Family In 'Financial Crisis' After Every Member Is Laid Off: 'We Are In Panic Mode'

The current job market remains brutal as widespread layoffs across the tech, fintech, and aviation industries push families into severe financial crises. In a now-viral social media post titled, "Our entire family has been laid off and we are all in panic mode. Need advice," an individual detailed that all members of their household, including both parents and four siblings, had lost their jobs at the same time. Among those impacted are former FAANG and fintech professionals now facing prolonged unemployment and zero severance.

"Everyone in our family has been laid off and now we're in a financial crisis. No one is able to find work. Both of our parents and all four of our siblings have been laid off. No one can help each other and now we are all worried," the user wrote in a Reddit post.

"My sister and I worked at different FAANG companies, and we were both laid off within the last year or so. My sister has struggled to find work for over a year now. I was recently laid off with no severance. Our other brother worked in fintech, which laid him off in August of last year, and our youngest sister worked for an airline company that recently shut down."

With three active mortgages and dwindling savings, the individual said the family was staring at a bleak financial future where someone might lose their home.

"I never imagined in a million years that we would all be f***ed at the same time. The discussion in the family right now is which house to save. Our parents are thinking that because their house is almost paid off, everyone should help them the mortgage off," the individual said.

The reality, however, was different as the parents had struggled to pay the mortgage and they were nowhere near to completing the payments.

"Everyone is just super frantic because no one can find work and there's like three mortgages amongst the family and at this point it's like someone is gonna lose their house. We just don't know how to deal with this. Seeking any advice possible."

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'Live Together'

As the post went viral, social media users urged the family to secure temporary labour, apply for unemployment benefits and pool their resources to survive the downturn.

"Everybody needs to get temp jobs like labour-ready and also start getting night stock gigs at big box stores until a permanent gig can be found," said one user, while another added: "These AI layoffs in tech are just getting started. Far more jobs will be cut over the next several years. And this sh*t is now spreading into other industries."

A third commented: "Went through kinda same thing through the recession back in 2009, everyone lost their jobs. Pick a location that has the most job potential, and everyone live together under one household. That's what we did for like 2-3 years."

A fourth said: "The house with the best prospects for good wage jobs should be saved. Sell the rest to float, not sink your money in bricks."