Until recently, financial abuse was often kept secret, especially where it occurred within the family. Thankfully that’s changing with public awareness campaigns and help becoming more readily available.

The emotional and economic damage caused by financial abuse can be far reaching and devastating. A recent Australian report calculates that in 2020 alone, financial abuse victims lost $5.7 billion while the cost to the broader economy was $5.2 billion.

Nearly one in 30 women and one in 50 men suffer financial abuse each year, according to the Deloitte Access Economics report The Cost of Financial Abuse in Australia, 2022. These figures are almost certainly an underestimate, the report adds.

There are no typical victims of financial abuse: those affected are of all ages and means. Sadly, the abuser is often a friend, carer, partner or family member.

What is financial abuse?

Financial abuse is when someone uses your money without your permission, prevents you from getting access to money or takes charge of your financial decisions.

These days, financial abuse is considered a form of domestic and family violence, taking away your independence and leaving you feeling vulnerable and anxious. Victims may also suffer physical violence and emotional abuse.

The most common type of financial abuse is withholding income or controlling how it is spent, according to the Deloitte report. But there are other forms of abuse that can be equally harmful such as making a partner liable for a joint debt, preventing someone from working, refusing to contribute to household expenses and refusing to contribute to the costs of raising a child.

Many victims also suffer flow-on effects of the abuse such as financial hardship and stress, leading to mental health issues. Some may also lose their home.

In some cases of family violence, one partner takes control of the couple’s finances, preventing the victim from leaving the relationship. In others, where the victim does manage to leave, the abuser may continue their abuse using tactics such as expensive legal action or disrupting the victim’s work or business.

Recognising the signs

Victims of financial abuse may not be aware of the abuse for some time, allowing perpetrators to empty bank accounts, deplete investments and incur large debts in the victim’s name.

The federal government agency, Services Australia says the warning signs include:

• • taking or using your money without your permission
  • not being allowed to work
  • having to account for how you spend your money
  • withholding financial information from you
  • spending any government payments you receive without your consent.

Incurring debts in your name is another form of financial abuse. Your partner may spend more than you agree on your credit card, pressure you into co-signing a loan with them, or take out a loan in your name, according to Australian Family Lawyers. They may also limit your educational opportunities by, for example, preventing you from enrolling in studies that could advance your career.

Older people and those living with disability can be particularly vulnerable to financial abuse if they rely on others for help and advice. Financial abusers may take money from their bank accounts or wallets, ask an older person to change their Will, take jewellery or other valuable items from their home, or take control of their decisions using a Power of Attorney when they are still capable of making their own decisions.

Where to go for help

If you or someone you know is suffering financial abuse, a number of free and confidential resources are available.

The MoneySmart website provides information about free legal advice at community legal centres or legal aid centres, and a number of suggestions if you need urgent help with money.

You can also find free and confidential counselling for family violence, abuse and sexual assault at: 1800RESPECT (24 hours a day, seven days a week) 1800 737 732

For crisis support, contact Lifeline (24 hours a day, seven days a week) 13 11 14

We understand that it can be difficult reaching out for support if you feel you or someone you love is being taken advantage of financially, especially if a family member is involved. Please call us if you would like a confidential discussion about safeguarding your finances.

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

Telephone : 03 9723 0522

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This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser, finance specialist, broker, and/or accountant before making decisions using this information.

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Telephone : 03 9723 0522

Email: integrityone@iplan.com.au

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Many parents and grandparents worry about how to help the children in their lives achieve financial independence. But the value of long-term investment can seem like a dry and complicated idea for kids to get their heads around.

In fact, many young people would like to know more about money, according to a Young People and Money survey by the Australian Securities and Investments Commission MoneySmart website. The survey found more than half of the 15-21-year-olds surveyed were interested in learning how to invest, different types of investments and possible risks and returns. What’s more, almost all those young people with at least one investment were interested enough to regularly check performance.

One way to introduce investment to children may be to begin a share portfolio on their behalf. The child can follow the progress of the companies they are investing in, understand how the market can fluctuate over the short- and long-term, as well as learn to deal with some of the paperwork required, such as filing tax returns.

How to begin

Setting up a share portfolio doesn’t need to be onerous. It’s possible to start with a minimum investment of around $500, using one of the online share trading platforms. Then you could consider topping it up every year or so with a further investment.

Deciding on which shares to buy comes down to the amount you have available to invest and perhaps your child’s interests.

If the initial investment is relatively small, an exchange traded fund (ETF) may be a useful way of accessing the hundreds of companies, bonds, commodity or theme the fund invests in, providing a more diversified portfolio.

ETFs are available in Australian and international shares; different sectors of the share market, such as mining; precious metals and commodities, such as gold; foreign and crypto currencies; and fixed interest investments, such as bonds. You can also invest in themes such as sustainability or market sectors such as video games that may appeal to young people.

Alternatively, buying shares in one company that your child strongly identifies with – like a popular pizza delivery firm, a surf brand or a toy manufacturer – may help keep them interested and excited about market movements.

