Isle of Man News - POSTED Fri 16-11-2018

Residents urged to share household finance information

by TH

Residents urged to share household finance information - picture

More residents are being encouraged to take part in a survey on household finances.

Data collected during the Household Income and Expenditure Survey assists in determining the basket of goods used to measure inflation.

It also plays an important role in calculating the Isle of Man’s indirect tax share under the VAT-sharing arrangement with the UK.

As an incentive to participate in the survey, households which take part are entered into a draw to win £1,000.

Everyone aged 16 or over who takes part in the survey receives a one-off payment of £15.

Invitations are sent to a random sample of Island households to encourage a wide cross-section of the Manx public to get involved.

People can also volunteer by clicking HERE.

Rosalind Bate, from Laxey, was one of the winners and was presented with her prize by Policy and Reform Minister Chris Thomas.

She says: "I would recommend taking part in the survey - filling in the paperwork was very easy on a daily basis. It took a little bit of time when we did our big shops from the supermarket and had longer receipts, but most of the time it was just a couple of minutes a day."

Mr Thomas says: "The survey is very important in developing policy and helps to present a clear picture of household spending in the Island.

"Taking part enables Government to make informed decisions – and allows families to be in with the chance to win."

After a short initial interview at their home, participants are required to keep a diary over a two-week period to monitor the entire household’s expenditure.

All the information collected is treated in the strictest confidence.

"I would recommend taking part in the survey - filling in the paperwork was very easy on a daily basis. It took a little bit of time when we did our big shops from the supermarket and had longer receipts, but most of the time it was just a couple of minutes a day."

Rosalind Bate, Participant

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