Posts Tagged ‘finances’

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That’s what Mirella Casares gets as her “benefit” package from working at Victoria’s Secret. The package doesn’t include health or retirement contributions.

As it turns out, Casares is not alone. Far from it.

Many American workers, because of the precarious nature of their jobs and household finances, are concerned (as reflected in the word chart above) with “money,” “bills,” “health,” and “retirement income.”

According to the Report on the Economic Well-Being of U.S. Households in 2016 by the Board of Governors of the Federal Reserve System (pdf), about 30 percent—or approximately 73 million adults—are either finding it difficult to get by or are just getting by financially. Even more, almost half (44 percent) of adults say they either could not cover an emergency expense costing $400, or would cover it by selling something or borrowing money.

One of the major reasons is American workers simply aren’t being paid enough. That’s why more than half (53 percent) are forced to spend more than they earn and therefore don’t have the ability to save. They also face extraordinary health (approximately 24 million people, representing 10 percent of adults, are carrying debt from medical expenses that they had to pay out of pocket in the previous year) and education expenses (over half of adults under age 30 who attended college took on at least some debt while pursuing their education). Therefore, they have to borrow money and rely on family and friends to make ends meet.

The other reason is because of income volatility. About one third of American adults indicate that their monthly income varies either occasionally or quite a bit from month to month. Thirteen percent of adults (40 percent of those with volatile incomes) report that they struggled to pay their bills at least once as a result of income volatility. One of the major causes of that volatility is variable work schedules: seventeen percent of workers have a schedule that varies based on their employer’s needs, and just over half of those with a varying work schedule are usually assigned their schedule three days in advance or less.

One of the consequences of being underpaid and subjected to variable work schedules dictated their employers is American workers have found it necessary to turn to multiple jobs and informal work. According to the survey, 9 percent of all adults, and 15 percent of those who are employed, report that they worked at multiple jobs. In addition, 28 percent of all adults report that they or their family earned money through one or more of informal and occasional activities (such as babysitting, selling at flea markets, and performing tasks through online marketplaces) in the prior month.

The United States is now eight years into the recovery from the Great Recession and the benefit to American workers consists of little more than 3 bras and a bottle of perfume.