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How to spend time wisely – what young people can learn from retirees

<a href="https://theconversation.com/profiles/boroka-bo-1371004">Boróka Bó</a>, <a href="https://theconversation.com/institutions/university-of-essex-1291">University of Essex</a> For many young people, retirement is a blip on the radar, if not a total unknown. This is particularly true during our cost of living crisis, when investing and contributing more to your pension might fall down the priority list behind paying rent. Despite this, more and more young people are starting to think about retirement in <a href="https://www.forbes.com/advisor/retirement/the-forbes-guide-to-fire/">earlier ages</a>, with many focusing on their future quality of life and financial independence after they leave work. This can sometimes come at the expense of their wellbeing while they are still working, spending extremely frugally and focusing on the “hustle”, instead of enjoying the freedom and good times that could also characterise young adulthood. For my <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8681690/">new research</a>, I interviewed over 200 people and surveyed hundreds more to understand how they balance time and money. I focused on people going through major life transitions: recent retirees and new parents, and people preparing for those moments. While we expect retirees to have all the time in the world, I found that in reality, retirees are often pressed for time. Over a quarter of them feel <a href="https://link.springer.com/content/pdf/10.1007/s11205-015-1029-z.pdf">time poor</a>, with not enough hours left in the day for all they need to do. This is regardless of the amount of money they have. Although wealthy retirees generally have more control over their schedules, both rich and poor retirees are impacted by time poverty in older ages. It’s never too late (or too early) to start making the most of your time and living a better life. Here are some important lessons learned from my retirees’ journeys. <h2>Don’t chase money, let money chase you</h2> One of the biggest regrets among my <a href="https://betterdwelling.com/city/toronto/heres-torontos-richest-and-poorest-neighbourhoods-interactive/">less privileged</a> research participants was their inability to get as much education as they wanted when younger. Some left university or college early to support their families, or because they could not afford to continue. But all regretted not getting as much education as they needed to be competitive in the labour force later on. To make enough money, pick something and follow through: whether university or skilled technical trades, get good at something. Then, the money will follow. <h2>Worry about how you feel – not how you look</h2> When youth wanes, you are left with how you feel. In retirement, will you be in pain thanks to spending your life in hard labour or nonstop work? My interviewees made clear that when you prioritise making money over health – whether by necessity or by choice – you pay for this by having to give up your precious time in retirement. Some of my new retirees’ health recovery efforts included spending extra time with medical providers, and spending money and time on commuting to appointments. Women were doubly disadvantaged here as, unlike men, they continued to face societal pressures to look younger than their age. To avoid having to <a href="https://academic.oup.com/gerontologist/article/57/5/910/2632069?login=false">spend extra</a> time and money on health recovery in later life, focus on health preservation in earlier life. Sometimes you may need to to prioritise your own wellbeing above the needs of your employer, for example by taking time off for your physical or mental health. While this is a luxury currently not afforded to all, movements like “quiet quitting” are beginning to start a public conversation on this topic. <h2>Make your time count by sharing it with others</h2> We can “buy” time by exchanging money for tasks we do not wish to do. Consuming items can also have <a href="https://www.jstor.org/stable/pdf/24737120.pdf?addFooter=false">time costs</a>, as both shopping and learning to use new items takes time. Thanks to my retirees, I now also know that we can get more out of time when we share it with others. Time is what social scientists would call a “<a href="https://sociologicalscience.com/time-network-good/">network good</a>”. In other words, how we value time depends on the number of other people we can share our time with. All of my retired participants spoke of the need to build strong, healthy relationships while younger, to have friends we can share life with when older. Shared time leads to <a href="https://sociologicalscience.com/time-network-good/">greater emotional wellbeing</a> and happiness. <h2>Identify your passions early</h2> While nearly all of my retirees spent a considerable amount of time financially planning for retirement, almost as many regretted not planning ahead when it comes to cultivating hobbies and interests. This was particularly pressing for my wealthy retirees, as they faced a drop in their social status and loss of work friends when they retired. Starting new hobbies and interests once retired – out of necessity – can feel like extra work. Pursuing passions is <a href="https://www.tandfonline.com/doi/abs/10.1080/07053436.1995.10715491?casa_token=Puyxz2akU2oAAAAA:Gl6qIREhdxqfcm5fo0cJ6_5DLLjTCuEVPF7Da2JDyxVHNwbeq6N-9Hbc0nMLiKn-cO1fZfd8cKRi">necessary for wellbeing</a>, but this should be done before retirement, while it is purely for fun. <h2>Time is love</h2> Repeatedly, my interview participants gently reminded me that giving your time to another person is the biggest act of kindness we can do. This is because once you give your time away, you can never get it back. Be mindful of this as you give your time, to your friends, employers, acquaintances or to social media companies. Thanks to my participants, I now often ask myself: Does this company or organisation love me? Generally, the answer is no, at which point I also know they do not deserve much of my time. At the same time, when a friend, trusted mentor, teacher or stranger donates their precious time to me, I am aware that my appreciation and kindness can only ever partially repay them. My retired participants show that it is important to remain grateful for the time we share with each other while on this Earth. When the daily grind gets you down, remind yourself that time is love.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/189340/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/boroka-bo-1371004">Boróka Bó</a>, Assistant professor in sociology, <a href="https://theconversation.com/institutions/university-of-essex-1291">University of Essex</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/how-to-spend-time-wisely-what-young-people-can-learn-from-retirees-189340">original article</a>.

