Submission to the Queensland Government inquiry into "The adequacy of existing financial protections for Queensland's seniors"

This submission covers the following terms of reference: • the current levels of financial literacy of seniors and how that can be improved, for example by education programs; • what support and advice is available to assist seniors with their independent financial decision-making; • online and internet based vulnerabilities and the prevalence and vulnerability of seniors to scams; • agencies and organisations that provide advice and support to seniors requiring financial protection; and • the role of the financial sector in ensuring adequate safeguards for seniors in relation to financial decision-making.

Mathematical Aspects of Financial Markets with Frictions

Frictions are factors that hinder trading of securities in financial markets. Typical frictions include limited market depth, transaction costs, lack of infinite divisibility of securities, and taxes. Conventional models used in mathematical finance often gloss over these issues, which affect almost all financial markets, by arguing that the impact of frictions is negligible and, consequently, the frictionless models are valid approximations. This dissertation consists of three research papers, which are related to the study of the validity of such approximations in two distinct modeling problems. Models of price dynamics that are based on diffusion processes, i.e., continuous strong Markov processes, are widely used in the frictionless scenario. The first paper establishes that diffusion models can indeed be understood as approximations of price dynamics in markets with frictions. This is achieved by introducing an agent-based model of a financial market where finitely many agents trade a financial security, the price of which evolves according to price impacts generated by trades. It is shown that, if the number of agents is large, then under certain assumptions the price process of security, which is a pure-jump process, can be approximated by a one-dimensional diffusion process. In a slightly extended model, in which agents may exhibit herd behavior, the approximating diffusion model turns out to be a stochastic volatility model. Finally, it is shown that when agents' tendency to herd is strong, logarithmic returns in the approximating stochastic volatility model are heavy-tailed. The remaining papers are related to no-arbitrage criteria and superhedging in continuous-time option pricing models under small-transaction-cost asymptotics. Guasoni, Rásonyi, and Schachermayer have recently shown that, in such a setting, any financial security admits no arbitrage opportunities and there exist no feasible superhedging strategies for European call and put options written on it, as long as its price process is continuous and has the so-called conditional full support (CFS) property. Motivated by this result, CFS is established for certain stochastic integrals and a subclass of Brownian semistationary processes in the two papers. As a consequence, a wide range of possibly non-Markovian local and stochastic volatility models have the CFS property.

Does financial education influence retirement savings? An examination of Australian employees

In order to ensure a financially secure retirement, Australians will need to plan and save for their retirement many decades before they retire.

The age pension, paid for out of Commonwealth government taxes is currently the backbone of the retirement system, but will not replace as much pre-retirement income in the future as it does today. Given the shift from the defined benefit style to the accumulation style, superannuation funds involve considerably more uncertainty, and as such, one might have thought that individuals would be saving more on their own. But personal saving outside of superannuation plans is virtually non-existent. Combine the retirement income crunch with the dramatic increase in life expectancy, and the need for careful retirement planning and sacrificing current consumption for later consumption becomes imperative for ensuring the financial security of older Australians. The hard question is whether individuals will be prepared to make the necessary sacrifices today to ensure a more secure financial future in retirement? This paper explores the willingness of individuals to make these sacrifices, and whether financial education can influence individuals in this difficult decision.

Risk-assessment practices in the private rental sector : implications for low-income renters (Final Report)

