 will mean customers from different banks can make and receive payments instantaneously, 24 hours a day and seven days a week.</p> <p>Customers will be able to arrange payments with a “PayID” instead of an account number or BSB and be able to included 280 characters of text with a payment.</p> <p>Mr Loveny added a word of warning however, suggesting that customers should remain vigilant and be on the lookout for scammers as the <a href="http://www.oversixty.com.au/finance/retirement-income/2017/09/eftpos-and-credit-card-transaction-fees-banned-from-today/" target="_blank"><span style="text-decoration: underline;"><strong>project is rolled out</strong></span></a>.</p> <p>"With any new system that is introduced, you will see a spike in activity as people think about how they can take advantage of the change, but banks will continue to put in place systems behind the scenes to try to protect customers from being tricked," he said.</p> <p>What are your thoughts? Do you think the changes are a winner?</p>

Retirement Income

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A guide to credit card balance transfers

<p>A credit card balance transfer involves moving what you owe from one card over to a new card, usually with a lower introductory (or temporary) rate on the transferred amount. Because the balance transfer rate is lower, you’re paying less interest during the balance transfer period. And that means more of your credit card repayment is available to go towards what you owe – helping you pay off the balance quicker.</p><p>The rate often reverts back to the standard purchase rate at the end of the introductory period, however it may revert back to the cash advance rate (which is usually higher). Be careful to check which of these applies.</p><p>The two main reasons for using balance transfers are either to reduce interest payments or consolidate debt. If you have more than one card, you can consolidate these debts into one new card with a balance transfer. However, if you’ve got other debts too (like a personal loan) then a&nbsp;debt consolidation loan&nbsp;might be a better option.</p><p>To help you decide, consider how long it’ll take for you to pay off your debts. If it’s short term, then a credit card with a typical low six or 12-month balance transfer rate might work for you. But if you’re thinking your debt will take years to pay off, long after the introductory rate has expired, then a debt consolidation loan might work better; usually because&nbsp;loans have a structured repayment plan for paying them off over one to seven year terms. So you’ll know exactly what you’ll be paying, and how long it will take for you to pay it off.</p><p>While you may get a great deal for a short time with a credit card balance transfer, don’t use it as an opportunity to spend more. Rather, use your short-term reprieve to get on top of your repayments and out of the debt cycle. The banks know you’ll be enticed with low balance transfer offers, but if you use the new card for additional purchases too, then you’re stuck on the hamster wheel. So forget about short-term gains and look for the best deal for your overall circumstances.</p><p>Keep in mind that every time you apply for credit (like signing up for a new phone or energy contract) it shows on your credit file. Having records on your file isn’t necessarily a bad thing, but the more credit applications you have on your file, the more it might affect your future borrowing plans.</p><p>Make sure you also take other costs into account as well; such as annual fees or balance transfer fees.</p>

Money & Banking

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A guide to credit card balance transfers

<p>A credit card balance transfer involves moving what you owe from one card over to a new card, usually with a lower introductory (or temporary) rate on the transferred amount. Because the balance transfer rate is lower, you’re paying less interest during the balance transfer period. And that means more of your credit card repayment is available to go towards what you owe – helping you pay off the balance quicker.</p><p>The rate often reverts back to the standard purchase rate at the end of the introductory period, however it may revert back to the cash advance rate (which is usually higher). Be careful to check which of these applies.</p><p>The two main reasons for using balance transfers are either to reduce interest payments or consolidate debt. If you have more than one card, you can consolidate these debts into one new card with a balance transfer. However, if you’ve got other debts too (like a personal loan) then a&nbsp;debt consolidation loan&nbsp;might be a better option.</p><p>To help you decide, consider how long it’ll take for you to pay off your debts. If it’s short term, then a credit card with a typical low six or 12-month balance transfer rate might work for you. But if you’re thinking your debt will take years to pay off, long after the introductory rate has expired, then a debt consolidation loan might work better; usually because&nbsp;loans have a structured repayment plan for paying them off over one to seven year terms. So you’ll know exactly what you’ll be paying, and how long it will take for you to pay it off.</p><p>While you may get a great deal for a short time with a credit card balance transfer, don’t use it as an opportunity to spend more. Rather, use your short-term reprieve to get on top of your repayments and out of the debt cycle. The banks know you’ll be enticed with low balance transfer offers, but if you use the new card for additional purchases too, then you’re stuck on the hamster wheel. So forget about short-term gains and look for the best deal for your overall circumstances.</p><p>Keep in mind that every time you apply for credit (like signing up for a new phone or energy contract) it shows on your credit file. Having records on your file isn’t necessarily a bad thing, but the more credit applications you have on your file, the more it might affect your future borrowing plans.</p><p>Make sure you also take other costs into account as well; such as annual fees or balance transfer fees.</p>

