Over 17million workers are worrying about job security according to a survey undertaken by online income protection insurance provider, British Insurance.
The firm says 59% of workers are fearful of redundancy, up 7% from last year, and 8% higher than when research was first commissioned in May 2010.
Despite increasing nervousness around future earnings, fewer workers have plans in place to prevent debts escalating if their salary goes. In May 2010, one in five had unemployment insurance, now only 14% do.
The remaining 86% plan to bridge any income gap using; savings, family, state benefits, credit cards, the Lottery or they don’t know what to do.
Nel Mooy of British Insurance comments: “It is advisable to have insurance to replace any future lost income without dipping into savings or falling into debt. People are realising online firms offer more competitive premiums.”
Although only a small percentage of workers have income protection – an increasing number are buying cover online, following the Competition Commission’s recommendations to source policies independently from their credit arranger.