Changing jobs? Time to update your finances

4 min watch

"Changing jobs can be exciting with more responsibility and more income. But the options available around super and insurance can be confusing, particularly if you're moving from freelance work into a real job.

If you are interviewing for a new role, some employers may offer to put extra contributions into your superannuation account, while others may offer you free income protection insurance. How do you best compare the options and decide which is best for you? You may not be ready for a total financial wellbeing check-up, but just want some advice as you make these new steps in your career.

When Faith made a radical career change from model to medical professional, her workday wasn't the only aspect to undergo a transformation. 

In the video below, Faith talks about how the move changed her thinking about saving.

Here are some points to consider about super when changing jobs:

  • At your new job, you will be able to nominate a super fund, but if you don't, your employer will set one up for you

  • Find out if your new job offers income protection insurance

  • Save first, spend later, start putting some extra aside before your lifestyle adjusts to a higher salary

  • Talk to an adviser; financial advice doesn't have to be complicated and can help make your choices clearer

  • If you have had multiple jobs previously, make sure that you claim your lost super. Also consider consolidating your super. Your adviser can help

  • A new job is the perfect time to get your super sorted and make your money work as hard as you

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This information is current as at 17/07/2015.

BT Financial Group - A Division of Westpac Banking Corporation. This document provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such. This information does not constitute financial advice. It has been prepared without taking account of your objectives, financial situation or needs. Because of this, before acting on this information, you should consider its appropriateness having regard to your objectives, financial situation and needs. Information in this blog that has been provided by third parties has not been independently verified and BT Financial Group is not in any way responsible for such information.