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Credit Woes Leave Nannies Without a Spoonful of Sugar

After hearing of the $700 billion bailout, it's hard to imagine a crevice the world's financial trouble won't seep into, though this one does take some thinking.

One of Britain’s leading exports, the Mary Poppins-esque Nanny, is also facing tough times as one brokerage firm after another collapses. What was once a highly in-demand necessity is now turning into a rare luxury item for those that can still afford a pro to take care of their moppets. And it seems as though, like everything else, a spoonful of sugar won’t do the trick to make this economic medicine go down.

One London-based Nanny service employee, Kate Baker, said of the current situation: “The problems are just starting. In the last week or two I have started getting calls from nannies saying one or both of their employers have lost their jobs and so they have too.” Thousands in the London financial district are either already unemployed or projected to be so in the near future and many are saying there aren’t any magical umbrellas floating on the horizon any time soon.

Although there are cheaper nannies to be found in Eastern Europe, which in the past four years has supplied a less expensive substitute, the British nanny is still the gold standard. Or as Baker says: “The whole world still comes to Britain shopping for the Great British Nanny.” How big of a bag of tricks will the world's economies have to have to make that shopping possible again?


Join The Conversation
ilanac13 ilanac13 8 years
it's interesting to see how things like this change when the economy goes down. i feel like a lot of folks realize that they may have to bit the bullet and figure out a way to take care of their own kids - although it's definitely a bit trying if both parents lose their job and then as a result they have to figure out how to work schedules when they get new jobs. not ALL employers are understanding about having a kid and having to work a schedule around childcare. i hope that for everyone's sake that things start to turn around a bit.
Michelann Michelann 8 years
I wouldn't ever hire a nanny in the first place. I'd like to raise my own children.
Jude-C Jude-C 8 years
"What was once a highly in-demand necessity is now turning into a rare luxury item" It's funny, because I thought a nanny was a luxury item? (Is "item" the right word for a person? A luxury staffer, maybe?)
stephley stephley 8 years
If I had had enough money to hire a British nanny to begin with, every other luxury and extra in my life would go before she did. Don't stint on the kids.
True-Song True-Song 8 years
I feel like there's a Jude Law joke here somewhere, but it's too early for me to find it.
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