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Legal & General’s Job Security Index shows that workers are looking for extra income this Christmas.

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

11 November 2013

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

More than 1 in 10 workers are considering working additional hours this Christmas and 1 in 20 are considering taking on an additional job

Legal & General’s latest Job Security Index shows that workers are looking for extra income this Christmas, with more than one in ten, (11%) of UK workers saying that they are considering working additional hours in the run up to the festive season. This rises to nearly 1 in 5, (19%) of young workers aged 18-24 saying that they are considering working extra hours.

6% of workers said that they are considering getting an extra job to earn additional income in the run up to Christmas. This rises further for those aged 45-54, with nearly 1 in 10, (9%) considering an additional job and 10% of 18-24 year olds also saying that they are considering this option.  However, for those who do find more work to help fund the festive period, it may cause more problems than it solves.  Working extra hours may mean less quality time with family and friends, and could just lead to increased pressure at an already busy time of year.

The need for some people to take on additional work comes at a time when Legal & General’s Job Security Index shows that workers’ confidence in their job security is at an Index low, with only 72% of workers confident in their job security – a 6% decrease on October last year.

The number of part-time workers considering working additional hours before Christmas is greater than those who are working full-time, with 14% of part-time workers considering this option compared to 10% of full-time workers. However, when looking at those workers considering securing additional employment in the run up to Christmas, the figures are more evenly matched with 6% of full-time workers and 7% of part-time considering this an option.

Despite looking to earn extra money this Christmas and low confidence in job security, nearly three quarters (72%), of working adults say they do not have any insurance cover in place which would help them to pay their bills if they were to lose their job. This is the highest level since the Job Security Index began in January 2012 when the level was 67%.

Mark Holweger, Director at Legal & General’s general insurance business said: “Christmas always seems to put more financial strain on people than any other time of year.* Our latest Job Security Index shows that a proportion of UK workers are hoping to earn extra money in the lead up to Christmas, whether that is working additional hours in an existing role or by taking on an extra job.

“Yet job opportunities over the seasonal period do seem scarce, even though the ONS employment stats have shown some improvement in recent months**. Christmas should be a time of celebration, but it can also be a difficult time for many financially, especially when confidence in job security is low and many are concerned about whether they’ll have a regular income in the future.”

Mark added: “Currently, more workers are concerned about their job security than during any other period since the Index started in January 2012. For peace of mind over the festive period and into 2014, UK workers should consider having a contingency plan, such as Lifestyle Cover in place, which could help to meet some of the regular household payments such as rent or bills, if they should lose their regular source of income.”

Legal & General offers short-term income protection called Lifestyle Cover Insurance, which is designed to provide a monthly percentage (up to 65%) of a customer’s gross 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:

* Almost a third, (29%) of families are worried about being able to afford Christmas or other special family events this year, according to the Barclays, Your Bank report: http://www.newsroom.barclays.com/imagelibrary/downloadMedia.ashx?MediaDetailsID=5961  

** UK jobless total falls by 18,000 to 2.49m. The number of unemployed in the UK fell by 18,000 to 2.49 million in the June-August period, official figures show (most recent ONS employment figures): http://www.bbc.co.uk/news/business-24547749

The Legal & General Job Security Index is based on research conducted for Legal & General by YouGov of 2,610 UK representative employed adults, either employed full or part-time or self-employed, over the period 30th September – 3rd October 2013. All surveys were carried out online. More details are available on request.

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 and under 64.

Employment status: employed, self employed and contract workers.

Annually renewable contract

Continuous cover on transfer from another PPI provider with no new qualifying period for unemployment (subject to meeting certain criteria).

Our Lifestyle Cover insurance typically costs £2.73 a month for every £100 of monthly benefit. This is based on a 38-year-old customer choosing £1000 of accident, sickness and unemployment monthly benefit with claims paid after a 30-day deferred period. The cost of this insurance depends on a number of factors, such as your age, where you live and your occupation. As a result, the cost you will pay is based on your own circumstances.

There are other providers of short term income protection cover and other products designed to protect customers against loss of income. For impartial advice about this type of insurance, please visit the website

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