Report: VG residents have hard time covering their expenses
Close to 1 in 2 adults [or 45 percent] in Virgin Gorda had problems making their income cover their living expenses in the last 12 months. Photo: VINO
ROAD TOWN, Tortola, VI – The Financial Literacy Survey Report revealed that more residents on Virgin Gorda have had problems in the last 12 months having their income cover their living expenses than those on Tortola.
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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Here is tip…….. LOWER YOUR LIVING EXPENSES INSTEAD OF TRYING TO BE WITH THE JONESES!
Strupss. Alot of those bills can’t be lowered. Especially Cable and Wireless internet fee, electricity corporation and rent.
but things cost more on the otter islands and dats a fact
We have been saying this for a long time. VG in a depressed state and the representative did NOTHING. Everything is more expensive on VG
reading this article I could only image the struggles of Jost van Dyke and Anegada….
Our food prices are DOUBLE that in Tola., and a Gallon of gas is $5.20.
at (sad) real talk, you know what your saying!
not to worry NDP to the rescue yall…lol
Look where Mr,Wilo house reached/
this is pure B.S living above their means then blaming others and govt. here are things you can do learn to walk more it’s healthier, turn the a/c in the car oof burn less gas. only drive when you absolutley needs to and plan your travel well, cut cable it has nothing good on tv anyway go read a good book might jus learn somthing. jus a few