Better or Worse Off? [Survey Results]

A couple of weeks ago, Marc Miller published a blog post posing the question,  Are you Better or Worse Off Since the End of the Great Recession?  In that post, Marc discussed the four better or worse off areas listed below as they relate to his life since the great recession:

• Finances
• Physical Health
• Career Status
• Happiness Level

Marc’s assessment of his life showed that he was better off in his current physical health and career.  His finances, which took a hit during the great recession, have since recovered and conto he to be on track for success.

Also included in the post was a survey for readers. We asked them to answer the same questions as well as to provide comments about their personal experiences in regard to the four better or worse off areas and the great recession.

Our survey was open for approximately two weeks and we received 82 responses. The following is a summary of the survey results and comments from some of our participants.

Finances

36% of respondents said that they took a big financial hit from the great recession and are beginning to recover. This was followed by 25% of respondents indicating that they took a big financial hit and never recovered.

Some comments from our respondents:

• The recession isn’t over by a long shot.
• Investments still have not recouped, but I invested more, made more until 2016.
• Income has been flat, but the increased property taxes and more out-of-pocket costs for healthcare make my family worse-off financially.
• Nothing to do with the economy. My wife & I planned ahead and so we were entirely out of debt when it hit.
• I never sold any stocks and had to wait for the market to come back, and it did!

Are people better or worse off financially since the end of the great recession? 

As indicated by the results, people believe we are still worse off financially. Most were hit hard during the great recession and continue to struggle to regain their financial footing.

Physical Health

The majority of respondents said that their physical health has declined since the great recession, followed by the othere, who indicated that their health was about the same.

Here are some comments from the respondents about their physical health:

• I have had autoimmune issues, partly induced by stress from the economy.
• I have made major improvements in my diet and physical exercise routine over the past 3 years.
• Financial stress: job-search and new-job stress.
• No insurance until ACA (Affordable Care Act) went into effect (couldn’t afford private insurance I’d had for 40 years anymore) and now Medicare has helped with joint replacements. My health from stress suffered, but now on a better path.

Are people better or worse off in their physical health since the end of the great recession? 

The overall answer to this question is similar:  some are better off in their physical health, while others are struggling with their physical health.

Based on the comments, it seems that those who controlled or managed the stress in their life by going to the gym, walking, or eating right felt the same or better about their health.

Those who said their health has declined since the great recession were more likely to be stressed about finances and career, or had an unexpected illness that required additional medication and treatment.

Career Status

The third area we asked about in our survey was career status. The majority of respondents said that they were currently working in a job that was below their skill level. The next group said they were looking for another job or were unemployed.

Comments from the respondents:

• 3 layoffs in six years
• I am actually a consultant with specialized skills. I am burned out. I need a drastic change. I am fortunate to have been so successful, but am ready to move on. I can’t see the forest for the trees. My skill set is diminishing.
• My employer fired all those who were eligible for retirement to reduce overhead. They were given a retirement party and “thanked” for their years of service. Total joke. In the next wave, after ten years of being classified as a key contributor, I was stripped of my job. The responsibilities were transferred to my 32-year-old manager. I went from a Contracts Administrator to a glorified file clerk. I took the job for the medical benefits. At 61, I will not find a job making my previous salary.  My management team knows that and used it against me.  
• Starting our own company. Don’t want to go back to work for “The Man” again.  After all, I’ve been hit by five different layoffs.
• When I wanted to switch jobs, I didn’t have a problem finding a new one.
• Decided to leave long term career due to terrible market. Could not find another job and took early retirement. Now that my health is better, I want to look for part-time work to supplement Social Security, which does not cover all my expenses.

Are people better or worse off in their career status since the end of the great recession? 

The majority of respondents believe they are still worse off in their careers since the great recession.

We received many comments in this part of the survey.  People are still struggling to find a job or are working a job well below their pay or skill set.  Many people are simply working at jobs for medical benefits or to reach retirement.

On the brighter side, some enterprising respondents said they were starting their own businesses so they are in control of their career and the money they make.

Happiness Level

Our final area that we asked respondents for feedback on was the level of happiness in their life since the great recession. Two responses both received 33%: people felt some happiness, or people felt moderately happy with their life.

