One in four teens scammed on social media

One in four teens scammed on social media, online shoppers too slack to return dodgy purchases, and gold surges as US election draws nearer. Here are five things you may have missed this week.

One in four teens fall victim to social media scams

The Federal Government has announced plans to legislate a minimum age for children to access social media, with Prime Minister Anthony Albanese saying, "We know social media is causing social harm, and it is taking kids away from real friends and real experiences."

Westpac has added another dimension to the debate, publishing research that shows one in four 13-17-year-olds have fallen victim to a scam on social media, with buying and selling scams the most common.

Westpac's group executive of customer and corporate services, Carolyn McCann, says, "It's incredibly concerning how prevalent scams are among under-18s. Teenagers seek connection with family and friends online but instead fall victim to scammers in record numbers."

McCann is encouraging parents to help teens understand the dangers of scams on social media. "Social media scam prevention can start as a conversation at the dinner table or in the car on the way to Saturday sport," she says.

One in three Aussies too slack to return online purchases

Over 17 million Australians shop online each month but as many of us would know, the merchandise doesn't always live up to expectations.

Yet, a Finder survey reveals that one in three Australians, about 7.3 million people, haven't bothered to return an online purchase that didn't meet their needs.

Holding onto these disappointing online deliveries is costing an average of $590 per shopper annually.

Almost one in five people say that returning online buys falls into the 'too hard' basket. One in 10 didn't want to pay for postage.

Finder's Rebecca Pike, says, "The incentive of getting an exchange or refund isn't enough to motivate us to return [items], leading to eye watering wastage."

According to the ACCC, consumers have the right to return a product if they think there's a problem.

The product does not have to be in its original packaging, but a business is entitled to ask consumers to provide some form of proof of purchase, so always hold onto the receipts.

Gold surges as US election drives bullion higher

More than 67 million Americans - and many more citizens globally - tuned in to watch this week's debate between US presidential hopefuls Donald Trump and Kamala Harris.

While November will reveal which contender came out on top, the real winner of the US election could be gold.

The precious metal's reputation as a store of value may have lost some of its lustre several years ago when digital currencies were all the rage.

But US election uncertainty has helped drive a 20% surge in the price of gold this year.

In Australia, the spot price per troy ounce has jumped from $2918 to a record high of almost $3800 over the past 12 months.

The World Gold Council (WGC) reports a four-month streak of inflows into global gold ETFs, which attracted an additional $US2.1 billion ($3.1 billion) from investors in August alone.

Will the gold rush continue past November?

Investment platform Saxo believes there are several reasons why gold could continue to shine post-election, citing geopolitical risks and potential shifts in US monetary policy, which is expected to see interest rates fall.

While a 400 ounce bar of bullion will set you back over $1.5 million, Aussie investors can get a slice of the gold action for far less through a number of gold-focused ETFs including the iShares Physical Gold ETF, VanEck Gold Bullion ETF and the BetaShares Gold Bullion ETF (AU$ Hedged).

Hunt for a new home outlasts loan pre-approvals

Home loan pre-approval can give home buyers a valuable confidence boost when they set off to inspect listed properties.

The catch is that loan pre-approvals have a limited shelf life - usually three to six months, and as property prices rise higher amid a shortage of homes, the time taken to find an affordable place is outpacing pre-approvals.

Broker group Mortgage Choice reports that 62% of home buyers say their property search is taking "much longer" than they anticipated.

One in three buyers have needed to secure multiple loan pre-approvals because they haven't found a property within the pre-approval window.

Deteriorating affordability is seeing eight out of 10 home buyers compromise their property wish list by:

• 60% - buying in a regional area/further out from the city 
• 50% - buying a smaller house 
• 35% - buying an apartment instead of a house.
• 23% - buying a duplex. 

Fewer Aussies working multiple jobs

The number of people working two or more jobs has fallen slightly - down 1.2% in the June quarter.

Even so, despite recent cost of living relief measures, the ABS says there are still 961,000 people juggling different roles to make ends meet.

The figures coincide with a warning from the Australian Taxation Office (ATO) about the potential for people with multiple income sources to face an unexpected tax debt.

Assistant Commissioner Rob Thomson says earning income from more than one source can push workers into a different tax bracket.

The ATO recommends claiming the tax-free threshold from only one employer. Workers can usually claim the tax-free threshold from the job that pays the highest salary or wage.

For those earning regular income through a variety of sources, including a 'side hustle', prepaying tax through instalments throughout the year can smooth out cashflow and be a way to avoid a tax debt.

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