Money & Banking

Not all mental health apps are helpful. Experts explain the risks, and how to choose one wisely

<a href="https://theconversation.com/profiles/jeannie-marie-paterson-6367">Jeannie Marie Paterson</a>, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a>; <a href="https://theconversation.com/profiles/nicholas-t-van-dam-389879">Nicholas T. Van Dam</a>, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a>, and <a href="https://theconversation.com/profiles/piers-gooding-207492">Piers Gooding</a>, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a> There are thousands of mental health apps available on the app market, offering services including meditation, mood tracking and counselling, among others. You would think such “health” and “wellbeing” apps – which often present as solutions for conditions such as <a href="https://www.headspace.com/">anxiety</a> and <a href="https://www.calm.com">sleeplessness</a> – would have been rigorously tested and verified. But this isn’t necessarily the case. In fact, many may be taking your money and data in return for a service that does nothing for your mental health – at least, not in a way that’s backed by scientific evidence. <h2>Bringing AI to mental health apps</h2> Although some mental health apps connect users with a <a href="https://www.betterhelp.com/get-started/?go=true&utm_source=AdWords&utm_medium=Search_PPC_c&utm_term=betterhelp+australia_e&utm_content=133525856790&network=g&placement=&target=&matchtype=e&utm_campaign=15228709182&ad_type=text&adposition=&kwd_id=kwd-401317619253&gclid=Cj0KCQjwoeemBhCfARIsADR2QCtfZHNw8mqpBe7cLfLtZBD-JZ5xvAmDCfol8npbAAH3ALJGYvpngtoaAtFlEALw_wcB¬_found=1&gor=start">registered therapist</a>, most provide a fully automated service that bypasses the human element. This means they’re not subject to the same standards of care and confidentiality as a registered mental health professional. Some aren’t even designed by mental health professionals. These apps also increasingly claim to be incorporating artificial intelligence into their design to make personalised recommendations (such as for meditation or mindfulness) to users. However, they give little detail about this process. It’s possible the recommendations are based on a user’s previous activities, similar to Netflix’s <a href="https://help.netflix.com/en/node/100639">recommendation algorithm</a>. Some apps such as <a href="https://legal.wysa.io/privacy-policy#aiChatbot">Wysa</a>, <a href="https://www.youper.ai/">Youper</a> and <a href="https://woebothealth.com/">Woebot</a> use AI-driven chatbots to deliver support, or even established therapeutic interventions such as cognitive behavioural therapy. But these apps usually don’t reveal what kinds of algorithms they use. It’s likely most of these AI chatbots use <a href="https://www.techtarget.com/searchenterpriseai/feature/How-to-choose-between-a-rules-based-vs-machine-learning-system">rules-based systems</a> that respond to users in accordance with predetermined rules (rather than learning on the go as adaptive models do). These rules would ideally prevent the unexpected (and often <a href="https://www.vice.com/en/article/pkadgm/man-dies-by-suicide-after-talking-with-ai-chatbot-widow-says">harmful and inappropriate</a>) outputs AI chatbots have become known for – but there’s no guarantee. The use of AI in this context comes with risks of biased, discriminatory or completely inapplicable information being provided to users. And these risks haven’t been adequately investigated. <h2>Misleading marketing and a lack of supporting evidence</h2> Mental health apps might be able to provide certain benefits to users if they are well designed and properly vetted and deployed. But even then they can’t be considered a substitute for professional therapy targeted towards conditions such as anxiety or depression. The <a href="https://theconversation.com/pixels-are-not-people-mental-health-apps-are-increasingly-popular-but-human-connection-is-still-key-192247">clinical value</a> of automated mental health and mindfulness apps is <a href="https://www.sciencedirect.com/science/article/abs/pii/S1077722918300233?casa_token=lwm1E6FhcG0AAAAA:saV7szbZl4DqbvmZiomLG9yMWi_4-zbmy3QCtQzVEQr957QX1E7Aiqkm5BcEntR0mVFgfDVo">still being assessed</a>. Evidence of their efficacy is generally <a href="https://journals.plos.org/digitalhealth/article?id=10.1371/journal.pdig.0000002">lacking</a>. Some apps make ambitious claims regarding their effectiveness and refer to studies that supposedly support their benefits. In many cases these claims are based on less-than-robust findings. For instance, they may be based on: <ul> <li><a href="https://sensa.health/">user testimonials</a></li> <li>short-term studies with narrow <a href="https://www.wired.co.uk/article/mental-health-chatbots">or homogeneous cohorts</a></li> <li><a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9533203/">studies involving</a> researchers or funding from the very group <a href="https://www.theguardian.com/us-news/2022/apr/13/chatbots-robot-therapists-youth-mental-health-crisis">promoting the app</a></li> <li>or evidence of the benefits of a <a href="https://www.headspace.com/meditation/anxiety">practice delivered face to face</a> (rather than via an app).