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High Wage Increase no Good for Australian Youth, ACCI Warns

min wageThe Australian Chamber of Commerce and Industry (ACCI) has urged the Fair Work Commission to increase the minimum wage by no more than 1.2 per cent or $7.90 per week which would make the minimum weekly wage $664.80.

Thousands of unemployed Australians, most of them young people will be disadvantaged if the minimum wage is raised too high, the ACCI explained.

The peak body has called for a more “job-friendly” approach to the minimum wage to avoid impeding access to jobs or training opportunities.

Youth unemployment is at 12.2 per cent, which is twice the national unemployment rate of 5.8 per cent.

The Fair Work Commission’s decision on the new minimum wage will come into effect from July 1.

Find out more at https://au.finance.yahoo.com/news/wage-increase-no-good-youth-011951097.html



Research Shows Australian Women More Stressed Out about Money

moneyNew research shows that young Australian women in 2016 are more anxious and stressed and most of their woes are due to money problems.

Reports commissioned recently by 2 major banks show that young women aged 18 to 29 were “by far the most anxious” Australians. A key contributor to this anxiety are financial worries.

According to the report commissioned by Westpac, women’s salaries peak at age 31 while men’s peaked at 39, so there is little hope of the future getting better for females in Australia.

Read more at http://www.news.com.au/finance/economy/australian-economy/australian-women-are-stressed-about-money-and-with-good-reason/news-story/0cc76672ab6e04ae9e147eb8d1343a62



Are You More Money Smart than a Kiwi Teenager?

money

A recent test evaluated 16 to 19 year olds in New Zealand and found that these teens were good at identifying risks and money but have a lack of skills around budgeting and financial management.

The test undertaken by Massey University’s Fin-Ed Centre was developed by high school teachers for an annual financial health check.

Budgeting was a particularly poorly scored part of the test. The average score was 37 out of 100.

Financial knowledge was also bad, saving and investing were particularly bad areas where the average score was just 45 out of 100.

Read more at: http://www.nzherald.co.nz/personal-finance/news/article.cfm?c_id=12&objectid=11595323



These Are the Top 5 Personal Finance Apps

elearning mobileHere are the latest apps to help you stay on top of your finances,

  1. Women’s Money Toolkit (free)
  2. Wally – Smart Personal Finance (free)
  3. Unsplurge (Free)
  4. The Trolley Saver app (free or $2.99 per year with extra features)
  5. My Prosperity (free or $15per month for premium service)

To learn how these apps help you manage your money smarter, visit http://thenewdaily.com.au/money/2016/03/06/top-five-personal-finance-apps-need-download/

 




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