Savings accounts helpful in redundancy

With a raft of new reports showing that unemployment is the biggest concern for Aussies in the current economic climate, experts have recommended signing up for a savings account to help out should the worst happen.

Speaking to the Sydney Morning Herald, Shadforth Financial Group spokepserson Kevin Bailey explained that there are a lot of decisions to be made in the event of redundancy.

"You need to set priorities, to work out what’s important and absolutely necessary because if you can’t get a job and the money runs out, you’ll fall off a cliff financially," he warned.

In a bid to prevent this from happening, IPAC recommend ploughing redundancy payments into a high-interest savings account to help it last a little longer while people look for a new job.

Meanwhile, Martin Barter, chief executive of home loan insurer Genworth, has claimed that although mortgage stress is falling, employment stress is a major concern for Australians.

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