Death of cash
Australians increasingly favour contactless or online payments over cash, writes Daisy Dumas in the Sydney Morning Herald. She predicts that going cashless is inevitable, with plastic cards possibly on the way out too – even though people still worry about potential problems, such as fraud or higher costs.
Shy of retiring?
Even if 70% of income is the right amount to retire on, it suggests pensioners must cut spending by a third, warns Shlomo Benartzi in a Wall Street Journal article on the framing effect. “The 70% rule makes the future seem secure and comfortable, even when it’s not,” he says. Instead, calculate a 30% cut – and think about what you’d lose.
Learn to earn
Should children earn their pocket money? A UK entrepreneur says it teaches children about finances earlier – setting them up for later life. The blog also cites the University of Cambridge's findings that children develop many values, including long-lasting attitudes towards money, by the age of seven.