Over Half of US Adults Surveyed Worried About Job Security Amidst Cost of Living Crisis
A recent survey released by MoneyTransfers.com has revealed that over half of US adults are currently somewhat worried or very worried about losing their job. Just 23% of respondents said they were not worried at all, with the majority of those being aged 65 and over.
Jonathan Merry, CEO of MoneyTransfers.com, comments:
With rising costs to be found in almost every consumer item, it’s perhaps unsurprising that so many people are left fearful of their job security right now. What’s been made even clearer from the survey, however, is that millennials – the largest working generation in the US right now – are being hit hardest, making sacrifices to their social lives whilst worried about their job prospects for the future.Jonathan Merry, CEO of MoneyTransfers.com
– Over half of US adults surveyed are worried about losing their job in the current climate
– Millennials are most worried about their job security, whilst Gen X and Boomers feel the least worried
– 57% of millennials aged 25 – 34 have cut down on social activities due to rising costs
– 40% of respondents aged 65 and over have not made any particular spending sacrifices to tackle rising costs
Amongst all age groups hit hardest by the cost of living crisis, our survey shows that millennials are making the biggest sacrifices on social activities in order to cut costs (57%). Conversely, the 65’s and over age demographic appears to be making the least sacrifices – with 40% stating that they had not cut down on anything in particular during the cost of living crisis. In comparison, just 7% of 25 – 34 year olds answered the same.
The same can be said about job worries. 65% of 65s and over, and 51% of those aged 55 – 64 said they were ‘not at all worried’ about losing their job. In contrast, 43% of 25 – 34 year olds were ‘somewhat worried’, whilst 31% were ‘very worried’ about their job security.
With millennials accounting for over a third of the US workforce and the largest generation group in the country currently, it’s perhaps no surprise that this age demographic is the most fearful of their job security and future prospects in light of the cost of living crisis.
Social activities hit hardest
The cost of living crisis is affecting millions of people, and it appears that spending on entertainment and socialising is amongst the biggest sacrifices being made in order to reduce costs.
49% of those surveyed said that they were cutting down on general social activities the most due to the cost of living crisis. Just 3% of those surveyed said they weren’t cutting down on anything in particular.
Skipping meals and social activities
Our survey showed that social activities are the most sacrificed element of a budget for women, men, and non-binary persons surveyed. However, men do seem to be cutting costs a fraction more than women – 53% were cutting down on social activities (versus 49% of women), while just 14% of men had made no sacrifices in particular compared to 18% of women.
Interestingly, the biggest difference between genders can be seen when it comes to dietary choices. 33% of non-binary people surveyed said they were skipping meals due to the cost of living crisis. This figure vastly outweighs the responses of other genders – just 17% of men and 19% of women said they were skipping meals.