How Long Can You Last Unemployed?

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Date: May 01, 2001 at 09:22:52
From: webmaster
Subject: How Long Can You Last Unemployed?

If You Got Laid Off Tomorrow ... How Long Could You Pay Your bills?

Survey Finds Nearly Half of American Workers Would Only Be Financially Secure
For up to Three Months

SADDLE BROOK, N.J., April 30 /PRNewswire/ -- Suppose your boss asks to
meet with you, hands you a pink slip, shakes your hand and wishes you luck.
What would you do? How could you pay your bills? According to a recent
nationwide telephone survey conducted for AOC, a national financial staffing
firm, by Opinion Research Corporation, when asked how long Americans would be
financially secure if they were laid off from their job, nearly half (46%) of
those surveyed said they would only be financially secure for three months or
less. On the other hand, 20% of those surveyed feel comfortable that they
would be able to pay their bills for more than one year if they were laid off
tomorrow.
This survey, which asked American workers how long they would be
financially secure if they lost their job, is part of AOC's ongoing "Profiles
of the American Worker(R)" series which summarizes the opinions, attitudes,
and behavior of employed Americans concerning workplace issues.
For this survey, full and part-time workers were asked the following:
"What would you do if you lost your job today? Considering the money you have
now, unemployment, and what you would expect to get in severance pay, about
how long would you expect to be financially secure without a job?"

Does more income mean more savings?
Twenty-nine percent of people surveyed who earn less than $15,000 a year
think they would not be financially secure for much more than a week if they
lost their job today and only 12% think they would be able to survive for more
than a year. Of those earning $50,000 or more a year however, 29% think they
would be financially secure for more than a year if they lost their job today,
and only 6% feel they would be in trouble after a week.

Maybe they learned to save in school
Perhaps a college education teaches people about saving their pennies for
an emergency. Twenty-six percent of college graduates would feel financially
secure for more than a year if they lost their job today. On the other hand,
only 16% of high school graduates feel they could pay their bills for more
than a year and only 10% of those who did not finish high school would be
financially secure for this period of time.

"Coping with a job loss whether it is a result of downsizing, getting
dismissed, or working for a company that is no longer existent can hurt your
ego as well as your bank account," says Diane O'Meally, president of AOC.
"Many people identify themselves with their careers," says O'Meally, whose
company employs more than 1,200 internal staff and thousands of temporary
employees worldwide. "When people lose their jobs they often find themselves
unsettled, concerned about finances, and full of self-doubt."
According to Ms. O'Meally, the best way to cope with a job loss is to sort
out all your personal feelings and to look toward the future and move on.
Perhaps it is time for a career change or a time to go back to school. If
finances are your biggest concern you can consider finding a temporary job to
help pay the bills until you decide which direction your career and future are
headed.
Ms. O'Meally suggests these steps to jumpstart your job search:

* Evaluate why you've been dismissed

* Turn the situation into a positive

* Update your resume

* Set up a plan

* Network

* Post your resume on the Internet

* Hire a recruiting firm

* Look through the classifieds

This survey is based upon telephone interviews with a representative
sample of more than 1,392 adults, 18 years of age and older, who are employed
either full or part time. Interviews were conducted by Opinion Research
Corporation's Caravan between March 22, 2001 to March 26, 2001. The margin of
sampling error associated with this survey is plus or minus three percentage
points.
With more than 120 offices worldwide, AOC is currently a world leader in
the placement of temporary and direct-hire accounting and financial personnel.
For complete survey findings or more information, contact Samantha Cummis,
Public Relations Department, AOC, Park 80 West, Plaza II, Ninth Floor, Saddle
Brook, NJ 07663; 201-843-0006 ext. 290.

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