The latest Household Expenditure Survey shows a quarter of the respondents had just a few month's worth of money put aside.
The Household Expenditure survey determines the cost of living and the items that are put in the inflation basket.
Around 2,000 people, across 870 separate households, took part in the survey period from October '23 to December '24.
Despite being a statistical document using terms like average, mean and median, which are different, it shows the true cost of living in Guernsey.
The mean average Guernsey household brings in £77,000 a year while the annual spend per home is more than £67,000.
Spend was 19% up in nominal terms on the previous survey in 2018-19 while income was up 12% so this shows how the cost of living, mainly influenced by global events, is affecting Guernsey.
All income groups are spending more on housing, electricity and essential home costs.
But the difference in the percentage of their income this uses up is stark. People in social housing or part ownership spend exactly one third of their income on housing-related costs.
For owner occupiers with a mortgage it is 20% while it falls to just 2% for those without a mortgage left to pay.
In terms of money set aside, 41% of islanders admit to having little or no savings while one quarter have between one to six month's worth.
Nine Channel Islands products win Great Taste awards
Three year plan aims to strengthen Guernsey’s economy
Inflation in Guernsey creeps up
New app compiles Guernsey information
Guernsey calf rescued from quarry
User pays when Guernsey roads have to close
Channel Islander abandons Bordeaux as the flames 'arrive at the city's gates'
Annual Guernsey Scarecrow Festival set to raise thousands for charity
Comments
Add a comment