Research into islanders’ financial situation has found people feel barely better off than they did two years ago.
Island Global Research has conducted a cost of living survey across four regions, including the Isle of Man.
One resident told the surveyors that “It’s increasingly no longer financially realistic” to live on the island.
Another blamed the government for the costs of living here saying: “The secret extra cost here is all the government controlled infrastructure business from transport to connectivity”.
People Can’t Afford Costs
It found that a staggering 38% (just over a third) of those on the Isle of Man cannot afford costs because they rent their property.
A resident noted their worries on the housing costs on the island, they said: “Houses and rent unnecessarily expensive compared to the UK – pushes young people to move away:.
Along with 42% saying they would struggle to afford a £100 per month increase in living expenses; this was the highest across the four islands.
Financially Struggling on Island
The data from the survey revealed that 14% said they could not afford an unexpected but necessary expense of £100.
Whilst 48% have found it difficult to meet living costs in the last 12 months.
Another comment left by a resident read: “I have been forced to give up my dog and not eat some days to make sure my son can”.
Based on the data, around 1 in 4 of residents have received support to finance their everyday living expenses in the last 6 months.
It also revealed that 84% agreed the rising cost of living was impacting their household.
Cost of Living
Of the population who participated, 8% cannot afford costs and often have to go without essentials.
Just under a third are extremely concerned about the future impact changes to cost of living will have on their household.
The result of the survey shows that 42% are very concerned about poverty and inequality in living standards today.
According to the data, 43% think inequality in living standards will get a lot bigger in the future.
Compared to 2022, the percentage of people finding it difficult to meet the cost of transport has fallen 4% to 12%.
The survey was completed by 2660 residents; 672 from Jersey, 744 from Guernsey, 1013 from the Isle of Man and 231 from Gibraltar.
The survey was first conducted in 2022, and results from this survey have been benchmarked to the 2022 findings.
The full breakdown of the survey can be found here.
4 Comments