Save to survive redundancy

As the likelihood of widespread redundancies increases, one money expert has urged Aussies to stash cash in short-term deposits.

Writing for the Sydney Morning Herald, financial adviser David Koch has claimed that the first course of action for those who are worried about being struck off should be to put a month’s wages in an instant access bank account.

Any cash that is left over should be put in cash management or short-term deposit accounts.

Both of these will offer high interest savings while affording people access to their cash quickly, should it be needed.

“If returning to the workforce looks like being a drawn-out process, check if you are eligible for unemployment benefits. Don’t let pride get in your way – there is no shame in this,” Kochie went on to advise.

Elsewhere, financial adviser Leanne Wilson has told the Courier Mail that some of the best term deposits on the market are still offering savings interest rates upwards of eight per cent.ADNFCR-1761-ID-18873063-ADNFCR