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Americans highest income earners in VI – FSC report
This is according to the Financial Literacy Survey report conducted by the Financial Services Commission (FSC) and made public in November.
“Close to three in five Americans or 56 percent have a household income of more than $50,000; close to one in three Britons (33 percent) have a household income of more than $50,000; more than one Virgin Islanders or 28 percent have a household of more than $50,000 and less than one in ten nationals or nine percent from the other Caribbean countries have a household income or more than $50,000,” the report revealed.
The income for American citizens also showed that 16 percent earn between $30,001 and $50,000 and 16 percent below $30,000; while 43 percent of UK citizens take home between $30,001 and $50,000 and 13 percent below $30,000.
Furthermore, the income bracket for Virgin Islanders indicated that 29 percent of the citizens earn between $30,001 and $50,000, while 27 percent earn below $30,000. Meanwhile, 29 percent of Caribbean nationals take home between $30,001 and $50,000 per annum and 46 percent fall below $30,000 bracket.
The national survey was conducted over the telephone from a random pool of anonymous phone numbers and carried out between April 19 and May 13, 2011. Five hundred and thirty-five individuals over the age of 18 were interviewed. Its objectives were to measure, using a questionnaire by the OECD International Network on Financial Education, to measure financial literacy and provide national benchmarks; compare levels of financial literacy across countries and describe levels of financial literacy in terms of key social-demographic groups and explanatory variables and identify needs and gaps.
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