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Taking Care of Yourself After Retrenchment or Financial Loss

Taking Care of Yourself After Retrenchment or Financial Loss

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Published by Waseem Qureshi

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Published by: Waseem Qureshi on Nov 05, 2011
Copyright:Attribution Non-commercial

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04/28/2015

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 p.1
 
Looking after your health and well
-
being– and that of your family – in the currentfinancial situation
Taking care of yourself afterretrenchment or financial loss
For more information
 
www.beyondblue.org.au
or
 beyondblue
info line
 
1300 22 4636
 
For more information
www.beyondblue.org.au
or
 beyondblue
info line
 
1300 22 4636
 p.2
Foreword
 These are tough times,but help is available. Across the world, theeconomic downturnhas hit countlessfamilies and now theeffects of this financialcrisis are being felt byordinary Australiansin all walks of life.Hopes and dreams have been shattered.Many people have lost their jobs or are worried about being retrenched, while othershave been shocked and distressed to seethe value of their assets tumble.Retirement plans have been put on holdbecause the value of nest eggs hasplummeted – home loans are moving out ofreach – and many people are struggling tomake ends meet.Even thrifty, diligent and cautious peoplehave been dealt a financial blow which hasbeen beyond their control. All this can take its toll on people’s health,their relationships, their families, their well-being and how they see their future.Dealing with these changes can be achallenging issue for many people, however with a clear mind and some assistance,change can be managed. This booklet has been prepared to addressthe fallout of the financial crisis and thesubsequent loss of employment confrontingmany Australians.It contains questionnaires that people canfill out in the privacy of their homes to makesure many of the important issues associated with changes in their lives are addressed.If, after you’ve read this booklet, you arefeeling uncomfortable with any issue, pleasedon’t hesitate to seek help from the relevantprofessional – be that a financial advisor ora doctor – or anyone else who may be ofassistance. Adapting to adversity and change canbe difficult, but there is help and supportavailable. There’s no shame in asking forhelp – everyone needs a helping handoccasionally.I hope you find this booklet to be helpful.
The Hon. Jeff Kennett ACChairman
 beyondblue: the national depression initiative
 
For more information
www.beyondblue.org.au
or
 beyondblue
info line
 
1300 22 4636.
 p.3
Have any of these thingshappened to you?
•Redundancy/retrenchment•RedeploymentLossofjob•Largeinvestmentlosses•Lossofretirementincome•Lossofinvestmentincome
Regaining control
Retrenchment and unexpected incomeloss may occur as a result of today’s rapidlychanging global economy. The impact of theeconomic downturn is causing a great dealof financial and emotional hardship for many Australians and their families. This
 beyondblue
booklet is designed to helpthose affected by the current economicdownturn. It contains practical tips to assistpeople and includes information about whereto get help.For some, financial loss may mean seekingincome support, for others it could meanrevising retirement plans or cutting downon household spending. Regardless of thecircumstances, distress is a common andnatural response to unexpected events thatinvolve significant loss and change. In somecases, this reaction may be similar to grieving.Research shows job or financial loss canincrease a person’s risk of health problemssuch as anxiety and depression.
1
However,there are practical steps you can take toregain a sense of control over your currentsituation.
Contents
 Taking care of your family ..................................................................................................4What is a normal reaction to significant loss or financial hardship? ....................................5What can you do? .............................................................................................................6Dealing with the financial impact ........................................................................................7If you’ve lost your job.........................................................................................................8Dealing with the emotional impact ...................................................................................10 Tips to help you stay on top of your emotions .................................................................10How to tell if a reaction is normal – or not ........................................................................11Who can help? ................................................................................................................12Structured Problem Solving Worksheet ...........................................................................15Expenditure Planner ........................................................................................................19
1.
Price, R.H., Choi, J.N. and Vinokur, A.D. (2002). Links in the Chainof Adversity Following Job Loss: How Financial Strain and Loss ofPersonal Control Lead to Depression, Impaired Functioning, and PoorHealth.
 Journal of Occupational Health Psychology, 7(4)
, 302-312.

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