“This rising discontent in the middle-class workforce is clearly being fueled by the continuing economic turmoil,” said Scott Spiker, CEO of First Command Financial Services, Inc. “Americans were significantly more satisfied with their jobs in 2009, when many people believed that the recession would soon come to a close. The persistent economic downturn has taken a toll on middle-class Americans, with many people feeling that they are being asked to work more and are making less. So it makes sense that consumers are starting to look for more appealing alternatives to their current circumstances.”
Sixty percent of survey respondents say they have experienced at least one change in their employment situation due to the economy, up from 56 percent last year. Notably, the top three changes all involve pay. They are:
- Elimination of bonuses (20 percent).
- Elimination of overtime (14 percent).
- Decrease in pay (14 percent).
At the same time, middle-class employees say they are doing more to earn their pay. Fifty-six percent of respondents report that they have made at least one change in their behavior at work as a result of the economy, up from 47 percent last year. Americans say they are:
- Working extra hours (19 percent).
- Trying to keep busy with work (17 percent).
- Finding ways to trim costs or develop better operational procedures (15 percent).
- Learning new skills (15 percent).
Middle-class workers are surprisingly optimistic about their job prospects. Despite a relatively high unemployment rate, about one third of consumers who are currently employed but looking for a new position believe there are significant opportunities in today’s market. And 17 percent of employed job seekers believe significant opportunities will emerge over the next 12 months.
“This relatively high level of optimism is a promising development at a time when many Americans continue to express deep concerns about the future of the economy,” Spiker said. “Three out of five middle-class consumers believe the U.S. is in a double-dip recession, and two out of five say they expect the economy will continue to fall deeper into a recession. Perhaps in these employment-related responses we are seeing an early indicator of a broader improvement in consumer sentiment, one that will positively affect financial attitudes as the nation moves into economic recovery.”