MEDIA RELEASE: October 2024
Financial pressures have brought some retirees out of retirement and have forced many residents to take on side hustles or second jobs.
BERMUDA: It is clear that Bermuda residents continue to face challenging economic conditions due to inflation and other pressures, including the high cost of living.
This quarter, as part of the Bermuda Omnibus Survey, we asked whether retired residents had returned to work as a result of the economic conditions on the Island and about one in ten report having returned to work after having been retired (9%), and an identical proportion (9%) report this applies to someone else in their household. Unsurprisingly, the likelihood of someone having returned to work themselves is greatest among those 55+ years old (18-34 years: 0%; 35-54 years: 4%; 55+ years: 20%).
In addition, one-quarter (24%; down 1 point from 18 months ago) of Bermuda residents report they have taken on a side hustle or taken on a second job in the past year, virtually unchanged from eighteen months ago.
Those who have taken on a side hustle or second job are more likely to include those with household incomes of less than $150k, and those aged 35- 54 years old, each more likely than their respective counterparts.
These results reflect the opinions of 400 adult Bermuda residents (18 years or age or older), collected from surveys conducted between August 27th and September 11th 2024. The questions are not commissioned by a third party and were collected independently by Narrative Research Bermuda. A sample size of 400 is a well-recognised market research industry standard and provides a representative sampling of Islanders. The survey was conduced by telephone. A sample size of 400 surveys collected by telephone allows for a statistical margin of error to within ± 4.9 percentage points, 95 out of 100 times.
Have your say! Join Bermuda Voice – our online panel of residents at www.narrativeresearch.bm
The Bermuda Omnibus Survey© is a quarterly, non-partisan, survey conducted by telephone that gives insight into political, economic, social trends, and much more. Telephone interviewing is supervised and meets the highest quality standards established for the market research industry. All telephone calling is conducted using a system of random-digit dialing of possible phone numbers in Bermuda. The next iteration of the survey will be in field starting approximately November 25th and will continue for about two weeks.
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, (902) 492-3834 or mchapman@narrativeresearch.bm