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Workers Expect to Reduce Holiday Spending Due To Fiscal Cliff Uncertainty


By: 
Date: December 5 2012

WOODCLIFF LAKE, NJ (December 5, 2012) – Sixty percent of workers report that the threat of the U.S. fiscal cliff will curb their holiday spending, according to a survey by career transition and talent development consulting firm Lee Hecht Harrison.

In November 2012 Lee Hecht Harrison surveyed 250 individuals throughout the U.S. via an online poll asking, “Will the threat of the U.S. fiscal cliff curb your holiday spending?” The results were as follows:
Very much 28%
Moderately 16%
Slightly 16%
Not at all 40%

According to Lee Hecht Harrison President Peter Alcide, "As we approach the fiscal cliff with no resolution in sight, workers are dealing with of great deal of uncertainty and stress about their financial health.  As tax increases and job cuts loom, they are cutting back on spending. It’s important to recognize that sustained levels of economic pressures can have a negative impact on workplace performance.”

Workers are encouraged to take positive action to help alleviate stress and cope with ambiguity. “We know that uncertainty can be a serious drag on workplace performance.” Alcide said.  “We work with organizations to help them build resiliency so that they stay productive and focused on business during times of uncertainty and change. We encourage individuals to develop a roadmap and a plan. This is a powerful way to increase your sense of control and it enables you to remain productive.”

Alcide recommends five ways to reduce “Fiscal Cliff” stress:
1. Conduct a stress test of your financial health
2. Increase savings
3. Have a budget for holiday spending and stick to it
4. Understand how tax rate changes could impact your budget
5. Stay focused on the present
 
About Lee Hecht Harrison (LHH)                                                                                                                                               
Lee Hecht Harrison (www.lhh.com) is the global talent development leader. We connect people to jobs through innovative career transition services and help individuals improve performance through career and leadership development.  LHH assists organizations in supporting restructuring efforts, developing leaders at all levels, engaging and retaining critical talent, and maintaining productivity through change – helping organizations increase profitability by maximizing their return on investment in developing people, while assisting individuals to achieve their full potential.



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