Sathu said that as many people were likely to change jobs during their working life, they must consider the financial implications that come with this, especially long-term plans such as retirement planning.
“People change jobs for a number of reasons and in most cases, when the move takes place, it has some implications on their finances. Some of the common reasons for changing jobs are career development, growth, better salary and benefits or relocation. Changing jobs is more likely to have a direct impact on the individual’s finances as they may be getting a better salary compared to the previous job, spending more or less on transport, for example,” he said.
Sathu has unpacked three scenarios that people may be faced with when changing jobs: