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Inflation and the rising costs of housing in Jersey mean that most households are worse off than they were when the world went into lockdown – and pensioners in particular have been hit hard, new figures have revealed.
Official statistics released this morning show that average household income last March was £930 per week after housing costs – a 4% decrease since 2019/20.
Once mortgages and rents are paid, a quarter of households were living in ‘relative low income’ – which is defined as earning £430 per week after housing costs, or £520 before.
Overall, one in five islanders are in ‘relative low income’, which broadly marries with the UK, but when it comes to pensioners, the two jurisdictions differ.
Whereas in the UK less than a fifth (18%) of pensioners have an income of £430 per week, after housing costs, in Jersey it is more than a quarter (28%).
The stat places Jersey among the bottom 10 OECD nations when it comes to pensioners on low incomes.
Pictured: Jersey is among the worst OECD nations regarding pensioners on relative low incomes.
The official report from Statistics Jersey, which based on a survey of 1,300 households conducted between October 2021 and last November, shows that mean net household income has declined by 6% over the past 12 years.
The difference in earnings between the highest and lowest earning households has also widened over that period.
The report also finds that while benefits and tax breaks serve to narrow income inequality, rising housing costs have cancelled out this contribution.
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