Overall there are 2.69 million people out of work, with 432,000 of those over the age of 50. Experts say that typically, those over 50 will find it most difficult to find another job that pays the same salary.
This also comes at a time when the government is increasing the state-pension age, making the situation more difficult for those affected.
The ONS also states that more than 1.6 million people are claiming jobseekers allowance, increasing from last year. The rise in those claimingbenefits suggests that more people are unable to use personal savings in the long term and are turning to the state for help.
James Watson, sales director at Paymentshield said:
“These figures show the continuing need for consumers to protect their income should the worst happen.
"Income insurance, for example, is a standalone product and is not tied to aloan or credit agreement like traditional PPI, but consumers are still wary of protection after the mis-selling scandal.
“Intermediaries are in the best position to highlight the importance of products like income insurance and can provide tailored advice taking into account financial situation, employer’s sick pay and amount of savings.”
