Six months into the pandemic with no clear end in sight, Americans are continuing to grapple with the effects of unemployment and job insecurity on their finances and well-being. As of July, the unemployment rate was 10.2%, and even those who are still employed have major concerns about their career stability.
According to a survey by personal finance information provider WalletHub, 33% of employees say they are concerned about their job security. These fears are leading respondents to be more cautious with their spending as the Labor Day holiday approaches. Many workers said they don’t feel comfortable going on with traditional activities associated with the long weekend, including travel and shopping.
“About one in three Americans worry about their job security, which makes sense considering the extremely high rate of unemployment in the U.S. right now,” Jill Gonzalez, WalletHub analyst says. “Women are less likely than men to be concerned about job security, even though recent data shows that women are losing their jobs at a greater rate than men during the COVID-19 pandemic.”
Coronavirus has impacted the well-being of employees across the U.S., forcing many to adapt to new routines around work and life. WalletHub rounded up the top concerns employees are facing this Labor Day weekend:
