Briefly describe what impact unemployment will have for you in financial independence areas of your life
Answers
Answer:
Unemployment affects the unemployed individual and his family, not only with respect to income, but also with respect to health and mortality. Moreover, the effects linger for decades. The effects of unemployment on the economy are equally severe; a 1 percent increase in unemployment reduces the GDP by 2 percent.
Explanation:
Unemployment is a major life event. It can have a devastating
impact on people’s lives. It affects not just the unemployed person
but also family members and the wider community. The impact
of unemployment can be long-lasting. As unemployment
becomes more long-term, its impact becomes more far reaching,
often affecting living standards in retirement. The loss of income
by the parents can damage the prospects of the next generation.
Quite apart from the personal impact, unemployment is a loss of
valuable productive resources to the economy. The impact of job
loss in rural and regional areas flows through the local community
damaging businesses as family expenditure is reduced. Further
damage to local communities may result from people leaving in
search of work