Latest news with #NationalSeniorsAustralia
Yahoo
23-04-2025
- Business
- Yahoo
ANZ's subtle branch change infuriates customers: 'Siding with Boomers on this one'
ANZ has sparked fury amongst hundreds of Australians after it erected a new sign outside one of its branches. Instead of showing the branch's opening and closing hours, passersby have to scan a QR code to find the information. A poll of more than 2,400 Yahoo Finance readers showed the majority (54 per cent) don't like using QR codes because they don't trust them. Chris Grice, National Seniors Australia CEO, told Yahoo Finance this type of tech can alienate older Aussies and others who might not be able to or know how QR codes work. "You wonder whether someone has actually thought it through in terms of, 'Is this really good customer service?'" he said. Major cashless warning over new scam conning Aussies out of thousands of dollars ATO's $24,097 tax blow for every Aussie worker Commonwealth Bank makes huge RBA interest rate cut call: 'Done deal' He likened it to a Dr Seuss puzzle because the QR code doesn't actually provide information about that specific branch's opening hours. Instead, it takes you to ANZ's 'Find Us' page, which you then have to search for the branch you're standing in front of, which will then give you the numbers you're looking for. Many Aussies were fuming that essential information like operating hours would be buried within a code rather than just printed for all to see."I'm siding with Boomers on this one, what the f**k?" said one concerned Aussie. "The people who need to know the most are probably the same people who are not tech savvy enough to know what QR codes are," added another. A third wrote: "Even for tech-savvy people, this is infuriating. The QR code doesn't take you straight to a page that shows you the opening hours... It's absolutely user hostile." Another commented: "This is completely moronic. Why complicate something simple? Why should anyone go through multiple steps to find out info that SHOULD BE THERE???" Many people pointed out that the branches could have just printed out their opening hours and no one would get upset. However, an ANZ spokesperson told Yahoo Finance that there is a method to the madness. "ANZ introduced QR codes so customers can access the most up to date information about our trading hours," they said. "From time to time we may change our branch opening hours, as we wish to ensure our staff can be available when they're needed most – helping customers achieve their financial goals, whether it's owning a home, growing a business, or managing their everyday banking needs." The spokesperson added that the bank understands the "importance of accessibility" and insisted branch staff are available to talk about opening hours if a customer asks. Grice said older Aussies aren't the most tech-savvy compared to other generations and they might not have a phone that can operate QR codes. But he also said some seniors are worried about where these codes will take them and if they're a scam. He's concerned about this slow transition away from just giving you information upfront. "It's certainly happening where there's this push to make everything digital, and the human touch being removed from the process of banking and transactions," he told Yahoo Finance. But he said it's not just in the banking world. "During COVID, where we were forced to use them, there was a legitimate reason for their use," he said. "But we've seen a deterioration in service in the community because of QR codes. "When you want to go down to the local cafe, there's no table service anymore, is there? "You've got to scan a QR code to be able to order something. And you're paying for the privilege of basically ordering or serving yourself."
The Guardian
20-04-2025
- Business
- The Guardian
Norma isn't sure if she can afford to retire as market turmoil hits Australians' super savings
After a 40-year career, Norma Lancaster has been thinking about retirement and planning to move to three days a week in July – but now her plans have changed. 'Because of the volatility … I'm rethinking that. I might stay at work longer,' she says. Although the ASX clawed back some losses after sliding more than 9% during the fortnight after Donald Trump's tariff announcements, many retirees – or those approaching it – are still looking aghast at their super balances. National Seniors Australia (NSA) has called on the government to halve the minimum superannuation draw-down rate, which they say will help slow the depletion of super balances. On top of this, the organisation says hundreds and thousands of aged pensioners will lose money off their benefits in July, if the new government refuses to continue the freeze on deeming rates. Lancaster works as a business analyst for a major insurer in Melbourne. Had she retired in December, she could have lived self-funded, even if she made it past 100. But the 63-year-old is invested in high growth – and has lost about 20% of her fund as she had not started to restructure her investments before the tariff announcements. 'The drop is substantial,' she says. 'I knew the consequences. I can't say I was blind to it. So you go, OK, will I stay at work? You've almost got to gamble on when you think the market will recover.' Lancaster says she may work another few years to weather the volatility of the global situation. 'This could potentially push out my retirement five years. I don't think it will be a quick recovery.' Sign up for the Afternoon Update: Election 2025 email newsletter Lancaster financially helps her three sisters, two of whom she says are at risk of homelessness in the next few years. She had planned to sell her unit and buy a bigger house for them to all live in, which may not happen now. 'I can't afford not to be contributing, and I need that to work for me, because if I left my job, I'd take a significant cut,' she says. 'I'm kicking myself. I actually feel it's my own fault, I should have protected myself.' Roughly 100,000 to 130,000 Australians retire each year. The creator and host of the Retire Right podcast Glen James says while the past few weeks have been scary for people who are thinking about retiring, it is no cause for panic. 'The key thing to remember is, when you retire, you don't just move your whole super balance into conservative assets overnight,' he says. 'That's not how it works. 'Super is designed to keep working for you during retirement. That's why it's so important to zoom out and understand that your super is a long-term asset, even once you've stopped working.' Even with the current volatility, most portfolios are only showing short-term losses of about 2% to 5% over the past few months, he says. He says while retirement is a time where one 'misstep could cost you tens of thousands of dollars', the trick is just to have a strategy. Sign up to Afternoon Update: Election 2025 Our Australian afternoon update breaks down the key election campaign stories of the day, telling you what's happening and why it matters after newsletter promotion 'The biggest issues I see are around uncertainty,' he says. 'People often don't know how much money they'll need to retire, when they can afford to retire, or how to make the best decisions with what they've got.' It's not just people thinking about retirement. In the past two weeks, Andrew Mckinney has lost $100,000 off his super. He still says he is fortunate. The 71-year-old retiree owns his own house with his wife in northern Tasmania and hopes to ride out the market volatility, like they did in Covid. But he is starting to worry about the future. 'My main concern is not sort of what's happening in the market now, because things do stabilise, and things do come back again,' he says. 'But I am not sure where it will head … especially if we head towards a world recession. 'In the back of mind is what's going to happen. Can the world stabilise itself? There's going to be ongoing pressures, the price of everything being pushed up. Our dollar compared to the States'.' Chris Grice, the chief executive officer of NSA, says retirees who don't have time to recoup losses will be impacted the most. 'For older Australians already in retirement, they don't have the capability or time to make up these losses,' he says. 'Halving the drawdown rate is one way government can help to ease pressures for retirees who are concerned their balances will run out.' Grice also wants to see the freeze on deeming rates continue. Deeming rates are used to estimate the amount of income people are earning on any assets they have – when the rate is increased, the valuation of assets is calculated as higher and welfare is reduced. While it means the budget bottom line is billions of dollars worse off, the rate has been on hold since 2023 to help recipients handle the cost-of-living pressures. Lifting it would impact the payments of about 900,000 income support recipients, including about 458,000 age pensioners, 143,000 jobseekers and 103,000 parenting payment recipients. Neither Labor nor the Coalition would answer questions about if they would continue the pause on deeming rates or halve the withdraw rate. 'Halving the drawdown rate and continuing the freeze on deeming are two practical measures the government can take to show retirees it understands the impact of current market volatility,' Grice says. 'In the lead-up to the federal election, and at a time when Australians are already facing so much uncertainty, we hope all sides of politics heed our call and commit to giving older Australians some certainty over their superannuation.'
