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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Friday, 05 June 2020

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Do you know what financial abuse looks like?

By Cameron Micallef · July 22 2019

Reading:

Invest

Do you know what financial abuse looks like?

By Cameron Micallef
July 22 2019

Reading:

Do you know what financial abuse looks like?

By Cameron Micallef · July 22 2019

Reading:

Financial abuse can be subtle, with one partner gradually taking control over banking and other financial transactions.

Financial abusive behaviour can take many different forms such as controlling a family member’s money, stopping them from being financially independent or earning their own money.

Speaking on the podcast of Nest Egg’s sister title Wellness Daily, the founder and financial adviser at On Your Own Two Feet and author of two books on financial planning for women, Helen Baker, discussed her tips and tricks to avoid financial abuse.

How common is this form of abuse?

According to Women and Money, 15.7 per cent of women have experienced financial abuse, with the most common form of abuse happening to the elderly. This is costing the economy $15.6 billion a year.

Sexually transmitted debt

Ms Baker believes new couples often end up in what she calls “sexually transmitted debt” where one member of the partnership takes control.

“If you rush in and put your finances together, if the other person hasn’t sorted out their financial situation, you can also put yourself into a position of vulnerability there where they could create debts that you become accountable for as well. Classic cases are, someone loses their job or gets sick and can’t work, they don’t have income protection,” said Ms Baker.

Five foundations to avoid financial abuse

1) Have an emergency fund – This is to protect yourself in case of loss of employment or if you need money in a hurry in case something significant happens.
2) Have a spending and investment plan – Spend less than you earn and borrow less than you can afford so you don’t get in over your head and start pushing money away from investments.
3) Insurance – Have insurance in place to protect your income.
4) Super – Everyone needs to have one, so grow your super.
5) Will and power of attorney – Make sure you have a will and your power of attorney in place to protect yourself.

“It’s a bit like when you build a house, you put a lot of money into the concrete and the slab, the metal, and then if something blows, the rest doesn’t come falling down,” said Ms Baker.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.