Fourteen percent of Americans, or about one in seven, say they would experience "significant financial hardship" within a week if they lost their job, a Gallup survey reveals.
Another 29 percent say they would face financial troubles within a month if they no longer received a paycheck, while 26 percent wouldn't survive financially more than four months without a job.
Just 17 percent could survive for up to one year, and 14 percent could last more than a year, according to Gallup's poll of adults employed full-time or part-time in all 50 states.
And among those with an annual household income of less than $50,000, 45 percent could not last one month and 25 percent could not last even a week.
Asked how likely it is that they would lose their job in the next 12 months, 16 percent said "very" and 11 percent said "fairly," while 34 percent said "not too likely" and 50 percent said "not at all likely."
"An analysis of these two job-loss questions in combination finds 9 percent of all U.S. workers highly vulnerable to a job loss saying it is very or fairly likely they will lose their job and that they could go up to a week or a month without a job before experiencing financial hardship," Gallup disclosed.
More than 60 percent of adults ages 18 to 34 could go only one month or less before experiencing hardship, compared to 39 percent of those ages 35 to 54, and 25 percent of workers ages 55 and older, most likely because older workers have had more time to build up savings.
Gallup concludes: "With long-term unemployment a serious problem in recent years, many U.S. workers are not in a position financially to go a month, or even a week, without finding a new job if laid off. That underscores the economic hardship that unemployment of any length can bring on U.S. families, particularly for younger and lower-income workers."
I'm sorry to say that most of those who couldn't survive a week without a job have no one to blame but themselves. I, as much as anyone am aware of the high cost of food, gas, rent/mortgage, healthcare, etc., but that's not what I'm referring to.
The average American household has at least $10,000 credit card debt with three different cards. Minimum payments - which are interest payments and monthly finance charges (a finance charge is a fee you pay for the privilege of being in debt to a credit card bank) plus a few bucks on the principle can add up to as much as $300 a month.
Then there are your car payments which include mandatory full coverage insurance (I have liability only, but then again I hold the pink slip on my truck). Some finance companies require you have a life insurance policy that will pay off the loan if you die. With most married couples or those living together, both partners have cars they are paying off.
Then there is the cable or satellite bill, smart phone bill, internet bill, some are paying off RVs, boats, motorcycles, and all kinds of other crap they wanted but don't really need. It all adds up to a fortune. These people have built themselves their own house of cards which could collapse in as little as a week if they lost their jobs. That's why some people are downright terrified of losing their jobs and will make any concession to their employers to keep them.
Until we learn to live within our means most of us will be little more than slaves to our employers. Judeo-Capitalists don't just seduce people into buying their junk just to get our money. They want our money plus they want us in debt for life so they can get away with treating us like slaves. If we don't take their sh*t we get fired, and our house of cards collapses and we lose everything. They call that "putting the fear of God into your employees."
So what's it going to be? Are we going to buy every little trinket that catches our eye on credit and be good little indentured servants, or are we going to live within our means and maintain a little freedom and dignity for ourselves? That's your decision. I've made mine. I believe it was the right decision. I hope you make the right choice as well.