Almost half (47 percent) of adults say the loss of their primary income means money to support their lifestyle will run out in less than three months, according to an MDRT survey of more than 2,000 adults earlier this year. That’s far less than the average length of time people typically spend trying to find a job. The Bureau of Labor Statistics reports that, as of September 2017, the average length of unemployment is 26.8 weeks.
These statistics appeared in U.S. News last fall. While some readers may be startled by these facts, we at Binc know them to be true. The real-life dramas that play out when the breadwinner in a family loses their job are the reason that the Binc Foundation added a qualifying event for Loss of Household Income due to Spouse or Partner Job Loss. Binc may be able to help when a bookseller’s spouse or partner is in this situation and the family finds themselves unable to meet their essential household expenses. A temporary job loss should not derail the family’s finances for years to come, and that is what can easily happen without some supportive assistance.
Take for instance the bookseller in Texas whose household income decreased by nearly 50% when his wife’s job position was eliminated. She had been with the company for more than 15 years and had no warning that a company downsizing would leave her out of work. With a new baby in the home, there was little savings to fall back on while she looked for another position. Luckily a co-worker encouraged the bookseller to contact Binc. The Foundation was able to step in and help the family with expenses, thereby easing the transition for them.
In another case, the husband of a bookseller from Illinois was involved in a serious automobile accident. His injuries were such that he would be unable to return to work for several months. While the family was able to make ends meets before the accident, there was no way they could manage without the husband’s income. There was the possibility of an insurance settlement, but that too would be months away. In the meantime, rent and utilities needed to be kept current. Binc was able to step in and pay several months of rent and utilities to stave off eviction and keep the heat and lights on for the family.
Many of our donors tell us they donate because “you never know what the future may bring”. In truth, anyone could find themselves without a job, through no fault of their own. Looking for a new job is stressful enough without adding the worry of how you will pay the household bills. Because of the donations from booksellers, bookstores, authors, publishers and distributors, Binc is able to provide a safety net for just this type of unanticipated emergency. The Binc Foundation feels that while the loss of an income in a household may cause a temporary bump in a household’s finances, it should not create a financial calamity from which the family cannot recover.
If you are a bookseller and have experienced a loss of household income (other than your own bookstore income), or know a bookseller facing this type of event, we urge you to contact Binc. The Foundation is ready to help