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Economic struggles grip Istanbul: Over half cut back on food, rent crisis deepens

A view of the 15 July Martyrs Bridge in Istanbul, Türkiye on Dec.1, 2024. (AA Photo)
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A view of the 15 July Martyrs Bridge in Istanbul, Türkiye on Dec.1, 2024. (AA Photo)
December 23, 2024 06:14 PM GMT+03:00

According to the Istanbul Planning Agency’s (IPA) survey, 63.5% of respondents stated that they find cryptocurrencies “insecure,” while 16.5% admitted having no information about them.

IPA released its “Istanbul Barometer” research for November 2024, which measures recent trends and insights from Istanbul citizens. The report revealed that 64.8% of participants noted that economic issues were the primary topic of discussion in their households.

Furthermore, 60.4% of respondents identified Türkiye’s main agenda as economic problems. Following this, 12.9% mentioned Israel’s occupation of Gaza, and 7.8% cited debates over the minimum wage as key topics.

Increasing cost-of-living challenges Türkiye’s biggest city

Economic issues dominated the report, with many citizens expressing concerns over rising retail, food, and housing prices. According to the findings:

  • 53.3% of participants reported being unable to afford their preferred food items in November because of financial difficulties.
  • 44.5% reduced portion sizes because they could not access sufficient food.
  • 16.3% experienced times when they had no food at home because of financial hardship.
File photo shows a women shopping in a grocery store. (AA Photo)File photo shows an individual shopping in a grocery shop. (AA Photo)
File photo shows a women shopping in a grocery store. (AA Photo)File photo shows an individual shopping in a grocery shop. (AA Photo)

Additionally, one in 10 renters struggled to pay their rent last month, with 11.6% unable to cover the full amount.

In November, 29.4% of participants were unable to make some payments and went into debt, while 11.5% stated they could barely make ends meet.

Meanwhile, 39.4% said they were just managing to get by, and 19.8% mentioned being able to save money after meeting their needs.

Among credit card users:

  • 41.2% paid their full monthly balance.
  • 34.8% managed to pay only the minimum amount.
  • 7.2% paid an amount between the minimum and the full balance.
  • 8.8% paid less than the minimum.
  • 8% were unable to make any payment.
Turkish citizens in Istanbul consider cryptocurrencies ‘insecure’
Turkish citizens in Istanbul consider cryptocurrencies ‘insecure’

Respondents also indicated that the minimum wage in 2025 should be ₺33,406 ($948.52).

Financial trends in Istanbul

The survey revealed that 78.9% of participants expect the exchange rate to increase within the next six months.

Moreover, 69.9% believe unemployment will rise, 78.9% foresee higher exchange rates, and 69.7% anticipate increased inflation. In contrast, 35.2% think growth will decline, and 41% predict a decrease in investments.

In November, 18.7% of respondents believed Türkiye’s economy would improve, 39.2% expected no change, and 42.1% predicted it would worsen.

Among those who reported saving money:

  • 60.3% invested in gold.
  • 18.7% purchased stocks.
  • 16.9% bought foreign currency.

When asked about their finances, 28.4% said their economic situation would improve, 45.6% expected it to remain the same, and 26% anticipated it would deteriorate.

December 23, 2024 06:14 PM GMT+03:00
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