</li> </ul> Moreover, any claims about reducing symptoms of poor mental health aren’t carried through in contract terms. The fine print will typically state the app does not claim to provide any physical, therapeutic or medical benefit (along with a host of other disclaimers). In other words, it isn’t obliged to successfully provide the service it promotes. For some users, mental health apps may even cause harm, and lead to increases in the very <a href="https://pubmed.ncbi.nlm.nih.gov/34074221/">symptoms</a> people so often use them to address. The may happen, in part, as a result of creating more awareness of problems, without providing the tools needed to address them. In the case of most mental health apps, research on their effectiveness won’t have considered <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9505389/">individual differences</a> such as socioeconomic status, age and other factors that can influence engagement. Most apps also will not indicate whether they’re an inclusive space for marginalised people, such as those from culturally and linguistically diverse, LGBTQ+ or neurodiverse communities. <h2>Inadequate privacy protections</h2> Mental health apps are subject to standard consumer protection and privacy laws. While data protection and <a href="https://cybersecuritycrc.org.au/sites/default/files/2021-07/2915_cscrc_casestudies_mentalhealthapps_1.pdf">cybersecurity</a> practices vary between apps, an investigation by research foundation Mozilla <a href="https://foundation.mozilla.org/en/privacynotincluded/articles/are-mental-health-apps-better-or-worse-at-privacy-in-2023">concluded that</a> most rank poorly. For example, the mindfulness app <a href="https://www.headspace.com/privacy-policy">Headspace</a> collects data about users from a <a href="https://foundation.mozilla.org/en/privacynotincluded/headspace/">range of sources</a>, and uses those data to advertise to users. Chatbot-based apps also commonly repurpose conversations to predict <a href="https://legal.wysa.io/privacy-policy">users’ moods</a>, and use anonymised user data to train the language models <a href="https://www.youper.ai/policy/privacy-policy">underpinning the bots</a>. Many apps share so-called <a href="https://theconversation.com/popular-fertility-apps-are-engaging-in-widespread-misuse-of-data-including-on-sex-periods-and-pregnancy-202127">anonymised</a> data with <a href="https://www.wysa.com/">third parties</a>, such as <a href="https://www.headspace.com/privacy-policy">employers</a>, that sponsor their use. Re-identification of <a href="https://www.unimelb.edu.au/newsroom/news/2017/december/research-reveals-de-identified-patient-data-can-be-re-identified">these data</a> can be relatively easy in some cases. Australia’s Therapeutic Goods Administration (TGA) doesn’t require most mental health and wellbeing apps to go through the same testing and monitoring as other medical products. In most cases, they are lightly regulated as <a href="https://www.tga.gov.au/how-we-regulate/manufacturing/medical-devices/manufacturer-guidance-specific-types-medical-devices/regulation-software-based-medical-devices">health and lifestyle</a> products or tools for <a href="https://www.tga.gov.au/sites/default/files/digital-mental-health-software-based-medical-devices.pdf">managing mental health</a> that are excluded from TGA regulations (provided they meet certain criteria). <h2>How can you choose an app?</h2> Although consumers can access third-party rankings for various mental health apps, these often focus on just a few elements, such as <a href="https://onemindpsyberguide.org/apps/">usability</a> or <a href="https://foundation.mozilla.org/en/privacynotincluded/categories/mental-health-apps/">privacy</a>. Different guides may also be inconsistent with each other. Nonetheless, there are some steps you can take to figure out whether a particular mental health or mindfulness app might be useful for you. <ol> <li> consult your doctor, as they may have a better understanding of the efficacy of particular apps and/or how they might benefit you as an individual </li> <li> check whether a mental health professional or trusted institution was involved in developing the app </li> <li> check if the app has been rated by a third party, and compare different ratings </li> <li> make use of free trials, but be careful of them shifting to paid subscriptions, and be wary about trials that require payment information upfront </li> <li> stop using the app if you experience any adverse effects. </li> </ol> Overall, and most importantly, remember that an app is never a substitute for real help from a human professional.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/211513/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/jeannie-marie-paterson-6367">Jeannie Marie Paterson</a>, Professor of Law, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a>; <a href="https://theconversation.com/profiles/nicholas-t-van-dam-389879">Nicholas T. Van Dam</a>, Associate Professor, School of Psychological Sciences, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a>, and <a href="https://theconversation.com/profiles/piers-gooding-207492">Piers Gooding</a>, Postdoctoral Research Fellow, Disability Research Initiative, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/not-all-mental-health-apps-are-helpful-experts-explain-the-risks-and-how-to-choose-one-wisely-211513">original article</a>.

