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Poll: 66% of U.S. workers have insufficient savings
Boston Business Journal
While most Americans are well aware that savings are absolutely essential in a down economy, most workers would be running on empty within two months after losing their jobs, according to a new poll by Monster.com.
Indeed, 34 percent of U.S. workers said they have less than a week's worth of savings to cover living expenses if they were to be laid off from work, according to the survey from Maynard, Mass.-based Monster.com.
Another 16 percent of respondents said they have between two and four weeks of savings, and another 16 percent said they have between one and two months of savings.
About 20 percent of the respondents said they have savings that would last them six months or longer, according to the poll.
More than 16,000 people participated in the online poll, which was conducted between July 6 and July 13.
Although conventional wisdom dictates that people should have savings that would last them six months if they were laid off, most experts agree that in this economy, it would be prudent to have even more than that, according to Norma Gaffin, director of career content at Monster.com.