Surviving recession is a true hardship for ordinary people. This group in most countries is quite large and often consists of 80% or 90% of the total population.
During a recession, many people lose their jobs or have to settle with lower salaries. Some even go through periods of time without income and these periods may stretch from a few months to a few years. In addition to the impact on personal finances, recession also has emotional and psychological consequences for people that last longer.
During any recession, news stories about unemployment figures take center stage while the families dealing with the recession suffer, often quietly. People work hard just to stay afloat in hopes that the economy will turn around soon, but often to no avail.
While many families do their best to carry on as if nothing is wrong with the world, recessions can have a profound effect on their day-to-day interactions and the way they live. Families may not be able to avoid the effects of the recession, but they can make changes that can improve their situations and help them prepare for the future while they wait for an economic upswing.
Below we outlined a few effects of recession on families, and we offer suggestions on how to easy those effects.
Jobs and Employment
Job loss affects the stability of families more than on individuals. Our status, self-worth, health, and well-being can be drastically impacted by the loss of a job. While some who lose their jobs use the time for growth and exploration, many suffer from depression and denial.
With unemployment rates running extremely high during a recession, individuals and families struggle to find work to pay the bills each month. The inability to find work can be frustrating, terrifying, and depressing, and can lead to even more problems. When a parent is unemployed, things can seem bleak.
Survival Strategies:
Short-term solutions might include borrowing money from friends or family, and taking a lower-paying job.
Long-term solutions can include working closely with headhunters and recruiters to find a higher-paying job and relocating. The relationships fostered with headhunters can help with a job search, but the process takes time.
Instead of waiting for the perfect job to appear, consider taking a part-time job to bring in some income while working with a headhunter to find the right career. Going back to school for additional studies can also help with a job search. It might be time to transition to a new line of work or to change an industry. Choose new career paths wisely, based on the job market and the outlooks for great career fields.
Moving to a new city or country for a job can open up new career opportunities as well. Relocating shouldn’t be seen as a last resort. In fact, being open to job opportunities in different cities and countries can significantly widen a job search.
