More Than Half of Americans Wouldn’t Be Able To Afford Their Bills and Groceries if They Lost Their Job

Yahoo Life ^ | Wed, March 8, 2023 at 10:46 AM EST | Heather Taylor

[Olog-hai]

What would be your immediate concern if you lost your job? In a GOBankingRates survey polling 1,002 Americans, more than half of overall Americans said they wouldn’t be able to afford their basic bills and groceries. […]

Nearly 37% of overall Americans surveyed by GOBankingRates said paying bills would be their immediate concern if they lost their job.

The percentage breakdown is consistently high across all age groups. Those who would be particularly impacted are ages 45 to 54 and ages 65 and older.

• Ages 18 to 24: 36.40%
• Ages 25 to 34: 34.50%
• Ages 35 to 44: 34.43%
• Ages 45 to 54: 41.18%
• Ages 55 to 64: 35.37%
• Ages 65 and over: 42.37%

Being able to afford groceries is another immediate concern for 15.77% of overall survey respondents. Of any age range, those ages 55 to 64 would have the most difficulty paying for groceries. Here’s what the percentage breakdown looks like across all age groups:

• Ages 18 to 24: 17.20%
• Ages 25 to 34: 14.41%
• Ages 35 to 44: 15.09%
• Ages 45 to 54: 15.88%
• Ages 55 to 64: 19.51%
• Ages 65 and over: 11.86%

Women would also struggle to afford basic bills and groceries more than men. Of the respondents surveyed, 16.34% of women said affording groceries would be their immediate concern compared to 15.16% of men. Paying bills is another disproportionate category, impacting more women (39.30%) than men (33.81%). …

[ConservativeMind]

Well, who can afford to lose their job?

You have a job to get money to buy things you need.

Only people on Welfare and retired people are fine with not having a job.

This doesn’t make much sense. People can’t afford things without money.

[Opinionated Blowhard]

The old rule was save at least a month’s salary - on top of your other savings - in case you lose your job. I’m not sure how many people do that anymore.

[sten]

It depends on how your approach / structure your income.

Wages are one form of income.

Everyone should develop 3 or 4 passive income streams. From mowing lawns, shoveling snow, to delivering groceries.

Here are some ideas:

https://wallethacks.com/passive-income-ideas/

[ClearCase_guy]

With all due respect, I see videos on Youtube of some guy who has “11 passive streams of income” and manages to earn “$120,000 a month”.

Hey, there may be a guy on the planet who really does that.
Passive income streams may be a fine idea.

But most people have a job, so they can earn income so they can pay their bills.
Most people, if they could pay their bills without earning income, would quit their job.

For some study to come out and say that if people lost their job, they wouldn’t be able to pay their bills is just asinine. Major Duh.

[eyeamok]

more like a years salary, for me it is 2 years, but I am real close to retiring, maybe next year

[Grampa Dave]

Thanks for posting the best DUH of the day:!

“Most people, if they could pay their bills without earning income, would quit their job.”

“For some study to come out and say that if people lost their job, they wouldn’t be able to pay their bills is just asinine. Major Duh.”

[EQAndyBuzz]

“Everyone should develop 3 or 4 passive income streams. From mowing lawns, shoveling snow, to delivering groceries.”

That’s not passive. Having someone else do it and you take a cut is passive.

[TheWriterTX]

My husband and I both work. If either of us lost our jobs, we would be fine. If we both lost our jobs, we would be fine for about 2 years, comfortably sustaining a family of 4. After that, we’d be selling the house and downsizing.

[tet68]

Only half ??? How do the other half survive??
Don’t bother, I already know.

[GingisK]

It must come as a shock that some people actually have to work in order to get by. Somebody must support themselves and the privileged welfare class.

[JustaTech]

This is news?

[crusty old prospector]

Good job. I bet you drove used cars and didn’t take yearly vacations to Cabo like all of your friends who are all broke.

[teevolt]

I’m good, my neighbor is a prepper but doesn’t believe in guns

[Peter ODonnell]

This is an amazing revelation, I must say.

[Retain Mike]

So why isn’t it 100%. Are over 60% on welfare and have no job. It seems kind of obvious that a person has to work to pay bills, but then I have already said I will not participate in the 21th century, so my insights often go off to the recking yard.

[9YearLurker]

Or 3 or 6 months of expenses.

[TheWriterTX]

Medical bills nearly destroyed us. We learned to economize.

I cut the family’s hair for years at home. I went to the hairdresser for mine because no one else was comfortable doing mine. Saved us a few hundred a year.

We bought our cars used, took care of them, and drove them until the wheels fell off. Saved us thousands.

We bought our clothes at Good Will, Salvation Army, and thrift stores whenever we could. Our kids got new. Saved us thousands and I always looked like a fashion slate.

We road-tripped across the US. Museums, parks, free or discounted events, city passes to save money, some big splurges thrown in. What we saved in airfare for 5 people we used for Sea World, amusement parks, etc. We packed coolers for breakfast and lunch and only bought dinner. We stayed at nice hotels, but chose hotels on the edge of the City or just outside the City because they were half the price and had free parking. Most offered free breakfast.

We racked up points and used them for the next trip.

We bought jewelry, bikes, guns, and musical instruments at pawn shops for pennies on the dollar.

We cooked at home, but treated the family to restaurants once a month or more for Saturday dinner.

I decorated rooms in a classic style, with timeless decorations, and kept them that way for years.

My husband and I are not collectors (except books), so we didn’t spend wild sums of money on collectables.

We spent good money on quality furniture, linens, drapes, mattresses, and towels. They last.

Installed own tile floors, baseboards, brick patio, wooden deck, painted our rooms and house. My husband was impressed by my precision back-cuts on the table saw. Lots of sweat equity.

Plenty of years, my Christmas present was a new vacuum or something we needed for the house. My husband would get tools or new work boots. The kids had a budget of $100 each from Santa and only bought what they really wanted. If they kept their grades up (they were exceptional students) they could go over. Sometimes they would ask if we could combine Christmas and Birthday to get a bigger item (Xbox or computer).

We were creative.

Despite the struggle, our kids lived amazing lives, went to the opera, ballet, theater, traveled the country, played sports, ate well, dressed well, and had a pretty, comfortable home.

[crusty old prospector]

It sounds like a great life. One that your kids will remind you of in years to come while you are playing board games with their spouses.

[waterhill]

I make my own tortillas and refried beans. Live on those mostly, with cheese and sausage/beef and rice, etc. Houses are paid off and so are the trucks. Renters have been late lately, but I am wanting them to stay. Got a garden, etc. Stay busy, Jesus is coming.