Not as many workers are living paycheck to paycheck with Connecticut jobs
Posted on September 26, 2013
The number of workers living paycheck to paycheck from Connecticut jobs is declining, and the number is declining nationally.
This is according to a study from CareerBuilder that was recently release.
Thirty-six percent of workers report that they always or usually live paycheck to paycheck, a recession-era low down from its peak of 46 percent in 2008. In 2012, 40 percent of workers reported they always or usually live paycheck to paycheck.
One-in-five workers have missed payments in the past year, with 16 percent reporting they have missed payments on smaller bills and four percent indicating they missed payments on mortgages or other large financial obligations.
Twenty-five percent of workers does not set aside anything for savings each month, an improvement over 27 percent last year. Thirty-one percent save more than $250 and 10 percent save more than $1,000 per month.
Sixty-five percent participate in a 401(k), IRA, or other comparable retirement plan, down from 67 percent last year. However, fewer workers have had to reduce their contributions to retirement plans or personal savings — 17 percent in 2013, compared to 20 percent in 2012.
Almost half of workers have cut back have cut back on leisure activities and more than a third stopped eating out (36 percent) or drove less (34 percent) to help balance budgets in the last year. But despite attempts to save more and spend less, there are several expenses that some workers say they will not give up regardless of financial concerns:
· Internet connection: 55 percent
· Driving: 40 percent
· Pet: 36 percent
· Smart phone: 29 percent
· Cable: 24 percent
· Travel: 10 percent
· Going out to eat: 9 percent