Mind

Top 5 tips to be financially healthy, wealthy and wise

Financial health, wealth and wisdom aren’t exclusive to the billionaires of the world – every Aussie can use these tips to live happier and more secure lives. The old saying goes ‘Early to bed and early to rise, makes a man healthy, wealthy, and wise.’ I believe this refers to more than just sleeping habits and speaks to the importance of a good routine and planning ahead. ith that in mind, here are some tips to ensure you and your bank balance remain on good terms: 1. Build strong foundations There are five financial foundations I recommend which form the building blocks for a strong relationship with money: <ul> <li>Emergency fund</li> <li>Spending and investment plan (more in-depth than a budget)</li> <li>Superannuation</li> <li>Adequate insurance cover</li> <li>Estate planning</li> </ul> Having these foundations in place allows you to build wealth to enjoy a good lifestyle, protect you and your family against any unexpected disaster or loss of income, and plan for a comfortable retirement. The earlier you put them in place, the more time you have for them to work in your favour (think back to your schooldays about the benefits of compound interest!) 2. Take charge – it’s YOUR money Do you know your current superannuation balance? The interest rate on your mortgage? How much you spent last month? Many people don’t – often because they leave the finances up to their significant other. It’s a risky move. What if your partner invests unwisely? Develops a gambling addiction? You split up? Sadly, many people have faced financial ruin simply because they wrongly believed their partner had everything hunky-dory. It’s important to be actively involved in your finances – know where your money comes from and where it goes. Don’t just leave it up to someone else, no matter how much you may love them. 3. Avoid runaway debt Unpaid bills, late tax returns, missed Afterpay instalments and credit card repayments – they all accrue interest and can quickly snowball until you’re buried under an avalanche of debt. Find ways of managing repayments that work for you. That could be: <ul> <li>Setting reminders in your phone and/or on your fridge to pay bills by their due date. </li> <li>Using a mortgage offset account to reduce your payable interest.</li> <li>Paying with cash/debit rather than credit/buy-now-pay-later (convenience typically costs more than transparency).</li> </ul> If you’re struggling, tackle your most expensive debts first (those with the highest interest rates). You may also be better off consolidating your debts into one, such as your mortgage – to pay less interest overall and to cut the number of repayments to keep track. 4. Don’t ‘set and forget’ Your income, expenses, debts and taxes all change as your life and circumstances change, meaning they should be reviewed regularly. Update your spending and investment plan whenever you change jobs, move house, expand your family, get a payrise etc. Scrutinise your expenses to cut wasteful spending – like that gym membership or TV subscription you no longer use. Examine ways to reduce your taxable income throughout the year, such as extra contributions to your super and keeping records for allowable deductions. Beware the ‘loyalty tax’ – banks, utilities and insurers typically offer better deals for new customers than existing ones. If you don’t review those at least once a year, or simply pay the renewal without comparing, you’re probably paying more than you need to. (If you do switch providers, double check that you are getting a like-for-like service – read the fine print carefully.) 5. Look after yourself ‘What does self-care have to do with money – apart from costing lots?’ I hear you ask. My response is – who can really afford to be sick given how fast healthcare costs keep rising! Not to mention lost earnings and other impacts. Looking after yourself – physically and mentally – means you’re less likely to need to pay for medical care, treatments and medications. Plus, you’ll need less sick or unpaid leave from work. And you’ll reduce your chances of a debilitating condition which could cut short your ability to earn a living, such as a stroke or heart attack. Then there’s the benefits of better cognitive function – making smarter decisions about money and better productivity at work (increasing your prospects for promotions and higher incomes). Invest in self-development too. Learning new skills and gaining extra qualifications aren’t just good for mental health but help you earn a higher income. Hence looking after yourself means lower costs AND higher income. What’s not to love about that?! Helen Baker is a licensed Australian financial adviser and author of the new book, On Your Own Two Feet: The Essential Guide to Financial Independence for all Women (Ventura Press, $32.99). Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au/">www.onyourowntwofeet.com.au</a> Image: Getty Images

