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Legal & General's Job Security Index shows that female workers’ confidence in their job security is just 69% - the lowest since the Index began.

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

09 September 2013

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

Only 69% of female workers are confident about their job security, compared to nearly three quarters, (74%) of male workers, according to the latest findings from Legal & General’s Job Security Index*. This figure for women is the lowest it has been since the Index began in January 2012.

Overall, the figure for female workers’ confidence in their job security has fallen by 7% since October 2012, when job confidence was at its highest level at 76%. Over the same period male workers’ confidence in their job security also shows a fall from 79% in October, but of only 5%, down to 74% in July. Confidence in job security for male workers has remained static at 74% since last quarter’s figures in April 2013, in contrast to the 4% drop seen in female workers’ confidence in their job security over the same period.

Total confidence in job security for all UK workers has decreased to an Index low of 72%, reflecting the decline in female workers’ confidence in their job security.

Interestingly, the fall in female workers’ confidence in their job security also coincides with a decrease in part-time workers’ confidence, which is at an Index low of 64%. Confidence in job security for part-time workers has dropped by 9% since October 2012, when confidence for this sector of workers was at its highest level at 73%.

The latest Job Security Index also asked UK workers what they would do if they were to lose their job tomorrow. Just over a quarter,(27%) of female workers believe they would find another job of a similar level and pay, in the same sector, within six months. This compares with almost one in three,(32%)of male workers.

Despite these concerns, just 3% of female workers and 7% of male workers have income protection insurance in place which would help provide some financial support if they were to lose their job.

Mark Holweger, Director at Legal & General’s general insurance business said: “Our latest Job Security Index shows  a significant drop in confidence in job security for women at a time when male confidence in job security has remained static over a six month period. Likewise, confidence in job security for part-time workers is at an Index low.

With the latest government statistics showing that 74% of all part-time workers are female , it’s clear that women are often the ones who opt for part-time roles to juggle family arrangements, and they appear to be the ones feeling under the most pressure at the moment. That pressure is then compounded by the fact that only just over a quarter (27%) of female workers believe that they would find another job, of a similar level and pay, in the same sector, within six months if they were to lose their job tomorrow.

For this group of workers, having a contingency plan such as Lifestyle Cover to help with regular payments such as rent or bills if they were to lose their regular source of income, would be a welcome relief. Unfortunately, our survey would indicate that very few of them do.”

Legal & General offers short-term income protection called Lifestyle Cover Insurance, which is designed to provide a monthly percentage of a customer’s income for up to 12 months, to help pay their mortgage or rent, household bills and other regular expenditure should they be unable to work due to accident, sickness or involuntary unemployment.  Customers wanting further information may go to www.legalandgeneral.com/lifestyle call 0800 197 2351 or contact their normal financial adviser.

Notes to editors

Sources: *The Legal & General Job Security Index is based on research conducted for Legal & General by YouGov of 2,581 UK representative employed adults, either employed full or part-time or self-employed, over the period 1st –  4th July 2013. All surveys were carried out online. More details are available on request.

Table comparing confidence in job security between male, female and part-time workers:

 % of male workers who are confident about their job security% of female workers who are confident about their job security% OF PART-TIME WORKING ADULTS WHO ARE CONFIDENT ABOUT THEIR JOB SECURITY
January 2012 76 75 69
April
2012
 75 71 68
July
2012
 74 75 68
October 2012 79 76 73
January 2013 72 73 65
April
2013
 74 73 67
July
2013
 74 69 64

 

To view the graph which compares % of workers' confidence in their job security, split by gender please click on the link on the right of this page.

 

 Legal & General’s Lifestyle Cover Insurance has a 5 star Defaqto rating, which means that it is one of the top quality products available in the market and some of the key product details are as follows:

Cover options: Accident, Sickness & Unemployment/Accident & Sickness only/Unemployment only.

Deferred period options: 30, 60, 90 or 180 days.

Maximum monthly benefit: £3,000 when  bought directly from Legal & General or 65% of gross monthly income, whichever is less.

Minimum/Maximum age at the policy start date: 18 an

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