Recession fears hit resolutions

RECESSION fears are affecting people’s New Year resolutions, with three times as many people focusing on keeping their job in 2009 rather than aiming for a promotion, according to a new survey.

The survey by Currencies Direct, a leading foreign exchange provider, reveals that more than a third of those in full-time employment (36%) are making a resolution to hang on to their job, compared to just 10% who have set their sights on climbing the career ladder.

Jose Ivars-Lopez, head of private foreign exchange at Currencies Direct, said: “This snapshot of employment sentiment offers a revealing insight into people’s concerns about the state of the economy and their fears about job security.

“People’s prevailing attitude is to knuckle down and hope their job survives the recession rather than anything more ambitious in the current climate. They are focusing on working hard to keep themselves afloat, rather than asking for a promotion or a pay-rise.”

Fears about job losses are greatest among those aged 35-44 with almost half (44%) focusing on their existing job instead of a promotion (12%). Only those under the age of 25 are less determined to keep their present job (16%) than get a promotion (33%), or the over 55s who are more likely to resolve to retire.

Last week the Citizens Advice Bureau reported that the number of enquiries about redundancy has increased by 125% across England and Wales, from an average of 189 per day in April to 425 per day in November.
The Currencies Direct survey of office workers also discovered that just 8% of people say they are more likely to give to charity in 2009 than take a dream holiday or spend less in bars and restaurants (both 27%).

Unexpectedly, the over 55s are less likely to give to charity than any other age group with only 6% wanting to donate money to a good cause compared to 9% of those aged 35-44 and 45-54.

Cary Cooper, professor of organisational psychology and health at the University of Lancaster, said: “The UK already has one of the longest working hour weeks in the developed world so it’s unsurprising that people feel they need more rest.

“The findings from Currencies Direct’s survey suggest that people want to be more resilient in 2009 and feel the best way to do this is to get more sleep and exercise in order to help them perform better at a time when they are most worried about job security.”

Despite the Christmas party season – and perhaps due to recession related stress – only 7% want to cut down their drinking and 5% want to give up smoking.