By Daniel Hunter
Legal & General’s latest Job Security Index shows that workers are looking for extra income this Christmas, with more than one in ten, (11%) of UK workers saying that they are considering working additional hours in the run up to the festive season. This rises to nearly 1 in 5, (19%) of young workers aged 18-24 saying that they are considering working extra hours.
6% of workers said that they are considering getting an extra job to earn additional income in the run up to Christmas. This rises further for those aged 45-54, with nearly 1 in 10, (9%) considering an additional job and 10% of 18-24 year olds also saying that they are considering this option.
However, for those who do find more work to help fund the festive period, it may cause more problems than it solves. Working extra hours may mean less quality time with family and friends, and could just lead to increased pressure at an already busy time of year.
The need for some people to take on additional work comes at a time when Legal & General’s Job Security Index shows that workers’ confidence in their job security is at an Index low, with only 72% of workers confident in their job security — a 6% decrease on October last year.
The number of part-time workers considering working additional hours before Christmas is greater than those who are working full-time, with 14% of part-time workers considering this option compared to 10% of full-time workers. However, when looking at those workers considering securing additional employment in the run up to Christmas, the figures are more evenly matched with 6% of full-time workers and 7% of part-time considering this an option.
Despite looking to earn extra money this Christmas and low confidence in job security, nearly three quarters (72%), of working adults say they do not have any insurance cover in place which would help them to pay their bills if they were to lose their job. This is the highest level since the Job Security Index began in January 2012 when the level was 67%.
Mark Holweger, Director at Legal & General’s general insurance business said: “Christmas always seems to put more financial strain on people than any other time of year. Our latest Job Security Index shows that a proportion of UK workers are hoping to earn extra money in the lead up to Christmas, whether that is working additional hours in an existing role or by taking on an extra job.
“Yet job opportunities over the seasonal period do seem scarce, even though the ONS employment stats have shown some improvement in recent months. Christmas should be a time of celebration, but it can also be a difficult time for many financially, especially when confidence in job security is low and many are concerned about whether they’ll have a regular income in the future.
“Currently, more workers are concerned about their job security than during any other period since the Index started in January 2012. For peace of mind over the festive period and into 2014, UK workers should consider having a contingency plan, such as Lifestyle Cover in place, which could help to meet some of the regular household payments such as rent or bills, if they should lose their regular source of income.”
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