A recent survey by MoneyRates.com asked more than 1,200 American adults their opinions on their wages and job security. The results show that the U.S. economy may not be on the fast-track to recovery when it comes to the workplace. More than half (56.3%) of the respondents did not receive a raise last year, while 56.5% of those who did get a raise, received an increase of 3% or less. Furthermore, just 39.8 % of those surveyed feel they will be able to hold on to their job in 2014.
Many U.S. workers are dealing with the grim reality of low pay and lack of job security. And what’s not surprising is that American employees are making the choice to accept their situation. Due to the shaky economy, they’re doing all they can to hold on to their jobs.
MoneyRates.com offers these tips for coping:
- Build emergency savings. If you get the ax, you’ll need the extra cash to stay afloat.
- Devise a budget. Track your expenses and make an effort to cut back on unnecessary spending.
- Make your money work harder. Look for ways to reduce 401(k) fees, be on the lookout for a free checking account, and hunt down higher rates on savings accounts.
- Keep your skills fresh. Stay marketable in the event you lose your job.
- Stay on top of the job market. Scan employment websites to get a feel for what the market is like and what skills you need to develop.