The 2023/24 Household Expenditure Survey indicates that average income for residents in Guernsey has decreased by 12% in real terms compared to five years ago. The survey, which included over 2,000 participants, revealed that the average disposable income per household is approximately £69,067 annually after accounting for taxes and other contributions.
The decline in average income highlights the need for policy adjustments to address rising living costs. Readers should monitor potential government responses aimed at alleviating financial pressures on households, especially those with limited savings.