Over 50% in Jersey, Guernsey, and Isle of Man struggling with living costs

The survey was completed by 2,761 residents living in these four locations. Data collection took place between 17 and 30 March 2023.

The survey was undertaken to gain high-level insights into experiences and perceptions of the cost of living in each island. It asked about respondents’ financial position and recent changes to their cost of living

Key Findings

Cost of Living Survey results from spring 2023 show:

• People in the Isle of Man are more likely to be impacted than before
• More people on middle and higher incomes living in Jersey, Guernsey, the Isle of Man and Gibraltar are finding it difficult to meet all their living costs than before
• Overall the percentage of people who say they ‘cannot afford their costs and often have to go without essentials like food and heating’ remains stable at just under 1 in 10 people. However, the impact is notably worse in the Isle of Man compared to November 2022 (+6 percentage points). No notable
  changes elsewhere.
• 6 in 10 are finding it difficult to meet all their living costs (i.e. paid late, borrowed, gone without or cut back on some living costs). Overall, this is a small upward trend compared to November 2022 (+3 percentage points), but a larger increase in the Isle of Man (+7 percentage points).
• Across the four islands those on lower incomes are still the most likely to find it difficult to meet their living costs. However, trend data suggests that more households with middle and higher incomes are being impacted than in November 2022 (+6 percentage points amongst those earning £40-£80k and +9 percentage points amongst those earning over £80k).

In Jersey

• 9% cannot afford costs and often have to go without essentials (no significant change)
• 62% found it difficult to meet living costs in the last 12 months (i.e. paid late, borrowed, gone without or cut back on some living costs) (no significant change)

In Guernsey

• 7% cannot afford costs and often have to go without essentials (no significant change)
• 55% found it difficult to meet living costs in the last 12 months (i.e. paid late, borrowed, gone without or cut back on some living costs) (no significant change)

In the Isle of Man

• 12% cannot afford costs and often have to go without essentials (was 6% in November 2022)
• 62% found it difficult to meet living costs in the last 12 months (i.e. paid late, borrowed, gone without or cut back on some living costs) (notable increase: was 55% in November 2022)

Across the four locations

• 67% of people with a household income under £40,000 found it difficult to meet living costs in the last 12 months (i.e. paid late, borrowed, gone without or cut back on some living costs) (no significant change)
• 63% of people with a household income between £40,000 and £80,000 found it difficult to meet living costs in the last 12 months (i.e. paid late, borrowed, gone without or cut back on some living costs) (notable increase: was 56% in November 2022)
• 51% of people with a household income over £80,000 found it difficult to meet living costs in the last 12 months (i.e. paid late, borrowed, gone without or cut back on some living costs) (notable increase: was 41% in November 2022)