Money & Banking

How to spend time wisely – what young people can learn from retirees

For many young people, retirement is a blip on the radar, if not a total unknown. This is particularly true during our cost of living crisis, when investing and contributing more to your pension might fall down the priority list behind paying rent. Despite this, more and more young people are starting to think about retirement in <a href="https://www.forbes.com/advisor/retirement/the-forbes-guide-to-fire/" target="_blank" rel="noopener">earlier ages</a>, with many focusing on their future quality of life and financial independence after they leave work. This can sometimes come at the expense of their wellbeing while they are still working, spending extremely frugally and focusing on the “hustle”, instead of enjoying the freedom and good times that could also characterise young adulthood. For my <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8681690/" target="_blank" rel="noopener">new research</a>, I interviewed over 200 people and surveyed hundreds more to understand how they balance time and money. I focused on people going through major life transitions: recent retirees and new parents, and people preparing for those moments. While we expect retirees to have all the time in the world, I found that in reality, retirees are often pressed for time. Over a quarter of them feel <a href="https://link.springer.com/content/pdf/10.1007/s11205-015-1029-z.pdf" target="_blank" rel="noopener">time poor</a>, with not enough hours left in the day for all they need to do. This is regardless of the amount of money they have. Although wealthy retirees generally have more control over their schedules, both rich and poor retirees are impacted by time poverty in older ages. It’s never too late (or too early) to start making the most of your time and living a better life. Here are some important lessons learned from my retirees’ journeys. <h2>Don’t chase money, let money chase you</h2> One of the biggest regrets among my <a href="https://betterdwelling.com/city/toronto/heres-torontos-richest-and-poorest-neighbourhoods-interactive/" target="_blank" rel="noopener">less privileged</a> research participants was their inability to get as much education as they wanted when younger. Some left university or college early to support their families, or because they could not afford to continue. But all regretted not getting as much education as they needed to be competitive in the labour force later on. To make enough money, pick something and follow through: whether university or skilled technical trades, get good at something. Then, the money will follow. <h2>Worry about how you feel – not how you look</h2> When youth wanes, you are left with how you feel. In retirement, will you be in pain thanks to spending your life in hard labour or nonstop work? My interviewees made clear that when you prioritise making money over health – whether by necessity or by choice – you pay for this by having to give up your precious time in retirement. Some of my new retirees’ health recovery efforts included spending extra time with medical providers, and spending money and time on commuting to appointments. Women were doubly disadvantaged here as, unlike men, they continued to face societal pressures to look younger than their age. To avoid having to <a href="https://academic.oup.com/gerontologist/article/57/5/910/2632069?login=false" target="_blank" rel="noopener">spend extra</a> time and money on health recovery in later life, focus on health preservation in earlier life. Sometimes you may need to to prioritise your own wellbeing above the needs of your employer, for example by taking time off for your physical or mental health. While this is a luxury currently not afforded to all, movements like “quiet quitting” are beginning to start a public conversation on this topic. <h2>Make your time count by sharing it with others</h2> We can “buy” time by exchanging money for tasks we do not wish to do. Consuming items can also have <a href="https://www.jstor.org/stable/pdf/24737120.pdf?addFooter=false" target="_blank" rel="noopener">time costs</a>, as both shopping and learning to use new items takes time. Thanks to my retirees, I now also know that we can get more out of time when we share it with others. Time is what social scientists would call a “<a href="https://sociologicalscience.com/time-network-good/" target="_blank" rel="noopener">network good</a>”. In other words, how we value time depends on the number of other people we can share our time with. All of my retired participants spoke of the need to build strong, healthy relationships while younger, to have friends we can share life with when older. Shared time leads to <a href="https://sociologicalscience.com/time-network-good/" target="_blank" rel="noopener">greater emotional wellbeing</a> and happiness. <h2>Identify your passions early</h2> While nearly all of my retirees spent a considerable amount of time financially planning for retirement, almost as many regretted not planning ahead when it comes to cultivating hobbies and interests. This was particularly pressing for my wealthy retirees, as they faced a drop in their social status and loss of work friends when they retired. Starting new hobbies and interests once retired – out of necessity – can feel like extra work. Pursuing passions is <a href="https://www.tandfonline.com/doi/abs/10.1080/07053436.1995.10715491?casa_token=Puyxz2akU2oAAAAA:Gl6qIREhdxqfcm5fo0cJ6_5DLLjTCuEVPF7Da2JDyxVHNwbeq6N-9Hbc0nMLiKn-cO1fZfd8cKRi" target="_blank" rel="noopener">necessary for wellbeing</a>, but this should be done before retirement, while it is purely for fun. <h2>Time is love</h2> Repeatedly, my interview participants gently reminded me that giving your time to another person is the biggest act of kindness we can do. This is because once you give your time away, you can never get it back. Be mindful of this as you give your time, to your friends, employers, acquaintances or to social media companies. Thanks to my participants, I now often ask myself: Does this company or organisation love me? Generally, the answer is no, at which point I also know they do not deserve much of my time. At the same time, when a friend, trusted mentor, teacher or stranger donates their precious time to me, I am aware that my appreciation and kindness can only ever partially repay them. My retired participants show that it is important to remain grateful for the time we share with each other while on this Earth. When the daily grind gets you down, remind yourself that time is love. This article originally appeared on <a href="https://theconversation.com/how-to-spend-time-wisely-what-young-people-can-learn-from-retirees-189340" target="_blank" rel="noopener">The Conversation</a>. Image: Shutterstock

