The luxury of being able to work remotely tended to be exclusively afforded to higher-wage Americans, with 28 percent of all surveyed U.S. adults earning under $40,000 mentioning they did not have the ability to perform their tasks remotely compared with 17 percent of those earning $80,000 or more annually, Bankrate’s poll found.
“Strong growth in the U.S. and the likelihood of further declines in the unemployment rate should translate to better wages and job security in the months ahead,” Hamrick said. “With that, many workers are demanding more flexibility in their employment, to which a dollar sign cannot be assigned.”
Americans experience significant financial events during the pandemic Even so, the effects of the pandemic are bound to linger financially on Americans. About 1 in 5 (21 percent) of U.S. adults say either they or someone in their household was unemployed or lost income since the pandemic began. Another 15 percent said either they or a member of their household got unemployment compensation during this time. At the same time, 4 percent said someone in the household left the workforce to care for a child or family member.
Americans, however, still got good news during the pandemic. Nearly 12 percent got a bump in income, and 11 percent cited taking a new job. About 9 percent said either they or a member of their household took on a side hustle or a second job, while 6 percent of respondents said they worked from home somewhere other than their home for an extended period.
Those earning $80,000 or more per year were more than twice as likely as those earning under $40,000 annually to get a new job during the pandemic (16 percent and 7 percent, respectively). Members of Gen Z and millennials are among those most likely to say they received an increase in pay at 17 and 18 percent, respectively, compared with 12 percent of Gen Xers and 5 percent of boomers. These generations, however, were also slightly more likely to have been unemployed during the pandemic.
What this means for you Even with the economy rebounding, the coronavirus crisis is still a downside risk to the labor market, and the rapidly spreading Delta variant could pose new challenges for businesses.
When it comes to finding a new job during the coronavirus pandemic, experts recommend: —Leveraging your network and making new connections: Companies don’t always advertise what they have open. Reach out to contacts who you’ve previously known at a professional level or leverage online job-search sites to meet new people in your industry. —Increase your skill sets: An area of expertise or specialty can help bolster your application, so that you stand out for your next opportunity. —Be persistent, and apply often: Don’t limit your opportunities by giving up.
In the meantime, you can’t go wrong with shoring up your finances by cutting back on your expenses, ramping up your emergency fund and working with any financial firms that you regularly pay a bill to on negotiating a forbearance plan if your wallet is still in tough shape.
Methodology Bankrate.com commissioned YouGov Plc to conduct the survey. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,452 adults among whom 1,340 were employed or seeking employment. Fieldwork was undertaken from July 28, 2021 – July 30, 2021. The survey was carried out online and meets rigorous quality standards. It employed a non-probability-based sample using both quotas upfront during collection and then a weighting scheme on the back end designed and proven to provide nationally representative results.
Distributed by Tribune Content Agency, LLC.