Latest news with #financialwellbeing
Yahoo
3 days ago
- Business
- Yahoo
ATO warning to millions of Aussies desperate for $1,519 cash boost: 'Misconception'
Millions of Australians will be able to lodge their tax returns with the Australian Taxation Office (ATO) in the coming weeks. While many are desperate for a cash boost in the form of a refund, taxpayers are being warned not to rush. More than 10 million Australians expect a tax refund this year, new Finder research found, with 7 per cent admitting the extra cash would be 'critical' to their financial wellbeing. The average Aussie is expecting a refund of $1,519. Finder head of consumer research Graham Cooke told Yahoo Finance Aussies would be rushing to get their hands on some extra cash from July 1. RELATED ATO warning over popular tax deduction Aussies try to claim each year: 'Not claimable' Coles and Woolworths checkout move that there's no coming back from: 'Will only accelerate' Aussie couple making $1,200 a day from job anyone can do: 'Went off like an explosion' 'Australians who are living month to month are very eager to access their tax refunds to ease financial strain,' Cooke said. 'With many households grappling with the cost of living, these refunds offer a much-needed reprieve. For some, the refund is essential to cover essential expenses, such as keeping the lights on." Nearly one in four Aussies surveyed said their tax refund was 'very important' to their financial health, while a further 41 per cent said it was 'somewhat important'. Women were more likely to need a refund, with 39 per cent admitting it was 'critical' or 'very important' for their finances, compared to 24 per cent of men. But not everyone is expecting a refund this year, with 18 per cent saying they thought they would be getting a tax bill. Cooke has urged Aussies to make sure they are making prudent use of any refund. 'Consider using the funds to pay down debt, deposit into a high-interest savings account, or contribute to superannuation to maximise long-term benefits,' he said. It comes as Aussies are urged not to rush their tax returns, or they could risk making mistakes and missing out on legitimate claims. CPA Australia tax lead Jenny Wong has urged Aussies to take time to gather their evidence of work-related expenses over the next few weeks and to wait for the ATO to pre-fill their information before lodging. 'Firing the starting pistol on your tax return too quickly means you could end up shooting yourself in the foot,' she said. 'There's a misconception that lodging early means you'll receive your refund first, but it's not as simple as that. 'It's common for people who lodge early to end up having to amend their returns later anyway, so it's best to wait. It'll save you in the long run.' The ATO generally recommends waiting to lodge until the end of July when information, including interest from banks, dividend income, payments from government agencies and health insurance information is pre-filled in your tax return. The ATO has said it will be focused on areas where it sees frequent mistakes this tax time, including work-related expenses, working from home deductions and multiple income in retrieving data Sign in to access your portfolio Error in retrieving data
The Standard
6 days ago
- Business
- The Standard
NWD reaches 95pc of contracted sales target
Most US households say finances all right even as inflation still bites, Fed survey shows
Khaleej Times
7 days ago
- Business
- Khaleej Times
Enjoy more value with CBD Credit Cards this summer
Summer is nearly here and that can only mean one thing — the start of a season bursting with exciting getaways, family visits and retail, dining and leisure promotions! Empowering you through the season are Commercial Bank of Dubai (CBD)'s credit cards, which offer a suite of tools and benefits that allow you to spend wisely and savour every moment with confidence. Before finalising your summer plans, discover how CBD credit cards can help you maximise your financial well-being. Here are four key benefits to consider: 1. Maximise rewards on purchases aligned with your priorities CBD credit cards reward you where it counts, offering a wide range of benefits tailored to your lifestyle. From travel bookings and dining out to everyday retail purchases, you can enjoy generous cashback opportunities, exclusive discounts at top retailers, and access to curated experiences. For immediate savings, consider cashback options such as the CBD One Card, which is free for life and offers up to AED 135 cashback every month. Frequent travelers will appreciate the CBD Visa Infinite Card, which provides complimentary access to over 1,000 airport lounges globally, multi-trip Travel Insurance, and exclusive discounts on accommodation bookings, making it the ideal companion for your next adventure. 