"Research from the Financial Conduct Authority (FCA) suggests that 30% of adults in the UK have no savings, and with unemployment levels on the rise, financial protection to cover job loss is more critical than ever."
- Kesh Thukaram, Co-Founder of Best Insurance
Of those surveyed (2,000), 26% said they were concerned about losing their job in the next twelve months. This rose to 46% amongst Gen Z employees, with a third of these – one in nine (11%) overall – ‘very concerned’.
Meanwhile, only 3% of 55-64-year-old employees were concerned about losing their jobs.
Best Insurance highlighted a regional trend with four in ten (41%) of those living in London saying they were worried about losing their job in the near future, compared to just 16% of employees in the East of England.
60% of Gen Z employees said they know at least one person who lost their job in 2024, with 6% having lost their own job. However, only 26% of 55-64-year-old employees know someone who has lost their job in the last twelve months - 2% have lost their own.
Last month, Best Insurance introduced its standalone Unemployment Cover for those working in full-time employment for 16+ hours a week in the UK. Benefits are linked to earnings, whilst premiums are determined by age and benefit level – for example, a 25-year-old applying for £2k in monthly coverage can purchase a policy starting at £40.20 per month.
READ MORE: Best Insurance reintroduces standalone Unemployment Cover
“Research from the Financial Conduct Authority (FCA) suggests that 30% of adults in the UK have no savings, and with unemployment levels on the rise, financial protection to cover job loss is more critical than ever. Unemployment Cover has for many years been part of a wider Accident, Sickness & Unemployment (ASU) policy,” explained Kesh Thukaram, Co-Founder of Best Insurance.
“But there’s a demand for a separate unemployment product; we have decided to relaunch standalone Unemployment Cover. With an unemployment protection policy, essential expenses like mortgage or rent payments, energy bills, loan repayments, and even groceries are covered, offering peace of mind during difficult times,” he concluded.
