Financial fallout's newest casualty: the nanny

Posted By Elizabeth Dickinson Monday, September 22, 2008 - 10:26 AM Share

iStockphoto.com

Fallout from the financial crisis has now officially hit Main Street, London, where the latest casualty is none other than the family nanny.

The downturn comes at the end of the "golden era" of homecare. During the boom, nannies have been a staple of highly paid bankers' households. But as the market sours, nannies are the first luxury to go. Nanny pay rates are dropping, and jobs might soon be, too.

It was the last thing that British nannies needed. With the opening of trade that has come with European Union expansion over the last several years, less expensive Eastern European nannies are already starting to steal away jobs from Britain's renowned business.

Even Mary Poppins and her magic umbrella probably couldn't fix this mess.

EXPLORE:EUROPE, ECONOMICS

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