Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:

 

Families Are Feeling the Stress of Economic Crisis

13.03.2009
There is no question that the recent economic crisis has wreaked havoc on companies and on families across the country. Now, a recent study of 300 married, working couples conducted by Wayne Hochwarter, the Jim Moran Professor of Management at Florida State University’s College of Business, is revealing just how deeply the crunch is being felt.

In “The Hits Just Keep Coming: How the Recession is Affecting Families and Work,” Hochwarter sought to find out how the financial crisis is affecting people both at work and in their personal lives. His results show that in the workplace, large numbers of people are feeling more stress, more pressure from management and more concern about their job security, and are witnessing more incivility.

Among Hochwarter’s findings:

*More than 70 percent of both men and women in the survey confirmed that the recession has significantly increased the stress levels of employees in recent months.

*More than one-half (55 percent) reported that management has grown increasingly demanding over this period.

*More than 65 percent predicted significant job changes to occur within one year, causing employees to grow progressively more concerned about job status; 80 percent of employees reported being nervous about their long-term financial well-being.

*More than 60 percent were asked to find ways to cut costs on a weekly basis.

*More than 40 percent of employees reported increased incivility (i.e., “backstabbing,” “sucking up” and politicking) as a means to stay employed in the event of a layoff.

The study also explored the shifts in home life due to the financial crisis. More than 70 percent of both men and women admitted making significant spending changes, including a decision to limit or eliminate the purchase of items deemed non-essential. More than 80 percent of both men and women also admitted that it was unlikely they would be able to retire when they wanted and with the amount of money anticipated as recently as one year ago.

In the face of record unemployment and layoffs, the study found that many people (42 percent) could maintain their current standard of living for just one month or less, while the majority of those asked (55 percent) reported three months or less. In addition, more than 33 percent of couples reported discrepancies of greater than six months in perceived standard of living following layoffs, suggesting that husbands and wives are not always on the same page in terms of financial status or long-term economic viability in the event of job loss.

“Scared -- it’s the one word I would use to describe the mental status of employees these days,” Hochwarter said. “Employees are more stressed and more strained today, and they aren’t looking to make a move to improve their situation. The study shows employees have little confidence that the next work situation will be any more secure than the current one.

“The housing market is also playing a big role,” he said. “For many, selling a house and its potential to contribute to an already dire financial situation is simply too much at this point.”

Hochwarter’s research confirms that developing a climate of trust and expanding lines of communication, even when the news is not favorable, may help reduce the anxiety associated with job insecurity.

Hochwarter’s research is being prepared for publication.

Wayne Hochwarter | Newswise Science News
Further information:
http://www.fsu.edu

More articles from Studies and Analyses:

nachricht Win-win strategies for climate and food security
02.10.2017 | International Institute for Applied Systems Analysis (IIASA)

nachricht The personality factor: How to foster the sharing of research data
06.09.2017 | ZBW – Leibniz-Informationszentrum Wirtschaft

All articles from Studies and Analyses >>>

The most recent press releases about innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: Neutron star merger directly observed for the first time

University of Maryland researchers contribute to historic detection of gravitational waves and light created by event

On August 17, 2017, at 12:41:04 UTC, scientists made the first direct observation of a merger between two neutron stars--the dense, collapsed cores that remain...

Im Focus: Breaking: the first light from two neutron stars merging

Seven new papers describe the first-ever detection of light from a gravitational wave source. The event, caused by two neutron stars colliding and merging together, was dubbed GW170817 because it sent ripples through space-time that reached Earth on 2017 August 17. Around the world, hundreds of excited astronomers mobilized quickly and were able to observe the event using numerous telescopes, providing a wealth of new data.

Previous detections of gravitational waves have all involved the merger of two black holes, a feat that won the 2017 Nobel Prize in Physics earlier this month....

Im Focus: Smart sensors for efficient processes

Material defects in end products can quickly result in failures in many areas of industry, and have a massive impact on the safe use of their products. This is why, in the field of quality assurance, intelligent, nondestructive sensor systems play a key role. They allow testing components and parts in a rapid and cost-efficient manner without destroying the actual product or changing its surface. Experts from the Fraunhofer IZFP in Saarbrücken will be presenting two exhibits at the Blechexpo in Stuttgart from 7–10 November 2017 that allow fast, reliable, and automated characterization of materials and detection of defects (Hall 5, Booth 5306).

When quality testing uses time-consuming destructive test methods, it can result in enormous costs due to damaging or destroying the products. And given that...

Im Focus: Cold molecules on collision course

Using a new cooling technique MPQ scientists succeed at observing collisions in a dense beam of cold and slow dipolar molecules.

How do chemical reactions proceed at extremely low temperatures? The answer requires the investigation of molecular samples that are cold, dense, and slow at...

Im Focus: Shrinking the proton again!

Scientists from the Max Planck Institute of Quantum Optics, using high precision laser spectroscopy of atomic hydrogen, confirm the surprisingly small value of the proton radius determined from muonic hydrogen.

It was one of the breakthroughs of the year 2010: Laser spectroscopy of muonic hydrogen resulted in a value for the proton charge radius that was significantly...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

ASEAN Member States discuss the future role of renewable energy

17.10.2017 | Event News

World Health Summit 2017: International experts set the course for the future of Global Health

10.10.2017 | Event News

Climate Engineering Conference 2017 Opens in Berlin

10.10.2017 | Event News

 
Latest News

Osaka university researchers make the slipperiest surfaces adhesive

18.10.2017 | Materials Sciences

Space radiation won't stop NASA's human exploration

18.10.2017 | Physics and Astronomy

Los Alamos researchers and supercomputers help interpret the latest LIGO findings

18.10.2017 | Physics and Astronomy

VideoLinks
B2B-VideoLinks
More VideoLinks >>>