Balearic homes in financial difficulties

Some 18% of homes in the Balearic Islands have great financial difficulty making it to the end of the month. According to a survey on life conditions carried out by the National Institute of Statistics for 2013, 42.5% of homes in the Balearic Islands are unable to pay for unforeseen expenses, and 17.2% are behind on payments for their habitual residence. More than 44% can’t afford to go on holiday away from home for at least one week a year.

The survey shows that the average income per person per year in the Balearic Islands is €10,386, while the average for Spain is €10,531.

Meanwhile, on average in Spain, 16.9% of households have serious financial difficulties to reach the end of the month, which is the highest figure since the financial crisis began.

Forty-one per cent of households reportedly cannot afford unexpected expenses, which is a little lower than in 2012. Almost 46% were unable to go on holiday, also the highest result since the onset of the financial crisis.

Meanwhile, 9.3% of households admit they are behind on payments on their habitual place of residence.