More Than Half of Americans Wouldn’t Be Able To Afford Their Bills and Groceries...
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More Than Half of Americans Wouldn’t Be Able To Afford Their Bills and Groceries if They Lost Their Job
their retirement accounts.
What would be your immediate concern if you lost your job? In a GOBankingRates survey polling 1,002 Americans, more than half of overall Americans said they wouldn’t be able to afford their basic bills and groceries.
See: 11 Grocery Items To Buy at Dollar Tree
More: 3 Ways to Recession-Proof Your Retirement
Let’s take a look at the data along with several tips for protecting your finances in the event of a layoff.
If Americans Lost Their Job, These Would Be Their Immediate Financial Concerns
Nearly 37% of overall Americans surveyed by GOBankingRates said paying bills would be their immediate concern if they lost their job.
The percentage breakdown is consistently high across all age groups. Those who would be particularly impacted are ages 45 to 54 and ages 65 and older.
Ages 18 to 24: 36.40%
Ages 25 to 34: 34.50%
Ages 35 to 44: 34.43%
Ages 45 to 54: 41.18%
Ages 55 to 64: 35.37%
Ages 65 and over: 42.37%
Being able to afford groceries is another immediate concern for 15.77% of overall survey respondents. Of any age range, those ages 55 to 64 would have the most difficulty paying for groceries. Here’s what the percentage breakdown looks like across all age groups:
Ages 18 to 24: 17.20%
Ages 25 to 34: 14.41%
Ages 35 to 44: 15.09%
Ages 45 to 54: 15.88%
Ages 55 to 64: 19.51%
Ages 65 and over: 11.86%
Women would also struggle to afford basic bills and groceries more than men. Of the respondents surveyed, 16.34% of women said affording groceries would be their immediate concern compared to 15.16% of men. Paying bills is another disproportionate category, impacting more women (39.30%) than men (33.81%).
Take Our Poll: What Do You Plan To Use Your Tax Refund For?
Protecting Your Finances in the Event of a Layoff
If you are laid off from your job, you can begin taking steps now to protect your finances and ensure you can afford necessary bills. Here are a few suggestions that can help you.
Create an Emergency Fund
In GOBankingRates’ 2023 Women & Money survey, 17% said that not having an emergency fund was their biggest financial regret.
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