By Daniel Hunter
The latest Legal & General Job Security Index shows that job confidence across the UK has fallen at the start of 2013, with just under three quarters (73%) of UK working adults saying that their job is secure.
This is a fall of 5% since October 2012 and down 2% since January 2012 when Legal & General’s Job Security Index first started tracking UK working adults’ confidence in their job security.
Confidence in job security has not only taken a turn for the worse for full-time workers, but confidence among part-time workers is also at its lowest level since the survey started, at 65%. This is a fall of 8% from 73% in October 2012 and down 4% from 69% level a year ago.
According to Legal & General’s latest Job Security Index figures, only just under a third (29%) of UK adult workers are not looking for another job, as they believe their current job is secure. This has fallen from 33% in October 2012 and 32% in January 2012. 6% of UK working adults currently believe that they are at risk of redundancy, rising from 4% in October 2012.
Mirroring these feelings of job insecurity, over half (54%) of UK adult workers said they think they will worry about how they will maintain their current standard of living. This rises to almost two thirds (60%) of those aged between 35 and 44, possibly because this age group has potentially higher financial pressures and many responsible for both their children and ageing parents.
Almost a third (30%) of UK adult workers think they will work unpaid overtime in 2013 to minimise their chances of losing their job. Over a third, (34%) think they will increase the number of paid hours they work to get extra income, over a quarter (26%) are hoping to secure a pay rise or promotion, almost a quarter (24%) think they will move to a job which is better paid and has better job security and a few think they will look to move abroad for a better job, income or lifestyle (8%).
Those aged between 18 and 24 are the most likely to think they’ll work extra hours or unpaid overtime to minimise the chances of losing their job in 2013 (38%), as well as the most likely to increase the number of paid hours they work to get extra income in 2013, (45%).
“The start of the year is often a time when we consider what we would like to achieve over the next 12 months," Mark Holweger, Director of Legal & General’s general insurance business said.
"However, with the string of job loss announcements that have already been made this year its maybe not so surprising that over half of all UK adult workers think they will worry about how they are going to maintain their standard of living this year.
"With the official employment figures out on Wednesday, based on the latest feedback from our Job Security Index I wouldn’t be surprised if we start to see a rise in unemployment levels as the positive confidence levels we saw in October, ahead of the Christmas period, disappears.
"Having a contingency plan in place should workers unfortunately be made unemployed, particularly if it means losing the main source of income, is as important as ever. However, the survey results show that over two thirds of working adults (69%) currently don’t have insurance cover in place which would help them to pay their bills if they were to lose their job.
"Yet, insurance could mean that on-going household expenses and daily living costs are covered so helping to ease some of the financial worries. So with growing concerns about job security across the UK, reviewing those contingency plans should be a priority.”
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