Jobs come and go and job insecurity can lead to financial stress. During downturns, many workers are made redundant, have their hours reduced and competition for positions is high.
This module explores the stress around job insecurity and the strain that places on personal finances. It looks at discretionary spending, impulse buying and taking on loans to pay for holidays and big-ticket items.
The module provides strategies that include postponing spending, planning before you purchase and setting aside money in a rainy day fund. Recommendations involve making a detailed budget, getting personal debt under control and speaking with a Financial Planner.