60.5% of households reported decrease in monthly income due to crisis - survey

The economic crisis has left a profound impact on household finances, influencing both income and expenditure significantly, a survey conducted by the Department of Census and Statistics (DCS) has found.

The economic crisis has left a profound impact on household finances, influencing both income and expenditure significantly, a survey conducted by the Department of Census and Statistics (DCS) has found.

The study titled Household Survey on Impact of Economic Crisis - 2023, also found challenges have prompted households to make strategic adjustments and implement coping mechanisms to navigate these trying times.

Accordingly, a majority, comprising 60.5% of households, have reported a decrease in their total income, while 5.6% experienced an increase, and 33.9% saw no change despite the crisis.

During the income decline, households have employed various coping strategies, with 6.6% turning to secondary jobs or additional income sources.

Notably, 73.6% did not adopt specific coping strategies. The economic crisis also led to changes in household expenditure, with 3.6% reporting a decrease, 91.1% indicating an increase, and 5.3% noting no change.

The survey report mentioned that the reasons contributing to decreased monthly expenditure were diverse, with 77.0% aligning expenses with reduced income. Among those reporting increased monthly expenditure, 99.1% cited rising food expenses as a significant factor.

A substantial 97.2% of households employed at least one coping strategy to manage their expenditure, showcasing the diverse approaches taken to address financial challenges.