Category: Latest News

In the lead-up to Valentine’s Day, we’ve put together a few pointers about how to start money conversations with your partner.

When most of us think about romance, talking about money probably doesn’t come to mind. For some couples, it may even be one of the least romantic topics. However, over the longer term, coming to a mutual understanding about finances can help build trust, as well as a sense of security and well-being. With that in mind, here are some ways to approach the topic with your partner.

1. Make time for it in the schedule

While you may not wish to spend Valentine’s Day talking about school fees and retirement, think about setting another night aside for a conversation about future spending, saving, and goals. You’re unlikely to cover it all in one sitting, so consider breaking down the conversation points over multiple nights or weeks. Some couples like to set up a ‘money date night’, where finances are the main topic on the menu.

2. Expect and respect differences

We all have different attitudes and philosophies when it comes to money. That’s part of life. Expect that you and your partner will disagree on certain aspects, but come up with some ground rules to manage these disagreements. Money can be a sensitive topic for some people, so try to approach the dialogue from an empathetic point of view. In some cases, our attitudes come from past experiences, so broadening the conversation to the ‘whys’ may help to build your understanding.

3. Look at both the big and small things

Some money decisions won’t move the needle in the scheme of things, such as who picks up the bill for the coffee at the local shop. Others, however, could be life-changing – such as where you’ll live, whether you’ll have children and how you’ll retire. However, learning about both the big and small things can help to build that understanding of how you and your partner approach financial decisions.

4. Consider speaking to an expert

If you and your partner need a third perspective to navigate your money decisions, you could consider turning to a qualified financial planner. These professionals can help you to narrow down your goals and come up with personalised strategies to achieve them, including budgets and debt plans. Police Bank has a relationship with Chelsea Wealth, if you’re considering going down this pathway.

Spotlight articles are prepared without taking into account your objectives, financial situation or needs and are published  for information purposes only. You should consider the appropriateness of any content to your circumstances. Visit Important documents to access Terms and Conditions and the Financial Services Guide which are currently available electronically for products of Police Bank Limited. Target Market Determinations are available here. Loan applications are subject to lending criteria and credit approval. Interest rates are subject to change. Fees and charges may apply.

The way most people pay for goods and services and do their banking has evolved radically over the past decade and the pace of change has only accelerated in the wake of the COVID pandemic. Here we look at some of the key banking trends and what they might mean for you.

Rapid changes have occurred in the banking sector over the last decade, driven by technological innovations and evolving customer expectations.

The pace of change accelerated during the COVID pandemic when the need to avoid contact boosted the use of online banking and digital payments.

Here we explore some of the major trends occurring in the banking sector today:

We are using less cash

For many Australians, using cash is now a rare event, as society continues to shift toward digital payments.  According to a report by the Australian Banking Association (ABA), at the end of 2022, cash only accounted for 13 per cent of consumer payments in Australia. In 2007, that figure was 70 per cent.

Angel Zhong, Associate Professor of Finance at RMIT University, said the move to a cashless society is no longer just a possibility: “This transition to a cashless economy is well underway. It started prior to the pandemic due to technological innovations and advancements but then COVD accelerated this trend because during COVID a lot of stores accepted contactless payments.”

In a global trend, cash will be defunct in Sweden by 2024, replaced by electronic payments and central bank digital currency (CBDC).

Zhong estimates that Australia will be a cashless society by 2030.

But that doesn’t mean cash will disappear entirely.

We have only to look to the large-scale Optus outage in November, which prevented millions of Australians from using digital payments, for an example of the way cash can be useful in a crisis.

“Moving to a cashless society doesn’t mean that there’s no bank notes at all,” said Zhong. “No one should be panicking that your banknotes will no longer carry value. There is always a place for cash, but the majority will be making payments with digital wallets.”

Rise of digital payments

The convenience, speed and security of digital transactions has proven irresistible and led to digital payments eclipsing traditional methods.

According to the ABA, mobile wallet transactions surged from $746 million in 2018 to more than $93 billion in 2022, while the number of cards registered to mobile wallets rose from just over 2 million to 15.3 million over the same period.

Other digital payment options such as PayID and Paypal are also gaining traction.

Cheques are declining

As the range of available payment options increases, the use of cheques has plummeted.

