According to a
new survey, three-quarters(76%) of U.S. adults are delaying big purchases and reducing debts since they are worried about an impending economic downturn. Below is the summary of the findings:
- 34% of Americans are delaying major purchases like a home or a car
- 29% are paying down debts
- 28% are planning to reduce holiday spending
- 24% are allocating more income to savings
- 24% are staying in a job they do not enjoy
If ever a recession hits, there is likely to be a downsizing-i.e., a lot of workers are most likely to lose their jobs. Experts have suggested that emergency savings would act as a financial cushion. Here are
their recommendations below:
- Dual-income families should save at least 3 months’ worth
- Single earners should put aside 6 months or more
- Entrepreneurs should set aside 1 year of expenses
In addition, from a personal standpoint, investing in a cryptocurrency, especially bitcoin, acts as a buffer against the harsh realities of a recession.
Please share your personal experiences on how people in your country are preparing for or dealing with a recession.
To get better at anything then learn from the mistakes it can be from your own in the past or from others with their history but slightly on the worrying sign since how it is going to be effective when majority of the people are prepared for it cause I feel it won't be felt even if there is a recession when people are prepared for it.
From the recommendation I agree that we should have 3 months or 6 months funds for emergency purpose but it shouldn't be in the form of fiat, keep it gold or something because fiat lose its value all the time.