Job Security Worry for 45-54 Age Group
Workers aged between 45 and 54 appear to be the least confident about their job security, says the latest research…
The latest Legal & General Job Security Index reveals that the 45-54 age group are the least confident about the security of their jobs.
In October last year, the confidence level was at an all time high of 79% but this has slipped to just 69% in the latest findings.
Furthermore, the 45-54 age group are also the most concerned about maintaining their current standard of living – 23% admitted that they were worried and 10% have said they’ve taken on extra work to earn additional income just to make sure.
Confidence amongst the part-time workforce was also at a low ebb with 67% expressing their satisfaction with their job security, where full time workers are 76% confident.
Whilst job security appears to have risen, from 65% and 75% respectively from the last quarter’s figures, 26% of part-timers have said that they are worried about their job prospects compared with 19% of full time workers.
Speaking of the latest figures, Mark Holweger, Director at Legal & General’s general insurance business said:
“It’s good to see that our latest Job Security Index findings show there’s been a slight rise, of 1% in job security of all working adults since January 2013, up from 73% to 74%. While there’s some way to go to get back to the confidence level of 78% seen in October 2012, hopefully, this is an indicator that the employment security is improving.”
But Holweger expressed concern over the 45-54 year old workers, adding:
“However, for those employed, it’s the older age groups who continue to remain the least confident about their future job security. This is a trend we have seen emerge as part of the Job Security Index findings since January 2012. This group consistently have the lowest confidence levels in their job security when compared with other age groups. With an increasing number of older workers having to continue to work for longer than they had planned and who are also likely to have additional financial pressures of family still at home and parents that need support, it is understandable that they’re worried about their future job security.”
With job security in mind, the figures from the latest Index highlighted that some workers were looking for work purely to increase their chances of job security.
Additionally, a staggering 70% of part-time workers admitted to not having a contingency plan in place should they lose their income, compared to 64% of full time workers.
For the full figures, see the latest about the Job Security Index at Legal & General’s press release page.