The Australian Government plans to phase out cheques as it seeks to modernise Australia’s payments infrastructure, with the country’s cheque system scheduled to wind down no later than 2030. Government usage cheques will be phased out by 2028.

As cheques become lesson common, bank customers are using alternative payment methods such as direct debit, BPAY, PayID, and digital card payments.

We are mostly banking online

Australian bank customers have overwhelmingly shifted to digital when it comes to doing their banking. The majority (98.9%) of transactions are now handled through online channels and apps, according to the ABA.

In person branch transactions are experiencing a rapid decline, falling by 46% from FY19 to FY22, as most transactions can be conveniently done online or by phone.

Customers benefits from online banking that can be done anywhere and anytime, and when they do come to a branch, it’s usually for more complex, non-transactional needs.

Cyber security is a high priority

Cyber-attacks are increasing in frequency and impact as criminals continuously adopt new ways to compromise systems and information.

More than two in 10 businesses experienced a cyber security attack during the 2021-22 financial year, compared to almost one in 10 in 2019-20.

Faced with rapidly evolving hacking methods, banks are beginning to embrace advanced technologies such as analytics and artificial intelligence to detect threats effectively.

Regtech and the revolution of regulation

Regulation of banks has increased in recent years, increasing costs, especially for smaller organisations with less resources.

A new wave of solutions known as “regtech” is starting to streamline the work of compliance and thereby reduce the costs.

Using advanced data analytics, regtech solutions can help banks identify potential risks and compliance issues with greater precision, reducing the likelihood of mistakes and penalties.

Evolving customer expectations

Having become accustomed to the digital experience offered by Apple, Amazon and Google, customers expect their banks to interact more like these top technology brands.

“The traditional approach of bank-developed products being served up to customers is unlikely to survive until 2030, as customers increasingly seek the providers that can best meet their specific needs,” said Matt Baxby, CEO – Australia, at finance app Revolut.

Customers are increasingly conscious of ethical, environmental, and social issues and will continue to look to their banks that reflect their values.

“The consumer of 2030 will be more socially and environmentally conscious than at any other point in history,” said KPMG. “In this reality, earning and maintaining a licence to operate is dependent on having a clear social and commercial purpose that extends beyond serving the immediate needs of the customer to solving deeper societal challenges our community faces.”

Moving to the cloud

To fully benefit from the rapid technological changes that are occurring and respond quickly to consumer needs, banks are switching from onsite IT infrastructure to cloud-based solutions for their core banking systems.

The cloud becomes a place for banks to store data and applications and access advanced software applications via the internet.

The shift offers numerous benefits including cost-efficiency, scalability, improved security, and the facilitation of AI integration.

The move to the cloud will strengthen the trend toward banks and fintechs partnering to better meet the needs of customers than they could acting independently.

“As the industry diversifies, industry players will find new ways of working cooperatively, taking advantage of partnership models to deliver better services to consumers,” said Adam Roberts, VP Digital, Data and Payments Innovation, AMEX.

Our journey

As Police Bank approaches the celebration of its 60^th anniversary next year, we are undergoing a transformation that will underpin our sustainability in the years to come.

A key part of becoming a bank of the future is our transition to a new core banking system, which will offer members a more seamless way of banking with us.

We have partnered with fintech Temenos that will provide us with the agility to adopt new technologies as they become available and meet your changing needs for many years to come.

Our digital modernisation will not reduce face-to-face interaction between members and our staff, but rather free up staff from clunky systems so they have time for more purposeful matters – like conversations with you.

This project will allow us to deliver a better, safer banking experience for you today and into the future, while maintaining our focus on our members and giving back to our community.

We will keep you informed every step of the way. So keep an eye out for updates from us.

Spotlight articles are prepared without taking into account your objectives, financial situation or needs and are published  for information purposes only. You should consider the appropriateness of any content to your circumstances. Visit Important documents to access Terms and Conditions and the Financial Services Guide which are currently available electronically for products of Police Bank Limited. Target Market Determinations are available here. Loan applications are subject to lending criteria and credit approval. Interest rates are subject to change. Fees and charges may apply.

With most scams involving a form of impersonation, Scamwatch is warning Australians and are urging you take additional precautions towards who you’re dealing with this November.

As the national and personal cost of scams continues to skyrocket across the country, this year’s Scams Awareness Week is drawing attention to one of the most common forms of financial fraud: impersonation scams.

