Economic concerns dominate Istanbul households, survey reveals

A recent survey by the Istanbul Planning Agency (IPA) found that economic issues are a major concern for Istanbul residents, with 54.1% of respondents citing it as the primary topic of family conversations.

The IPA released the October 2024 edition of its Istanbul Barometer Report, a comprehensive survey that provides insights into various aspects of life in Istanbul, including residents’ household priorities, psychological state, economic choices, and employment issues.

The findings provide a detailed look into the concerns of Istanbul’s residents, highlighting trends and issues affecting their daily lives.

At least $2,000 needed to fulfill needs of family of 4

According to the report, economic concerns are the primary topic of conversation in Istanbul households, with over half of respondents, or 54.1% of citizens, identifying the economic situation as the main topic of discussion at home.

Respondents estimate that a family of four in Istanbul needs around ₺70,000 ($2,037) per month to make ends meet. Economic turbulence emerged as the city’s most pressing issue, cited by 38% of residents.

Public trust in health care services falls to 37%

Health care services were another key topic, with 75.6% of citizens stating they would seek treatment at public hospitals in case of illness. Preferences for public hospitals were higher among lower-income groups, with 86.4% in this segment choosing public facilities, compared to 59.7% among higher-income individuals.

Public trust in health care services declined significantly after the newborn scandal, with only 37.1% expressing confidence in public hospitals and 14.8% in private hospitals.

Wait times also differed across the city, with residents on the European side waiting an average of 30 days for appointments and those on the Anatolian side waiting around 26 days.

Nearing half of citizens weary of economic conditions

Economic challenges have affected residents’ financial habits, particularly in credit card usage. Nearly 35% of residents reported paying only the minimum amount due on their credit card bills, while 9.9% admitted to missing payments entirely. In contrast, 41.7% were able to cover their full balance.

The survey also underscored the difficulty many residents face in managing household expenses, as 23.9% indicated they had taken on new debt, while 15.2% reported struggling to get along. While 18.3% of respondents were able to save after covering basic expenses, 42.6% reported struggling to make ends meet.

Looking to the future, the economic outlook among residents remains grim. Only 17.7% of respondents expect positive advancement for the economy, meanwhile, 43.5% expressed situation will further deteriorate. Personal and household financial expectations have also dropped slightly from the previous month, with only 27.1% anticipating improvements.