This report focuses on risk-assessment practices in the private rental market, with particular consideration of their impact on low-income renters. It is based on the fieldwork undertaken in the second stage of the research process that followed completion of the Positioning Paper. The key research question this study addressed was: What are the various factors included in ‘risk-assessments’ by real estate agents in allocating ‘affordable’ tenancies? How are these risks quantified and managed? What are the key outcomes of their decision-making? The study builds on previous research demonstrating that a relatively large proportion of low-cost private rental accommodation is occupied by moderate- to high-income households (Wulff and Yates 2001; Seelig 2001; Yates et al. 2004). This is occurring in an environment where the private rental sector is now the de facto main provider of rental housing for lower-income households across Australia (Seelig et al. 2005) and where a number of factors are implicated in patterns of ‘income–rent mismatching’. These include ongoing shifts in public housing assistance; issues concerning eligibility for rent assistance; ‘supply’ factors, such as loss of low-cost rental stock through upgrading and/or transfer to owner-occupied housing; patterns of supply and demand driven largely by middle- to high-income owner-investors and renters; and patterns of housing need among low-income households for whom affordable housing is not appropriate. In formulating a way of approaching the analysis of ‘risk-assessment’ in rental housing management, this study has applied three sociological perspectives on risk: Beck’s (1992) formulation of risk society as entailing processes of ‘individualisation’; a socio-cultural perspective which emphasises the situated nature of perceptions of risk; and a perspective which has drawn attention to different modes of institutional governance of subjects, as ‘carriers of specific indicators of risk’. The private rental market was viewed as a social institution, and the research strategy was informed by ‘institutional ethnography’ as a method of enquiry. The study was based on interviews with property managers, real estate industry representatives, tenant advocates and community housing providers. The primary focus of inquiry was on ‘the moment of allocation’. Six local areas across metropolitan and regional Queensland, New South Wales, and South Australia were selected as case study localities. In terms of the main findings, it is evident that access to private rental housing is not just a matter of ‘supply and demand’. It is also about assessment of risk among applicants. Risk – perceived or actual – is thus a critical factor in deciding who gets housed, and how. Risk and its assessment matter in the context of housing provision and in the development of policy responses. The outcomes from this study also highlight a number of salient points: 1.There are two principal forms of risk associated with property management: financial risk and risk of litigation. 2. Certain tenant characteristics and/or circumstances – ability to pay and ability to care for the rented property – are the main factors focused on in assessing risk among applicants for rental housing. Signals of either ‘(in)ability to pay’ and/or ‘(in)ability to care for the property’ are almost always interpreted as markers of high levels of risk. 3. The processing of tenancy applications entails a complex and variable mix of formal and informal strategies of risk-assessment and allocation where sorting (out), ranking, discriminating and handing over characterise the process. 4. In the eyes of property managers, ‘suitable’ tenants can be conceptualised as those who are resourceful, reputable, competent, strategic and presentable. 5. Property managers clearly articulated concern about risks entailed in a number of characteristics or situations. Being on a low income was the principal and overarching factor which agents considered. Others included: - unemployment - ‘big’ families; sole parent families - domestic violence - marital breakdown - shift from home ownership to private rental - Aboriginality and specific ethnicities - physical incapacity - aspects of ‘presentation’. The financial vulnerability of applicants in these groups can be invoked, alongside expressed concerns about compromised capacities to manage income and/or ‘care for’ the property, as legitimate grounds for rejection or a lower ranking. 6. At the level of face-to-face interaction between the property manager and applicants, more intuitive assessments of risk based upon past experience or ‘gut feelings’ come into play. These judgements are interwoven with more systematic procedures of tenant selection. The findings suggest that considerable ‘risk’ is associated with low-income status, either directly or insofar as it is associated with other forms of perceived risk, and that such risks are likely to impede access to the professionally managed private rental market. Detailed analysis suggests that opportunities for access to housing by low-income householders also arise where, for example: - the ‘local experience’ of an agency and/or property manager works in favour of particular applicants - applicants can demonstrate available social support and financial guarantors - an applicant’s preference or need for longer-term rental is seen to provide a level of financial security for the landlord - applicants are prepared to agree to specific, more stringent conditions for inspection of properties and review of contracts - the particular circumstances and motivations of landlords lead them to consider a wider range of applicants - In particular circumstances, property managers are prepared to give special consideration to applicants who appear worthy, albeit ‘risky’. The strategic actions of demonstrating and documenting on the part of vulnerable (low-income) tenant applicants can improve their chances of being perceived as resourceful, capable and ‘savvy’. Such actions are significant because they help to persuade property managers not only that the applicant may have sufficient resources (personal and material) but that they accept that the onus is on themselves to show they are reputable, and that they have valued ‘competencies’ and understand ‘how the system works’. The parameters of the market do shape the processes of risk-assessment and, ultimately, the strategic relation of power between property manager and the tenant applicant. Low vacancy rates and limited supply of lower-cost rental stock, in all areas, mean that there are many more tenant applicants than available properties, creating a highly competitive environment for applicants. The fundamental problem of supply is an aspect of the market that severely limits the chances of access to appropriate and affordable housing for low-income rental housing applicants. There is recognition of the impact of this problem of supply. The study indicates three main directions for future focus in policy and program development: providing appropriate supports to tenants to access and sustain private rental housing, addressing issues of discrimination and privacy arising in the processes of selecting suitable tenants, and addressing problems of supply.

