Almost two-thirds of the respondents of the most recent caycompass.com online poll reported that the downturn in economy has negatively impacted their earnings.
Of the 463 total responses to the question ‘How is the global economic slowdown affecting you?’ 168 people (36.3 per cent) said they were earning less and spending less.
‘This started for me from 2004,’ said one person. ‘Income for the middle class has simply not kept pace with the cost of living.’
‘Our economy was already contracting since 2006, so the survey is biased in linking the local situation directly to global crisis only,’ someone else stated.
Another 73 respondents (15.8 per cent) said they did not have a job and faced big problems.
‘I am about to lose my job and the prospects for finding employment is Cayman are slim,’ said one person.
‘Laid off by LIME,’ said another person.
In addition, 68 people (14.7 per cent) said they were earning less, but still spending the same.
‘I am earning the same and spending more due to inflation, while my husband is making so much less and we still have the same bills,’ said one respondent.
A little more than a quarter of the respondents (120 people or 25.9 per cent) said the economic slowdown was not affecting them at all. However, several comments made by these respondents indicated a certain amount of trepidation.
‘It has not affected me yet,’ said one person. ‘But I do anticipate it will in the coming months, as it will the entire Cayman Islands.’
‘I’m actually earning slightly more and spending about the same,’ said someone else. ‘However, I am being more cautious about non-essential spending, just in case things change for the worse as the recession goes on.’
‘It’s not affecting my earnings yet, but it is reducing my employer’s income,’ said someone else. ‘We’ll see what the rest of the year brings.’
Only 34 people (7.3 per cent) reported that they were earning more and spending more.
‘I did lose a lot in investments, though,’ said one person.