Should you buy in your name or theirs

Since children cannot own shares in their own right, you may consider buying in your name with a plan to transfer the portfolio to the child when they turn 18. But be aware that you will pay capital gains tax (CGT) on any profits made and the investments will be assessable in your annual income tax return.

On the other hand, you could buy the shares in trust for the child. While you are considered the legal owner the child is the beneficial owner. That way, when the child turns 18, you can transfer the shares to their name without paying CGT. Your online trading platform will have easy steps to follow to set up an account in trust for a minor.

There is also some annual tax paperwork to consider.

You can apply for a tax file number (TFN) for the child and quote that when buying the shares. If you don’t quote a TFN, pay as you go tax will be withheld at 47 per cent from the unfranked amount of the dividend income. Be aware that if the shares earn more than $416 in a year, you will need to lodge a tax return for the child.

Taking it slowly

If you are not quite ready to invest cash but are keen to help your children to understand share investment, you could consider playing it safe by playing a sharemarket game, run by the ASX.

Participants invest $50,000 in virtual cash in the S&P/ASX200, a range of ETFs and a selection of companies. You can take part as an individual or a group and there is a chance to win prizes.

Another option, for children able to work independently, is the federal government money managed website. This is pitched at teens and provides a thorough grounding in savings and investment principles.

Call us if you would like to discuss how best to establish a share portfolio for your child, grandchild or a special young person in your life.

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

Telephone : 03 9723 0522

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This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser, finance specialist, broker, and/or accountant before making decisions using this information.

We plan ahead for many aspects of our lives, but few people plan for future aged care needs. Now is the time to change that trend.

The truth is, most of us avoid thinking about our own future aged care needs, delaying our decisions until perhaps they’re taken out of our hands.

Life expectancies are increasing. This means not only might we expect to live longer than our parents and grandparents, but we might also expect longer and more active retirements. However, this does not remove the possibility that we may need help with daily living and medical care in our older years.

If we reach a point when we are increasingly vulnerable, we don’t want to be left unprepared.

Planning creates peace of mind

Planning for our retirement, as we dream of travel, cruise ships and caravans as well as more time playing with the grandkids, can be quite enjoyable. Perhaps that’s why we put off planning for our aged care needs – it’s not as much fun to think ahead to a time when we might need more support.

But with the right advice, planning ahead offers many benefits and can be easier than you think. Benefits may include:

• Peace of mind for you and your family
• Taking pressure off family when a crisis occurs
• Allowing you to have a voice, and
•  Avoiding costly mistakes.

Creating a plan that will work for you includes consideration for what sort of life you want to live and what makes a good life for you. This should take into account options for where you could live but also how to continue to your interests and stay connected to family, friends and your community. Understanding the costs and planning your finances is a key component of making the plan work effectively.

Don’t leave it too late

Don’t leave your planning too late. We have helped many of our clients to start the planning process and often discuss when and how to bring your family into this process.

If you’re ready to start the conversation, call us on 03 9723 0522 and let us work with you to create a plan for all of your retirement.

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

Telephone : 03 9723 0522

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This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser, finance specialist, broker, and/or accountant before making decisions using this information.

Think you can’t afford aged care? Advice on your options can help to understand what is affordable and how to best structure your finances.

When you move into residential aged care, the room price might be quoted as a lump sum, but you will have the choice to pay for your room as a lump sum or a daily fee or a combination.

In the same way that you can choose to buy or rent a home, so can you effectively choose to “buy” or “rent” your room in aged care. This choice can help with affordability if you don’t have enough assets to pay the full lump sum or don’t want to sell your assets. But there are a number of important things to consider.

If you pay a lump sum (called a refundable accommodation deposit – RAD) this is not lost money. The balance will be refunded to you or your estate when you leave, with repayment guaranteed by the Federal Government.

While you live in the aged care service, you are giving up access to your money and do not earn interest, but you will reduce the fees that you might otherwise have paid for renting the room. As interest rates increase, so may the benefits of paying the RAD. As a bonus, you might also qualify for additional age pension because the RAD is exempt for Centrelink and Veterans’ Affairs assets testing.

The decision whether to pay the lump sum or the daily fee is not an easy one and requires full analysis of your finances. You need to analyse the benefits and make sure you retain enough liquidity to meet your other ongoing expenses. Your estate plans and family situation may also impact which choice is better.

When making your choice, it is important to look beyond just the impacts when you enter care, but also what might change over time and what happens to your estate. Make your choice easier with advice. Contact us on

Think you can’t afford aged care? Advice on your options can help to understand what is affordable and how to best structure your finances.

When you move into residential aged care, the room price might be quoted as a lump sum, but you will have the choice to pay for your room as a lump sum or a daily fee or a combination.

In the same way that you can choose to buy or rent a home, so can you effectively choose to “buy” or “rent” your room in aged care. This choice can help with affordability if you don’t have enough assets to pay the full lump sum or don’t want to sell your assets. But there are a number of important things to consider.

