MAYNARD, Mass.--(BUSINESS WIRE)--Despite the fact that most financial advisors caution workers to save the equivalent of six months’ salary in preparation for troubled economic times, a recent Monster Meter Poll reveals more than one-third of U.S. workers surveyed on Monster.com admit they have only one week or less of savings to cover living expenses if they were to be laid off from work. Monster.com is the leading global online career and recruitment resource and flagship brand of Monster Worldwide, Inc. (NYSE: MWW).
Over a one week period beginning July 6 and running through July 13, more than 16,000 visitors to Monster.com participated in the Monster Meter Poll question “If you were laid off without severance, how long would your savings cover your living expenses?” Thirty-four percent of U.S. workers report their savings would last one week or less if they were laid off, compared to 20 percent who say their savings would last six months or longer, according to a nationwide poll conducted by Monster.com®.
“In a recent Monster.com Career Advice article, Laid Off? Six Steps to Manage Your Finances, most financial advisors suggest saving the equivalent of six months’ salary to tide you over if you lose your job,” said Norma Gaffin, director of career content, Monster.com. “However, experts also agree, workers will likely need more savings, especially if they have a family and are the primary wage earner.”
If You Were Laid Off Without Severance, How Long Would your Savings Cover Your Living Expenses?
* One Week or Less: 34%
* 2-4 Weeks: 16%
* 1-2 Months: 16%
* 3-5 Months: 14 %
* 6 Months or Longer: 20%
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OMG what are people thinking? People have to live below their means now and save for bad times. 34% will be in FEMA camps or starving immediately.
ReplyDeleteI'm not so sure how accurate this survey is, considering that it's a sampling only of people visting Monster.com
ReplyDeleteHow often do employed people actively look for work while employed?
But that aside, this doesn't surprise me. Not everyone is earning a decent salary where they could save. I recall a statistic Mike Shedlock printed not too long ago saying that
more than 50% of American workers where only 1 paycheck away from living on the street.
There is unemployment insurance and sometimes state emergency assistance but unemployment insurance takes some time to get going.
Most people I have asked about food reserves have told me 'why bother' and they have enough food for about three days. So this makes sense also. Many people are going to die very fast in the event of SHTF scenario or any bad event. About one out of three people will be dead within two weeks or, if without water, less.
ReplyDeleteMillions died of starvation in the Great Depression and the country was one giant farm.
We have worked hard to build up a cash reserve. However, now we are just focusing on having 3-6 months of bill money and only the bills that we can't live without (car payment and morgae). We are putting the rest into tangibles like food, fuel, supplies. I figure by a combo of the two, we aren't putting all our eggs into one basket. Banks aren't all that stable these days.
ReplyDeleteThe money grab will happen almost overnight. The bank holidays will not be pre-announced. People will have $50k in the bank one day and then nothing the next; or it will be kept from them while the value seeps away.
ReplyDeleteStocks, annuities, monetary contracts, IRAs, pensions, CDs, savings, mutual funds - all wiped out.
Millionaires will literally become bums in hours, not weeks or months.
It will come as
This is great news for FEMA. They must be excited to see these statistics!!! they can't wait to open up the camps and fill them up ASAP :)
ReplyDeleteAnyone seen my remote?
ReplyDelete