Perceptions of worsening household finances and increasing wealth inequality are not unique to the Isle of Man, says Treasury Minister Eddie Teare MHK.
Mr Teare was commenting on some of the 2016 Social Attitudes Survey results, published this week, showing that 31% of respondents felt their household’s financial situation had worsened over the past 12 months.
The view that wealth inequality had increased over the past five years was shared by 50% of respondents, while 20% said they found it difficult to cope financially.
Said Mr Teare:
‘The outcome of the survey will be useful in helping to shape future policies, but it is important to see the results in context. Some of the perceptions and experiences, and the factors that influence them, are by no means unique to the Isle of Man.
‘For example a UK survey published in March this year found that 37% of households felt worse off than 12 months previously. And the issue of wealth inequality is a global concern.
The Minister continued:
‘There is no doubt that the aftermath of the financial crisis in 2008 has affected living standards and perceptions of prosperity for many across the western world.
‘The Isle of Man has been in a relatively positive position overall because we have succeeded in maintaining growth and low unemployment, despite the huge VAT revenue loss which could have destabilised the entire economy. Government has also prioritised help for those on the lowest incomes, such as the personal allowance increase in this year’s budget which has lifted 2,000 people out of the tax net and reduced tax bills for a further 19,000.’
Mr Teare concluded:
‘The Social Attitudes Survey does indicate, however, that a significant minority of the Island’s households are finding it difficult to cope financially. There can be a range of reasons for this, and individual circumstances do vary, but from Government’s perspective the key to further improving living standards in the Isle of Man is to encourage more and better job opportunities through more economic growth.
‘That is why the economy and employment have been important priorities for the Government over the past five years, and should remain so for the next administration.’
For more information and to view the report, see the Economic Affairs Division page.