The role of informal networks in providing effective work opportunities for people with an intellectual disability

Being in paid employment is socially valued, and is linked to health, financial security and time use. Issues arising from a lack of occupational choice and control, and from diminished role partnerships are particularly problematic in the lives of people with an intellectual disability. Informal support networks are shown to influence work opportunities for people without disabilities, but their impact on the work experiences of people with disability has not been thoroughly explored. The experience of 'work' and preparation for work was explored with a group of four people with an intellectual disability (the participants) and the key members of their informal support networks (network members) in New South Wales, Australia. Network members and participants were interviewed and participant observations of work and other activities were undertaken. Data analysis included open, conceptual and thematic coding. Data analysis software assisted in managing the large datasets across multiple team members. The insight and actions of network members created and sustained the employment and support opportunities that effectively matched the needs and interests of the participants. Recommendations for future research are outlined.

Young people’s aspirations for education, work, family and leisure

Young people are arguably facing more ‘complex and contested’ transitions to adulthood and an increasing array of ‘non-linear’ paths. Education and training have been extended, identity is increasingly shaped through leisure and consumerism and youth must navigate their life trajectories in highly individualised ways. The study utilises 819 short essays compiled by students aged 14–16 years from 19 schools in Australia. It examines how young people understand their own unique positions and the possibilities open to them through their aspirations and future orientations to employment and family life. These young people do not anticipate postponing work identities, but rather embrace post-school options such as gaining qualifications, work experience and achieving financial security. Boys expected a distant involvement in family life secondary to participation in paid work. In contrast, around half the girls simultaneously expected a future involving primary care-giving and an autonomous, independent career, suggesting attempts to remake gendered inequalities

Choosing work and care : four Australian women negotiating return to paid work in the first year of motherhood

Australian women make decisions about return to paid work and care for their child within a policy environment that presents mixed messages about maternal employment and child care standards. Against this background an investigation of first-time mothers’ decision-making about workforce participation and child care was undertaken. Four women were studied from pregnancy through the first postnatal year using interview and diary methods. Inductive analyses identified three themes, all focused on dimensions of family security: financial security relating to family income, emotional security relating to child care quality, and pragmatic security relating to child care access. The current policy changes that aim to increase child care quality standards in Australia present a positive step toward alleviating family insecurities but are insufficient to alleviate the evidently high levels of tension between workforce participation and family life experienced by women transitioning back into the workforce in Australia.

Controle Gerencial em Empresas Internacionalizadas: Caso Petrobras Uruguay Distribución

