Half of under 35s worried they’ll lose their job in the next 12 months

As the unemployment rate hits 4.4%, its highest rate since 2021, new data from Best Insurance has revealed that workers are growing increasingly concerned about their job security over the next 12 months, with one in four (26%) concerned they will lose their job in the next year.

Amongst Gen Z this rises to almost half (46%), with a third of these, one in nine (11%) overall, are ‘very concerned’. In comparison, just 3% of 55–64-year-olds have the same concerns.

The data suggests there could be good reason for concern amongst younger people; 60% of Gen Z workers say they know at least one person who has lost their job in the past year, while 6% have lost a job themselves. However, just one in four (26%) 55–64-year-olds know someone who has lost their job in the last 12 months and just 2% have lost their own.

The research also reveals a marked difference across the UK when it comes to the level of concern about job security, with Londoners the most worried. Four in ten (41%) of those living in the capital say they are worried they may lose their job in the next 12 months – a third of them (11% overall) are ‘very worried’. In comparison, just 16% of workers in the East of England have concerns about their job security, and only 4% are ‘very worried’.

Kesh Thukaram, co-founder at Best Insurance, said “Research from the FCA suggests that 30% of UK adults have no savings, and with unemployment levels on the rise, financial protection to cover job loss is more critical than ever.

“Unemployment insurance has for many years been part of a wider Accident, Sickness, Unemployment policy, but there is clearly a demand for a separate unemployment product, so we have taken the decision to relaunch standalone Unemployment Cover as there is clearly demand.

“We are also the only UK distributor to offer customers the choice of purchasing insurance policies entirely via WhatsApp as well as by phone and online.”