The Australian Competition and Consumer Commission (ACCC), which runs Scamwatch and hosts the annual awareness campaign, said roughly four-in-five scams involves some form of impersonation.

As members of law enforcement, we know many of our customers have seen the devastating effects of these scams, which can include financial ruin and humiliation.

In many cases, it may be a fraudster calling, emailing or messaging, claiming to be from a legitimate agency – such as a bank, private business or government agency. Sometimes the scam messages mimic the legitimate communications of the firm they’re purporting to be from.

Impersonation scammers may also peg their scams to real events or company changes to appear more authentic. For example, the streaming platform Netflix recently tried to crack down on password sharing and enabled users to create a collection of devices using the same account, known as a ‘Netflix household’. A scam message then circulated encouraging recipients to click a link embedded in a text message to update their Netflix household. However, the link wasn’t legitimate and was instead designed to collect private information from those who clicked it.

How to spot and avoid an impersonation scam

While impersonation scams are rife, Scamwatch states there are several signs that can help you spot them. They include:

• Communications with a sense of urgency or threats; for example, ‘A payment is overdue and must be made now to avoid further action.’
• Links embedded in messages that look different to the business or agency’s website. To be safe, never click the links in messages.
• If you receive a suspicious message or call, contact the ‘sender’ through another channel, such as their website or public phone line, to confirm their identity.
• Block and report scams, where possible, to protect others.

Ways to get involved

Scamwatch is encouraging law-enforcement officials to get involved this Scams Awareness Week by sharing messages from its social media campaign, and digital assets from its website.

Scams Awareness Week runs November 27 through December 1. For more information, visit scamwatch.gov.au/

Spotlight articles are prepared without taking into account your objectives, financial situation or needs and are published for information purposes only. You should consider the appropriateness of any content to your circumstances. Visit Important documents to access Terms and Conditions and the Financial Services Guide which are currently available electronically for products of Police Bank Limited. Target Market Determinations are available here. Loan applications are subject to lending criteria and credit approval. Interest rates are subject to change. Fees and charges may apply.

Whether you need to do a money stock take or want to draft some new financial goals, the start of the year is a great opportunity to get a list going. Consider these resolutions as a springboard.

As we approach the final stretch of 2023, it’s time to start thinking about some New Year’s money resolutions to try to get your finances into great shape for the next 12 months and beyond.

If 2023 wasn’t your best year, cash-wise, the new calendar year offers the opportunity for a fresh start. Setting some goals may help relieve the financial pressure of interest-rate rises and inflation or shore up your long-term plans. Here are a few starting resolutions to consider.

Resolution 1: Set a smart savings plan

If you’ve got a short- or long-term money goal, January 1 could be the ideal time to create a new saving habit. Consider mapping out how much you can reasonably afford to put aside across the year, then making regular contributions to a Police Bank savings account.* [JM1] With rates higher than they have been in the past few years, you may also be rewarded with some extra interest on your balance, depending on how much you save.

Resolution 2: Tackle debt

If you’ve been concerned about your debt in the face of rising interest rates, some New Year’s downtime could be the chance to work on a strategy to pay it down. There are a number of methods to reduce debt and your best individual approach depends on your preferences and circumstances.

Remember, you can always call the National Debt Helpline on 1800 007 007 if you need additional support.

Resolution 3: Revisit or set up safety nets

As the past few years have taught us all, curveballs can land at any time. To prepare for unexpected events, consider setting up or topping up an emergency fund in the new year. It’s an account reserved for surprise events, such as urgent medical expenses or car costs you weren’t anticipating.

The new year could also be an opportunity to look at your insurance and make sure it’s fit for your needs.

Resolution 4: Check in on how you’re tracking for retirement

Whether you’re in the prime of your career or approaching retirement, it’s worth checking in on how your super is tracking a few times each year. Key questions to consider asking include whether you’re contributing enough for the retirement you want. Everyone has different plans for their golden years, but the ASFA Retirement Standard offers a benchmark to think about or how much a modest or comfortable retirement may cost.

If you need some personalised advice in the new year, you could consider seeing a financial planner.

Resolution 5: Look at ways to cut back

If the past year has put a bigger hole in your budget than you’d like, it could be worth thinking about some ways to reduce costs in 2024. For example, you could plan to renegotiate your phone or energy contract, trim down your under-used memberships and subscriptions and set a more stringent weekly groceries plan.

