Gallup Poll: 1 in 4 Unemployed Adults In Financial Distress

Underemployed not fairing much better, according to survey.

By EGP News Report

Keeping up with the rising cost of gas, food and other commodities is challenging for many these days. But if you are among the 9.4 percent of Americans unemployed, or the large number of people working less than full time, that strain is even more difficult, according to a national Gallup poll released last week.

Bucking the national trend of slightly lower unemployment numbers, California’s unemployment rate climbed to 12.5 percent in December, and 13 percent in Los Angeles County.

While fewer than three in ten unemployed Americans say they are able to meet expenses without any difficulty, 40 percent of unemployed adults say they are just barely managing to pay their bills. About 26 percent, or one in four report they are either falling behind on their bills or facing more serious financial difficulties such as bankruptcy or foreclosure, according to Gallup.

For many, having a job was no guarantee of financial stability. 21 percent of those surveyed who identified themselves as underemployed, told pollsters that they are under financial distress. Eight percent of those who said they are fully employed said they are having financial problems.

The results are based on a USA Today/Gallup poll conducted as part of Gallup Daily tracking between Dec. 21, 2010 and Jan. 9, 2011.

The poll showed that unemployed adults between the ages of 30 and 49 have been hit harder financially than those younger or older. While the reasons are unclear, it may be that they are old enough to have acquired significant expenses such as mortgages, car payments, and children, but are not old enough to have accumulated the financial reserves necessary to carry them in bad times, according to Gallup.

Overall, unemployed men seem to be fairing better financially than unemployed women, though they are slightly more likely to be facing “serious financial problems.”

Underemployed Americans — those working part time but wanting full time work — are only marginally better off financially than the unemployed, both in terms of their finances and their experience with significant personal problems resulting from lack of work, according to Gallup.

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February 3, 2011  Copyright © 2012 Eastern Group Publications, Inc.


One Response to “Gallup Poll: 1 in 4 Unemployed Adults In Financial Distress”

  1. Anonymous on February 7th, 2011 4:17 pm

    Financial sector has to cope with its public preception.

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