ANKARA EXPENSE BREAKDOWN FOR 2024
Households incurred the highest expenditures on accommodation, commuting, and edibles during the previous year.
It turns out that the good folks of Turkey splashed their dough on housing, transport, and grub last year, according to stats from the Turkish Statistics Institute (TÜİK). Here's the lowdown:
- Housing/Rent: This category took the lion's share of expenditures, gobbling up 26% of the average household's budget. That's an increase from 23.9% in 2023. The cost of a roof over our heads has been on a steady incline, eh?
- Transport: This category got a piece of the action too, claiming 21.6% of households' budgets, almost the same as in 2023. It seems we can't live without our mobility in today's world.
- Food and Beverages: This realm took a bigger chunk from low-income families (18.1%) than high-income ones (12.8%), with the total share amounting to 18.1% - a drop from 20.6% in 2023. Food prices are an ongoing struggle, aren't they?
High-earners dropped more coins on transportation compared to their lower-earning counterparts, at 26.6% and 10.1%, respectively. They shelled out 22.1% on housing/rent and 12.8% on food — still substantial amounts.
Things were different for low-income households, though. These families allocated 33.2% and 30.4% for housing/rent and food, respectively. Education and recreation comprised a teeny 0.7% and 2.3%, respectively.
Now, let's delve into the folks who make their bread and butter from wages and salaries as opposed to entrepreneurship. The former lavished 24% of their dough on housing, 16.4% on food, and 23% on transport, while the latter splurged 21.6% on housing, 18.4% on food, and 26.4% on transport.
In case you were wondering, the "study abroad" types and folks yearning for some R&R didn't make the budget list. The categories with the smallest piece of the pie included insurance and financial services (0.7%), education (1.6%), and recreation, sports, culture & health (2.3%).
Housing & Food Struggles Across Income Groups
Higher Income Groups:- These folks have more dollars to spend, so they love indulging in education and leisure activities like culture, entertainment, and sports.- They still shelled out a fortune on housing but experienced less financial strain compared to lower-income peeps.
Lower Income Groups:- These heroes face a rocky financial road, with housing and food expenses often clipping their wings. They prioritize necessities like housing, food, and transportation before splurging on education or entertainment.- The rising cost of living might encourage belt-tightening when it comes to essential services like healthcare and education.
In the grand scheme of things, housing has emerged as the dominant expense category in Turkey. However, the balance of spending across income groups can vary significantly, with lower-income households often feeling the financial squeeze.
- In personal-finance discussions, it's crucial to consider both housing and food expenses, particularly for lower-income groups in Turkey, as they make up a significant portion of their budgeting.
- As one ventures into the industry of higher income, they may find themselves devoting a portion of their finance to education and entertainment, apart from housing and food.
- In light of the Ankara Expense Breakdown for 2024, it appears that the transportation sector is not overlooked inboth lifestyle and financial planning of individuals, regardless of their income status.