While everyone’s resolutions will be slightly different, depending on their plans and stage of life, setting goals you can stick to could be the key to a very happy new year, financially speaking.

* Police Bank Ltd ABN 95 087 650 799; Australian credit licence and AFSL 240018. Terms, conditions, and eligibility criteria apply. Savings Account Interest rates may vary and are subject to change. Visit our website for more information.

Spotlight articles are prepared without taking into account your objectives, financial situation or needs and are published for information purposes only. You should consider the appropriateness of any content to your circumstances. Visit Important documents to access Terms and Conditions and the Financial Services Guide which are currently available electronically for products of Police Bank Limited. Target Market Determinations are available here. Loan applications are subject to lending criteria and credit approval. Interest rates are subject to change. Fees and charges may apply.

One-in-six women in Australia is affected by economic abuse. Economic Abuse Awareness Day, observed in November, brings attention to this often-hidden issue. Let’s examine the signs of economic abuse and discover available support options if you or someone you know might be experiencing this hardship.

Economic abuse is a form of manipulation that can often go unnoticed. It encompasses various behaviours that exert control over someone’s financial resources, leading to dependence and vulnerability.

Studies in Australia indicate that more than one-in-six women will encounter economic abuse during their lifetime. Recently, International Economic Abuse Awareness Day, on November 26, shone a spotlight on the enduring and profound repercussions survivors of economic abuse face.

Deloitte analysis has found that this form of abuse costs victim-survivors a staggering $5.7 billion annually in Australia, with consequences that extend far beyond the financial impact. Tara, a survivor of domestic abuse, shares her poignant perspective:

“Throughout the relationship, he drained hundreds of thousands of dollars from me. It’s not solely about the financial toll; it’s about what it steals from your future. Obtaining a home loan now feels impossible post-bankruptcy. The time lost in family court is time irretrievable. That’s the true cost. It’s challenging to explain the mental and emotional toll in mere dollars.”

Economic abuse seldom stands alone. More than 78% of individuals enduring domestic violence also face economic abuse as part of a broader pattern of controlling and abusive behaviour, severely limiting their avenues for safety.

The telltale signs of economic abuse include:

• Control of Financial Resources: This involves restricting access to cash or bank accounts, withholding money for essential needs like food or clothing, and monitoring and scrutinising every expenditure.

• Undermining Financial Independence: Committing acts that sabotage education or employment opportunities or forcing financial dependence by not contributing to household expenses or burdening one partner with all bills.

• Forced Financial Actions: Coercing a person into handing over income or savings, pressuring them to incur debts against their will, or making financial decisions without their consent (like securing loans or making purchases in their name).

• Manipulation and Concealment: Hiding financial information or assets, forcing claims of undeserved government benefits, demanding excessive payments (like dowry), misrepresenting documents to gain signatures, or manipulating finances to evade or reduce child-support payments.

• Exploitative Work and Property Damage: Forcing unpaid work or unfair working conditions within a family business, or damaging or stealing belongings.

Recognising these signs is crucial. If you or someone you know experiences these behaviours, there are many services that provide support to help you break free from this cycle of manipulation and regain financial autonomy.

The financialsafety.org.au website has information about different types of economic abuse, steps you can take, and a directory of support services.

You can also learn more about economic abuse by visiting the Centre for Women’s Economic Safety (CWES) website, which has a financial safety checklist in eight languages.

Bookings can be made through the website for CWES’s Money Clinic service, which provides free, confidential support for women experiencing financial abuse.

If you are having difficulty meeting mortgage or loan repayments due to economic abuse, you can contact the financial hardship team at your bank. Police Bank is always open to discussing with members in financial difficulty the best options available to them. Any member wishing to discuss their current financial circumstances can ring our Assistance Centre on 131 728.

“Spotlight articles are prepared without taking into account your objectives, financial situation or needs and are published for information purposes only. You should consider the appropriateness of any content to your circumstances. Visit Important documents to access Terms and Conditions and the Financial Services Guide which are currently available electronically for products of Police Bank Limited. Target Market Determinations are available here. Loan applications are subject to lending criteria and credit approval. Interest rates are subject to change. Fees and charges may apply.”

