A new resource aimed at Australians starting their first job could help young workers avoid being ripped off at work.
The Financial Advice Association Australia (FAAA) this week released its 16-page guide to starting work for the first time, launched in conjunction with Global Money Week.
Anne Palmer, general manager of education at the FAAA, says their goal was two-fold: "help [young people] navigate the world of work and effectively manage their finances."
The guide includes tips like how to read a pay slip, what a tax file number is, and why the choice of super fund is critical.
Christine Dang, a financial advisor with Fox and Hare, says younger workers are often confused about these key details of their employment.
"For most young Aussies, superannuation is their largest asset, and few people truly understand how it works," she says.
"Most people don't know how to check their pay slips to ensure they are being paid correctly and that tax is being withheld at the correct amount."
While young Australians often turn to loved ones for advice, the changing nature of workplace relations means their information may not be up to date.
"Young peers have 30-40 years of work ahead of them and incorrect information can lead to negative compounding," Dang says.
And the wrong information could have very real consequences.
"Young workers could miss that their employer is not paying super (this needs to occur at least quarterly) which can be hard to chase up the longer it goes unpaid," she says.
"They could be claiming the tax-free threshold on two jobs and end up with a large tax bill.
"Or they could have more tax withheld if they are not claiming the tax-free threshold."
The launch of the guide also coincided with the release of the latest employment data.
The Australian Bureau of Statistics (ABS) reported 53,000 jobs were lost in February but the seasonally adjusted unemployment rate remained steady at 4.1%.
"Fewer older workers returning to work in February contributed to the fall in employment this month," says Bjorn Jarvis, ABS head of labour statistics.
"In contrast, we continue to see growth in employment for people aged between 15 and 54 over the year."