Job confidence has tumbled 5% as the New Year brings fresh worries about job security.
Just under three quarters (73%) of UK workers believed their job was secure, a 5% drop from October 2012 and a 2% slide since January 2012, according to the latest Legal & General Job Security Index. Those fearing redundancy rose to 6% from 4% in October 2012. A worried 30% of workers felt they would be pressured to put in unpaid overtime to minimise their chances of job loss, particularly in the 18 to 24 age bracket. A similar number (34%) anticipated putting in extra paid hours to boost their pay packet. Fears over job security were matched by worries over falling living standards. More than half (54%) of workers were anxious about how they would maintain their current standard of living, rising to 60% among the 35 to 44 age group with young families to support. “With the string of job loss announcements that have already been made this year it’s maybe not so surprising that over half of all UK adult workers think they will worry about how they are going to maintain their standard of living this year,” said Mark Holweger, director of Legal & General’s general insurance business. Despite these worries, over two thirds (69%) of workers did not have insurance cover in place to help them manage household costs if they lost their jobs. The Job Security Index is based on research conducted by YouGov of 2,686 UK adults in full, part-time or self employment during the first week of January 2013.