Police Bank exists to serve its members. Our Police Bank Annual Report is an important way we update you each year on the work we are doing to bring you a better banking experience and continue to support our members and communities. This year’s report includes an update on our technological transformation, which will deliver a new and better way of banking with us.

For the past few years, Chief Executive Officer Greg McKenna has been working with his team behind the scenes to modernise Police Bank’s technology and build a digital banking experience for members that is easy and intuitive to use.

In our 2023 Annual Report, he explains why the decision was taken to modernise the bank by updating our IT infrastructure, while maintaining a strong service culture:

“When we first decided it was time to modernise Police Bank, it was clear things weren’t working as well as they could. Our members told us it was becoming increasingly difficult to transact with us: We were using paper-based forms and clunkier processes that were designed for a different era.

“At the same time though, they said they wanted us to maintain our service standards, continue to operate branches, and have human touchpoints available to support their borrowing and deposit journeys.”

Becoming a bank of the future

The response was to come up with a hybrid model.

“We envisioned a customer-centric bank that merges technology with customer service to deliver on our members’ needs, both today and in several years’ time,” McKenna says.  

“Our transformation is now almost complete, and we will soon unveil a new technology-based way of banking with us.”

Looking forward to the next 60 years

As Police Bank approaches the celebration of its 60^th anniversary next year, Chairman Peter Remfrey shares that our transformation journey will underpin the bank’s sustainability in the decades to come:

“We began this journey to set up the bank for the next 60 years, so that members’ children and grandchildren can experience our commitment to service – and community, too.

“While our work is not yet complete, the past financial year and its outstanding results have brought us closer to being able to showcase the changes we’ve made to shore up our future.”

A new core banking system, for more seamless banking

A key part of ensuring our sustainability is a new core banking system, which will offer members a more seamless way of banking with us.

To ensure we get the process right, we’ve engaged expert board advisor Glenn Stafford, who has consulted on core banking systems across Australia and the Asia-Pacific region.

“With Glenn’s oversight, we’ve undergone a process of continual review to ensure the new system is fit-for-purpose and future-proof,” says Remfrey.

Staff to be freed up for more purposeful matters – like conversations with you

He stresses that our digital transformation will not reduce face-to-face interaction between members and our staff:

“We know that’s one of the reasons our members value Police Bank and show loyalty to us. In fact, the technology is designed to free up staff from clunky systems to focus on more purposeful matters. We envision staff having more conversations with members about their banking journeys and goals – something that sets Police Bank apart from our competitors, especially in an age of cost-cutting and consolidation.”

We’re being guided by you

Through surveys and informal feedback, our members have told us what we should improve and what we should retain. It’s helped guide us towards a new model of technology-driven service. Similarly, our staff have been bold in telling us where we can deliver a market-leading offering to best serve our customers.

“Police Bank is unashamedly here for its members and its community. We are investing in the infrastructure to make it easier for you to bank with us, now and in the future,” says McKenna.

In this article, we’ve focused on our IT transformation, but there is so much more in our Annual Report, on equally important matters, including our support for members through difficult times as interest rates have risen and put pressure on household budgets, and our

ongoing commitment to giving back to the community via contributions to charities, community events, and sporting organisations.

We urge you to take a look at the full report here.

Police Bank has been out in the community supporting causes that are close to our heart. Here’s a recap for September and October.

It’s been a busy few months for Police Bank, with the team spending a lot of time doing what we do best: showing support and giving back to the police community.  

Between July and the end of September, we were a platinum sponsor for the 3000km Heart 2 Heart Walk – an important event to raise awareness for first responder mental health and wellbeing.

As some of our members know, a 2019 Senate Inquiry made 14 recommendations to help reduce the risk of first responder post-traumatic stress disorder (PTSD) and suicide.

The long walk draws attention to dangers first responders face and calls on the Federal Government to commit to the recommendations of the inquiry. It also raises money to support further research and a purpose-built commission for first responder mental health.

The Heart 2 Heart Walk is organised by a small group of first responders who have served across Australia and overseas.

It got its name because it begins in the Heart of Country – Lambert Centre of Australia on the Northern Territory/South Australia border – and finishes in the Heart of Nation, at Parliament House in Canberra.

As a platinum sponsor, we’re proud to be able to shine a light on this important issue, which, sadly plagues many first responders. We hope our support can help to achieve the Heart 2 Heart aims.

