Latest news with #financialburden
.jpg%3Fitok%3DVgKTbgBb&w=3840&q=100)
CNA
20 hours ago
- Health
- CNA
Money Talks - Navigating the financial costs of cancer
Money Talks Play 21 mins Beyond the physical and emotional toll that comes with having cancer, the financial burden can be just as daunting. So what are the key costs to consider if you or your loved one are faced with cancer? Group director for clinical services at the Singapore Cancer Society Dr Dennis Chia is our guest.
CNA
20 hours ago
- Health
- CNA
Money Talks Podcast: Navigating the financial costs of cancer
Beyond the physical and emotional toll that comes with having cancer, the financial burden can be just as daunting. So what are the key costs to consider if you or your loved one are faced with cancer? Group director for clinical services at the Singapore Cancer Society Dr Dennis Chia is our guest on the Money Talks podcast. Here is an excerpt from the conversation: Andrea Heng, host: You talked about some of the costs earlier, direct and indirect costs. Can we talk about the range? From doctor's appointments, to chemotherapy, to radiotherapy and follow-ups as well. I understand that they can be provided or offered as a package, but perhaps give us a ballpark range, so that we have a clearer understanding of the digits. Dr Dennis Chia, group director of Singapore Cancer Society: So before subsidies, in a restructured hospital, by and large you're talking about a range of up to a five-digit figure for all of the treatment. Andrea: In total, or? Dr Chia: In total. I need to assure you. While I say that it goes up to five (digits) - and for some specific cancer treatments, it goes up to six-digit figures, like over S$200,000 - it can be as low as a few hundreds to maybe thousands (because of subsidies). Dr Chia: And there is welfare assistance (and) financial assistance available from the government, all the way to the Singapore Cancer Society. Be assured that there are people and organisations trying to help everyone defray that (cost). Andrea: Just out of curiosity, what's the most common expense that is unexpected? ... Is there anything else that, perhaps, may not have crossed our minds? Dr Chia: I think we have to remember the day-to-day expenses. For example, milk feeds. So when you are getting a bit weaker, and you can't really consume very much. You need specialised milk feeds. Temporary or permanently, you might require a nasal gastric tube, the tube that goes down, and those are ongoing costs. And you still have things like, perhaps, diapers, stoma bags.
Independent Singapore
6 days ago
- Business
- Independent Singapore
Struggling to get by: 3 in 5 Singaporeans living paycheck to paycheck, many juggle multiple jobs to stay afloat
Photo: Depositphotos/ Shadow_of_light (for illustration purposes only) SINGAPORE: A recently published report from global payroll and HR solutions provider ADP featured in a Singapore Business Review article reveals a staggering truth for Singapore's workers — in 2024, 60% of workers subsist on paycheck to paycheck, a number remarkably higher than the normal Asia-Pacific regional average of 48%. This statistic, culled from the all-inclusive People at Work 2025 report plotting over 38,000 employees in 34 nations, emphasises escalating financial burden among Singapore's workers amid increasing living costs. The rise of multiple jobs: Juggling livelihoods and aspirations More than one in four employees in Singapore (26%) are working several jobs, a trend driven both by necessity and ambition. The report disclosed that for many employees, engaging in supplementary work allows them to meet their basic day-to-day expenditures, and for some, it enables them to save for their retirement. Many others juggle jobs in order to pursue professional advancement, for added experience, or to fund their higher education aspirations. A considerable number of workers also said that they are holding various jobs to provide for their dependents or compensate for the lack of permanent jobs. 'This multi-job phenomenon reflects a workforce grappling with economic realities on multiple fronts,' clarifies Richardson Nela, ADP's leading economist. 'Yet nearly two-thirds of those juggling three jobs still struggle financially, pointing to the urgent need for employers to rethink compensation and support.' Employers and policymakers called to action amid economic challenges The report's conclusions come at a time of tenacious inflation, escalating housing costs, and fluctuating employment scenarios in Singapore and the larger region. Authorities caution that these strains call for a wide-ranging resolution from business owners and company managers, including reevaluating pay structures, improving employee benefits to boost productivity, and developing career growth prospects. With today's swelling cost-of-living challenges, the People at Work 2025 report serves as a serious heads-up and a call to action, not only for businesses but also for legislators and politicians, including social organizations tasked with nurturing economic flexibility and guaranteeing viable sources of revenue for workers in Singapore's shifting economy.