Relationships

7 factors that tell you how wise you are

If you have always considered yourself to be a wise person, a new test could determine just how right you are. Researchers at the University of California’s School of Medicine have devised a scale that can help determine an individual’s level of wisdom with a high level of validity. Previously, the team had created a 28-item scale, which has been used in large national and international studies, research, and clinical trials to assess wisdom. Their latest scale, published in <a rel="noopener" href="https://www.cambridge.org/core/journals/international-psychogeriatrics/article/abbreviated-san-diego-wisdom-scale-sdwise7-and-jestethomas-wisdom-index-jtwi/A9B158C6025CB60097F93E36E8D0B859#article" target="_blank">International Psychogeriatrics</a>, was found to be a reliable and comparable measure of wisdom, which has a strong association with wellbeing. “Wisdom measures are increasingly being used to study factors that impact mental health and optimal ageing,” <a rel="noopener" href="https://www.sciencedaily.com/releases/2021/12/211203081529.htm" target="_blank">said</a> Dr Dilip V Jeste, the study’s senior author and a Distinguished Professor of Psychiatry and Neurosciences at the university. “We wanted to test if a list of only seven factors could provide valuable information to test wisdom.” The scale is made up of seven statements that relate to the seven components of wisdom: self-reflection, emotional regulation, pro-social behaviours such as empathy and compassion, acceptance of diverse perspectives, decisiveness, social advising, and spirituality. Participants then rate the statements on a one to five scale, from strongly disagree to strongly agree. Examples include “I remain calm under pressure” and “I avoid situations where I know my help will be needed”, and others ask participants to rate their abilities to make major decisions, engage in self-reflection, and how they feel about diverse viewpoints. “Shorter doesn’t mean less valid,” Dr Jeste said. “We selected the right type of questions to get important information that not only contributes to the advancement of science but also supports our previous data that wisdom correlates with health and longevity. Dr Jeste said assessing levels of wisdom is useful for reducing loneliness and improving overall wellbeing. “Like the COVID-19 vaccine protects us from the novel coronavirus, wisdom can aid in protecting us from loneliness,” he explained. “Thus, we can potentially help end a behavioural pandemic of loneliness, suicides and opioid abuse that has been going on for the last 20 years.” With that in mind, Dr Jeste said future research would see the test be used to assess wisdom in genetic, biological, psychosocial and cultural studies, as well as other factors relating to mental, physical and cognitive health. “We need wisdom for surviving and thriving in life,” Dr Jeste said. “Now, we have a list of questions that take less than a couple of minutes to answer that can be put into clinical practice to try to help individuals.” For the abbreviated test, Jeste, along with coauthors and colleagues, chose one pivotal question (out of four prompts) from each of wisdom's seven subscale categories: The Seven-Item Wisdom Scale Prompts (Subscale in Parenthesis) "I tend to postpone making major decisions as long as I can." (Decisiveness) "I avoid self-reflection." (Self-Reflection) "I avoid situations where I know my help will be needed." (Prosocial Behaviors) "I often don't know what to tell people when they come to me for advice." (Social Advising) "I remain calm under pressure." (Emotional Regulation) "I enjoy being exposed to diverse viewpoints." (Acceptance of Divergent Perspectives) "My spiritual belief gives me inner strength." (Spirituality) If you’re curious and would like to test yourself on the original 28-question scale, you can do so <a rel="noopener" href="https://survey.alchemer.com/s3/5991949/Jeste-Thomas-Wisdom-Index" target="_blank">here</a>! Image: Getty Images

Mind

3 ways to splurge wisely

The key to responsible money management seems simple – spend less than you earn. However, constant scrimping and saving can be a source of burnout and frustration. Enjoying the finer things in life – such as the occasional dinner out or a holiday trip – does not have to mean putting your budget in the red. Here are the three principles you should consider when you want to splurge. 1. Spend on what matters What are some of the best purchases you’ve made recently? Chances are if you remember them, they could be considered a good splurge. What makes a good buy is different to each person. If looking your best is important to you, spending more on salon-brand shampoo or designer clothing might be worth it. For cooking enthusiasts, it might not be a bad idea to fork out extra cash to invest in premium kitchen tools and fresh produce. Apart from personal priorities, you can also consider how often you will be able to enjoy the splurge. Even if it might seem superfluous to onlookers, if the spending brings value to you, go for it. On the other hand, spend as little as you can on things that you need but do not care for. Again, this varies depending on your preferences. Look at your spending and decide which expenses you would be willing to shell out more funds on and which ones to go budget for, be it toilet paper, beauty products, pet food, entertainment or others. 2. Set aside to spend With big spending, often comes a concern that it will put a dent in your wallet. But a splurge does not have to be completely impulsive and reckless – by planning it ahead, you can keep your finances under control. Set aside some of your income and/or savings as a designated fund for frivolous indulgences. When considering how much to budget, take into account your general expenses and goal savings to find out how much you can spend on the “fun” part. 3. When in doubt, wait it out Ever have the urge to grab some coffee and pastry when you’re passing by your local café? This impulsive spending that you decide in the heat of the moment might seem small, but it can easily add up. Instead, consider your priorities and sit on any desire to splurge for at least a few days. This will improve your ability to identify fleeting whims, and give you more time to make sure that the potential expense will fit your budget. Do you have any tips on how to splurge wisely? Let us know in the comments below.

