Legal & General’s new quarterly Job Security Index has been tracking British workers’ confidence in their job security since the start of 2012, and, despite gloomy stories that UK job creation has fallen to a three year low,* British workers are feeling very positive.
Brits’ confidence in their future job prospects is strong across the board. Working adults employed in full time employment are slightly more confident about their job security (77%) than those engaged in part time employment (67%), but the overall message would appear to be that people are not currently worried about their job security.
Just 3% of the workers questioned for the Job Security Index believe that they are currently at risk of unemployment and less than one in ten, (8%) say they are looking for a new post which can offer them better job security. 29% believe that their current job is so secure that they are not actively looking for other jobs. This current sentiment of UK workers mirrors the Office of National Statistics (ONS) figures, released today which show that the level of unemployment in the UK has gone down by 65,000 on the last quarter. This is a fall in the number of people that are unemployed for the second consecutive month.
Legal & General’s Job Security Index, which is based on research conducted by You Gov, also asked UK workers what they would do if they were to lose their job. Nearly three in ten, 28%, UK workers said they would consider starting their own business and 37% said they’d consider working on a self-employed basis as a contractor or freelancer.
Workers in Northern Ireland were the most likely to consider starting their own business (31%), followed by those in the West Midlands (30%) saying that they would consider this as an option. Over half (55%) of all respondents said that they would consider working part time if they were to lose their job.
Mark Holweger, Director of Legal & General’s general insurance business said: “It’s really encouraging and refreshing to see such levels of confidence by UK workers. (This finding appears to be in line with the more positive news released today by the ONS). It’s also interesting to see such a positive attitude towards potential unemployment, with so many keen to consider other employment options such as becoming self-employed or starting a business. This increased confidence will hopefully be reflected in the consumer market to the benefit of the UK economy, as well as the individuals concerned.
“However, what is a significant worry is that that over two thirds of workers (68%) told us that they had no cover in place to ensure they could continue to meet essential regular payments if they should lose their job. As a responsible insurer, we hope that the Job Security Index will also act as a prompt to people of how important it is to be prepared. So, if they should unfortunately find their circumstances change, then they, their family and their home would not be immediately affected and have a financial cushion in place to help.”
Sources: *The Legal & General Job Security Index is based on research conducted for Legal & General by YouGov of 3037 UK representative employed adults, either employed full or part-time or self-employed, over the period 2 – 5 July 2012. 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 and 2491 employed UK adults between, 27-30 March 2012. More details available on request.
* Figures on UK job creation are part of the latest Recruitment & Employment Confederation (REC) and KPMG jobs survey for July 2012.
** Office of National Statistics latest figures can be found at: