Americans prep for possible recession

From dusting off their resumes to going off-grid, Americans are bracing themselves for a possible recession this year.

A report from Howdy reveals that 67% of Americans are already changing their day-to-day habits in anticipation of an economic downturn. More than 3 in 4 (76%) are changing their financial habits due to the current economic climate: 61% are cutting back on spending, 52% are increasing savings, and 38% are paying off existing debts.

These steps may reflect growing concerns about job security as well: more than 1 in 4 Americans say they’re not confident they could find another job within three months of losing their current one.

More than half of Americans (52%) said they believe a recession will come within a year, and they are speaking out about their fears. Twenty percent have discussed a potential recession with their children, and 11% brought up recession anxiety with their therapists.

Others are preparing less for a recession and more for what feels like the end of the world. Nearly 1 in 3 (29%) are considering homesteading. Another 1 in 3 are considering buying an off-grid property. 16% claim to have built a bunker in anticipation of a recession.

Recession-proofing jobs

The majority of Americans (79%) are optimistic about the chances of their jobs surviving a recession. However, 1 in 4 are not confident they’d be able to find another job within three months of losing their current one.

But those who fear their jobs could be in danger aren’t sitting around waiting for the worst to happen. The study showed many Americans are taking steps to recession-proof their jobs, including:

• Expanding skillset to include technology such as artificial intelligence (51%)
• Networking (48%)
• Updating and enhancing resumes (45%)
• Obtaining technical certifications (41%)
• Working freelance jobs on top of their primary job (36%)

Making positive financial changes

More than one-third of Americans (37%) are making positive changes to recession-proof their finances. Top financial moves include transferring stocks to more stable investments like bonds or cash (47%) and paying off high-interest debt (39%).

Tech workers are less likely to fear recession rumors. Only 47% think that a recession will happen within 12 months, and 82% think their jobs would survive a recession.

However, tech workers are taking action in case a recession occurs. More than half (58%) are currently pursuing professional certifications or classes while 78% have adjusted their household budgets to prepare for a recession. Half are considering investing in off-grid property, and 37% are thinking about homesteading. Additionally, 1 in 4 has a bunker for their family.

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