60% of the Population of Lanzarote Having Some Financial Difficulty

Lanzarote

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39% of Lanzarote residents are "worse off" than six months ago and 50% believe that it will continue to worsen.

More than 60% of the population of Lanzarote reached the end of the month with difficulty, according to the report on Indicators of Consumer Confidence prepared by the Canary Institute of Statistics. Specifically, 27.3% "with difficulty" or "with great difficulty" and 33.5% with "some difficulty" .

Against these figures, only 14.3% of Lanzarote residents have income to end the month "easily" or "very easily", while 22.6% do so "with some ease".

The survey also reflects an increase in the most vulnerable people. In the second quarter of 2019, only 16.9% recognised serious difficulties in meeting their monthly expenses, while in the last quarter that figure increased by more than ten points.

However, in the last year the other extreme has also increased, going from 9.6% to 14.3% for people who finish the month "very easily" ; while the number of families that were at intermediate points has decreased, especially that of people who were already experiencing "certain difficulties".

Regarding the assessment that Lanzarote residents make of their economic circumstances, the same study collected by the Cabildo Data Center reflects that 39.1% consider it to be "worse" than it was six months ago, "while 51.3 % believe that it is "the same" and 9.6% "better".

Regarding expectations for the coming months, more than half believe that their situation will worsen (50.5%), while 32% consider that it will remain the same and 17.6% hope to improve.

The increase in pessimism for the immediate future coincides with the Covid-19 crisis. In fact, a year ago only 13.1% thought that their economic situation would worsen and in the second quarter of 2019 25% believed so, compared to 50.5% today.

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