2. Designed for every type of spender CBD understands that every customer is unique, which is why its credit cards are designed with flexible options to accommodate diverse spending habits and lifestyle preferences. For families and everyday savers, the CBD Super Saver Card offers up to 10 per cent cashback on essential categories like groceries, fuel, education, and utility bills, with no annual fee in the first year. Customers planning significant purchases can benefit from interest-free installments, ideal for managing school tuition or long-planned acquisitions. Meanwhile, experienced enthusiasts and frequent travellers will appreciate CBD's travel perks, flexible payments, and access to lifestyle rewards that elevate everyday moments. For instant gratification, the CBD Yes Rewards Card offers a welcome bonus of 20,000 Yes Rewards (worth Dh200) and savings of up to 15 per cent on fuel and more. 3. Full control at your fingertips Make smart financial decisions with the CBD Mobile App, a comprehensive platform designed to empower you with the services and information you need to manage your finances effectively. This all-in-one digital platform provides complete visibility over your credit card activity, allowing you to track expenses and review transaction history with ease. Make instant payments, manage multiple cards, and receive real-time alerts to stay on top of your financial habits. Moreover, you can transfer credit from other banks to a CBD credit card at preferential rates, simplifying your financial management. For added security, features like temporary card lock and permanent block-and-replace options are readily available, providing peace of mind in the event of a misplaced or compromised card. 4. Smarter ways to manage big purchases From booking a holiday to covering school fees, CBD's Easy Payment Plans (EPP) and Fixed Payment Plans (FPP) offer flexible solutions for managing larger expenses. These options allow you to split major purchases or balance transfers into manageable instalments, alleviating financial strain and making it easier to budget for your goals. Money made simple At CBD, we are committed to simplifying banking and empowering customers to take charge of their financial future. Through our 'Money Made Simple' initiative, we help individuals across the UAE build better financial habits with smarter tools, real-time visibility, and practical rewards that add real value to their lives. This summer, make your credit card work harder for you. From spontaneous getaways to essential family expenses, unlock the flexibility and rewards that CBD cards offer.
CBS News
28-05-2025
- Business
- CBS News
Do you have the top predictor for financial well-being? Here's what Vanguard's research says.
It doesn't take $1 million to achieve the top predictor of financial well-being, according to new research from investment firm Vanguard. Instead, it's something far more attainable: Socking away at least $2,000 in an emergency savings account. People with at least $2,000 saved for an unexpected expense report a greater improvement in financial well-being than those who have incomes of more than $500,000 or assets of more than $1 million, the survey of more than 12,000 Vanguard investors found. The findings come as many Americans are feeling more financially stressed, with a separate study from Primerica finding that about half of middle-class households expect to be worse off financially in 2026, almost double the share in December, due to worries about the cost of living and the economy. Taking small steps to build an emergency savings account could prove to help alleviate financial anxiety, noted Paulo Costa, a behavioral economist and certified financial planner at Vanguard who co-authored the research. "What's so powerful about this research is that it's not about gathering a lot of money to have that peace of mind," Costa told CBS MoneyWatch. "That initial $2,000 makes a big difference." While it may seem that having $1 million in assets should boost financial well-being more than $2,000 in a savings account, the results show the importance of being prepared for an unplanned expense, Costa added. The median cost of an emergency is about $2,000, which means having that cash on hand gives people the confidence that they can handle a sudden money stressor, he said. "When is $2,000 more than a million dollars? It's when it comes to emergency savings," Costa said. "The point of emergency savings is to have that money readily available if you need it. A lot of people have money, for example, in retirement accounts that may have some requirements about when you can withdraw that money and may have some tax consequences and some penalties." Retirement assets are generally not readily available to cover unexpected expenses, with people younger than 59 1/2 incurring a 10% penalty for taking out money. But having $2,000 set aside in a bank account means that you've got the peace of mind that you'll be able to handle a surprise car repair or medical bill. And people with $2,000 in emergency savings typically spend about 2 hours less each week thinking about their finances versus those without any savings, the study found. How many people can handle emergency expenses? To be sure, obtaining $2,000 