Just under half of Manx residents found it difficult to meet living costs in the last 12 months, a survey has revealed.

The 2024 cost-of-living survey was conducted by Island Global Research and completed by more than 2,600 respondents across the Isle of Man, Jersey, Guernsey and Gibraltar.

In total 1,013 Manx residents filled in the survey between April 12 and May 7 this year as did 672 Jersey residents, 744 from Guernsey and 231 from Gibraltar.

The survey was carried out to get an insight into experiences and perceptions of the cost of living in each island. It asked about respondents’ financial position, recent changes to their cost of living, and their opinion more generally on inequality in living standards today and in the future.

Results from the Isle of Man found 8% cannot afford costs and often have to go without essentials and 14% said they could not afford an unexpected but necessary expense of £100.

A total of 42% said they would struggle to afford a £100 per month increase in living expenses and 48% found it difficult to meet living costs in the last 12 months.

Around one in four have received support to finance their everyday living expenses in the last six months. Some 38% of those who cannot afford costs rent their property.

No fewer than 84% agreed the rising cost of living was impacting their household and just under a third were extremely concerned about the future impact changes to cost of living will have on their household.

The survey was first carried out in 2022 and latest results have been benchmarked to the 2022 findings.

A total of 12% found it difficult to meet the cost of transport, down four percentage points on 2022.

Some 42% said they were very concerned about poverty and inequality in living standards today and 43% thought inequality in living standards will get a lot bigger in the future.

Spokesperson said Island Global Research, Lindsay Jefferies, said: ‘Changes to the cost of living are a global issue, but one that impacts each and every one of us in our day-to-day lives. It is perhaps of greater concern now than at any time in over a decade.

She said there continues to be a striking divide visible across the jurisdictions between those who class themselves as financially comfortable and those who struggle to afford their costs.

‘Just over half of people categorised themselves as less than comfortable, including 8% who say they cannot usually afford their [living] costs, and often have to go without essentials like food and heating. The remaining 47% comprises 39% who are “relatively comfortable” and 8% who are “very comfortable”,’ she said.

Read the full results of the survey here: https://www.islandglobalresearch.com/News