MEDIA RELEASE: January 2023
Bermuda residents continue to be concerned about their ability to afford their various household financial responsibilities.
BERMUDA: Inflation, supply chain issues and climbing interest rates continue to impact Bermuda’s economy, resulting in a range of household financial concerns across the Island. In order to better understand where people are struggling, we asked residents about their current financial concerns. Six in ten are worried about the ability to save for retirement (60%; up six points[FB1] from June 2022), while more than one-half are concerned with affording healthy food (54%; up five points). Indeed, four in ten indicate concern for affording personal health insurance (42%; up three points), while one-third are worried about financially supporting a family member (33%; up six points). Three in ten mention paying for electricity (31%; down two points), one-quarter are worried about affording education for their child/children (26%; down one point) and two in ten express worry towards paying for their telecommunications needs (19%; up five points). Of note, only six percent of residents indicate they have no financial concerns at present (6%; down six points).
Across demographics, women, Bermudians and those with household incomes less than $75k are most likely to have concerns over affording healthy food compared to their respective counterparts. Men are also more likely to be concerned with affording health insurance than women. With regards to financially supporting a family member, concern seems to decrease with age. Bermudians also seem to be more worried about paying for electricity and affording education for their child/children compared to non-Bermudians. Residents with household incomes of less than $75k are more concerned with paying for telecommunications needs than those who have higher incomes, whereas those with incomes over $150k more commonly do not currently have any financial concerns.
These results reflect opinions of 219 adult Bermuda residents (18 years or age or older), conducted from November 21st to December 6th, 2022. The questions are not commissioned by a third party and were collected independently by Narrative Research Bermuda. The results were collected from Narrative Research Bermuda’s proprietary online panel of adult residents, Bermuda Voice. Per industry standards, a margin of error cannot be ascribed to online survey results.
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For more information, please contact:
Graham Redford, Managing Partner, Narrative Research Bermuda, 278 8882 or graham@narrativeresearch.bm
Margaret Chapman, COO and Partner, Narrative Research mchapman@narrativeresearch.bm