MEDIA RELEASE: August 2022
Household financial concerns are mounting following current events.
BERMUDA: Given rising inflation, increased interest rates, and lingering effects from supply chain issues, Bermudians are growing increasingly wary about the Island’s economy, including the cost of living and their purchasing power. When asked about current financial concerns, over half are worried about their ability to save for their retirement (54%), while one half are concerned about affording healthy food (49%). Four in ten express concerns about affording personal health insurance (39%), while one-third feel the same about paying for electricity (33%). One-quarter each mention being concerned about financially supporting a family member (27%) and affording education for their child/children (27%). Meanwhile, just over one in ten are worried about paying for their telecommunication needs (14%). Notably, only one in ten have no financial concerns at present (12%).
Across demographics, middle-income earners and under the age of 55 are more likely to mention worrying about retirement savings. Conversely, women, lower- and middle-income earners, and residents in Sandys/Southampton are more likely to mention being concerned about affording healthy food. Moreover, residents 55 and older and those earning less than $150K are more likely to mention being worried about affording health insurance for themselves.
For more information, please contact:
Graham Redford, Managing Partner, Narrative Research Bermuda, graham@narrativeresearch.bm Margaret Chapman, COO and Partner, Narrative Research Bermuda, mchapman@narrativeresearch.bm