Women and Men Living on the Edge: Economic Insecurity After the Great Recession Je Hayes Heidi Hartmann An IWPR/Rockefeller Survey of Economic Security About this Report Board of Directors This report examines findings from the Institute for Women’s Policy Research (IWPR) /Rockefeller Survey of Economic Secu - Lenora Cole, Chair rity, collected in Fall 2010, focusing on people’s perceptions of Management Consultant their own economic security following the Great Recession of Esmeralda O. Lyn, Vice Chair 2007–2009. This report is part of a larger project to gather in - Hofstra University formation and educate the public on how to improve the eco - Carol Greene Vincent, Treasurer nomic security of older women, low-income retirees, and Pricewaterhouse Coopers LLP vulnerable Americans of working age. The survey was sup - ported as part of the Rockefeller Foundation’s Campaign for William Baer the American Worker initiative to describe the hardship and Bloomingdale’s anxiety of Americans in the recession and recovery and to im - Ellen Delany prove the understanding of current and proposed policies for Delany, Siegel, Zorn & Associates Inc. enhancing economic security. It is being published together with a companion IWPR report, Retirement on the Edge: Women, Jennifer Duck Men, and Economic Insecurity After the Great Recession. Pfizer, Inc. Holly Fechner About the Institute for Covington & Burling LLP Lynn Gitlitz Women’s Policy Research Business Development Consultant David A. Goslin The Institute for Women’s Policy Research (IWPR) conducts Falls Church, VA rigorous research and disseminates its findings to address the needs of women, promote public dialogue, and Lorretta Johnson strengthen families, communities, and societies. The Institute American Federation of Teachers, AFL-CIO works with policymakers, scholars, and public interest groups Ellen Karp to design, execute, and disseminate research that illuminates Anerca economic and social policy issues affecting women and their families, and to build a network of individuals and organiza - Susan Meade tions that conduct and use women-oriented policy research. Phillips Oppenheim IWPR’s work is supported by foundation grants, government Emily van Agtmael grants and contracts, donations from individuals, and con - Van Agtmael Interiors tributions from organizations and corporations. IWPR is a 501 Sheila W. Wellington (c) (3) tax-exempt organization that also works in affiliation New York University with the women’s studies and public policy programs at The George Washington University. Marcia Worthing New York, NY Sylphiel Yip G.X. Clarke & Co. C386, September 2011 ISBN: 978-1-878428-80-6 Heidi Hartmann, President Library of Congress Number: 2011939382 $15.00 Institute for Women’s Policy Research Copyright 2011 by the Institute for Women’s Policy Research, Washington, DC All rights reserved. Barbara Gault, Vice President Printed in the United States of America Institute for Women’s Policy Research Institute for Women’s Policy Research 1200 18th Street NW, Suite 301 Washington, DC 20036 202/785-5100 202/833-4362 www.iwpr.org Women and Men Living on the Edge: Economic Insecurity After the Great Recession Je Hayes, Ph.D. Heidi Hartmann, Ph.D. An IWPR/Rockefeller Survey of Economic Security Acknowledgments This research project was generously funded by the Rockefeller Foundation; the au - thors wish to express their deep appreciation for the strong support of IWPR's work shown by Margot Brandenburg, Associate Director. The dissemination of this report is made possible with support from the Ford Foundation, the Annie E. Casey Foun - dation, and the many organizations and individuals who contribute to IWPR’s gen - eral support. The authors thank Robert Drago, former IWPR Research Director; Barbara Gault, IWPR Vice President; Ariane Hegewisch, IWPR Study Director, and Kevin Miller, IWPR Senior Research Associate for advice and guidance on survey design, as well as Caroline Dobuzinskis, IWPR Communications Manager, for editorial assistance. We are grateful to John Schmitt, Senior Economist at the Center for Economic and Policy Research, and Sam Gill, Project Director at Freedman Consulting, for their com - ments on earlier drafts of this report and for generously sharing their advice for fram - ing discussion of the results. The authors also thank Claudia Williams, Research Analyst; Youngmin Yi, Research and Program Assistant; Jessica Emami, Research In - tern; Elizabeth Keating, Research Intern; Heidi Reynolds-Stenson, Research Intern; and Sarah Towne, Research Intern for their research assistance. WOMEN AND MEN LIVING ON THE EDGE: ECONOMIC INSECURITY AFTER THE GREAT RECESSION Table of Contents Executive Summary .......................................................................................................................................................................... vii Chapter 1. The Economic Context of the IWPR/Rockefeller Survey of Economic Security ............................................ 1 Chapter 2. Survey Description .............................................................................................................................................................................. 7 Chapter 3. Perceptions of Economic Security .............................................................................................................................................. 9 Chapter 4. Economic Insecurity ........................................................................................................................................................................ 15 Unemployment in the Previous Two Years .............................................................................................................. 15 Lack of Savings as a Buffer in Case of Job Loss ...................................................................................................... 19 Financial Problems and Cutting Back on Expenses ............................................................................................ 21 Health Care Insecurity ............................................................................................................................................................ 26 Parenting Hardship in the Prior Year ............................................................................................................................ 31 Current Degree of Difficulty Paying for Living Expenses .................................................................................. 34 Difficulty Saving ........................................................................................................................................................................ 38 Perceptions of Changes in Economic Opportunities ........................................................................................ 40 Chapter 5. Coping ...................................................................................................................................................................................................... 43 Spending Down Assets ........................................................................................................................................................ 43 Increasing Debt .......................................................................................................................................................................... 45 Other Coping Strategies ...................................................................................................................................................... 47 Doubling Up ................................................................................................................................................................................ 49 Work Responses ........................................................................................................................................................................ 51 Chapter 6. Unemployment .................................................................................................................................................................................. 55 Avoiding Unemployment .................................................................................................................................................... 56 Job Search Plans and Expectations .............................................................................................................................. 58 Chapter 7. Work and Job Quality ...................................................................................................................................................................... 59 Employment ................................................................................................................................................................................ 59 Job Quality .................................................................................................................................................................................... 63 Paid Time Off ...................................................................................................................................................................... 63 Flexible Work Policies .................................................................................................................................................... 66 Pay Secrecy .........................................................................................................................................................................