In today’s complex financial landscape, many Australians find themselves eager to secure their financial future but are unsure where to begin. 

The world of investing and trading can seem daunting, especially without proper guidance. 

Enter Australian Investment Education (AIE), a company that has been bridging this knowledge gap for over two decades.

The Birth of AIE 

Founded in 1999 by Andrew Baxter, AIE emerged from a vision to make financial education accessible to everyday Australians.  ... (read more)

Compensation for this post was provided by Upskilled. Opinions expressed here are my own.

The need for greater financial literacy among Australians is undeniable. Negotiating the financial landscape is an essential 21st Century life-skill, with everyone required to manage money effectively in order to achieve financial and lifestyle goals. The importance of financial literacy hasn’t gone unnoticed by governments either. Initiatives including the National Financial Literacy Strategy 2014-2017 and ASIC’s MoneySmart Teaching program are specifically designed to assist Australians overcome financial hurdles after completing their education.

International findings reveal that Australian students are actually performing reasonably well in financial literacy compared to their overseas counterparts. However, it’s also acknowledged that greater awareness of economic essentials is required if Australian graduates are to remain well placed. In the opinion of many economics and education experts, financial literacy should be positioned as a core subject alongside maths, English and science in our education curriculum. In fact, there are good reasons why financial literacy should be a tangible component of all core subjects.

 

Financial literacy is a smart move

The National Financial Literacy Strategy defines financial literacy as “the combination of financial knowledge, skills, attitudes and behaviours necessary to make sound financial decisions, based on personal circumstances, to improve well-being”. Making smart financial decisions builds a financial foundation that strengthens individuals, families and communities. The initiatives aimed at helping young people are admirable, while there is much that can be done to assist all Australians, regardless of age.

Some notable educators have moved with the times, providing highly-regarded certificate, diploma, graduate diploma and bachelor courses that are tailor-made to sync with associated education or employment choices. Upskilled is one such Registered Training Organisation (RTO) that spreads its reach beyond the school yard to connect with professionals, job seekers and recent graduates. Online learning strategies are increasingly popular, and RTO’s are now leading the way while government departments struggle to adjust to the new paradigm.

 

Financial literacy for future-proofing

The opportunity to learn anywhere at any time is a financial literacy pathway that meets the needs of modern Australians. The alternative of sticking to outdated course delivery methods is becoming extremely costly and unwieldy in the present economic climate. Challenges faced by traditional institutions include:

• An expanding and crowded education curriculum
• Resistance to combining financial literacy within core subjects
• Increasing demands on teachers and education institutions
• A need for additional teacher training
• A lack of financial literacy awareness within the community

 

There is no doubt that national change requires united effort from governments, educators and individuals. Financial literacy is essential not only for accumulation of wealth, but also for future-proofing lifestyle choices and avoiding pitfalls that eat into savings. Regardless of occupation, our money requires management to maximise its potential.

It’s good to know there are education providers who have a future focus. More than ever, our economy is affected by international influences and technological advances that need to be understood. As noble and proud as Australian universities are, they are also extremely cumbersome and struggle to adapt quickly to the changing education landscape. The MoneySmart government initiative is an attempt to bridge the gap, requiring massive financial input and a huge amount of resources. Although the attempt is admirable, one wonders whether MoneySmart is actually the smartest use of money, or if greater financial input should be directed to the ever-expanding online education environment.

 

Financial literacy for all Australians ... (read more)

Modern Australian households typically involve both parents engaged in occupations outside the home, or a single parent working full or part-time in order to make ends meet. The Australian Government provides Paid Parental Leave for parents or primary carers of newborn children. Paid Parental Leave can be provided for up to 18 weeks.

 

Paid Parental Leave Eligibility

Paid Parental Leave is available for the primary carer (usually the birth mother) of a child. You will need to meet Australian residence requirements, and earn less than $150,000 during the year prior to the date of the child’s birth. If you are employed, you will need to be on leave or not working for the duration of your Paid Parental Leave. You will also need to satisfy the work test requirements.

You are eligible for Paid Parental Leave if your work is one of the following:

• full time
• part time
• seasonal
• casual
• contractual
• your own business

You may also be eligible if you have several employers, are employed in a family business, have changed jobs or were working overseas.

It’s recommended that persons considering Paid Parental Leave discuss the situation with their employer around three months before commencing the leave. Circumstances vary, and you may wish to begin Paid Parental Leave on the birth date, date of adoption, or at a later date. Your employer will need time to prepare for any changes in the workplace including employment of temporary staff, and will need to register their business for the scheme. More information can be found at Paid Parental Leave scheme for employers.

You will need to supply your employer’s Australian Business Number (ABN) plus contact details in order to avoid any delays in processing your Parental Leave claim. Paid Parental Leave claims can be lodged up to 52 weeks after birth or adoption, however, if you want to receive the full 18 weeks Parental Leave payments your claim must be lodged within 34 weeks of your child’s birth or adoption. You can lodge the paid parental claim online.

 

Flexible payment dates

Some people want to take Paid Parental Leave as soon as their child is born. Others have alternative care arrangements initially and prefer to defer their payment until a later date. If you choose a start date for Paid Parental Leave that is within 34 weeks of your child birth or adoption you can receive the full 18 weeks worth of payments. If you lodge your claim after the 34 week period the duration of payments will be reduced.

For example, if you lodge your claim after 35 weeks you are entitled to 17 weeks Parental Leave payments, and at 36 weeks you are entitled to 16 weeks of payments.

Parental Leave Pay can be reduced for a number of reasons including:

• you return to work
• leave Australia and no longer satisfy residence requirements
• you cease being the primary carer for your child

 

Essential information for your claim

In order for your claim to be processed you will need to provide information:

your income details (not your partners) for the financial year prior to your claim

passport number

the date you arrived in Australia if born overseas

any time spent outside Australia after 1994

work information for the past 13 months, including unpaid leave and hours worked

your child’s name and date of birth

your employer’s ABN and contact details

your tax file number

bank account details

the date you want your Paid Parental Leave period to commence

... (read more)