A survey said the average income of islanders is 12% lower in real terms than five years ago.
More than 2,000 people responded to the 2023/24 Household Expenditure Survey to find out the average cost of living in Guernsey.
It said that while gross income – before including taxes and other costs – of £77,619 a year, was 12% higher in nominal terms than in 2018/19, it was down by the same percentage point in real terms after adjusting for inflation.
The survey also revealed that average expenditure – £67,411 per year – for 2023/24 was 6% lower in real terms than in 2018/19, despite being 19% higher in nominal terms.
It said that 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 that the average money available for expenditure per household was £69,067 per year.
