Average income down in real terms, survey says

Average income down in real terms, survey saysImage caption, More than 2,000 people filled out the 2023/24 Household Expenditure SurveyByArchie FarmerChannel IslandsPublishedJust nowAverage income for islanders is 12% lower in real terms than five years previously, a survey says.More than 2,000 people responded to the 2023/24 Household Expenditure Survey to find the average cost of living in Guernsey.It said while gross income - before taxes and other costs are factored in - of £77,619 per year was 12% higher in nominal terms compared to 2018/19, it was lower by the same percentage point in real terms once adjusted for inflation.The survey also showed average expenditure - £67,411 per year - in real terms for 2023/24 was 6% lower than in 2018/19, despite being 19% higher nominally.It said once income tax, social insurance contributions and other sources of funding for expenditure such as savings or loans were taken into account, it was estimated the average money available for expenditure per household was £69,067 per year.More news stories for GuernseyListen to the latest news for GuernseyAttributionSoundsThe survey said 41% of respondents reported having either no savings or less than one month's worth of income in savings.The survey added on average, people in the affordable rental or partial ownership market spent 33% of gross income on housing-related issues, while private market renters averaged 22% and owners with mortgages averaged 19%.Helen Walton, head of the Data and Analysis Service, said the data was "important" as it helped make sure inflation figures remained accurate and reflected the reality of what islanders spend money on. "It also provides an updated data set to help inform policy decisions and market research," she said.Follow BBC Guernsey on X, external and Facebook, external and Instagram, external. Send your story ideas to channel.islands@bbc.co.uk, external.Related topicsHousingPersonal financeCost of Living More on...