Well, I'm 'giving up', although I wouldn't call it that.
I've thought long and hard about it over recent months, taking lots of things into consideration, and I've decided not to pursue a flying career. However, these things are not exclusively related to the current market conditions and are thus somewhat more personal and specific to my own situation. My own circumstances have changed and so have my priorities and as such I cannot justify spending tens of thousands of pounds training for a job for which my passion has diminished, which will require me to be as good as globally mobile to chase that elusive first job which isn't guaranteed, and require me to drag my new family to wherever I am required to go. It makes no sense to me anymore. It is not a logical career path for me now.
I must admit that after my soul-searching I realised that a large part of my desire to be a professional pilot was the ego boost it would give me, the status, and the potentially good salary. It has taken me time to grow up and realise this is not all life is about. However, I love to fly and will maintain my PPL. Even if I won the lottery tomorrow, I would go no further than an FI rating and teach at local clubs.
Sadly, I have placed most of my eggs in the one basket with regards to my career. As such, I'm not really sure what I'm going to do now. Everything I have done for the last 5-6 years (inc. 3 year degree) has been viewed as temporary employment, as a stop-gap on the long path modular to a career in the airlines. I slowed everything down as much as possible when the economy started going pear-shaped, stretching groundschool deadlines as far as possible. My degree is aviation related, but I have no core knowledge or training in any other field. I am interested in so many things but passionate about not a lot, so I feel a little stuck.
I have my PPL, I've done ATPL groundschool and hour building, so I've spent a good sum already, but I'm getting out before I go past the point of no return by shelling out for CPL/IR/MCC. To be honest, I feel quite relieved that for the next decade I won't have massive loan repayments hanging over my head, on top of a mortgage and everything else. And, what I have saved as a lump sum for training has now suddenly been freed up for something else.
The 'current economic climate' has only helped my decision, perhaps forced my hand a little. I feel quite frightened for my friends that are already deeply in the hole with no prospects, but I hope they make it.
I'm going to bow out gracefully on my own terms, and although I feel disappointed, I hope I won't regret it, besides feeling really quite happy about the decision believing it is the correct thing to do.