in savings could prove out of reach for many Americans, especially those who are low income, struggling with debt or who reside in an area with a high cost of living. Vanguard's survey includes only people who have investment accounts at the company, which signals they access to 401(k)s and other types of investment accounts that many Americans lack. Almost 4 in 10 Americans say they don't have the cash on hand to pay for an $400 emergency expense, according to research from the Federal Reserve. Still, more Americans appear to be socking away money for a rainy day, with the Primerica study finding that 64% of those surveyed in March said they had an emergency fund of at least $1,000, up from 58% two years earlier. Even if saving $2,000 seems out of reach, you can start small by saving as little as $10 week, Costa said. The best idea is to find a strategy that works for you, whether that's budgeting or automating savings by directing a certain amount into a dedicated account with each paycheck, he said. "I love the idea of, 'out of sight, out of mind,' so when you get paid, you immediately send money to your savings account," he said. "By saving $50 per week, you will build up to $2,000 in less than a year." He added, "Saving something is better than saving nothing. So just getting started, that really makes a big difference."
Finextra
20-05-2025
- Business
- Finextra
DCBL releases debt repayment app
DCBL has launched a Customer App to allow people to take the stress out of debt. 0 The app enables users to better manage their finances, at any time of the day or night, at the push of a button. The award-winning debt resolution company has launched its latest technological innovation to improve the support it offers to its customers and improve their financial wellbeing. DCBL's in-house tech team has built the app based on its deep understanding of customers and insights from the industry, which allow it to provide first-class support to each one of its customers. The proprietary app, available on the App Store and Google Play, features an interactive dashboard that allows users to view outstanding payments, access, and link past cases, view corresponding evidence, make payments, update their personal details, and contact the DCBL customer support team for further assistance. DCBL, which has won awards for its technological innovations in the industry, has introduced the app to better support its expansive customer base. The smartphone innovation gives customers full visibility of their debts and allows users to manage them more effectively, while also giving them direct access to its customer support team. DCBL Group Strategy Director, Lee Samuels-Camozzi, said: 'We're on a mission to take the stress out of debt. Providing support and peace of mind to our customers is paramount. Our new app gives users the ability to easily access and manage their finances, around the clock, which has direct benefits to their mental health and wellbeing. 'By listening to our customers, and conducting extensive consumer research, we have created a bespoke app which gives people the power to manage their finances and personal information in their own time. They are also able to ask questions and seek further support around their existing commitments and busy lifestyles. 'The app has been designed to help take the stress out of debt and support customers when they need it most. It accommodates every type of user preference, with customer support available via phone call, email, or WhatsApp. Our specialist Vulnerability & Welfare team can also be contacted through the app to provide help and guidance for anyone feeling the pressures of debt.' In its pursuit of continual improvement, DCBL has expanded its communications and payment channels further, recognising that a growing number of people prefer digital and self-serve options. DCBL's research of 2,000 UK adults found that the vast majority (93%) of people felt more in control of their finances when there was a mobile app available. The benefits of this technology span all age groups, with 86% of 25-34-year-olds saying apps can increase their ability to pay bills on time, whilst 84% of those aged 65+ said digital technology helps them feel in control of their money. Off the back of these findings, DCBL has designed its app to support all ages, income levels and backgrounds, as well as maintaining its existing communications channels. Lee Samuels Camozzi, continued: 'One of the major issues is that people put off paying debts as they think it is a complicated and lengthy process. Our app makes things easy. Users can check balances and make payments around their existing commitments, rather than leaving it to the last minute. It takes the stress out of debt. 'If our customers want to find out more information before paying, they can do so without the need to speak to a member of our team, however, the option to do so is available. The app gives customers the ability to seek further support via telephone or request a call back at a time that suits them.'
