By Daniel Hunter
Workers aged between 45 and 54 are consistently the least confident about their job security, according to the latest findings from Legal & General’s Job Security Index.
This age group’s confidence in their job security is currently at 69%, remaining flat compared to last quarter’s findings and a noticeable fall since October 2012, when confidence for this group of workers was at its highest at 79%.
Workers aged between 45 and 54 are also the most worried about how they’ll maintain their current standard of living over the next three months with 23% stating that they were worried, and one in ten, (10%) saying that they’re working an increased number of paid hours in their current job, compared to three months ago, so they’ve some extra income.
Separately, confidence in job security of part-time workers is currently 67% which is 9% lower than full-time workers confidence in their job security, which is at 76%.
Despite confidence in job security rising slightly among both part-time and full-time workers since January 2013 from 65% and 75% respectively, over a quarter, (26%) of part-time workers said that they are worried about how they will maintain their current standard of living over the next three months, compared to 19% of full-time workers.
These feelings of job insecurity may be a reason why some part-time workers are looking elsewhere for work. One in ten, (10%) of part-time workers said that they’re looking for another job as they want to have better or improved job security.
Crucially, 70% of part-time workers admitted that they don’t have any insurance that would help them pay their bills should they lose their job, compared to 64% of full-time workers.
“It’s good to see that our latest Job Security Index findings show there’s been a slight rise, of 1% in job security of all working adults since January 2013, up from 73% to 74%. While there’s some way to go to get back to the confidence level of 78% seen in October 2012, hopefully, this is an indicator that the employment security is improving," Mark Holweger, Director at Legal & General’s general insurance business said.
However, for those employed, it’s the older age groups who continue to remain the least confident about their future job security. This is a trend we have seen emerge as part of the Job Security Index findings since January 2012. This group consistently have the lowest confidence levels in their job security when compared with other age groups.
With an increasing number of older workers having to continue to work for longer than they had planned and who are also likely to have additional financial pressures of family still at home and parents that need support, it is understandable that they’re worried about their future job security.”
“Many part-time workers juggle family responsibilities with their job commitments. So the added pressure of children being off during the long school summer holiday, particularly if they’re already worried about how they will maintain their current standard of living, could well mean that life may be quite difficult for some part-time workers over the next three months," Mark continued.
In the ongoing climate where finding employment is still tough, it's important that all workers have a contingency plan in place which could help with regular payments such as mortgage or rent and bills, if their regular source of income were to suddenly stop.”
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