Will You Have A Job in 2013?
Americans with jobs are feeling more secure about their employment headed into the 2012 election season. According to a COUNTRY Financial Security Index® survey, 79 percent say they aren’t likely to lose their jobs in the next 90 days, a nine-point improvement from the depths of the recession in 2009.
For the 18 percent worried about their jobs, many (74 percent) feel the economy or government policy have the biggest impact on their job security. When it comes to Americans overall, they are divided on what impacts their jobs the most:
- Thirty-four percent say personal skills/job performance.
- Twenty-six percent point to the economy or government policy.
- Twenty-four percent say company performance.
Those who cite job or company performance are more optimistic about their employment than those who point to national influences.
“With the political debates about the economy heating up and conflicting opinions all over the news, many might be wondering what they can do to feel more secure,” says Joe Buhrmann, manager of financial security support at COUNTRY Financial. “However, the most important conversations are the ones held around your kitchen table, not the ones in Washington. Focus on what you can control, such as establishing a financial safety net in the event of job loss.”
For tips to stretch your income and establish your safety net, watch a video interview with Troy Frerichs, senior investment officer in wealth management at COUNTRY Financial.
Americans Saving in Case of Job LossSeptember 18, 2012
Perhaps indicating Americans acknowledge the possibility of job loss, more than half (56 percent) say creating an emergency savings fund is a priority. Also, 53 percent say they would need six months or more of their salary in an emergency savings fund to feel comfortable. This is in line with the current average length of unemployment at nearly 10 months*.
Concern from the $20,000 to $40,000 Income BracketSeptember 18, 2012
Those in the $20,000 to $40,000 income bracket seem to be particularly concerned about job security.
- Thirty percent say it is likely they could lose their job in the next 90 days.
- However, less of them (50 percent) prioritize creating an emergency savings fund.
- In addition, only 19 percent of them expect to earn more money a year from now. Overall, 36 percent of Americans expect to earn more.
“Given so few expect a salary increase, Americans in this income bracket might understandably be finding it hard to prioritize emergency savings,” adds Buhrmann. “However, when it comes to job security, it’s crucial to have a financial cushion. Start small and save what you can at first. Then, slowly increase the amount if possible.”
*According to the U.S. Bureau of Labor Statistics
The COUNTRY survey on jobs is based on a national telephone and online survey of 1,235 employed Americans and is compiled by Rasmussen Reports, LLC (www.rasmussenreports.com), an independent research firm.
About COUNTRY Financial
COUNTRY Financial (http://www.countryfinancial.com) serves about one million households and businesses throughout the United States. It offers a full range of financial products and services from auto, home and life insurance to retirement planning services, investment management and annuities.