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Families 'struggle to survive' PDF Print E-mail
Friday, 28 August 2009 15:38

A new survey has revealed just how difficult it is for families in the Canary Islands to survive financially.

The Economic and Social Council says one in three families are having to manage on less than 1,000 euros a month and the chance of saving is a thing of the past for most.
High levels of unemployment, combined with the restriction on credit, is making life very difficult for families throughout the archipelago.
The new figures show that 38% of households in the Canary Islands have an income below 1,000 euros. The ESC says this is a very serious situation as it has a knock-on effect on the economy but unions are also pointing out that this situation is not new to the economic crisis. It has actually existed for some time.
Some 22.5% of Canary families have to exist on an income of less than 9,000 euros a year compared to 18% in 2003. Unions say salaries within the Canary Islands are still the lowest in Spain and social protection and job stability is at the tail end of the national average.
The breakdown of figures reveals that 25% of families have an income of between 1,000 and 1,500 euros a month, 12% have between 1,500 euros and 2,000 euros a month, 8% have 2,000 to 2,500 euros a month, 3% between 2,500 and 3,000 a month and 2% have more than 3,000 euros of income each month.
Some 64% of families have no capacity whatsoever to save as opposed to 71% on El Hierro and 37% on La Gomera. Just 5% have the capacity to save more than 10% of their income.
Appears in fortnightly edition 382 Tenerife News