The wealthiest High Net Worth investors put the highest stock in hard work and less on outside assistance
High net worth individuals place the highest importance on hard work and education as the pathway to success, so it is not surprising that the wealthiest individuals would prevail upon those who are unemployed to work while looking for a full-time job or invest more in themselves to make themselves more marketable.
The nation’s unemployment rate is 7.6 percent. The most recent government jobs summary reported that there are 11.8 million unemployed in America. The number of long-term unemployed (those jobless for at least 27 weeks) was 4.3 million. These individuals account for more than one-third (37 percent) of the unemployed. The number of persons employed part time for economic reasons (also known as involuntary part-time workers) increased in June (the most recent figures available) by 322,000. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.
In a recent survey of High Net Worth investors conducted by Spectrem’s Millionaire Corner, the wealthiest strata (with at least $750,000 in assets) believe strongest that that the unemployed should work part-time while looking for full-time work. Nearly three-fourths (72 percent) proffered this advice, while 66 percent) said that the unemployed should take a lesser position than they are used to.
Two-thirds of these High Net Worth investors also believe that the unemployed should do more to invest in themselves through additional job training and education. Nearly half, though, take the approach that unemployment itself is a full-time job and that those who are unemployed should stay laser-focused on looking full-time for work.
The wealthiest of the High Net Worth investors surveyed put the least stock in outside assistance. Only 14 percent believe that corporate America should do more to relieve the strains of those who are unemployed, compared with 35 percent of High Net Worth respondents overall. Similarly, 15 percent concur that social organizations and churches should do more to assist the unemployed compared with 23 percent of respondents overall.
Across all income levels of High Net Worth investors surveyed, the majority would advise the unemployed to work part-time, take a lesser position that one is used to, and make oneself more marketable. But the least wealthy of these investors (those with less than $100,000 in assets) were more likely to look to corporate America to take some initiative to help relieve the strains of those who are unemployed (38 percent).
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.