Finance

Cash is still king for many older Australians

Older Australians still prefer to use cash rather than cards, a new study shows.

The Reserve Bank’s report How Australians Pay: Evidence from the 2016 Consumer Payments Survey, released this week, found that younger people started the week with an average of $20 in their pockets, but over 65s held an average of $95.

This was more than double the amount held by the next closest age group, those aged between 50 and 64.

Update your financial knowledge over breakfast

National Seniors is urging its Northern Territory members to update their financial knowledge at breakfast seminars next month.

The seminars, in Alice Springs on 3 August, and in Darwin on 4 August, are designed to improve investment and other financial information available to older Australians, before they give up paid work and in retirement.

You can learn more about Government Income Support (GIS), opportunities for fully self-funded retirees, and potential use and types of equity release products.

Seniors want simpler electricity pricing

Deregulation of retail electricity prices has led to a proliferation of offers that is confusing and misleading, especially to older consumers, according to National Seniors Australia.

National Seniors Chief Advocate Ian Henschke said many consumers had lost faith in the current system, given major retailers had been fined for false and misleading discount offers.

Taxing times for the unsuspecting

The Australian Tax Office (ATO) has warned of a scam that has cost older Australians more than $1 million since January.

The scam involves people impersonating ATO staff and demanding gift cards as a form of tax debt payment. It was first detected last year, but has grown in frequency in the past few months.

According to the ATO, the scammers are targeting people aged over 55, but with an emphasis on those aged 65 plus.

They warned that everyone should be cautious of emails, faxes, SMS and phone calls claiming to be from the Australian Taxation Office (ATO).

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