It seems that every other day, a major tech company is announcing a massive layoff. And while these news-catching announcements are largely concentrated in one industry, the latest jobs report from the Bureau of Labor Statistics did indicate that unemployment is on the rise, increasing from 3.4% in January to 3.6% in February. With a recession looming, it could mean that more layoffs are on the way, which is making some Americans fearful of how this could impact their finances.
A new GOBankingRates survey of over 1,000 U.S. adults found that nearly one-third of Americans fear losing their job this year, and that more than half of Americans said they wouldn’t be able to afford their basic bills and groceries if they were to lose their jobs. Furthermore, most Americans are woefully unprepared for the possibility of a job loss, with two-thirds having no backup plan.
Here’s a closer look at our full study findings.
- Over one-third of Americans (37%) said they would be most concerned about being able to pay their bills if they lost their jobs, and almost 33% said they would be most concerned about being able to pay for their housing.
- 21% of Americans have been laid off in the past year.
- 31% of Americans are somewhat worried or very worried about being laid off.
Full Survey Results
|If you lost your job, what would be your immediate concern?||Response Rate|
|Being able to afford groceries||15.77%|
|Being able to pay for my housing||32.53%|
|Cost of childcare||5.39%|
|What my family and friends will think/say||9.68%|
|Have you been laid off from your job in the last 12 months?||Response Rate|
|How worried are you about layoffs/being laid off from your current position?||Response Rate|
|Not even on my mind||22.06%|
|Not very worried||18.36%|
GOBankingRates surveyed 1,002 Americans aged 18 and older from across the country between Jan. 30 and Feb. 1, 2023, asking six different questions: (1) How much savings do you have?; (2) If you lost your job, what would be your immediate concern?; (3) How much do you take financial advice from influencers/personalities on social media, TV/radio/podcast personalities or other financial experts in the media?; (4) Have you been laid off from your job in the last 12 months?; (5) How worried are you about layoffs/being laid off from your current position?; and (6) How much has your energy/utilities bill changed over the last year? GOBankingRates used PureSpectrum’s survey platform to conduct the poll.