Of Job Insecurity and Economic Recession

The ability to access many financial services today is directly proportional to how stable your income and lifestyle is, which very few people have even if they don’t want to admit it. In as much as consumers have the desire and willingness to pay for certain goods and services, it is the availability and the readiness of your financial power that makes it easy to satisfy that need and place a demand for that product. Now, most of the time we have to forego a lot of things not because they aren’t a priority but because of the instability of our finances and the inability to afford them.

Most people wait for payday with so much glee but most fail to realize that the income doesn’t fully support the lifestyle we want and limits our purchasing power. On some days in order to fit in or just by satisfying our wants, we make bad decisions that cost us financially later. This financial carelessness isn’t advisable in this economy riddled with low wages and job insecurity. Over the past few years, over 700,000 people in Nigeria have been laid off without warning due to the recession in the job market and it is said tha those unemployed are better off than those who have jobs currently. This is because the level of insecurity in the job sector has risen over the years, those newly employed are given at most a 2 year work contract or a termination-at-will contract to sign and there is the replacement of people with machines. These amongst other factors show the need for another source of income which is more sustainable and reliable and also the need to save and invest for the unforeseen future.

Economic situations are getting worse as the day goes by but there are measures you can take in the following days to ensure you live within your means
and you’re prepared for unforeseen circumstances. As times goes on, we will write detailed posts on certain measures you can take to secure your future or prepare for the problems one faces after abrubtly losing his/her job. In the meantime, buckle up and read up on previous posts while looking forward to coming ones.

Have a lovely Monday.


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