What would you do if you lost your job tomorrow?

Posted on September 3, 2013 by - Uncategorized

What would you do
if you lost your job tomorrow?

30 per cent of working adults think they would be able to find another job of a similar level and pay within six months

Legal & General’s Job Security Index [1] asked respondents what they would do if they were to lose their job tomorrow. Nearly a third (30 per cent) of working adults said that they would find another job, of a similar level and pay, in the same sector within six months.

14 per cent say that they would compromise with a job at a lower level or pay, in any sector, to start as quickly as possible. Almost one in ten (8 per cent) think they would be unemployed for longer than six months, because of limited job opportunities available to them.

Job security confidence
Young workers, those aged 18-24, are currently the most optimistic about their chances of getting a new job if they lost their current one. Nearly two fifths (39 per cent) said that they would find another job, of a similar level and pay, in the same sector within six months of losing their job. Over three quarters (78 per cent) of young workers are confident about their job security, which is
6 per cent higher than the current average for all UK working adults at 72 per cent.

The older workers surveyed continue to display the least confidence in their job security. In the 55+ age range, 70 per cent said they are confident about their job security, a drop from October 2012 when the figure was 76 per cent. Those that are the most concerned about their job security are workers aged between 45 and 54, with only two thirds (66 per cent) saying they feel secure in their job.

Maintaining A standard of living
The report suggests that UK workers are so familiar with uncertainty in the job market that it has now become the norm. Having adjusted to the ongoing environment, UK workers are worrying less about maintaining their standard of living, in what are still very difficult times. This could partly be due to the fact that they believe that they would get some work within six months if they were to lose their job. However, for those such as the one in ten workers who said that they would struggle to find another job and would be unemployed for longer than six months, worries about maintaining their standard of living could soon hit home.

(SOURCE)
Sources: [1] 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 1-5 July 2013.

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