Promotion no longer a priority as job retention tops New Year’s Resolution list

Currencies Direct December 23rd 2008 - 3 minute read

Recession fears are affecting people’s New Year resolutions, with three times as many people focusing on just 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.

And despite the popularity of Strictly Come Dancing, fewer than one in ten respondents want to learn to dance next year (9%), with most people (60%) preferring to learn a foreign language, or another hobby (20%).

The more traditional resolutions to improve physical health are still popular with 47% of people saying they want to exercise more in 2009, 29% aspiring to lose weight and 12% wanting to get more sleep.

However the percentage of people saying they want more sleep rises to 27% among the under 25s – perhaps reflecting their party lifestyle over the festive period.

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.





1.       The Currencies Direct survey was conducted between Monday December 15 and Thursday December 19 2008 and there were 866 responses.


2.       Currencies Direct ( is the UK’s leading commercial foreign exchange company.  Its main service is to transfer money internationally for clients, using its own foreign exchange trading floor to ensure it can offer better rates than high street banks.


Clients include individuals and businesses and reasons for transfers can range from helping a firm finance an overseas business deal or pay its foreign staff, to helping retirees buy a holiday home.


Currencies Direct can typically save clients up to three per cent of the overall amount of money being transferred compared to mainstream banks. And, unlike most other exchanges, it does not charge a commission and waives its transaction fee on deals above £5,000.


Clients can use also Currencies Direct to fix a price to buy currency in the future, giving them protection against fluctuations in exchange rates and better control of their budget. A recent independent survey showed that somebody wanting to transfer €100,000 would be £3,039 better off using Currencies Direct compared to a leading high street bank.


Media contacts:

Currencies Direct press office – 0207 861 2519 or email (07708 386 288 out of office hours)

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