If you pay a lump sum (called a refundable accommodation deposit – RAD) this is not lost money. The balance will be refunded to you or your estate when you leave, with repayment guaranteed by the Federal Government.

While you live in the aged care service, you are giving up access to your money and do not earn interest, but you will reduce the fees that you might otherwise have paid for renting the room. As interest rates increase, so may the benefits of paying the RAD. As a bonus, you might also qualify for additional age pension because the RAD is exempt for Centrelink and Veterans’ Affairs assets testing.

The decision whether to pay the lump sum or the daily fee is not an easy one and requires full analysis of your finances. You need to analyse the benefits and make sure you retain enough liquidity to meet your other ongoing expenses. Your estate plans and family situation may also impact which choice is better.

When making your choice, it is important to look beyond just the impacts when you enter care, but also what might change over time and what happens to your estate. Make your choice easier with advice. Contact us on 03 9723 0522 to arrange an appointment to discuss your situation.

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

Telephone : 03 9723 0522

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This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser, finance specialist, broker, and/or accountant before making decisions using this information.

With the price of iceberg lettuce peaking at an insane $12, and inflation not letting up any time soon, it’s a good time to review what you can do to reduce your food spend.

If you’ve been wincing at the total on the register at the check-out recently, you’re not alone. Food prices have spiraled due to crops being impacted by floods in New South Wales and Queensland, coupled with the increase in the cost of fuel due to the war in Ukraine.

Groceries are the second biggest expense for Australians – putting food on the table is second only to the cost of putting a roof over our heads.ⁱ Given that it’s where a lot of our hard-earned cash goes, anything you can do to manage the rising costs of your food shop will really help your bottom line.

Reduce wastage

The first point of call is to reduce the amount of food you throw away. Each year we waste about one in five bags of groceries or around $2,500 per household per year.ⁱⁱ

Good ways to avoid food waste include planning your shop and even creating meal plans for the week ahead. Before you do a shop – have a look at building on what food you already have in the house. The Foodwise website has a planner that lets you enter the ingredients you already have, selects recipes and assembles a shopping list for any extras you may need.

Keep an eye on what’s in the fridge and be aware of use by dates. You can also use your freezer to extend the life of items if they are getting close to the use-by date and you’re unlikely to use them in time.

Seek out specials

The next step is to reduce the amount you are forking out at the checkout.

While it makes sense to shop around, it can be time-consuming but there are a number of apps you can download to help you easily track down the best deals. Trolley Saver and Half Price compare specials across the major supermarkets and Frugl provides the best bargains at a range of grocery retailers.

It’s also worth looking at retailers like Costco and Aldi who offer cost savings across their brands and products. It’s not just the big retailers though – many smaller discount brands are springing up mimicking the Costco model and charging an annual membership fee to access discounts and special offers so it’s worth keeping your eye out for these.

Shop wisely

Making some tweaks to the way you shop can also trim your grocery spend. One of the classic rules of saving money on your groceries is to never shop on an empty stomach. You’d be surprised how many treats make their way into your trolly when you are famished!

It’s also a good idea to look at the unit price of the items you are buying and consider buying in bulk for cost savings. Also consider substituting fresh produce for tinned or frozen and adjusting your recipes to substitute cheaper produce or cuts of meat. Buying what’s currently in season is usually a good way to save on fruit and veggies.

It’s worth seeing if there are any home brand or plain label alternatives to your usual brands. The home brand of a product is usually very similar to the name brand and is often made by the same manufacturer but retailing for a cheaper price. Your taste buds may not even be able to tell the difference – but your hip pocket will.

While these tweaks might not feel like much when you look at individual products, by the time you fill your trolley they can all add up to significant savings at the checkout.

Grow your own

The price of fresh produce is the main culprit for increases – junk food has only increased 1%, compared to around 5.6% for fruit and veggies.^iii,iv But saving on food costs does not mean living on pizza. Why not grow some of your own produce? You don’t need a huge garden – or even to have a garden – many herbs and leafy greens do very well in pots or even on a sunny spot on a countertop.

There are many ways you can save on your food bill and each tiny change you make will add up at the checkout and over time. Given that food inflation seems to be a trend that’s not going away any time soon – it makes sense to start saving today.

Suite 2, 1 Railway Crescent
Croydon, Victoria 3136

Email: integrityone@iplan.com.au

Telephone : 03 9723 0522

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This information is of a general nature and does not take into consideration anyone’s individual circumstances or objectives. Financial Planning activities only are provided by Integrity One Planning Services Pty Ltd as a Corporate Authorised Representative No. 315000 of Integrity Financial Planners Pty Ltd ABN 71 069 537 855 AFSL 225051. Integrity One Planning Services Pty Ltd and Integrity One Accounting and Business Advisory Services Pty Ltd are not liable for any financial loss resulting from decisions made based on this information. Please consult your adviser, finance specialist, broker, and/or accountant before making decisions using this information.