By Belinda Williamson, Financy guest contributor

On average we’ll change careers seven times over the course of our lives, so how do you limit the impact to your financial goals when switching jobs?

There’s any number of reasons why you might switch jobs, whether it’s involuntary redundancy, looking for a higher salary, better work culture, or even a disagreement with the boss.

Here are some of the main ways job-hopping can impact your finances, and what you can do about it.


Remember superannuation is your hard-earned money.

Changing jobs is a stressful time, so it’s not surprising that many people forget to inform their employer which super fund they’re already with.

You don’t want to end up with multiple super accounts lying around, or your retirement savings end up being eaten away by multiple account-keeping fees.

An easy way to combat new job stress is to make a to-do list.

Keeping track of the things you need to tell your new employer, like your super fund, bank account details, and tax file number, will save you a major headache.

Applying for credit cards or loans

Once you’ve found a stable job with a good income, you might feel free to look for a new credit card, a new car, or even a home or investment property to buy.

The problem is that in order to apply for a line of credit you need to demonstrate employment stability.

Banks won’t usually lend you money until you’ve been in a job for at least six months.

One option is to wait another couple of months – it’s better to be financially safe than sorry.

A steady work history will increase the number of banks willing to lend you money or provide credit to you, which means more choice.

Some lenders and credit card providers understand that people change jobs to seek a higher salary or better working conditions, so if you look around, you might still be able to get a loan after changing jobs.

You’ll be viewed as a less risky applicant if you’re staying in the same industry and roughly the same career path.

The stronger your financial position and industry experience, the better your chances.

Self-confidence in your financial position

Poor confidence can create poor decisions

We often change jobs because we’re unhappy, but even once you switch, an unfamiliar workplace with different social dynamics can be a stressful experience.

This can add up to lower self-confidence, which naturally impacts your financial decisions.

You might find yourself at the shops for some retail therapy more often than you should, or realise that you’re investing more cautiously than before.

That’s before you see the hit your emergency savings fund takes while you’re between jobs.

Take a step back and remember all the other positive influences in your life.

There’s nothing wrong with changing jobs if you know it’s going to benefit you in the long run, just make sure you protect yourself from the potential financial problems that may come with it.



This article by Belinda Williamson is reproduced with the permission of Financy. This article was originally published at

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