As the recession lingers on workers are really feeling it in their pocket. Nearly eight-in- ten (77%) of workers in 2010 said they felt they lived paycheck to paycheck to make ends meet, up from 61% in 2009. One-in-five (22%) said they have missed payments on bills in the last year in a survey conducted by Career Builder between May and June, 2010.
Some workers are making ends meet by dipping into their long-terms savings. More than one-in-five (21%) say they have reduced their 401(k) contributions or savings to get by; while 33% state they do not participate in any programs such as 401(k), IRA or retirement plans. 30% also reported they don’t put any money aside into their savings each month while 28% set aside $100 or less for savings and 14% save less than $50.
As a result some workers said they have made changes to their living and spending habits as follows:
- Cut back on leisure activities – 54%
- Used coupons or shopped at discount stores – 48%
- Drove less to save on gas – 37%
- Cancelled cable and other subscriptions – 12%
- Used public transportation – 5%
This survey found that six-in-ten felt that the recession has made them more fiscally responsible.