If this is true, then many Americans still aren’t feeling the positive impact on their finances – around 75% of all citizens still worry about keeping their jobs, as well as scraping enough together to make ends meet.
The Hartford Financial Services Group, which found the data above through a recent survey, has other findings that serve to portray the bleak landscape of the current economy. Many seniors, aside from other demographics surveyed, are working more and spending less in their continuing struggle for financial control. The effects of the economic climate on the jobs and home life of a thousand people who worked full-time was the focal point of the said survey.
Hartford Group Benefits’ Ron Gendreau, executive vice president, supported the severity of the recession on the finances of many US citizens, with approximately 40% cutting their budgets, taking on extra work, and withdrawing from their savings accounts and retirement plans (although these seem to be short-term solutions). The EVP also stated that many who have been injured or fallen ill don’t have a safety net, as only half of all workers who have the option to do so use disability insurance.
These steps aren’t the only measures many are taking to augment their already meager budgets. 11% of all survey participants were loaned money by family and friends, while 3% sold their houses or moved to a different home. 25% of all participants who felt their income was enough were in the minority, although these people only had enough money to meet basic needs. 61% of those surveyed also said they had to change their lifestyles significantly should they lose income for three to six months to pay for the basics.
The recession may have encouraged more employees to participate in pension programs and retirement accounts, but they still need tools to protect the income they have. Seniors and the near-retired should understand how benefits are distributed, and use these towards retirement savings that are protected from inflation and other negative factors. If you want to know more about income protection and getting additional funds, contact your financial advisor.
Puritan Financial Group has years of experience in dealing important financial decisions. Puritan Financial Group will listen to you and your loved ones and craft a custom financial solution that supports your life goals.