Many Jersey Residents Are Very Worried About Losing Their Jobs

As the recession winds down and conditions slowly improve, many Garden state residents are still very worried about losing their jobs - and for good reason, it turns out.

A new survey my insurance giant MetLife finds 45 percent of Americans could not pay their bills for more than one month if they got laid-off - and two thirds say they would not be able to cover their expenses for more than two months if they lost their job- because they have very little if any money saved.

Rutgers economist Jack Worrall says the finding is hardly surprising, because "even in good economic times, we have a large percentage of people who live from paycheck to paycheck."

He says for many, the recession has been a bit of a wake-up call, as far as their spending habits are concerned.

"You seen people who can, paying down debt" says Worrall, "paying down their credit card bills- you also see people attempting to save more…we are seeing changes in behavior now, and we're going to see results of the changes in behavior over time...consumers are less likely to get into trouble (by spending less) …but this will affect the growth rate of the economy."

He adds those who have lost their jobs are surviving by "borrowing from family members, credit cards, by using food banks and going to local churches…we have a large percentage of people who have net worth that is zero or negative, so although it's a sorry state of affairs, it certainly isn't surprising."

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