New survey confirms increased employment woes

03.17.09
By Timothy Jones

A new survey shows that consumers' fears of unemployment continue to grow.

According to a survey conducted by CNN/Opinion Research Corp, Americans are losing confidence that they will have a job in the future.

Down 12 percent from last year, only 57 percent of people surveyed are confident they won't be laid off in the next six months. Survey results show that only 38 percent of workers polled believe there won't be layoffs at their company.

"When wage earners lose confidence, it has ripple effects throughout the economy," said CNN polling director Keating Holland. "Consumption patterns are based in part on workers' prospects of keeping their jobs or finding new ones."

A CNN article detailing the results of the survey explains that Americans have also lost confidence in the likelihood that they could find a good job at the same pay rate should they face unemployment.

Federal Reserve chairman Ben Bernanke said in a CBS 60 Minutes interview on Sunday that he expects unemployment will increase, but hopes to see moderation by yearend in the declines that have caused so many financial troubles for American households.

Until then, a number of individuals and families are increasingly taking steps to better manage household budgets, review credit reports and keep credit card debt in check.

To help the younger generation get a head start on understanding the importance of personal financial management practices, a McClatchy news article reports that legislation is set to be introduced that would award grants to state education agencies and nonprofits instituting financial literacy programs.

Senators Patty Murray and Thad Cochran are co-sponsoring a bill that would give $1.2 billion in grants to promote financial literacy in elementary school, high school, college and also adult learning programs, says the news source.

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Only 57 percent of people surveyed are confident they won't be laid off in the next six months