Baby boomer women will retire with less than two years of savings, says report

[Intrinsic_Value]

A tad elitist don't you think? It is exactly that attitude that I have tried to dispel.

How does "education" about money help when you have none?

How do certain groups of migrants come to this country with nothing and end up with 'sufficiency' (if thats a word), and its not just because of the 'man' in the household.

If you really want it, in most cases you will get it, especially in a country like australia.

 

[Intrinsic_Value]

I have to disagree on this.

If you take yer average 17 year old - who usually has no money, and teach them money management, there is a good chance that they will get to 30 and be a financial success.

They never had any money to start with, but they had the knowledge to manage any money they received after receiving the knowledge.

Also, take yer average 8 year old (my son). Kids this age never have any money.....or do they?

My son gets $8 per week pocket money/pay for chores. He has been getting this since he was 5, but back then it was $5. He gets $1 for each year of life, so when he turns 9 he will get $9.

The rule is this; he gets to keep 80% of the total for spending, and the other 20% is given back to me to put into his ING account towards his house deposit.

He gets to see his account balance online whenever he wants, and it is growing nicely. He cannot touch it - it's for his house, andd he is happy about it.

But the point is this; he started with no money, and with a little encouragement has now adopted a terrific money management habit of saving 20% of his earnings towards an asset.

When he gets a part time job at Maccas or whatever at aged 15, he will be doing the same.

I only took notice of this basic habit at about aged 30, and only did it half heartedly for about 10 years after this.

This is a great post for anyone with kids.
Teach them the value of money when they are younge and probability (there is never 100%, just probability) is those values will stick for life.

Again great post

 

[weg]

How do certain groups of migrants come to this country with nothing and end up with 'sufficiency' (if thats a word), and its not just because of the 'man' in the household.

If you really want it, in most cases you will get it, especially in a country like australia.

The Australia now however is different to the Australia then... that's the point.

My parents were the ethnic migrants that wanted to get ahead (in those days), but I doubt my mother would've managed too well without my father, unless she utilized the period of opportunity that would have presented to her in her later years.

I know of a few women both ethnic and otherwise, that divorced during those times and they only got a fraction of their combined worth, partly because they couldn't afford solicitors and partly because the law did not favour both parties equally.

My mother always worked (manual labour jobs) and was probably pitied, as Marg put it. Mind you she would have been oblivious to the cultural norms at the time, plus she had to work because they arrived with a suitcase each and had no help from anyone.

Depending on their own cultural ways some migrant woman will get ahead and some won't. The difference is the ones that do want to advance financially and not be dependent on a male can do so much more easily, because those Australian cultural norms that infiltrated and created what were discrimanatory practices in government, workplaces and banks do not exist anymore.

 

[Luv2Travel]

The Australia now however is different to the Australia then... that's the point.

Too many people are missing the point.