Last month, we also supported the annual Police Legacy Remembrance Bike Ride, a solemn, important event that raises money for the families that have lost loved ones in the line of duty.

The three-day event was an enormous success, despite difficult weather conditions at the start. As a major sponsor, Police Bank was there to cheer on the riders.

Police Legacy has now achieved an amazing milestones for the families of fallen officers. Here’s how you can watch the full video.

We’re always humbled to be a part of such an incredible event and look forward to the next ride in 2024.

You can phone Lifeline to speak to a Crisis Supporter on 13 11 14 (24 hours/7 days), text 0477 131 114 (24 hours a day, 7 days a week) or chat to Lifeline online at www.lifeline.org.au (24/7).

If you’re looking to have a relaxing festive season, while avoiding a financial hangover, now is a top time to prepare. We’ve compiled a few tips. 

If you can believe it, the countdown to the festive season is already on, with less than two months until Christmas Day.

For some of us, that means upcoming celebrations, time off, holidays and a bit more spending than is typical in other months. But the additional cash-splash can also equate to extra household stress, particularly during an already expensive year. Here are a few ideas to offset that and enjoy a budget-friendly holiday season.

1) Pre-book, pre-pay and pre-buy where possible.

Consider identifying everything you’re likely to pay for over the season and get ahead of as much as you can. For example, getting to the shops early or buying online is often the key to saving more than when purchasing gifts last minute. Similarly, you may be able to get a better deal on flights and accommodation if you book early and are flexible with when you can travel.

2) Supercharge your savings now.

With higher interest rates, now is a great time to put money aside for a January or February holiday, or even Christmas. By making regular contributions to a Police Bank Bonus Saver* or U30 Super Charge*, you’ll be rewarded for how much you stash away with higher rates.

3) Plan a budget-friendly Christmas.

There are many little ways to reduce the costs of celebrations with friends and family. Ideas include:

• Asking guests to BYO drinks and food to share
• Choosing less expensive food options, such as chicken, instead of turkey or ham
• Arranging a Kris Kringle/Secret Santa with gifts – so everyone has to buy only one present
• Setting a strict spending limit for all gifts
• Suggesting pre-loved gifts, homemade or free experiences, instead of traditional presents.

4) Have a holiday at home.

If the cost of living has made the idea of a new year holiday stressful, consider having a staycation or banking the leave for another time of year. Cities are often quieter with many people away, which means it can be easier to get to the beach or park for a picnic. Meanwhile, other times of year won’t have the Christmas premium attached, which means travel costs may be lower.

5) Live frugally in the lead-up to the holidays.

There’s still plenty of time left in the year to make some meaningful lifestyle changes that could add extra dollars to your bank accounts. If you enjoy a weekly meal out, you could consider ditching that until the new year. Or, if you’re partial to a wine or beer, you could have an alcohol-free November and December to save some extra cash. There’s also the option of cutting back on subscriptions, then binge-watching shows during time off, and replacing a gym membership with a jog, walk or park bodyweight session.

In other words, there are lots of small swaps that could put hundreds into the holiday budget.

Police Bank Ltd ABN  95 087 650 799 ACL and AFSL 240018.

This article is general advice only and does not take into account your objectives, financial situation and needs. Before acting on the information, you should consider whether it is right for you. Before making any decision to acquire any product or service you should obtain and consider the relevant Terms & Conditions.

*Terms, conditions, and eligibility criteria apply and are available at policebank.com.au or by calling 131 728. Interest Rates may vary and are subject to change.

As the month of October shone a light on mental health, Police Bank looked at the relationship between money habits and wellbeing – and some tips to improve both.   

Through policing work, many in our network have seen how a person’s money situation and their mental health can go hand in hand.

There’s a growing body of research that confirms the relationship between money and wellbeing. Recently, a study by Beyond Blue and the Australian Securities and Investments Commission showed those experiencing challenging financial times were twice as likely to suffer from mental health problems – and vice versa.[1]

Sadly, many different people experience financial challenges, which can filter through to relationships, healthcare, sleep and mood. In some cases, they can affect mental health to a great degree. (Help is always available – see numbers at the bottom of this article).

Given October brought World Mental Health Day, we thought it would be worth looking at some of the rituals that have been linked to improved financial wellbeing. Here are a few ideas.  

