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HCP Survey Reveals Pessimist Outlook Regarding Household Savings

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HCP Survey Reveals Pessimist Outlook Regarding Household Savings

with MAPFriday 19 April 2024 – 21:24

In the latest findings from the High Commission for Planning (HCP), results of the household survey for the first quarter of 2024 indicate a significant divergence in sentiment among households regarding savings and inflation.

According to the report, a mere 9.3% of households anticipate saving over the next 12 months, contrasting starkly with the 90.7% who do not foresee saving during this period. This sentiment has led to an opinion balance of -81.4 points, signaling a deteriorating outlook compared to both the previous quarter and the same quarter of the previous year.

The survey highlights deep concerns regarding rising food prices, with 96.9% of households reporting an increase in food prices over the past year. This sentiment is reflected in a negative opinion balance of -96.5 points.

Looking ahead, a significant majority of households (76.3%) anticipate further increases in food prices over the next twelve months, while only 6.2% expect a decrease. This expectation has led to a persistently negative opinion balance of -70.1 points, underscoring ongoing economic apprehensions.

The findings of the survey paint a troubling picture of household finances and consumer sentiment, indicating widespread uncertainty and pessimism about the economic outlook for the coming year. As households brace for continued challenges, policymakers may face mounting pressure to address rising inflation and its impact on everyday expenses.

HCP Households

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