Report: VG residents have hard time covering their expenses
The report, which was conducted by the Financial Services Commission (FSC), was unveiled to the public in November.
“Close to 1 in 2 adults [or 45 percent] in Virgin Gorda as compared to 2 in 5 adults on Tortola had problems making their income cover their living expenses in the last 12 months,” the report stated.
The national survey was conducted over the telephone from a random pool of anonymous phone numbers and carried out between April 19 and May 13, 2011. Five hundred and thirty-five individuals over the age of 18 were interviewed.
Its objectives were to measure, using a questionnaire by the OECD International Network on Financial Education, to measure financial literacy and provide national benchmarks; compare levels of financial literacy across countries and describe levels of financial literacy in terms of key social-demographic groups and explanatory variables and identify needs and gaps.
Meanwhile, as a group, nationals of the other Caribbean countries have more problems than other nationalities making ends meet, the report indicated.
According to the report, in the last 12 months 3 in 5 nationals from other Caribbean countries had problems having their income cover their living costs.
“Two in five Virgin Islands had problems having their income cover their living costs. Only 3 in 10 British nationals had problems having their income cover their livening costs. Less than 3 in 10 Americans had problems having their income cover their living costs,” the report added.
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