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Recent poll reveals alarming job loss financial facts

Boeing layoffs
Boeing layoffs
Photo by David McNew

If you lost your job today, how long would your savings last? According to a recent Gallup Poll in the US, Job loss would quickly lead to hardship.

The study shows that out of every ten employed Americans, approximately four would feel a financial squeeze within just one month after losing a job. Even more alarming is the 14 percent who say they would only last one week.

The Gallup Poll went on to probe for more answers about how likely these employed United States citizens were to lose their jobs. The results were eye opening. While roughly 16 percent of those polled felt that they were either fairly or very likely to lose their current job, 30 percent of those ages 35 to 54 believed they would be struggling financially within the four months following their job loss.

While these numbers may not surprise the average worker, it is food for thought as to preparation for a potential job loss. With large area employers announcing layoffs at a seemingly steady pace, it would be wise to give thought to whether or not you and your family could make ends meet upon losing a job.

How about you? If you lost your job today, how long could you pay the bills before feeling the financial crunch?