Randomly selected households will be invited to take part in a financial survey for the Isle of Man.

Each month, between April 2023 and March 2024, different households will be invited to complete the two-part The Household Income and Expenditure Survey.

Part one of the survey is a questionnaire which asks for details about sources of income for each member of the household and about household expenditure on large items and regular payments (such as direct debits) over the past year.

Part two involves keeping a diary over a two-week period of purchases made by the household.

The survey primarily uses an online questionnaire, though this can also be done over the phone, in-person at the Statistics Isle of Man office, or via a paper form.

Statistics Isle of Man carriesy out the survey every five years.

The government says It is essential in helping the powers that be to understand the financial pressures facing people, and to provide insight into important issues like poverty, fuel poverty and economic inequality.

It is also used as a basis to determine the amount of VAT the island received, and to update the products used in inflation calculations so that these are representative of spending on the Isle of Man.

All households that are chosen to participate in the survey will be issued on completion a payment of £20 for one adult member of the household, £10 for each additional adult (defined as anyone in the household over 16 years of age), and £5 for each child.

Participating households will also be entered into a draw for that month with a prize of £1,000.

The Household Income and Expenditure Survey is entirely voluntary. All responses to the survey will be treated in the strictest of confidence and will only be used to create aggregate statistics.

More information, including previous results, can be found on the Household Income and Expenditure Survey webpage.