Economic uncertainty and widespread layoffs are affecting American workers, with a recent survey by Clarify Capital revealing that 1 in 4 feel their jobs are insecure. Additionally, 1 in 3 workers report experiencing "layoff anxiety."
The survey, which included responses from 1,000 Americans, indicates that remote workers are more likely to experience layoff anxiety (47%) compared to those working in-office (20%).
Generational differences were noted, with 40% of Gen Z workers in their 20s feeling anxious about layoffs. This figure drops slightly for millennials in their 30s at 33%, while older generations like Boomers and Gen X reported a rate of 29%.
Industries most affected by layoff anxiety include technology, healthcare, finance, education, and retail.
Financial preparedness for a potential layoff is also a concern. The survey found that 27% of respondents are financially unprepared for such an event. Of these, 13% have no savings at all and another 14% could only cover less than one month's expenses if they lost their job.
Regarding savings capacity among respondents:
- Nineteen percent can cover one to three months' worth of expenses.
- Twenty-three percent can cover three to six months.
- Thirty-one percent have enough savings to last over six months.
In the current economic climate, job security has become a priority for many. Sixty-nine percent prioritize it over career growth; only seven percent believe career growth is more important. A quarter of respondents value both equally.
Despite national unemployment being at four percent as of January, notable layoffs in federal government agencies and major private companies have heightened job insecurity among workers.
In New Jersey specifically, WARN notices indicate large-scale layoffs involving at least 100 or more employees at Walmart corporate offices in Hoboken, PlaniTROI in Denville, JP Morgan Chase in Jersey City, and Bristol Myers Squibb in Lawrence.
