Big spending bankers

A new survey suggests bankers are not big savers, and are more likely to blow their bonuses on perpetuating the "flashy clothes and expensive cars" 'wideboy' culture of the financial services industry.

Only 30% of all respondents to the poll from recruitment firm Robert Half's financial services group actually save their bonus, with the majority spending it on holidays and property. Only 1% of respondents said they use their bonus to reduce debts.

So who are the biggest spenders? Docklands workers are deemed the most extravagant by 40% of respondents, compared with 24% of City workers and just 16% of West End workers.

This is unsurprising, as figures from the Office for National Statistics suggest Canary Wharf workers take home an average of 100,000 a year.

A report last month from the Office for National Statistics showed a 16% jump in bonus payments this year to a record 19bn.

Bankers may do well to rein in their conspicuous consumption when bonuses are paid this year, however. Last month Peter Wuffli, chief executive of UBS, warned that concerns about economic growth and political events could spell difficult conditions ahead.