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Lower-income families may not have funds to deal with unemployment
By Oscar Monfort on Jun 10th, 2010
A recent survey showed that some consumers in the country with lower incomes may not have the means with which to deal with a job loss.
According to California-based EARN, only 36 percent of survey respondents who earned less than $35,000 said they had enough money saved to meet their basic needs for just a month if they lost their jobs. Meanwhile, 14 percent said they could do so for two months, while 8 percent said they could last for three.
However, the poll also indicated that people were feeling confident in future job availability. According to the survey, 64 percent of Americans said the employment market should improve in the next year.
Earn president and CEO Ben Mangan said that this optimism could provide an opportunity for policymakers in the country.
"It may also create an opening for job creation policies which are, in the long-term, supportive of sustainably creating jobs over the next year," Mangan said.
However, many consumers may have faced lengthy periods of unemployment during the recent recession, causing them to rely on credit cards get by. One option they may consider when dealing with these bills is debt consolidation, which could help lower interest rates.
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