Finances Struggling in the Recession? You’re Not Alone

Are you feeling a negative impact from that recession yet? If you are, don’t worry you have company.
In a new survey by the Pew Research, 55 percent of employees have experienced a reduction in their wages or daily hours since the beginning of the downturn. Also, job seekers have had to wait six months to find a new job, a far longer time-period than previous recessions, according to CNN.

The study, which was a mixture of telephone interviews and federal labor data, also found only 20 percent of workers’ finances have improved since the downturn began.

“This recession has left a mark on a lot of things,” said Pew Research Center project director Paul Taylor to CNN. “It’s changed behaviors and it’s changed expectations.”

Strangely, the groups most affected by the recession, African Americans and young adults, have more hope for the future than whites and older adults. And in the next year, 62 percent believe their finances will jump back into positive growth.

Photo by Sh4rp_i.