Nearly three quarters of workers surveyed by American Express say their job status is as stable, if not more stable, than it was a year ago, according to the card issuer’s monthly Spending & Saving Tracker study.
Of these respondents, 54 percent feel their job is just as stable, while a much smaller number, 16 percent, feel their job is more stable. Nearly a quarter consider their job “less stable” compared to last year, AmEx said.
The new survey was of 2,089 adults randomly sampled from the general population and two subgroups, the affluent and young professionals. AmEx focused on their job outlook, in addition to their views about the economy, and spending and saving habits.
Young professionals had the most optimistic outlook, with 34 percent feeling “more stable” in their current jobs compared to last year. That’s more than double the percentage of the general population (16 percent) and the affluent (14 percent) who gave the same response.
AmEx linked job outlook with consumer habits in their survey. The majority, or 60 percent, of consumers who feel their jobs are more stable increased their overall spending and investments, particularly in dining out (35 percent) and travel (31 percent). Increases in investments represented smaller numbers: 14 percent increased their stake in the stock market, and 10 percent in real estate, compared to last year.
Consumers who feel either their current jobs are less stable or just as stable are less likely to increase their overall spending and investments, with 16 percent and 32 percent doing so, respectively
“Month after month, consumers have indicated a renewed commitment to getting their financial house in order following the difficult period the nation has been through,” said Pamela Codispoti, American Express senior vice president and general manager, Cardmember Services. “The findings of this most recent survey indicate that consumers are in fact following through on that commitment by exercising the appropriate level of financial control based on their perceived level of job security.”
For many, the job market instability has been a “catalyst for career reconsideration and/or reinvention,” American Express said.
Forty-one percent of the general population, 37 percent of the affluent, and 64 percent of young professionals are planning to improve their career marketability in several ways. Those strategies include: going back to school, joining a professional or trade organization, or by switching to a new company for career advancement.
