ISLAMABAD, AUGUST 10: Over the past year, there has been a 14% increase in financial troubles among Pakistani urban households. As a result, a startling 74% of Pakistan’s urban population is unable to fulfill their monthly obligations with their present income.
According to the most recent Pulse Consultant study, this is a considerable increase from May 2023, when 60% of households reported having financial difficulties.
Of those who are now having financial difficulties, 60% have had to reduce spending on necessities, such as groceries, and 40% have turned to borrowing money from friends and family. In addition, 10% of people have taken up part-time work to augment their income.
The survey conducted in Pakistan, a nation of about 240 million people, also revealed that 56% of those who are barely making ends meet are unable to save any money after covering their basic requirements.
According to Pulse Consultant CEO Kashif Hafeez Siddiqui, the results are based on a telephone survey that was carried out between July and August with around 1,110 participants from Pakistan’s 11 biggest cities. The participants’ ages ranged from 18 to 55 years old.
Pulse Consultant is to begin a second round of in-depth urban-based research later this month, given the current economic concerns. As the CEO pointed out, a larger sample of more than 1,800 respondents from 17 major Pakistani cities will participate in this future poll, which will assess the effect of inflation on consumption and purchase patterns.
