Cash payments are fast becoming a thing of the past. New research shows that the ease and security of waving a card, phone or even your wrist instead of carrying around cash is more popular than ever.
In reviewing charities’ financial reporting requirements in Australia, New Zealand, United Kingdom, Hong Kong, Singapore, South Africa and Canada, AASB’s research found Australia has the most complex regulatory environment for charities.
Financial elder abuse, life savings lost through shonky investments – older people are high risk because they have more money just before retirement, on average, than at any other stage in their lives, says QUT PhD researcher Sylvain Hohn.
Mr Hohn, from QUT Business School, is investigating how older people make financial decisions and their preparedness for the potential financial risk posed by age-related cognitive decline.
“Financial decision-making is crucial for financial well-being and as we grow older, these decisions become even more vital,” Mr Hohn said.