16% of Laid Off Workers Are Tapping into Savings

June 25, 2009 (PLANSPONSOR.com) - To make ends meet, 23% of laid off workers surveyed reported they are collecting unemployment or other financial aid, while another 20% are cutting back on spending outside of necessity.

However, nearly as many (16%) said they are tapping into their savings, according to a CareerBuilder.com press release. Twelve percent said their spouse or significant other is supporting their household.

To fill their increased amount of spare time, 22% of respondents indicated they are spending more time with family and friends as they look for new employment opportunities.

Other ways laid off workers said they are making the best of a difficult situation, according to the announcement, include:

  • 15% are fixing up their homes,
  • 14% are exercising more,
  • 11% are finally taking time to relax,
  • 8% are volunteering,
  • 7% are going back to school,
  • 6% are becoming more involved in their church community,
  • 4% are starting their own business,
  • 4% are taking up new hobbies, and
  • 3% are traveling.

More than 1,800 laid off workers participated in the nationwide survey completed in June.