Retirement Income

5 things money-wise people never do

It’s easy to fall prey to hidden service fees, slick marketing hype and sneaky sales pitches. Here’s a few tips to steer clear of some typical financial pitfalls. Think before you get lured by the clearance sale signs – As much as getting a bargain is important to those with a head for money, just because something is cheap doesn’t make it a bargain if you don’t need it and won’t use it. Think carefully about what you will do with something before you make the purchase. Steer clear of full-price household items – Waiting until end-of-season sales ensures you can stock up on wardrobe essentials without breaking the bank. There’s nothing more annoying than buying a suit then seeing it half price a week later! Furniture and white goods can be purchased through factory outlets, or ask sales assistants about floor stock which may be slightly marked but heavily discounted. Also don’t be afraid to ask, especially when making a big purchase, whether the advertised price is the best price they can do, and to request a discount for multiple purchases. You may be surprised how far they’re willing to go for your business. Do your research before buying big-ticket items – Many large stores price match, even if they don’t advertise it, because they want to keep your business. Before you make a big purchase ensure you research the product online – read reviews on comparison sites and ask friends for advice about which items are the best value for money. Pay that interest on your credit card – Money-smart people don’t have credit card debt that can’t be paid off each month. Minimise the number of credit cards you have (one is usually enough to do things like internet purchases) and make sure you get one that works for you. Perhaps pick one with an interest-free period, or one that allows you to earn points and pay off the balance in full each month. Or, better yet, if you know you might struggle to pay it off, ditch the credit card altogether and use a debit card instead. Resist buying that brand new car – There’s a saying that you lose money on a new car as you are driving it out of the yard because cars depreciate in value very quickly. Buying a near-new second-hand car or a demonstration vehicle means you get a lot more bang for your buck. You’ll pay less through a private seller than a dealer, but make sure you enquire about the reasons for selling and check that the car doesn’t have finance owing and hasn’t been in any accidents before you commit to buying.

Money & Banking

Prince Harry's wise advice for youngsters

In front of an audience of roughly 10,000 children, Prince Harry called for youngsters to “look up” from their mobile phones and make a difference. Prince Harry addressed the crowd at ‘We Day’, an event which celebrates children doing social good, at the Canada Air Centre arena in Toronto. "You know that in a clickbait culture, we cannot waste time sharing and drawing attention to things that make us angry, or that we know to be false,” said Harry. "You all know that it’s great to ‘like’ things on social media, but that it’s more important to look up from our phones, to get out into our communities, and to take real action; to stand up for what you believe in." The 33-year-old royal also addressed the younger generation and the environment. "I know that you, more than any previous generation, care deeply about the health and sustainability of the planet you're going to inherit.” "And I see that you’re frustrated – that entrenched mindsets – are not keeping pace with the urgency, of the threats to our environment.” "But today you are all saying no to pessimism and cynicism.” "Here in Toronto – with both We Day and the Invictus Games – we are saying yes to optimism, yes to hope, and yes to belief." Later, Harry thanked a 101-year-old war veteran for his service. Hero Sgt James Baker met Harry at the finals of the wheelchair rugby and the royal made sure he had a VIP seat for the rest of the event. Sgt Baker said, "I wanted to show the athletes my support and enjoy the games. See their spirit." "They show amazing strength of character as well as body. I think they do a wonderful job." "It's important because without this, a lot of them would not be where they are today." "It's Prince Harry's efforts that have encouraged them to find the competitive spirit, self-confidence and join in: make them feel as if they have a place in the world when they could have lost hope." Sgt Baker expressed that his own generation “just had to do the best we could” to recover from war on their own. "Some of them didn't have anything to live for. Harry's given them [this generation] that spirit." Sgt Baker served with the Royal Regiment of Canada for four years. As a company clerk for the regiment, he was not expected to fight but saw action shortly after D-Day. He was part of the Allied Forces who moved through France, Belgium, Holland and Germany.

Technology

Wise 90-year-old answers life’s important questions

A 90-year-old blogger has become an unlikely viral sensation after sharing his wisdom about life with the Internet on online forum Reddit. Roland John “Ron” Lehker took to the site to let users ask him any questions they had about life, love, and what it was like to edge closer to the big 100. His answers were just perfect! <ul> <li>His advice to young people – “I really don't keep up, but I have depended upon my grandchildren to keep me a bit ‘in the loop’. My advice would be to make sure you are still keeping in touch with the views and values of the older generation.”</li> <li>The most important thing in life – “Family.”</li> <li>On people calling him “adorable” – “Since it was a term I've never thought about in [relation] to myself, I was delighted when the person who wrote the article […] had it changed.”</li> <li>When asked if he still felt sexual attraction – “The joy of seeing beauty is no respecter of age.”</li> <li>On death – “Death is one of the few things in life that I (fortunately) do not have control of. Therefore, why worry about it.”</li> <li>On the future and the potential of younger people – “Most important to me is the opportunity to try to make a difference in life – to relate to other people – to help preserve our environment. I sincerely hope you can reach beyond the television screen and realize that each of us can make a difference and find meaning.”</li> <li>What it’s like to be “old” – “I can't imagine how it could be better. I used to think people were old at 60!”</li> </ul> What advice would you give to younger generations? Tell us your thoughts in the comment section below. Related links: <a href="/news/news/2016/07/grandparents-share-secrets-to-a-happy-marriage/">Grandparents share their adorable 5 secrets to a happy marriage</a> <a href="/news/news/2016/07/mick-jagger-expecting-baby-number-eight/">72-year-old Mick Jagger expecting baby number eight</a> <a href="/news/news/2016/07/heartbreaking-news-for-tom-hanks-and-his-family/">Heartbreaking news for Tom Hanks and his family</a>

