The worst of times
the best of times

On average, 2.3% of Australian workers who have been in a role for a year or more are made redundant every year, 70 per cent of whom find a new job within 12 months.*

However, statistics do nothing to lessen the impact of being made redundant. It can bring feelings of uncertainty and loss of confidence. It can also bring immediate financial pressure.

For some workers, redundancy can come as a relief or even as the achievement of a goal, allowing a fresh start and perhaps a substantial financial windfall.

Whether redundancy was a long time coming or devastatingly sudden, getting support from family and friends is important in the aftermath – as is getting help from a financial planner.

Make the most of
your redundancy

If you’ve been made redundant, it is well worth consulting a financial planner who can advise you on:

  • Understanding how your redundancy and other final payments are calculated
  • The best place to save or invest a redundancy payment
  • Managing your cash flow and reduce your living expenses
  • What happens to your superannuation, including any time limits that could apply
  • The impact on your insurance policies and need to reassess your insurance protection plan
  • Your entitlement to any Centrelink benefits.

A financial planner can work with you in looking to the future and help you plan a fresh start such as changing career, taking time off to travel, or starting a business.

*Back to Work: Australia, Organisation for Economic Co-operation and Development research report, 2016

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