Only 16 percent of Bermudians are confident in the direction that Bermuda's economy is heading.

And a staggering 63 percent disapprove of this year's Budget, according to a new survey.

Finance Minister Paula Cox said the results are not unexpected.

"Let's bear in mind that the global economy is just recovering from a deep and extended recession," she said. "Bermuda has been experiencing the effects of the global downturn since the latter part of 2008.

"Although the Country has been resilient, there have been negative impacts on the economy. This naturally would cause Bermuda residents to become concerned and a decent poll with a proper sampling would discern that it is an obvious reaction."

A survey conducted last year found 18 percent of Bermudians were confident in the direction the Island was heading.

A poll recently conducted for this newspaper found blacks more likely to be confident in the direction the economy is headed. Forty-eight percent of residents especially whites were not confident in the direction the Island is heading economically.

Fifty-seven percent of respondents between the ages of 18 and 24 were not confident in the economic direction of the Island.

Meanwhile, those between the ages of 25 and 34 and 35 and 44 were on the fence on the issue, with 48 percent and 45 percent respectively expressing a lack of confidence.

Twenty-seven percent of those over the age of 65 were undecided; 46 percent of persons polled in that age group were not confident in the Country's economic direction.

Males and females responded similarly. Twenty-six percent of males were not at all confident in the economic direction compared with 30 percent of females. Ten percent of males and females were confident.

Blacks were more likely to approve of the Budget than whites. The poll found 13 percent of registered voters gave it their support.

Eighty percent of whites disapprove or strongly disapprove of the Budget; 41 percent of blacks disapprove or strongly disapprove.

Fifty-seven percent of those between the ages of 18 and 24 were undecided on the Budget while 66 percent of those aged 55 to 64 disapprove or strongly disapprove of it.

Most males 65 percent disapprove or strongly disapprove of the Budget; 61 percent of females disapprove or strongly disapprove of it.

Again, Ms Cox said this wasn't unexpected.

"Bermuda has had a wake-up call and it would be nice and reassuring to say that we should like to return to the good old days of the last several Budget years with little or minimal taxes. The negative fallout is predictable.

"I would have been surprised if there had been no reaction. However, as the economy recovers then one can assess how best to make adjustments so that what is currently a bitter pill does evolve into a better-tasting pill as the pain of the economic fall-out recedes.

"However, timing is everything but the sacrifices made today are helping to take care of those with greater hardship and to help bolster and provide for a sustainable public finance model."

Ms Cox said increases in the Budget were largely due to the inclusion of interest payments and sinking fund contributions, which was suspended last year.

"Some jurisdictions have been far more ruthless in cutting expenses and in cutting posts in the Civil Service. However, the unintended consequence is that you would as a result see increased requests for financial assistance.

"To have continued job security is a treasured commodity and understandably the expectation is that increased productivity and an enhanced work ethic will result."

In the past year four percent of residents have lost a job. Those between the ages of 45 and 54 were most affected.

Forty percent of residents have a family member or acquaintance who has lost a job during that period. The majority of these people, 26 percent, remain unemployed.

The telephone survey by Mindmaps polled 400 registered voters between April 13 and 18, and has a margin of error of 4.9 percent.

• Coping with job loss – Body & Soul section, Page 13