Reconhecida como uma das maiores empresas do Brasil, controlada pelo governo, a Petrobras apresenta um processo de internacionalização dividido em duas fases: (i) busca de melhores condições contratuais para o abastecimento do mercado interno e (ii) posicionamento mundial, segurança financeira e internacionalização da marca. Ambas as perspectivas de atuação internacional promoveram o aproveitamento de vantagem competitiva, ainda que sob comportamentos distintos. Diante disso, o objetivo do presente estudo é mensurar o impacto do processo de internacionalização no sistema de controle gerencial da unidade de estudo: Petrobras Uruguay Distribución, subsidiária no segmento de downstream1 e constituída em 2006 por meio de um processo de reorganização societária decorrente da aquisição dos ativos da Shell. Para atender a este propósito, analisam-se as possíveis alterações dos sistemas de controle gerencial e a relação existente, em termos de proximidade e afastamento da literatura presente e o caso estudado. Para tanto, o capítulo de revisão de literatura representa o embasamento teórico responsável pelas abordagens das características dos sistemas de controles, identificação dos contextos influenciadores de seu desenho e destaque para os tipos de internacionalização, nas tangentes comportamentais e motivacionais, além de abordar as teorias de ciclo de vida organizacional. O método aplicado no teste do referencial teórico foi o estudo exploratório com caso único, mediante a aplicação de um questionário padronizado. As variáveis de pesquisa consubstanciaram-se no relacionamento da literatura abordada e as questões de pesquisa e foram classificadas, segundo a natureza, em contingentes e identificadoras. Os resultados obtidos possibilitaram avaliar o nível do impacto do processo de internacionalização e a capacidade de adaptabilidade da organização aos novos contextos, comprovando que o empreendimento de novas estratégias, sejam elas internacionais ou em novos negócios, influencia o desenho do sistema de controle gerencial que refletirá, na proporção do interesse dos gestores, num processo de controle mais adequado à organização.

Continuous Plankton Recorder Database: evolution, current uses and future directions.

The Continuous Plankton Recorder (CPR) survey, operated by the Sir Alister Hardy Foundation for Ocean Science (SAHFOS), is the largest plankton monitoring programme in the world and has spanned >70 yr. The dataset contains information from ~200 000 samples, with over 2.3 million records of individual taxa. Here we outline the evolution of the CPR database through changes in technology, and how this has increased data access. Recent high-impact publications and the expanded role of CPR data in marine management demonstrate the usefulness of the dataset. We argue that solely supplying data to the research community is not sufficient in the current research climate; to promote wider use, additional tools need to be developed to provide visual representation and summary statistics. We outline 2 software visualisation tools, SAHFOS WinCPR and the digital CPR Atlas, which provide access to CPR data for both researchers and non-plankton specialists. We also describe future directions of the database, data policy and the development of visualisation tools. We believe that the approach at SAHFOS to increase data accessibility and provide new visualisation tools has enhanced awareness of the data and led to the financial security of the organisation; it also provides a good model of how long-term monitoring programmes can evolve to help secure their future.

Student perceptions of environmental management : profiling the future environmental manager

Large growth is expected in the environment industry in coming decades; especially in Australia where the government's new price on carbon began in July 2012. This growth inevitably raises the question of who will fill new environmental management roles. This article presents the perceptions and expectations of students who are beginning to think about a possible career in this sector; what influences their decision-making and how do they view a career as an environmental manager? Without this information the environment sector will be under prepared for the expectations of incoming recruits and may lose valued students, graduates and employees. We found that prospective environmental managers are passionate and committed individuals who express a desire to help create a better world. They fail, however, to adequately articulate what environmental management entails, and have a poor understanding of the industry. They appear to be worried about financial security in what they see as a growing, but not yet fully mature, industry. The environment sector must therefore take the opportunity to engage these future environmental managers, and to communicate where the field will lead and how it can help this next generation achieve their aspirations to ‘save the planet’.

CC98-410 Money 2000+ News (Introductory Issue)

Money 2000+ is a program designed to increase the financial well being of Nebraskans through increased savings and reduced household debt. This Campaign Circular, Money 2000+ News is an introductory publication to this program which talks about setting goals for saving money, downsizing your debt with ways to save with credit cards, passing up things that waste money, record keeping, looking for ways to save money, avoiding late fees, and saving and credit tips.

The Resilience of Self-Esteem in Late Adulthood

OBJECTIVE: The authors examined the resilience of self-esteem after loss in the lives of older adults. Specifically, the authors investigated the relationship between loss and change in self-esteem during a 3-year period. METHOD: A subsample of older adults (n = 1,278) from the Americans' Changing Lives Study was used to examine loss in the domains of health, financial security, or work and career and self-esteem before and after the loss. RESULTS: There was a small but significant decrease in self-esteem between Wave I and Wave II of the study. Loss in one of the domains explained less than 1% of the variance in self-esteem change. DISCUSSION: The low incidence of loss and small change in high levels of self-esteem are further evidence of resilience in older adults' psychological well-being. The implications for older adults' use of cognitive strategies to manage losses and promote gains are discussed.

