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Unemployment levels fall; job security improves

By Lucy Bower

19 October2021

Unemployment is an on-going problem - and the issues it can cause people are a real concern. One of the most obvious stress factors associated with unemployment is the financial problems it can cause, such as debt.

The thought of losing your job is always worrying, especially when there seem to be fewer jobs to go around, but a new survey has found that more people in work are experiencing 'job confidence' at the moment. Could this be a sign that the overall economy is improving too?

Legal & General's Job Security Index shows that people in work are experiencing the highest level of 'job confidence' so far this year. 78% of working adults in the UK feel that their job is safe and a third (33%) of all working adults aren't looking for another job because they feel their current role is secure.

The Job Security Index has been tracking worker confidence quarterly since the start of the year. The third-quarter results show a 5% increase on the second quarter, when 73% of working adults felt 'job confident'.

Compare these results with this quarter's ONS unemployment statistics. Unemployment levels in the UK have actually gone down by 50,000, so there are 2.53 million people out of work this quarter.

Falling levels of unemployment may help people to feel more confident in their job security. According to the Legal and General Index, only 4% of people in work believe they could be made redundant and only 7% are looking for another job for more job security.

However, nearly a fifth of workers do have a 'back-up plan' in the form of a skill or hobby that they could turn into a full-time job to make ends meet if they did lose their job for any reason.

The results of this survey are based on research among 2,504 working adults in the UK.

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