Average Guernsey income down in real terms, survey says

Average income for islanders is 12% lower in real terms than five years previously, a survey says.

More than 2,000 people responded to the 2023/24 Household Expenditure Survey to find the average cost of living in Guernsey.

It said while gross income – before taxes and other costs are factored in – of £77,619 per year was 12% higher in nominal terms compared to 2018/19, it was lower by the same percentage point in real terms once adjusted for inflation.

The survey also showed average expenditure – £67,411 per year – in real terms for 2023/24 was 6% lower than in 2018/19, despite being 19% higher nominally.

It said once income tax, social insurance contributions and other sources of funding for expenditure such as savings or loans were taken into account, it was estimated the average money available for expenditure per household was £69,067 per year.