ABC News
23-05-2025
- Business
- ABC News
HESTA members remain locked out of accounts as consumer group calls for more transparency
Daniella Paidi received a distressed call from a client who realised he was at risk of losing his home deposit after being unable to access his superannuation. Her client — a man from regional Victoria — is a member of HESTA, which has been mostly offline since April in a planned seven-week outage. Property lawyer Ms Paidi said her client was just days away from losing his deposit of $28,200 after missing his property settlement date. "Because of this upgrade he's been caught out, and he's now having to deal with the emotional and financial burden," she told ABC News. HESTA's seven-week outage, to change administration provider, left more than 1 million Australians unable to access their retirement funds, except for in exceptional circumstances. Ms Paidi said her client was aware of the outage but didn't realise the extent of what it meant for him and his ability to access his funds. She said it wasn't until she stepped in to support that he did realise. "We reached out to HESTA and we couldn't get on to anybody, we didn't receive a timely response or any kind of clear communication," she told The Business. "There was the opportunity to leave an online inquiry and to make a complaint, and we used both avenues really just to get somebody to speak to." Ms Paidi said someone in her network was able to put her in contact with HESTA, and 80 per cent of funds were deposited into her clients account on May 14. Earlier this week, the remaining 20 per cent landed in his account and his property was settled on Tuesday. A spokesperson for HESTA told ABC News: "Our contact centre and member engagement teams are actively supporting members with their queries. "While there are temporary disruptions to some services, it's important to note that members can still receive urgent and critical payments, and switch investments during the limited services period." But Ms Paidi said too much damage has already been done. "The focus for HESTA going forward, [has to be] really looking at this situation and thinking okay we are entrusted with acting in the best interests of these clients, of our people. "I think the question should be: 'Have we acted in the best interest of our clients here, and how can we do things better in the future?'" Decades-long HESTA member Annette Mumford said she was also caught out by the freeze. "I find it very distressing and I'm just gobsmacked that they have not even notified their customers." However, the superannuation fund said it did inform its members back in February via email, its website, and in some cases, a letter in the mail. Despite this, dozens of HESTA members have continued to tell the ABC they didn't find out about the outage until our report in April. Ms Mumford said she's transitioning to retirement and the situation left her stressed. "I was so distressed thinking 'oh my gosh', because there's no time for planning because it had already closed down without me knowing in advance." She said she called HESTA and put in a formal complaint. Despite alerting customers earlier in the year, Super Consumers Australia chief executive Xavier O'Halloran argued HESTA should have gone above and beyond with its communication. "They should be making the effort to call people and let them know that they are going to be subject to this period of time where they won't be able to access their money, and what they can do to mitigate against any harm that might cause." The Australian Prudential Regulation Authority (APRA) is the independent statutory authority that governs most superannuation funds, including the approval of planned outages. A spokesperson for APRA told ABC News the regulator doesn't comment on entity specific matters and also wouldn't comment on questions more broadly. Consumer advocates condemned the industry regulator for not being open with members about the process for approving an almost two-month outage by one of Australia's major super funds. Mr O'Halloran said transparency from the regulator around these kinds of approvals is "really important". APRA regulates 1,790 financial institutions and according to its website, is "concerned with maintaining the safety and soundness of financial institutions, so that the community can have confidence that they will meet their financial commitments under all reasonable circumstances". Mr O'Halloran said APRA's refusal to comment makes it hard to know what the approval processes look like. He said in comparison, situations involving the Australian Securities Investment Commission (ASIC), make processes and the reasons for approving those processes available to the public. In 2020, ASIC told the public it was granting "relief to industry to provide affordable and timely financial advice during the COVID-19 pandemic". "From my perspective, [ASIC is] far more transparent, makes the case for why relief was needed and placed some conditions on its use to minimise consumer harm," Mr O'Halloran told the ABC. He thinks APRA should do the same. Whitley Bejah, a personal finance researcher at Griffith University, isn't in favour of a blanket need for transparency from APRA around outages, but says the HESTA outage is an exceptional case. "If it's a small outage, I would say [no transparency is needed from APRA], but due to the large time frame associated with the HESTA outage, I would think having something small on [APRA's] website could be useful for Australians who did not receive the trustee's correspondence," she said. But ultimately, she said the responsibility lies with the super fund. "I think APRA has enough to worry about … it's up to the trustee to inform the members well ahead of time so that people can plan ahead." Despite alerting customers at the end of February, Ms Bejah argued more notice was necessary from HESTA, particularly from those relying on their super as part of the First Home Super Saver Scheme. "I'm not convinced HESTA gave enough time for members to prepare for the planned outage."