Comments about the level of happiness:

• Happy but struggling. Having to use 401k to pay bills.
• Learning to “manage” anxiety because I will probably never completely get rid of it.
• I want more family time. I miss them when I am at work. Struggling to find my balance. Begging for a change but I don’t know what that change is. 6 months off would do me a world of good.
• With little reserve money due to a low-paying job, we worry about unexpected expenses and need to scrimp all the time.
• I’m doing what I love. My time is my own. I probably wouldn’t have done it if the economy hadn’t been bad.
• Without enough money to keep up, I worry about the future.
• As I have guided three kids through college and seen them get good jobs, happiness has gone up.
• Despite hardships, I’d say I’m fairly content. I try not to obsess on my limited financials, but focus on enjoying free time wit’s friends and family. Had always been fairly frugal, so my lifestyle has not been affected too much. Would like to build savings and have funds for some extras, but my family and friends are more important.

Are people better or worse off in their level of happiness since the end of the great recession? 

Again, we see that the overall response to this question is similar: some are moderately happy in their life, while others believe that there is some happiness in their life.

The split response for the area of happiness tells us that people are still struggling with finances, careers, and their health. These struggles are due to bad luck, poor decisions, or factors outside of their control.

Others may have all the same issues but have accepted them and are working to make them better.

What do you think about the results?

Do you agree with them?

Check out past Career Pivot survey results here.

This post was written by Elizabeth Rabaey, a Baby Boomer herself, is a creative with a love for details. She has spent over 20 plus years working for environmental engineering and consulting companies providing project management and technical assistance on many innovative engineering projects. She has applied creative, literary and scientific skills to these projects to help the client maintain a profitable business operation and protect humans, health, and the environment. Connect with her on LinkedIn and Twitter.

Be sure to check out the Career Pivot Client Testimonials Page

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Repurpose Your Career - A Practical Guide for the 2nd Half of Life

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What is Your Plan for the 2nd Half of Life? – [Infographic]

Earlier this month, we published a blog post What is Your Plan for the 2nd Half of Life? which included a survey asking questions about what you were going to do with the second half of your life. We received a quite a few responses, and here is what we found out.

Do You Plan to Retire in the Next 10 Years?

A little over half of the respondents said no, that they didn’t plan to retire in the next 10 years.

We should have asked a follow-up question to determine why people were not going retire in 10 years.  Is it because you have more than 10 years before the retirement age? Or you don’t want to? Or can’t?

We can speculate many reasons why, for so many of you, the answer to that question was no.

But then again, we all know you can retire anytime that you want to—65 is an age set by the government as a guideline and it is not mandatory. We have heard of people retiring in their 40s, 50s, or other ages because they chose to and had the means to do so.

Do You Plan to Work During Your Retirement?

An overwhelming number of respondents said that they will work during their retirement years.

What Type of Employee will You Be?

Many of you said that you would be either a part-time employee or self-employed.

Part-time employment will allow you to try a new job within a different field if you want, or continue doing what you know best.

The transition to self-employment will be assisted by all the tools that are available online that can help you run your business.  You can work as much or as little as you would like. There will be opportunities to work with people within your neighborhood, city or across the country or around the world.  We won’t be limited by our employment choices within our current city.

The Primary Reason to Continue Working?

The majority of the respondents said that the primary reason why they would continue to work is that it will give you something to do, a place to go, and a sense a purpose.

In addition to giving you a sense of purpose, you will be able to pick which skills and talents that you want to use while continuing to work.  The other skills and talents that you performed but didn’t particularly enjoy can be left on the table and picked up as necessary.

Do you want more information about identifying your skills and talents? Read the blog post, Talents versus Skills – Do you know the difference? or watch the Office Hours video about the same topic.

What is Your Plan?

Just like the survey says, I see myself working well into my retirement years because I want to have a sense of purpose and I will do it on my terms.

For the past year, I have been thinking about my plan. What does that plan look like? What skills will I need and how can I develop them?  These are just some of the questions I have been thinking about. I am learning that the process is challenging at times, but I am glad that I am working through it now. I know that, in the end, my plan may not be perfect, but it will be a roadmap to help me create the 2nd half of my life.

Check out past Career Pivot survey results here.

What is your plan for the 2nd half of your life?

This post was written by Elizabeth Rabaey, a Baby Boomer herself, is a creative with a love for details. She has spent over 20 plus years working for environmental engineering and consulting companies providing project management and technical assistance on many innovative engineering projects. She has applied creative, literary and scientific skills to these projects to help the client maintain a profitable business operation and protect humans, health, and the environment. Connect with her on LinkedIn and Twitter.

Be sure to check out the Career Pivot Client Testimonials Page

Like what you just read? Share it with your friends using the buttons below?

Check out the Repurpose Your Career Podcast

When you subscribe to this blog you get full access to Career Pivot’s Whitepaper Library

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Check out my latest book which is available on Amazon.com!

Repurpose Your Career - A Practical Guide for the 2nd Half of Life

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