Although the percentage of men who say they are in the mood to save has fallen over the same period to 56% (59% in 2009), of those who say they are saving, 40% of men selected the answer ‘In case you lose your job' when asked what they were thinking of saving for. This is 10% up on the figure recorded six months earlier in February (36%).
A much lower percentage of women (25%) selected ‘in case you lose your job' in the August survey, unchanged from February (25%).
A North South divide has emerged, according to the data. The regional breakdown shows Northern Britain is showing a significant increase while London, which has the highest figure across each survey, is only slightly up.
Commenting on these findings Mark Gregory, Legal & General executive director savings said: "It's not surprising that the focus of saving is turning to meeting short term needs, such as saving in case you lose your job.
“The UK saw a fall in unemployment of 0.1% in the three months to May (figures published in July by The Office of National Statistics). However, much of the reduction is attributed to hiring for temporary employment. The ONS said in July that the percentage of workers in part-time jobs was the highest since records began in 1992.
“There may also be fears over jobs in the public sector, particularly in the North. Several commentators have pointed to the fact that private sector hiring is unlikely to increase strongly enough to offset expected public sector job losses in coming months."
