Guernsey Real Incomes Fall 12% in 5 Years Despite £77,619 Average Gross Pay
Updated
Updated · BBC.com · Jul 27
Guernsey Real Incomes Fall 12% in 5 Years Despite £77,619 Average Gross Pay
1 articles · Updated · BBC.com · Jul 27
Summary
Guernsey households saw average income drop 12% in real terms over five years, even though average gross annual income rose 12% nominally to £77,619 in the 2023/24 Household Expenditure Survey.
Inflation drove the squeeze: average annual spending reached £67,411, up 19% in cash terms but down 6% in real terms from 2018/19.
After income tax, social insurance and other funding sources were factored in, average money available for household expenditure was estimated at £69,067 a year.
41% of respondents said they had no savings or less than one month's income saved, while housing costs absorbed 33% of gross income for affordable renters or partial owners, 22% for private renters and 19% for mortgaged owners.
More than 2,000 people took part in the survey, which Guernsey officials said will be used to update inflation measures and inform policy decisions.