Updated: Aug 18, 2022 08:27 AM
High prices: more than half of residents are concerned about the rising cost of groceries according to a new survey (Photograph supplied)
More than half of residents are spending less and going without basics amid fears of a shrinking economy and rising inflation, according to a survey.
A similar number are also worried that they will not have sufficient savings to be able to retire.
The online survey of 382 adults, conducted by Narrative Research Bermuda, revealed that 56 per cent of residents were going without and buying less – up from 34 per cent in the last quarter.
And in a drive to cut household costs, residents are finding other ways to tighten their belts. More than 40 per cent said they are buying local where possible, 28 per cent are buying in bulk, and 20 per cent are growing their own food.
A further 18 per cent are buying items second-hand or trading with others.
According to Narrative Research Bermuda, lower and middle-income earners were more likely to have bought less.
The research company added: “With inflation surging and interest rates on the rise, residents in Bermuda are increasingly pessimistic about the Island’s economy, becoming more wary about their ability to afford goods and services.
“Given rising inflation, increased interest rates, and lingering effects from supply chain issues, Bermudians are growing increasingly wary about the island’s economy, including the cost of living…
