Job Security Fears Shift Consumer Spending on Big-Ticket Items

Thirty-six percent of American workers are delaying or canceling plans to buy a home or car. Seven percent have canceled these plans entirely, while 30% are delaying them. This behavior is driven by concerns over job security. Twenty-seven percent of workers say they are are either somewhat or very concerned about their job security, and 32% say they are more concerned than they were six months ago. The anxiety is rooted in company performance, cited by 29% of workers who are concerned, and the impact of artificial intelligence, 18%.

Seventeen percent of workers have missed or been late on a rent or mortgage payment in the last three months. Among those concerned about their job security, that figure rises to 28%. Fifteen percent of workers expect to be late on their housing payment in the next three months, and 13% expect to miss a payment entirely.