Money & Banking

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Ask an expert - Transferring super into allocated pension accounts

<p>Can moving superannuation into a pension account affect a spouse’s age pension?</p><p><strong>QUESTION</strong><br><em>Robyn, 61, from South Australia, asks:</em></p><p>I am retired and have a super account which I understand pays 15 cents in the dollar tax. If I transfer it into an allocated pension account, therefore not paying the 15 cents tax, will it affect my husband’s Centrelink age pension?</p><p><strong><img width="130" height="162" src="https://oversixtydev.blob.core.windows.net/media/1321/joshua-stega-2-resized_130x162.jpg" alt="Joshua Stega 2-resized" style="float: left;">ANSWER</strong><br><em>Joshua Stega, director of Sydney-based boutique wealth management firm, <a href="http://www.jaswealth.com.au/" target="_blank">Jas Wealth</a>, replies:<br></em></p><p>Hi Robyn,<br>This is a really good question. You are considering commencing a pension from your current superannuation fund, which you correctly point out, will change the tax rate in super from 15 per cent to nil.</p><p>Centrelink uses two tests to work out the amount of age pension you are entitled to – the income test and the assets test.</p><p>From an assets test point of view, your superannuation balance will be counted towards your husband’s pension amount once you reach age pension age. This is where you are currently positioned. &nbsp;</p><p>From an income test perspective, once you start drawing a pension from super it will be assessable by Centrelink. In order to calculate the amount, Centrelink uses a defined formula which takes into account factors such as your super balance and life expectancy.</p><p>It is worth noting that from January 1, 2015, the income test treatment of income streams will change, so I would advise you to consider the best position for you prior to this date.</p><p>From here I would recommend you contact Centrelink’s Financial Information Service on 132 300. The Financial Information Service is a free, confidential service that provides education and information on financial and lifestyle issues to all Australians.</p><p><strong><em>If you have a question on money or superannuation you would like a financial adviser to answer, please email <a href="mailto:contribute@oversixty.com.au" target="_blank">contribute@oversixty.com.au</a></em></strong></p>

Retirement Income

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Ask an expert - Transferring super into allocated pension accounts

<p>Can moving superannuation into a pension account affect a spouse’s age pension?</p><p><strong>QUESTION</strong><br><em>Robyn, 61, from South Australia, asks:</em></p><p>I am retired and have a super account which I understand pays 15 cents in the dollar tax. If I transfer it into an allocated pension account, therefore not paying the 15 cents tax, will it affect my husband’s Centrelink age pension?</p><p><strong><img width="130" height="162" src="https://oversixtydev.blob.core.windows.net/media/1321/joshua-stega-2-resized_130x162.jpg" alt="Joshua Stega 2-resized" style="float: left;">ANSWER</strong><br><em>Joshua Stega, director of Sydney-based boutique wealth management firm, <a href="http://www.jaswealth.com.au/" target="_blank">Jas Wealth</a>, replies:<br></em></p><p>Hi Robyn,<br>This is a really good question. You are considering commencing a pension from your current superannuation fund, which you correctly point out, will change the tax rate in super from 15 per cent to nil.</p><p>Centrelink uses two tests to work out the amount of age pension you are entitled to – the income test and the assets test.</p><p>From an assets test point of view, your superannuation balance will be counted towards your husband’s pension amount once you reach age pension age. This is where you are currently positioned. &nbsp;</p><p>From an income test perspective, once you start drawing a pension from super it will be assessable by Centrelink. In order to calculate the amount, Centrelink uses a defined formula which takes into account factors such as your super balance and life expectancy.</p><p>It is worth noting that from January 1, 2015, the income test treatment of income streams will change, so I would advise you to consider the best position for you prior to this date.</p><p>From here I would recommend you contact Centrelink’s Financial Information Service on 132 300. The Financial Information Service is a free, confidential service that provides education and information on financial and lifestyle issues to all Australians.</p><p><strong><em>If you have a question on money or superannuation you would like a financial adviser to answer, please email <a href="mailto:contribute@oversixty.com.au" target="_blank">contribute@oversixty.com.au</a></em></strong></p>

Retirement Income

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