72% distraught over inability to meet expenses: survey

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KARACHI: There is a substantial increase of 72% from 59% just a few months ago, in the number of people wary of the rising cost of living, with the middle class being the hardest hit.

The Pulse Consultants Survey conducted a survey of 2,000 people from January 13-21, 2022 to determine the impact of inflation on different segments of the population and the measures taken to address the trend. It revealed that 41% of respondents in July 2020 were comfortable with meeting monthly expenses, but this figure fell to 32% in October 2021. This number has now fallen further to 28% in the current survey.

The survey found higher numbers, all seven in 10 people, around 72%, complaining of an inability to make ends meet, up from 59% in July 2020 and 68% in October 2021. Of those 72% , the middle class was the most affected. Within this income bracket, 72% belonged to the low-income group, 75% to the lower middle class, while 78% of the middle class were the most distressed. The survey also found that 64% of the upper middle class and 48% of the upper class were hard pressed. Of the 72% of respondents, 45% managed their expenses by taking on a part-time job, 28% borrowed money, while 26% reduced their expenses.

Among those who took out loans, 51% belonged to the lower middle class, 39% to the upper class, 31% to the upper middle class, 25% to the middle class and 14% to the lower class.

Similarly, of those in part-time employment, 56% were middle class, while 49% were lower middle class, 46% upper middle class, 32% upper class, and 23% middle class. the lower class.

The pollster found 36% of lower-middle-class respondents who managed to save money to meet expenses, 26% upper-class, 23% lower-class, 22% upper-middle-class and 19% of the middle class. When asked if they were able to save money, 72% refused while only 28% answered in the affirmative.

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