Mind

You’ll love these wise words from this 116-year-old

Meet Susannah Mushatt Jones. She is an American, born in a small farm town near Montgomery, Alabama. At 116 years, she is the oldest living person in the world, born July 6, 1899. To put that in perspective, here are some things that didn’t exist when the supercentenarian was born; The teddy bear, thumbtacks, teabags, Ford Motors and the Commonwealth of Australia (still officially seen as a settlement until 1901). Miss Jones’ life was far from a comfortable one. One hundred and sixteen years ago, Susie’s tenant-farmer father, Callie, could theoretically have voted, though Alabama’s poll taxes and rigged literacy tests pretty much rendered it an impossibility. Her mother on the other hand, was barred from the polls. As voting rights for women were still twenty years away. Susannah recalls her childhood with a matter of fact nature. Her family cooked on an open fire with water drawn from a well. If they had meat it was their own produce. One of 11 siblings, she walked seven miles to what was then called ‘called the Calhoun Colored School’, a private academy specializing in practical education. Her family paid the tuition by barter. When she graduated from high school in 1922 she began full time work helping family members pick crops - her father picked cotton. Susannah does not dwell on the hardships of living in the south. Her relatives, who affectional call her ‘Tee’ –short for ‘’auntie’-say she was the type that put her head down and just kept on moving. In December 1922 she landed a job within a well-off household as a nanny and a housekeeper. She had a successful career, moving onto a more glamourous job in Bel-Air and then Florida as the housekeeper of Paul Cokell, who was the treasurer of Paramount Pictures at the time. The then twenty something met English actor Cary Grant, American actor Clark Gable, and actor/ politician Ronald Reagan, all younger than she. In 1928, she married a man named Henry Jones. She kept his last name but the marriage ended early and she no longer speaks of him. She had an apartment in Harlem that she shared with other women from Alabama and moved onto various other domestic jobs. A few months after the civil rights act took effect in 1965, Jones settled in New York for good. Her and her extended family were a miniscule part of the great migration- the movement of 6 million African Americans out of the rural Southern United States to the urban Northeast, Midwest, and West. Quite a few of her relatives have lived longish lives, but none remotely like hers. So since we can rule out genes and the privilege of a white collar life, what is Susannah’s secret? Thirty-five years ago at eighty years of age, Susannah moved into a senior’s home in Cararsie. She cooked for herself until 100, and only gave up on her neighbourhood watch role when cataracts sent her blind. (She is too stubborn to undergo the surgery). Susannah sleeps ten hours a day and takes several naps. She eats bacon for breakfast every day and throughout the day as well. She has never drank alcohol, partied or even dyed her hair. Her hair now, long since turned white, has come in brown again. She has no secrets to long life, only this sentiment to live by “I never drink or smoke. I surround myself with love and positive energy. That’s the key to long life and happiness.” Related links: <a href="http://www.oversixty.co.nz/health/mind/2015/11/incredible-benefits-of-mindfulness/">7 incredible benefits of mindfulness backed by science</a> <a href="http://www.oversixty.co.nz/health/mind/2015/11/ageing-changes-happiness/">How happiness changes with age</a> <a href="http://www.oversixty.co.nz/health/mind/2015/11/kindness-leads-to-happiness-research/">People are happier when they do good</a>

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How to spend time wisely – what young people can learn from retirees

Not all mental health apps are helpful. Experts explain the risks, and how to choose one wisely

Top 5 tips to be financially healthy, wealthy and wise

How to spend time wisely – what young people can learn from retirees

7 factors that tell you how wise you are

3 ways to splurge wisely

5 things money-wise people never do

Prince Harry's wise advice for youngsters

Wise 90-year-old answers life’s important questions

You’ll love these wise words from this 116-year-old

News

Shop

Catalogues

Travel

Health

Lifestyle

Finance

Entertainment

Property

Information

Keep up to date

Search

How to spend time wisely – what young people can learn from retirees

Not all mental health apps are helpful. Experts explain the risks, and how to choose one wisely

Top 5 tips to be financially healthy, wealthy and wise

How to spend time wisely – what young people can learn from retirees

7 factors that tell you how wise you are

3 ways to splurge wisely

5 things money-wise people never do

Prince Harry's wise advice for youngsters

Wise 90-year-old answers life’s important questions

You’ll love these wise words from this 116-year-old

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