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