According to a recent survey of over 5,000 American workers by BIGresearch, most people in this country expect the economy to (continue to) get worse before it gets better. Here are the top seven findings from the survey:
- Eighty-nine percent of workers believe they won’t get a raise this year.
Only 10 percent of Americans think their pay will keep up with
- Seventy percent of workers are either “very” or “somewhat” worried that
the U.S. will slip into a second recession. Eighteen percent of workers
surveyed are neutral on the question, and only 12 percent say they’re not at all
worried that another recession will begin this year.
- Women are slightly more worried about recession than men. Seventy-two
percent of female workers are either “very” or “somewhat” worried about a
double-dip recession, compared to 68 percent of men.
- Most people are planning to cut back on spending to offset rising costs.
Only 7 percent of survey respondents said they do not plan to change their
spending habits. Seventy-one percent of respondents say they’ll control spending
by buying only what they need; 63 percent plan to lower expenditures by driving
- Female workers are better prepared to cut back on household spending than
male workers. More women than men say they are willing to deal with rising
costs and stagnant salaries by buying only what they need, driving less,
spending less on clothing, comparison shopping, sticking to a strict budget,
buying generic products, and spending less on groceries.
- Three out of four Americans have little or no confidence that the
government’s economic policies will have a beneficial effect. Confidence in
government measures was lowest in March, and has been declining steadily since
June of 2010.
- The Federal Reserve’s suggestion that printing more money will help the economy is not popular. Over 60 percent of respondents believe that printing more currency will hurt the economy in the long run; only 18 percent think this move would boost the economy.