CBS News
22-05-2025
- Business
- CBS News
Can payday loans be included in debt consolidation?
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. If you're planning to pursue debt consolidation, knowing whether your payday loans can be included is an important part of the puzzle. Getty Images/iStockphoto If you've ever taken out a payday loan, you know how quickly things can spiral with this type of debt. After all, these types of loans, which are marketed as a quick fix between paychecks, come with fees and costs that are equivalent to triple-digit interest rates. And, when you add in the quick repayment timelines, this type of debt becomes increasingly difficult to escape. So, what started as a small, short-term fix for a grocery bill, a medical debt or an overdrafted bank account tends to become a long-term financial burden once the fees and rollover charges start stacking up. It's hardly surprising, then, that people who are forced to rely on payday loans will often have to borrow more to cover their expenses. In turn, they may find themselves juggling multiple debts at once — like credit cards, personal loans and buy now, pay later plans — all while trying to stay afloat financially. And, when you're stuck in that cycle, it's natural to wonder if there's a more manageable path forward. That's where debt consolidation comes into the conversation. When you consolidate your debts, the goal is to roll multiple debts into a single, more manageable monthly payment, ideally at a lower interest rate. Debt consolidation is typically used for credit card debt and personal loans, though, so does this solution work for payday loans, too? Below, we'll take a closer look. Learn how the right debt relief strategies could benefit you now. Can payday loans be included in debt consolidation? In general, payday loans can be included if you're consolidating your debt. That said, whether or not you can include them typically depends on the type of consolidation you pursue and whether the lender or program is equipped to handle payday loan debt. If you're taking out a personal loan or another type of loan directly from a lender to consolidate your debts, you can typically include payday loans in the mix, as long as your credit score and financial profile qualify you for a large enough loan to cover them. This can be a good route if you have decent credit or a co-signer who can help you qualify for a better rate. However, if you're rolling multiple debts into one with the help of a debt management program, payday loans might not be included. These programs, which are offered by credit counseling agencies, are usually designed to work with traditional unsecured debts like credit cards or medical bills. Because payday lenders are often not part of the networks that these programs have relationships with, it may be harder to include them. That said, some debt relief companies do offer payday loan-specific consolidation programs. These are often marketed as payday loan relief or payday loan consolidation, and they work by negotiating with your payday lenders directly to reduce what you owe, settle the balance or set up a new payment plan. Take steps to tackle your high-rate debt problems today. What to consider before consolidating payday loans Consolidating payday loans can be a helpful way to get out of the debt spiral, but there are some things to think about before you commit, including: The fees and terms: Whether you're using a personal loan, a debt management program or or a debt consolidation program for payday loans, pay attention to the fees involved Whether you're using a personal loan, a debt management program or or a debt consolidation program for payday loans, The impact on your credit: Taking out a new loan or enrolling in a debt management program can have a short-term impact on your credit score, especially if accounts are closed or your credit is pulled during the process. That said, making consistent payments over time can help rebuild your credit Taking out a new loan or enrolling in a debt management program can have a short-term impact on your credit score, especially if accounts are closed or your credit is pulled during the process. That said, making consistent payments over time Your financial habits: Consolidating your payday loan debt won't help much if you end up borrowing again a few months down the line. If you choose to consolidate this type of debt, use it as a chance to reassess your budget, cut unnecessary expenses and build an emergency fund Consolidating your payday loan debt won't help much if you end up borrowing again a few months down the line. If you choose to consolidate this type of debt, use it as a chance to reassess your budget, cut unnecessary expenses and The possibility of scams and bad actors: Unfortunately, there are predatory companies that will target people who are eager to escape payday loan debt. So, be wary of any service that guarantees results, pressures you to act fast or charges high upfront fees. Legitimate companies will be transparent about costs and expectations The bottom line Payday loans are designed to be easy to get and hard to escape. If you're stuck in a cycle of high-rate, high-fee payday debt, consolidating that debt can be a smart step toward financial stability. Depending on your situation, you might qualify for debt consolidation through a personal loan, a debt management plan or even a payday loan consolidation service. Before you enroll or borrow, however, it's important to fully weigh the costs, watch out for scams and commit to changing the habits that got you into debt in the first place. Debt consolidation isn't a complete fix, but with the right approach, it can be a valuable tool in your path to getting and staying out of debt.
