Islanders are able to afford a decent standard of living
Long-term perspective
An adequate income is crucial to Islanders' quality of life because most basic needs, such as food, water, shelter, health care and many forms of recreation, have to be bought. Affordable living is about being able to afford what you need to lead a healthy, happy and productive life. Low income households spend a greater proportion of their income on everyday essentials compared to better-off households, so their standard of living is more sensitive to the cost of goods and services, and to price rises.
Why Is This Important?
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater wellbeing. Higher economic wealth may also improve access to quality education, health care and housing.
Why Is This Important?
Cost of living is the cost of maintaining a certain standard of living.
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