Following the ONS employment stats issued today.
14 August 2013
Legal & General's Job Security Index shows just 30% of working adults think they would be able to find another job of a similar level and pay, in the same sector, within 6 months. Almost one in ten, (8%) think they would be unemployed for longer than 6 months if they were to lose their job.
Legal & General's Job Security Index asked respondents what they would do if they were to lose their job tomorrow. Nearly a third, (30%) of working adults said that they would find another job, of a similar level and pay, in the same sector, within six months.14% say that they would compromise with a job at a lower level or pay, in any sector, to start as quickly as possible. Almost one in ten, (8%) think they would be unemployed for longer than 6 months, because of limited job opportunities available to them.
Young workers, those aged 18-24, are currently the most optimistic about their chances of getting a new job if they lost their current one. Nearly two fifths, (39%) said that they would find another job, of a similar level and pay, in the same sector, within 6 months of losing their job. Over three quarters, (78%) of young workers are confident about their job security, which is 6% higher than the current average for all UK working adults at 72%.
The older workers surveyed continue to display the least confidence in their job security. In the 55+ age range, 70% said they are confident about their job security, a drop from October 2012, when the figure was 76%. Those that are the most concerned about their job security are workers aged between 45 and 54, with only two thirds, (66%) saying they feel secure in their job.
Mark Holweger, Director of Legal & General's general insurance business said: "Our Job Security Index suggests that UK workers are so familiar with uncertainty in the job market that it has now become the norm. Having adjusted to the on-going environment, UK workers are worrying less about maintaining their standard of living, in what are still very difficult times. This could partly be due to the fact that they believe that they would get some work within six months, if they were to lose their job. However, for those, such as the one in ten workers who said that they would struggle to find another job and would be unemployed for longer than six months, worries about maintaining their standard of living could soon hit home."
Notes to editors
Sources: * The Legal & General Job Security Index is based on research conducted for Legal & General by YouGov of 2581 UK representative employed adults, either employed full or part-time or self-employed, over the period 1st - 5th July 2013. Additional interviews were conducted in order to boost the number of respondents in Wales (to 254), Scotland (to 386), London (to 452), Leeds (to 136), Manchester (to 230) and Birmingham (179). Previous research was 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, 2504 employed adults September-October 2012 and 2686 employed adults in January 2013 and 2436 employed adults in April 2013. All surveys were carried out online. More details are available on request.
For more information please contact:
t: +44 (0) 1737 375369
m: +44 (0) 7788 926790