Press releases

Part-time workers’ confidence in their job security is 10% lower than full-time workers’.

Mark Holweger - Broker and Intermediary Director - Legal & General -General Insurance
Mark Holweger
Commercial Director - Intermediated, Insurance

18 February 2013

Mark Holweger - Broker and Intermediary Director - Legal & General -General Insurance
Mark Holweger
Commercial Director - Intermediated, Insurance

Part-time workers’ confidence in job security falls to 65% - its lowest since Legal & General’s Job Security Index began

Recent high-profile job losses announced at HMV and Rolls Royce*, are a reflection of wider sentiment towards job security with the beginning of 2013 seeing an overall drop in confidence among UK workers, according to Legal & General’s Job Security Index.  The drop has been most notable among part-time workers, whose confidence in their job security is 10% lower than full-time workers.

The Job Security Index, which has been running since January 2012, shows that only 65% of part-time workers are confident about their job security compared to 75% of full-time workers.

In comparison to this time last year, confidence in job security has fallen further among part-time workers (from 69% in January 2012 to 65% in January 2013) than full-time workers (from 77% in January 2012 to 75% in January 2013).  Both part-time and full-time workers’ confidence in their job security was at a high of 73% and 79% respectively in October 2012.

This trend is mirrored by last month’s ONS employment statistics which showed that the number of people in part-time employment decreased by 23,000**.

Part-time workers (55%) were slightly more likely to say they think that they will worry about how they will maintain their standard of living in 2013 compared to full-time workers (53%).  However, many will take action to combat this, with 44% of part time workers saying they think they will increase the number of paid hours they work to get extra income in 2013.  In comparison, just under a third (31%) of full-time workers said they think they will do this.

Full-time workers are more likely (32%) to say that they think they will work unpaid extra hours in 2013, to minimise the chances of losing their job compared to part-time workers (23%).

Mark Holweger, Director at Legal & General’s general insurance business said: “It’s been a tough start to the year for many workers with a string of job losses being announced across retail, manufacturing and the professional sector.  January’s employment stats revealed that unemployment among part-time workers has increased, which reflects the sentiment shown in our Job Security Index that part-time workers are significantly more worried about their job security compared to full-time workers.

More worryingly, our Job Security Index is indicating a downward trend, with an increasing number of both part-time and full-time workers worried about their job security compared to at the end of October 2012.  This current lack of confidence in job security could translate into future job losses among part-time workers in the next few months.  While it’s positive to see part-time workers stating they will increase the number of paid hours they work to get extra income this year, it’s still important for everyone to have a contingency plan in place to pay essential bills if they were to lose their job.”

Table comparing the confidence in job security among part-time workers, full-time workers, and all workers

Date% of all working adults who are confident about their job security% of part-time working adults who are confident about their job security% of full-time working adults who are confident about their job security (30 hours a week or more)
Jan-12756977
Apr-12736875
Jul-12756877
Oct-12787379
Jan-13736575

Click on the link on the right which shows the graph comparing part-time, full time and all workers confidence in their job security.

Legal & General offers a ‘short-term’ income protection product, called Lifestyle Cover, which provides a monthly benefit for up to 12 months, to help maintain regular expenditure, if a customer is unable to work due to accident, sickness or involuntary unemployment. More details are available at www.legalandgeneral.com/lifestyle, call 0800 197 2351 or by contacting your normal financial adviser.

Notes to editors

Sources: The Legal & General Job Security Index is based on research conducted for Legal & General by YouGov of 2686 UK representative employed adults, either employed full or part-time or self-employed, over the period 3rd - 6th January 2013. Additional interviews were conducted in order to boost the number of respondents in Wales (to 563), Scotland (to 587), London (to 434), Leeds (to 208), Manchester (to 312) and Birmingham (185). Previous research has been conducted on behalf of Legal & General by You Gov as part of the Job Security Index of 2587 employed UK adults in January 2012, 2491 employed UK adults between, 27-30 March 2012, 3,033 employed adults in July 2012 and 2504 employed adults September-October 2012. All surveys were carried out online. More details available on request.

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