Calls for financial literacy lessons in all schools
There's a push for financial literacy lessons to be part of the national curriculum. Research has shown that managing money is a big worry for young people.
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News.com.au
5 hours ago
- News.com.au
‘Living off scraps': 21-year-old wants pay norm banned
A fired-up Gen Zer has declared being paid fortnightly in Australia should be straight-up 'banned' because she finds it difficult to manage her salary. Ren Adelina, 21, has amassed over 700,000 views on TikTok by declaring she's unhappy with a fortnightly pay cycle. 'Getting paid fortnightly needs to be genuinely banned,' she said. 'One week I am so rich, I am so rich! The next week … I am living off genuine scraps.' According to the Australian Bureau of Statistics, fortnightly is the most common pay cycle for Aussie workers, followed by weekly and then monthly. Speaking to Ms Adelina reiterated her position and said she'd much prefer to be paid more frequently. 'I think it should be banned because for us Gen Zers we were never taught how to manage money properly,' she said. 'Getting a huge influx of money at once, of course, we are going to get excited and are going to blow it all on food, shopping, outings, etc.' Ms Adelina said the problem with that is that once it is gone, it is gone, and then she's got to hang out for another gruelling seven days. 'Then, after we spend it all, there is none left for the next week. Maybe I just have a shopping addiction,' she said. The 21-year-old doesn't just want to ban fortnightly pay with no other solution. She's got plans. 'I believe we should get paid weekly instead as it provides more frequent income, making it easier to manage all expenses. I think it also simplifies budgeting,' she said. Ms Adelina's suggestion of banning fortnightly pay quickly took a turn when people on the internet broke the news to her that some people get paid … monthly. One warned, 'Wait until you get paid monthly.' The 21-year-old replied, 'Stop, that is so scary!' Someone else chimed in and said getting paid monthly is 'criminal' and another demanded to know what professions get paid monthly so they can avoid them. The commentator quickly discovered that monthly pay isn't specific to one industry. Everyone, from childcare workers to tradies, get paid monthly. It is just up to the employer's discretion. The comment section quickly became populated by workers getting paid monthly who argued that fortnightly wasn't so bad in comparison. 'Babe, I'm counting my coins on monthly pay,' one said. 'Monthly is horrendous,' another shared. 'I get paid monthly. You got lucky,' someone claimed. 'Every adult I know gets paid monthly. Budgeting is hard,' another worker shared. 'Fortnightly isn't bad. Wait until you see monthly,' one warned. 'I applaud those who can wait a whole month. I can't even do two weeks,' someone else shared. Quite a few people also suggested to the 21-year-old that it wasn't how frequently she was getting paid but rather how she managed her money. 'Just budget. It really is not that difficult. I love getting paid fortnightly,' one shared. 'Not knowing how to budget should be banned,' another joked. 'I get paid fortnightly, and when you get paid, literally just split it in half and put it aside in another account until the following week,' someone else said.
ABC News
4 days ago
- ABC News
New Canberra Institute of Technology CEO hired after Leanne Cover found guilty of corrupt conduct
The Canberra Institute of Technology has appointed a new chief executive a year after Leanne Cover resigned and was found to have engaged in corrupt conduct in her handling of consultancy contracts. Dr Margot McNeill, the Chief Product and Quality Officer at TAFE New South Wales, and will take over the top job on June 18. Her appointment comes after a lengthy national recruitment campaign to fill the vacancy left by Leanne Cover. An ACT Integrity Commission investigation found Ms Cover guilty last June of "serious corrupt conduct" for failing to consult with the board about a series of multi-million-dollar contracts. Ms Cover spent two years on paid leave during the investigation, receiving her annual salary of more than $360,000. The commission's investigation is ongoing. CIT board chair Kate Lundy said she was confident the appointment of Dr McNeill as the new CEO would help guide the institute through its next chapter. "It's been a bit of a rough trot for CIT over the last little while — we are so ready to turn a corner with this exciting announcement," Ms Lundy said. The public vocational education provider has about 18,000 course enrolments each year. It is grappling with ongoing financial challenges and posted a deficit of more than $21 million in 2024. A long and disruptive IT outage this year has also put pressure on staff and students. Despite the challenges, Dr McNeill said she was excited to be taking over at a "pivotal time" for CIT. "Especially if there's difficulty from how the staff perceive the institution, then that's a really good opportunity to turn around the culture," she said. Dr McNeill said she was committed to transparency and intended to be a highly visible presence on campus. She said her goal was to innovate the curriculum to better equip students for the modern workforce. "We need to make sure that our students have not only the technical skills that they need but also those future focused skills like digital skills and leadership and problem solving," she said. CIT's new flagship Woden campus will open next month after years of development.
News.com.au
6 days ago
- News.com.au
TikTok's advertising push as under-16 social media ban looms
TikTok is pushing the app's benefits for teens into as many faces as it can as the under-16 social media ban looms at the end of this year. The social media giant took out sprawling ads in the Australian Financial Review last week, covering 4½ full pages with marketing, promoting the platform's utility for getting teens to read, engage with education and even cast a lure. The newspaper ads, along with a big spend on billboards and bus shelters, comes as the under-16 social media ban is just six months away. Advertisements in the May 26 edition of the AFR claim TikTok serves up 10 million videos in its science, technology, engineering, and maths feed. Another of the full-page ads extols the benefits of the massively popular 'bookTok' – TikTok's literary community. The third subject-specific ad claims Australian teenagers are 'getting outside', inspired by the platform's fishing content. A TikTok Australia spokesman said the company had also invested in billboard and bus shelter ads recently but was unable to provide numbers or details. In six months', any Australian under the age of 16 will be banned from all social media; YouTube has been granted an exemption on educational grounds, drawing the ire of the other platforms. How the social media ban will work is still up in the air. The federal government has been sitting on a report since January concerning Australians' attitudes toward age assurance technologies. A British company has been tasked with trialling which technologies could be used to implement the world first, under-16 ban. On Friday, that UK firm revealed a report on its findings had been pushed back to July.
