The time was, before the financial crisis burst the bubble, that Aston Martin dealerships would rub their hands when bonus season approached. Or estate agents across London and New York would welcome an influx of bankers looking to buy a second home.
In these straitened times, it’s a bit different. Not only have bonuses become more complex, but bankers are finally becoming more prudent. Bonuses are no longer lavished on luxury items, but tied up in pensions and investments.
Over half (52%) of bankers polled by Financial News said that they had saved their bonus. 37% said that they’d shelled out on their mortgage, home improvements or other property investments and 19% said they’d paid off debts.
Reassuringly, for anyone wishing to perpetuate stereotypes, 33% spent their bonus on holidays, 7% on jewellery and 4.5% on cars.
Overall, however, the figures support the view that the more you earn the more expensive your lifestyle becomes. Private school fees, expensive mortgages and a need to save for any potential change of circumstance take precedence over splurging bonuses on a sportscar…
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