Is 2023 going to be known as the year of layoffs? Since the start of the year, 297 tech companies laid off nearly 95,000 workers, according to data compiled by Layoffs.fyi, a website that's been tracking tech layoffs since 2020. If this rate continues, the tech industry could cut more than 900,000 jobs in 2023. That's is almost six times the total for the industry in 2022, according to the site.
Layoffs are not happening just in the tech industry. Over the past few weeks, layoffs have expanded outside of tech and include Disney, Dow, Fed-Ex and 3M.
It's understandable to feel worried about layoffs and the potential impact on your family's financial stability. However, it's important not to panic, as being prepared and proactive can help you weather this storm. Start by creating a budget to understand your expenses and prioritize your spending. Then, consider building an emergency fund with enough savings to cover your living expenses for a few months. Having this safety net in place can give you peace of mind and the financial stability you need in case of a layoff or other unexpected event. Additionally, exploring additional sources of income, such as a side hustle or a part-time job, can provide additional financial security for you and your family. By taking these steps, you can be prepared for any challenges that may come your way.
The amount of savings that the average American has can vary greatly, and the exact figure can be difficult to determine as it can depend on a number of factors such as income, expenses, debts, and personal financial goals. However, based on studies and surveys, here are some general estimates:
According to the Federal Reserve's Report on the Economic Well-Being of U.S. Households, in 2021, the median savings for households was around $4,000.
A recent survey by Bankrate found that around 44% of Americans have less than $400 in savings, and around 25% have no savings at all.
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