Practicing financial self-care

1) Do a goal check

Setting goals and making progress towards them is one way to feel empowered. If you haven’t looked at any financial goals, now could be the time to start thinking about what you want in the future, including how you want to retire.

If you already have goals in place, checking in periodically to see how they’re tracking, then tweaking the budget to get closer to your aspirations, is another way to practice self-care.  

2) Get organised

When things feel a bit out of control, making organisational improvements can go a long way. Examples include setting up a spending plan on a whiteboard or spreadsheet, arranging bank accounts for different purposes, including saving, and ensuring your retirement and insurance are set up as they should be.

3) Have a debt plan

Many of us accrue debt throughout our lives, whether it be through mortgages, car loans, student loans, personal loans or credit cards. For some, compounding debt can create a lot of stress.

There are various strategies that can help tackle debt-linked anxiety, including speaking to a financial professional – such as a financial planner – coming up with a new budget and payment plan, and talking to us, at Police Bank, if you’re having trouble repaying your loan.

4) Talk to loved ones

With the current cost-of-living situation, lots of people are feeling the pinch. Chances are, that includes at least some within your close network of friends, family and colleagues. They may be able to listen and help you come up with some strategies to ease your worries.

If you don’t feel comfortable speaking to someone you know, you can also call a financial counsellor (see National Debt Helpline number below) or a general counsellor or psychologist.

Where to find help if you need it

• Lifeline: Speak to a Crisis Supporter on 13 11 14 (24 hours/7 days), text 0477 131 114 (24 hours a day, 7 days a week) or chat to Lifeline online at www.lifeline.org.au (24/7)
• National Debt Helpline: 1800 007 007
• Beyond Blue – Speak to a counsellor online at BeyondBlue.org.au or on the phone by calling 1300 22 4636

This article is general advice only and does not take into account your objectives, financial situation and needs. Before acting on the information, you should consider whether it is right for you. Before making any decision to acquire any product or service you should obtain and consider the relevant TMDs and Terms & Conditions available on our website or by calling 13 17 28

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[1] https://www.beyondblue.org.au/docs/default-source/about-beyond-blue/20061-money-and-mental-health-research-final-report-220804.pdf?sfvrsn=fd5d30e5_2

The annual Wall to Wall Ride brought together almost 2000 members of the police community to honour officers we’ve lost in the past year and raise funds for Legacy.  

Three brave constables who died in the line of duty were commemorated by hundreds of police officers at the annual Wall to Wall Ride for Remembrance last month.

The annual motorcycle ride pays tribute to members of the police community who have passed away during the last 12 months while working to protect the regions they serve.

Constables Rachel McCrow and Matthew Arnold died in the Queensland siege in December last year, and Constable Anthony Woods was killed while trying to intercept a car in Western Australia. He died in June.

The three constables’ names were inscribed on batons being carried to the National Police Memorial Wall, where they will be added to the Wall as a permanent tribute.

The event brings together colleagues, ex-colleagues and families to honour the brave work of police officers. Wall to Wall organiser Geoff Garland said it’s always difficult to add another name to the wall.

“Each year we do this, we pray that there aren’t going to be any more names added to the wall,” he said.

‘We’re all riding as one’

Mr Garland said the event attracted serving members of the police force, retired police officers and friends and families from across Australia. Police Commissioners, politicians and sponsors also joined the motorcycle ride.

“Many joined this year for the first time and many vowed to return,” he said.

There were 1858 registrations in 2023, with the vast majority riding on the day. For those who couldn’t make the motorcycle ride, the event was livestreamed on Facebook.

The ride also raises important funds for Legacy. While the totals are still being tallied, Mr Garland said it’s estimated that the event raised more than $110,000. Across 10 years, it has raised close to $1.6 million.

Mr Garland said the Wall to Wall Ride gives anyone within the police community the opportunity to celebrate the bravery of police officers.  

“We’re all riding as one, in solidarity,” he said.

Since the inaugural event in 2010, Police Bank has been a key supporter, providing financial sponsorship and representation on the day.

Mr Garland said Police Bank is a “highly valued sponsor”, with its support allowing organisers to offer merchandise and memorabilia to participants, which helps spread the word about the event.

The annual event takes much planning and co-ordination – a process that has already begun for next year, Mr Garland said. The 2024 event will be held on September 14.