5 ways to help prepare your finances for a recession

5 ways to help prepare your finances for a recession If you think storms may lie ahead, it makes sense to prepare your craft for choppy waters. With Australia facing continued economic uncertainty, it may be time to take stock of your finances and get in the right shape. First the good news. The Australian economy fared better in the first quarter of 2020 than many other countries¹. To the end of March, the economy …

7 ways to get your money working harder during COVID-19

7 ways to get your money working harder during COVID-19 If you’re fortunate enough not to have been affected financially by coronavirus, you might find you’re spending less and saving more The COVID-19 (coronavirus) outbreak has seen Australians rise to the challenge of a new way of life involving a lot less time spent outdoors and a lot more time spent at home. We’ve seen new concepts added to our daily vocabulary like social distancing, …

COVID-19 and the job market

COVID-19 and the job market 29 May 2020 How COVID-19 is affecting the Australian employment market and what it means for your job The coronavirus outbreak has had a major impact on Australians’ livelihoods. Many working Australians have needed to adjust to a loss of income resulting from working from home, reduced working hours, and in some cases loss of employment as government restrictions have taken hold. Let’s look at the state of play in …

Essential checklist for the end of financial year

Essential checklist for the end of financial year The end of financial year on 30 June is a good time to take stock and get your finances in order. This is an end of financial year like no other. Being prepared, reviewing your super contributions and submitting your return on time are good policies every year, but the shadow of COVID-19 (coronavirus) means many of us face unexpected pressures in a changing economic environment. Many …

The Impacts of COVID-19 on Women’s Money

The COVID-19 (coronavirus) outbreak has affected Australian and global economies, but Financy Women’s Index report is showing that women have been hit hardest financially, in the form of job cuts and lost income. Lara Bourguignon, Managing Director, Superannuation, Retirement and Platforms at AMP and Bianca Hartge-Hazelman, editor and founder of Financy, discusses the latest quarterly Women’s Index and the key steps women can take to protect their financial wellbeing. 0:19 – Find out about the …

Should you give your teenager a credit card?

Should you give your teenager a credit card? We live in a culture of smartphones, WIFI, home delivery, online shopping and online gaming, where most needs and wants can be met almost instantly. With so much temptation to spend, it’s vital to teach your kids the money skills to help them enjoy financial wellbeing as adults.     One of these key skills is learning how to deal with debt responsibly. Researchers from Cambridge1 University found …

Women and the future of work

  Women and the future of work A changing world of work holds old challenges and new opportunities for women The coronavirus (COVID-19) pandemic is affecting us all, but women have particular trends to consider. Women already face a number of financial challenges, including 28% less super at retirement¹. COVID-19 and the effect of policy responses may widen existing gender financial inequities. With women more likely to work part-time or casual, and to take time out …

Staying afloat through the crisis

Staying afloat through the crisis If you had asked me when I wrote my last piece for Financy what I would be writing about this quarter, I could never, in a million years, have predicted that it would be about a global pandemic. We’re dealing with a health crisis that no one in our lifetime has experienced, which is having an impact on global and domestic economies that no one could have forecast. Entire industries – tourism, …

Deferring gratification

When it comes to teaching kids about healthy money habits, there are few lessons more important than being able to defer gratification. By helping kids learn to put off what they want right now and save instead, they’ll be better equipped with the skills to be financially secure adults. Deferring gratification While it is possible to help kids have a money-saving mindset by teaching them to delay gratification, it’s a lesson that can take time …

Money Saving Mindset – How to encourage a money-saving mindset in your kids

Money Saving Mindset – How to encourage a money-saving mindset in your kids The right time to teach kids about saving money might be sooner than you think. The surprising truth is, kids form their money habits very early on. Behaviour experts at Cambridge University1 found children’s money habits are formed by the age of 7.     With that in mind, it’s never too early to start teaching your kids how to make good decisions about …