OTIMISMO, SUPORTE SOCIAL E VALORES DO TRABALHO COMO ANTECEDENTES DE BEM ESTAR SUBJETIVO DE TRABALHADORES

Este estudo teve por objetivo verificar a capacidade de otimismo, de suporte social e de valores do trabalho serem preditores de bem estar subjetivo, bem como analisar as relações de variáveis demográficas com essas variáveis de estudo, descrevê-las e examinar as relações entre elas. A amostra consistiu de 47 homens e de 101 mulheres com idade média de 41,00 anos (DP =10,72) que buscavam apoio em instituição para sua transição profissional. O instrumento de coleta de dados foi um questionário de autopreenchimento composto por cinco medidas que aferiram as variáveis incluídas no estudo: otimismo, percepção de suporte social, valores do trabalho, satisfação geral com a vida e afetos positivos e negativos, bem como variáveis demográficas: sexo, idade, estudo, trabalho, voluntariado, estado civil e permanência na instituição. Foram realizadas análises estatísticas descritivas, testadas diferenças entre médias, correlações, análise de variância e calculados modelos de regressão linear múltipla. As relações das variáveis de estudo com variáveis demográficas revelaram que as pessoas que não estudam percebem ter mais suporte prático e dão mais importância a motivações de autopromoção e de prestígio do que as que estudam. Os mais jovens com até 30 anos relataram que se percebem tendo mais apoio emocional e prático do que os mais velhos. Com o avanço da idade diminuem as percepções de suporte emocional e prático, contudo as pessoas com mais de 50 anos revelaram menos afetos negativos e maior satisfação com a vida do que os mais jovens. Casados revelaram dar menos importância do que separados, divorciados, viúvos, etc. à estabilidade no trabalho e segurança financeira; solteiros revelaram ter mais afetos negativos do que os casados. Homens relataram se sentir mais satisfeitos com a vida, ter mais afetos positivos e menos afetos negativos que mulheres. Quem realiza trabalho voluntário revelou ser mais otimista e ter menos afetos negativos do que aqueles que não realizam. Os dados revelaram que os pesquisados têm um bom nível de otimismo e uma percepção de suporte emocional maior do que a percepção de suporte prático; são motivados, principalmente por metas de realização no trabalho e de estabilidade e segurança financeira; sentem-se indiferentes quanto à satisfação com a vida; apresentam afetos positivos um pouco acima da indiferença; contudo sentem poucos afetos negativos. Disso decorre que um pouco mais de dois terços dos pesquisados apresentaram predominância de estados emocionais positivos sobre os negativos. O otimismo foi a variável que estabeleceu associações mais altas e em maior quantidade; correlacionou positivamente com valores de realização no trabalho, com valores de relações sociais, com valores do trabalho de prestígio, com satisfação com a vida e com afetos positivos; e correlacionou negativamente com afetos negativos. A percepção de suporte emocional correlacionou positivamente com valores de prestígio, afetos positivos e com satisfação com a vida; e correlacionou negativamente com afetos negativos. Percepção de suporte prático não apresentou correlações significativas com nenhuma variável de estudo. Afetos positivos correlacionaram-se positivamente com valores do trabalho de relações sociais e com valores do trabalho de prestígio. A partir da análise de três modelos preditivos encontrou-se que otimismo e suporte emocional repercutem positivamente sobre a satisfação com a vida e sobre afetos positivos. Otimismo repercute negativamente sobre afetos negativos. Valores do trabalho de prestígio repercutem positivamente sobre afetos positivos. Valores de estabilidade repercutem negativamente sobre satisfação com a vida e sobre afetos positivos; e positivamente sobre afetos negativos. Os resultados deste estudo mostraram que o estado otimista é um poderoso fator de impacto positivo sobre o estado de saúde denominado bem estar subjetivo.(AU)

