MEDIA RELEASE: October 2024
Close to half of residents are saving less than they did last year – twice the number who are saving more.
BERMUDA: The daily cost of living in Bermuda remains an ongoing challenge for many, and it is clearly taking a toll on residents’ ability to save. For the first time in 22 years, we asked Bermuda residents if, compared with last year, their household is putting more money, about the same, or less money into savings.
Ultimately, financial well-being does not appear to be improving, as more Bermuda residents are struggling to save money this year compared to last.
Close to half of residents are saving less than they did last year – twice the number who are saving more. Indeed, just two in ten Bermuda residents report they have put more money into savings compared to last year (20%; down 5% from Q4 2002). Similar proportions each indicate they are putting less money (39%; up 12 points) or about the same (38%; down 8 points). A handful are unsure.
Perhaps unsurprisingly, those with higher-household incomes ($150k+) have been able to put more money away compared to last year, while those with mid ($75k – L.T. $150k) and lower-household incomes (L.T. $75k) indicate that they have put less into savings. Across age groups, younger residents (18-34 years) are as likely to be saving more (30%), the same (33%) or less (30%), while those 35 years and older are more likely to have saved less than last year. Reports of putting less money away is also greater among Bermudians than non-Bermudians. Finally, those in Sandys and Southampton are more commonly report they have put less money in savings compared to last year compared with other parishes.
These results reflect opinions of 400 adult Bermuda residents (18 years or age or older), conducted from 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