New data from the Office of National Statistics (ONS) has shown that 7.2 per cent of the working population are now without a job, an increase of 0.7 per cent on the previous three months.
As a result, a growing number of people may turn to the stock market as a way to earn extra money.
Redundancy levels have also climbed, with the amount of workers losing their jobs increasing to 302,000, the highest figure since records began in 1995.
Shadow work and pensions secretary for the Liberal Democrats Steve Webb stated that the data proves suggests that Labour's aim of ending high unemployment levels is now "in tatters".
He said that job centres "need to be much more supportive from day one instead of sending people away to go and look for jobs on the internet".
The ONS findings also showed that the number of people claiming unemployment benefits has also risen, climbing to 1.54 million in May.