Average income down in real terms, survey says
The results of the 2023/24 Household Expenditure Survey have been published.
A recent survey indicates that the average income for residents has decreased by 12% in real terms over the past five years. The 2023/24 Household Expenditure Survey, which gathered responses from over 2,000 individuals, aimed to determine the typical cost of living in Guernsey.
According to the findings, while the gross annual income, before deductions, reached £77,619, marking a 12% increase in nominal terms compared to 2018/19, it actually represents a 12% reduction in real terms once adjusted for inflation.
The survey also revealed that average annual expenditure for 2023/24 stood at £67,411. In real terms, this figure is 6% lower than in 2018/19, despite a nominal increase of 19%. After factoring in income tax, social insurance contributions, and other funding sources like savings or loans, the estimated average amount available for household expenditure was £69,067 per year.
A significant portion