Households invited to take part in financial survey

From this month, randomly selected households will be invited to take part in a two-part survey.

Part one is a questionnaire which asks for details about sources of income for each member of the household.

Further, it'll ask about household expenditure on large items and regular payments (such as direct debits) over the past year.

Part two involves keeping a diary over a two-week period of purchases made.

Statistics Isle of Man carry out the survey every five years and call is 'essential' in helping Government to understand the financial pressures facing residents, and to provide insight into important issues like poverty, fuel poverty and economic inequality.  

It's also used as a basis to determine the amount of VAT the Island received, and to update the products used in inflation calculations.

The Household Income and Expenditure Survey is entirely voluntary and all responses will be treated in the strictest of confidence.