Redundant millennials need around £5,000 to survive job hunt

The true cost of being made redundant has been laid bare and your age and gender  may have a big say in just how much your finances will be dented until you regain employment.

The majority of millennials reckon they’d secure a better job within 12 weeks of being made redundant, according to the Office for National Statistics.

But while they’re on the job hunt, millennial men would require between £4,300 and £7,000 to survive, research from investments company Royal London has claimed.

Meanwhile, their female counterparts would need far less, at least £4,100 but a maximum of £5,100, almost two grand less.

Millennials are defined as people born between 1982 and 1994 although the exact years vary on who you ask.

Royal London’s survey found that men currently in their 20s required £361 a week, while men aged 30-39 needed £457. Similarly, younger women needed £346 a week, compared to £425 for women in their 30s.

This difference in age and requirements makes perfect sense considering that older millennials are more likely to have greater, more expensive responsibilities such as a family, mortgage etc.

Measly payout?

Exactly how much of a payout redundant millennials receive isn’t usually a lot.

Millennials aren’t known for their loyalty, staying in their first few jobs for just two or three years, and under current law, anyone in a role for less than two years isn’t entitled to any statutory redundancy pay. Those that do qualify can only expect to legally receive up to £479 for each year of service.

Redundancies are currently at a two-year high and consequently, millennials should be on their guard and prepare for being handed the dreaded envelope, said Debbie Kennedy, Royal London’s head of protections.

“It is vital even for those with seemingly secure jobs to plan for the unexpected and ensure they are protected,” she commented.

“Many millennials will have been in roles for a relatively short amount of time and unfortunately, this will impact the statutory redundancy pay they would be entitled to. We urge millennials to consider if they are redundancy ready.”

By Joe White