Over 27% Of Maltese Population Struggles To Make Ends Meet
Inflation is emptying many people’s bank account – and a new survey found that 121,000 people are struggling to make it to the end of the month.
58,000 of them are completely broke by the end of the month, whilst a further 139,000 are unable to save any money, the survey by MaltaToday concluded.
The participants in the survey were 16 and over, and were sourced from the 2021 Census.
When questioned about their financial situation at the end of the month, respondents had the choice of five answers ranging from having enough money to invest their savings, to having no money at all.
The survey revealed that those aged between 16-35 are more likely to have enough money to save, whilst older generations are finding it harder to make ends meet.
The percentage of individuals who do not make ends meet increases significantly for the 51 to 65-year old group (18%) and the over 65-year-old group (16%), compared to younger generations (7-9%).
The survey suggests that those between the age of 51 and 65 might suffer more due to having children still living at home, or going through marital separations.
It also revealed that men are more likely to save money than women.
The areas with the highest percentage of people barely making ends meet are in the Southern Harbour, which includes the Cottonera area and the Capital City.
On the other hand, the highest percentage of people that have enough money to go on holidays and for emergencies live in the Western Regions, which includes Ħaż-Żebbuġ and Attard.
The most likely to save money for the future are Gozitans.
The survey suggests that Labour voters end up with more money at the end of the month than PN voters or non-voters.
This prompts us to consider the potential influence of political allegiance on the individual’s perception on their financial situation – the Labour attracting a larger cohort of working-class voters, may shape this perception.
Whilst 55% of Labour voters said they have enough money for holidays and emergencies, this number dropped in PN voters (24%) and non-voters (27%).
Compared to last year, around 70% of the whole population’s financial situation has worsened.
Whilst 43% said they are left with substantially less money than last year, only 3% are left with more.
Over 65-year-olds were the most likely to remain in the same situation they were in last year, and the 16-35 group were most likely to report that their financial situation improved.
A higher percentage of women (52%) stated that they have significantly less money at the end of the month. In contrast, only 36% of men reported facing a similar situation with decreased disposable income.
Inflation has had the biggest toll on food prices.
According to the survey, almost half of the respondents (45%) said that food in grocery stores and supermarkets have severely increased in price.
On the contrary, only 1% said that they saw an increase in bills.
Younger respondents under the age of 50 (15%), those with a tertiary education (14%), individuals from Gozo (19%), and non-voters (18%) were more likely to report higher prices at restaurants. However, only 3% of 65-year-olds mentioned an increase in restaurant prices. On the other hand, older respondents were the most likely to report an increase in the cost of health services (19%).
What do you make of these statistics?
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