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Legal & General’s Job Security Index shows a glimmer of light in workers’ confidence in job security for 2014.

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

18 December 2013

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

The number of workers who currently believe they are at risk of redundancy has halved

Legal & General’s latest Job Security Index shows that the number of UK workers who believe they are at immediate risk of redundancy has halved from 6% in January 2013 to just 3% in October. This gives a glimmer of hope for a more positive outlook for workers as we approach the New Year, despite the fact that confidence in job security is still low.

Confidence in job security during 2013 is down by 6% compared to 2012, (October 2012, 78% and October 2013, 72%) and the number of workers who believe their current job is secure, so are not actively seeking other jobs, is also down by 6% when compared with the same time last year – from 33% in October 2012 to 27% in October 2013.

Male workers are more confident than female workers, with nearly three quarters, (74%) of men confident about their job security, compared with 70% of women – based on the latest results in October 2013. Male workers have also seen a 2% increase in confidence over the course of the year, with 72% of male working adults saying that they were confident about their job security in January this year, compared to 74% in the most recent Job Security Index results.

So although confidence in job security in 2013 has on average been 2% lower than 2012 across the year*, the workers surveyed believe that the pressure on their job security has actually eased. With workers starting to feel slightly more positive, this could mean that the outlook for job security in 2014 could be more promising than that experienced in 2013.

Last month’s ONS Labour Market Statistics showed that the number of unemployed people in the UK fell by 48,000 to 2.47 million between July and September this year,** and if this month’s figures  show another fall, as anticipated, then this could be the first signs that the tide has started to turn.

Mark Holweger, Director at Legal & General’s general insurance business said: “2013 has been a tough year for workers across all sectors, and this has had a knock on effect on workers’ perceptions of their job security – with confidence levels in their job security across the board lower than last year.

“However, the latest ONS data suggests that there are more people in jobs, so workers’ actual employment situation is improving. This may be the glimmer of light that is needed to see confidence in job security improve more in 2014.

“Our Job Security Index data shows that the number of UK workers who believe themselves to currently be at risk of redundancy has fallen to an Index low of just 3%. Let’s hope that this more positive outlook will continue into the New Year, and that a sustained economic recovery will instil increased confidence in job security for UK workers for 2014.”

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

The information contained in this release is intended solely for journalists and should not be used by consumers to make financial decisions.

Sources:

* The average figure for each year has been reached by calculating the mean of the figures below:

 % of working adults who were confident about their job security
 January 201275 
 April 201273 
 July 201275
 October 201278 
 January 201373
 April 201374 
 July 201372
 October 201372 

** UK jobless rate falls to three-year low as economy grows (most recent ONS employment figures) http://www.bbc.co.uk/news/business-24923951

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.

To view graph which compares % of UK workers' confidence in their job security in 2012 and 2013 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 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 yo

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