In these uncertain times, redundancy is something many of us have in the back of our minds. Is my job secure? What will I do if I get made redundant in a time when the unemployment rate is high and job prospects are scarce?
For Clare, this was the reality she was living. In September 2019, two weeks shy of her 60th birthday, Clare was unexpectedly made redundant from her role in a large financial services organisation. After working full time for many years in a senior role, Clare decided this was an opportunity for her to have a few months off from work to focus on a few of her favourite pastimes including gardening and landscaping and to consider her plans for the future; maybe downsizing and moving to a new area.
Unfortunately for Clare, after a nice break of a few months, the COVID-19 pandemic erupted around the world, and the economy was in lock-down.
This was not an ideal position to be in, and it definitely made her rethink her plans, after all, she was only planning to have a few months off before getting back to work.
Clare was fortunate that as part of her redundancy, she was offered an outplacement package which included several hours of financial advice to use at her discretion.
Initially she was just thinking about what to do with the redundancy payment and so decided to take up the offer of getting advice. After engaging with her adviser – Sandra Lau from Tribel, she soon realised that there was a lot more at stake than just what to do with the redundancy payment.
Redundancy can have a broad-based financial, social and emotional impact so it is important to review not only Clare’s own financial situation, but also that of her partner’s. For example, things like:
After crunching the numbers with Sandra – her financial adviser, Clare crafted a financial plan that was bespoke to her situation. It included a thorough review of her current situation, her future financial and life goals and an implementation plan that was easy to follow.
For Clare, this resulted in clarity for some of life’s major decisions. It now made sense to stay in their current house, as this didn’t feel like the right time to make such a drastic change. She persevered in looking for work, and after a few months, she found a new role in September 2020.
As the main breadwinner, this was a stressful time for Clare and her partner, however with a clear financial roadmap, they managed to maintain their lifestyle and stay financially and mentally well throughout the period.
At Tribel, it is our mission to deliver holistic wellness for our tribe – our clients and their families. We understand that every situation is different and requires a unique and bespoke approach that suits individual needs.
All of the material published on this web site is for information purposes only and does not constitute advice. This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. Because of this, we recommend you consider, with or without the assistance of a Financial Adviser, whether the information is appropriate in light of your particular needs and circumstances.