Financial difficulties among urban Pakistani households have soared by 14% over the past year, resultantly, a staggering 74% of urban population in Pakistan, the south Asian country, are unable to meet their monthly expenses with their current income.
This represents a significant increase from May 2023, when 60% of households reported financial struggles, according to the latest study by Pulse Consultant.
Of those currently struggling to make ends meet, 60% have had to cut back on essential expenses, including groceries, while 40% have resorted to borrowing money from their acquaintances. Furthermore, 10% have taken on part-time jobs to supplement their income. The survey of Pakistan, the country with roughly 240 million population, also highlighted that more than half, 56%, of those who are just managing to cover their expenses are unable to save any money after meeting their basic needs.
The findings are based on a telephonic poll conducted by Pulse Consultant from July to August, involving over 1,110 respondents from the 11 largest cities in Pakistan, revealed Kashif Hafeez Siddiqui, CEO of Pulse Consultant, on ARY News’ program Sawal Yeh Hai. The age group of participants ranged from 18 to 55 years.
As the economic challenges is ongoing, Pulse Consultant plans to launch a second round of detailed urban-based studies later this month. This upcoming survey will gauge the impact of inflation on purchasing and consumption habits, highlighted the CEO, with a larger sample of over 1,800 respondents across 17 major cities in Pakistan.
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