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Banking & Finance

Credit crunch hits City spending

Article Date:  May 06 2008

City professionals are split down the middle when it comes to their plans to curb their personal spending, according to a survey from recruitment network eFinancialCareers. Almost half of respondents (48 per cent) are planning major cutbacks, while the remainder are more confident in their ability to sustain past levels of spending.

More than a quarter of all respondents (26 per cent) are looking at cancelling holidays, while 13 per cent are considering selling their houses and nine per cent are thinking of taking their children out of private school.

The balance (52 per cent) say the impact of lower bonuses will be minor, forcing them merely to ‘cut back on the caviar’.

Sarah Butcher, editor of eFinancialCareers.com, comments: ‘Our survey reveals that around half the financial services community can survive a few lean years with only superficial changes to their lifestyle.

‘For the other half, however, smaller bonuses are a serious prospect. Forced house sales and holiday cancellations could have a serious impact on the economy of the South East.’

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