Six in ten Bermudians are concerned about being able to save for retirement, and many do not think they will be able to afford health insurance, according to the Chamber of Commerce Bermuda Omnibus survey produced by Narrative Research.

The just-released survey results polled some 400 respondents in the fourth quarter of 2023, and nearly half said their greatest concerns were around the economy.

The research also showed that 58 per cent of those questioned have concerns about their ability to save for when they retire — down 2 per cent from the fourth quarter of 2022.

In addition, 54 per cent of those taking part in the survey said they were concerned about being able to buy healthy food, the same figure for the fourth quarter in 2022.

Concern about being able to afford health insurance rose to 43 per cent of those questioned, from 42 per cent.

Nicola Paugh, the executive director of The Non-profit Alliance of Bermuda said the data is showing “what others have rightly highlighted — that there is a cost-of-living crisis in Bermuda”.

“The middle class is disappearing, and relocating to where they can afford life more comfortably.

“While we do not face a national unemployment crisis, for those who have not had the privilege to go overseas for university and come back able to join the international business sector, the bills are becoming more unmanageable.”

Dr Paugh added: “This was already an issue before Covid. The subsequent increased global costs of food and energy is making the scenario worse.

“Our food security working group members report higher numbers of clients seeking help in 2023 than in any prior year. People cannot afford the basics in Bermuda.

“This used to be a smaller percentage of the community, but now even people who are fully employed but not in the corporate world have hard time balancing their budgets, never mind saving for retirement.

“Solving this is complicated, and it’s a global issue not unique to Bermuda. However, Bermuda is unique in that it is small and is home to considerable wealth.

“This could present an opportunity to find and fund innovative solutions. Hopefully, the introduction of the Corporate Income Tax will be structured to provide a much needed boost to Bermuda’s social safety net with allocations to government social services and the non-profit sector.”

Poll results released last month also showed that almost a quarter of Bermuda residents were thinking about leaving the island, primarily because of concerns about their financial future.

Of those polled, 48 per cent also said they may consider planning an exit strategy to find better job opportunities and a higher standard of living elsewhere.

Fewer than a third of the 209 polled by Narrative Research in that poll said that they intended to live in Bermuda for the rest of their lives.

David Burt, the Premier, said recently that consultations were continuing about pensions, which was likely to entail a combination of increased contributions and raising the retirement age.