(TORONTO, ON) – There’s a rising tide of disenchanted Canadians who have all but given up hope in ever finding a job. They’ve resigned themselves to a life of poverty after being rejected time and time again by prospective employers.
A recent Harris Poll brutally laid out the mindset of the long-term unemployed:
· 39% agree with the statement – “I’ve completely given up on finding a job”
· 36% say they have had no interviews in the past month
· 44% believe there are no jobs for them and 84% are getting more discouraged as time passes
Jeff Schwartz, executive director of Consolidated Credit Counseling Services of Canada, Inc., is worried about the long-term financial consequences of being unemployed for an extended period of time.
“Long-term unemployment has long-reaching financial consequences. Savings are exhausted, debts pile up, and a healthy financial future gets further and further away” says Schwartz. “Some people will struggle to ever recover from the financial beating they are taking right now.”
The number of people in this situation is staggering. A recent CBC article states that 272,000 Canadians fit the definition of “long-term unemployed” which is nearly double the amount before the recession.
Consolidated Credit believes that Canadians should prepare for the worst when organizing their finances. By being prepared for the loss of a job, can lessen the severity of the blow.. Jeff Schwartz offers these tips –
· Save when you can – “Canadians need to build up their savings so they have an emergency fund when difficult situations arise. This will allow you to keep paying your bills, mortgage, etc. while looking for a new job” – says Schwartz.
· Avoid debt – “If debt payments take a large part of your salary each month, the loss of a job can push you over a financial cliff. Avoiding debt and living within your means will help you avoid the financial problems of being laid-off” – advises Schwartz.
· Never stop learning – “Acquiring more certifications, licenses, etc. can make you more employable if you are forced to look for a new job. Taking night courses/correspondence classes while employed will look great on a resume and show prospective employers you are a hard-worker” – adds Schwartz.
Many Canadians are facing a crisis in their working lives. They have left the workforce and are doubtful if they will ever return. It is important to be prepared for the worst in order to financially survive the tough times.
About Consolidated Credit Counseling Services of Canada, Inc.:
Consolidated Credit Counseling Services of Canada is a national non-profit credit counselling organization that teaches consumers about personal finance.
For more information or to request an interview with Jeffrey Schwartz, please contact:
Eric Spence, Public Relations Coordinator, Consolidated Credit Counseling Services of Canada, Inc., T: 416-915-7283 ext.1041, C: 416-731-5588, F: 416-915-5200, E: [email protected]