Despite some improvement in household financial stability over the past decade, less than a third of the population in the Canary Islands reports being able to make ends meet with ease, according to recent data from the Canary Islands Institute of Statistics (ISTAC).
The struggle against poverty has shown some positive results when compared to the aftermath of Spain's economic crisis ten years ago.
In 2014, only around 400,000 Canary Islanders felt they could comfortably make ends meet. Today, that figure has nearly doubled to 790,000. However, this still accounts for just a third of the islands’ population.
Of these people, only 281,950 report having ease or significant ease in covering monthly expenses. This translates to 135,751 households managing comfortably and another 198,000 households reporting moderate financial stability.
Majority Face Financial Hardship
The situation remains dire for a significant portion of the population. Approximately 1.47 million people, or more than 544,000 households, report facing difficulties in making ends meet. Of these, 224,704 people, living in 88,413 households, experience severe financial struggles, representing nearly 10% of the Canary Islands’ population in 2023.
Women in the Canary Islands face greater financial hardship than men. While over 94,000 men report severe difficulty in managing expenses, the figure rises to 130,580 for women, revealing a stark gender disparity. However, this imbalance reverses in less severe categories of financial difficulty, where men slightly outnumber women.
A Mixed Outlook
The ISTAC data highlights a positive trend: the proportion of people experiencing severe financial hardship has declined over recent years. However, the percentage of residents facing "difficult" or "somewhat difficult" financial circumstances has shown a slight increase.
Conversely, those who report being able to make ends meet with "great ease" have remained stable over the past seven years, albeit with a slight dip of 0.3%. Meanwhile, those managing with "some ease" now account for 22.45% of residents, a figure that has also declined.
While the data shows modest progress in alleviating poverty, the fact that a majority of Canary Islanders still face financial difficulty emphasizes the urgent need for continued socio-economic reforms. Addressing gender disparities and bolstering support for households in severe financial distress will be key to creating a more equitable and sustainable future for the Canary Islands.
