Economic uncertainty and mass layoffs are pushing American workers to the brink, with 1 in 4 saying their jobs are not secure in the current economic climate and 1 in 3 reporting “layoff anxiety,” according to a survey released this week by Clarify Capital.
According to the survey of 1,000 Americans, layoff anxiety is much more prevalent among remote workers (47%) than it is among in-office workers (20%).
Looking at the data by generation, 40% of workers in their 20s (Gen Z) were experiencing layoff anxiety, compared to millennial workers in their 30s (33%). Among older workers (Boomers and Gen X), 29% reported having layoff anxiety.
Industries where layoff anxiety was the highest were tech, healthcare, finance, education and retail, according to the survey.
Twenty-seven percent of those surveyed were financially unprepared for a layoff, with 13% reporting no savings at all and 14% reporting their savings would cover less than one month’s worth of expenses if they lost their job.
Nineteen percent said they had enough savings to cover one to three months’ worth of expenses, 23% said they had enough savings to cover three to six months’ worth of expenses, and 31% said they had enough saved to cover expenses for over 6 months.
In the current economic climate, only 7% of those surveyed said “career growth” was more important than job security, while 69% said job security was more important. Twenty-five percent thought career growth and job security were equally important.
Although the national unemployment in January was 4%, high-profile layoffs among federal government agencies and large private sector companies have made workers feel less secure in their jobs.
In New Jersey, the state has been notified through WARN notices of large-scale layoffs of at least 100 or more workers at Walmart corporate offices in Hoboken, PlaniTROI in Denville, JP Morgan Chase in Jersey City, and Bristol Myers Squibb in Lawrence.