OTIMISMO, SUPORTE SOCIAL E VALORES DO TRABALHO COMO ANTECEDENTES DE BEM ESTAR SUBJETIVO DE TRABALHADORES

Este estudo teve por objetivo verificar a capacidade de otimismo, de suporte social e de valores do trabalho serem preditores de bem estar subjetivo, bem como analisar as relações de variáveis demográficas com essas variáveis de estudo, descrevê-las e examinar as relações entre elas. A amostra consistiu de 47 homens e de 101 mulheres com idade média de 41,00 anos (DP =10,72) que buscavam apoio em instituição para sua transição profissional. O instrumento de coleta de dados foi um questionário de autopreenchimento composto por cinco medidas que aferiram as variáveis incluídas no estudo: otimismo, percepção de suporte social, valores do trabalho, satisfação geral com a vida e afetos positivos e negativos, bem como variáveis demográficas: sexo, idade, estudo, trabalho, voluntariado, estado civil e permanência na instituição. Foram realizadas análises estatísticas descritivas, testadas diferenças entre médias, correlações, análise de variância e calculados modelos de regressão linear múltipla. As relações das variáveis de estudo com variáveis demográficas revelaram que as pessoas que não estudam percebem ter mais suporte prático e dão mais importância a motivações de autopromoção e de prestígio do que as que estudam. Os mais jovens com até 30 anos relataram que se percebem tendo mais apoio emocional e prático do que os mais velhos. Com o avanço da idade diminuem as percepções de suporte emocional e prático, contudo as pessoas com mais de 50 anos revelaram menos afetos negativos e maior satisfação com a vida do que os mais jovens. Casados revelaram dar menos importância do que separados, divorciados, viúvos, etc. à estabilidade no trabalho e segurança financeira; solteiros revelaram ter mais afetos negativos do que os casados. Homens relataram se sentir mais satisfeitos com a vida, ter mais afetos positivos e menos afetos negativos que mulheres. Quem realiza trabalho voluntário revelou ser mais otimista e ter menos afetos negativos do que aqueles que não realizam. Os dados revelaram que os pesquisados têm um bom nível de otimismo e uma percepção de suporte emocional maior do que a percepção de suporte prático; são motivados, principalmente por metas de realização no trabalho e de estabilidade e segurança financeira; sentem-se indiferentes quanto à satisfação com a vida; apresentam afetos positivos um pouco acima da indiferença; contudo sentem poucos afetos negativos. Disso decorre que um pouco mais de dois terços dos pesquisados apresentaram predominância de estados emocionais positivos sobre os negativos. O otimismo foi a variável que estabeleceu associações mais altas e em maior quantidade; correlacionou positivamente com valores de realização no trabalho, com valores de relações sociais, com valores do trabalho de prestígio, com satisfação com a vida e com afetos positivos; e correlacionou negativamente com afetos negativos. A percepção de suporte emocional correlacionou positivamente com valores de prestígio, afetos positivos e com satisfação com a vida; e correlacionou negativamente com afetos negativos. Percepção de suporte prático não apresentou correlações significativas com nenhuma variável de estudo. Afetos positivos correlacionaram-se positivamente com valores do trabalho de relações sociais e com valores do trabalho de prestígio. A partir da análise de três modelos preditivos encontrou-se que otimismo e suporte emocional repercutem positivamente sobre a satisfação com a vida e sobre afetos positivos. Otimismo repercute negativamente sobre afetos negativos. Valores do trabalho de prestígio repercutem positivamente sobre afetos positivos. Valores de estabilidade repercutem negativamente sobre satisfação com a vida e sobre afetos positivos; e positivamente sobre afetos negativos. Os resultados deste estudo mostraram que o estado otimista é um poderoso fator de impacto positivo sobre o estado de saúde denominado bem estar subjetivo.(AU)

THE ECONOMIC, AESTHETIC, AND NONPROFIT ORGANIZATION OF PROFESSIONAL VOCAL ENSEMBLES: TOWARD A THEORY OF THE PERFORMING ARTS

Thesis (D.M.A.)--University of Washington, 2016-06