Despite claims that the economy is turning around, jobs are still incredibly hard to find for those who are out of work. There are still many people who are known as “long-term unemployed.” This means that people looking for jobs have a long struggle ahead of them.
According to a recent report from the John J. Heldrich Center for Workforce Development at Rutgers University, only 14% of the 1,153 people surveyed were able to find new jobs within a two-month time frame. That means that if you are out of work you may have a long wait ahead of you. Additionally, more than 40% of those who did eventually get hired took a pay cut.
The survey also showed that more than 7 in 10 reported having less in savings and income than they did five years ago. More than 8 in 10 rate their financial situation as fair or poor.
Additional survey results:
- Among those who have been unemployed for a long time, more than 6 in 10 say they experienced significant relationship stress.
- Roughly 55% of the long-term unemployed say they will need to delay retirement.
- About 5% say the weak economy forced them to retire early.
- Close to half of the long-term unemployed estimate it will take 3 to 10 years to recover financially.
- About 1 in 5 believe recovery will take longer or that they will never recover.
While 54% who were out of work during the last five years took unemployment benefits, only 9% received government help when looking for jobs or seeking training.