74% of Pakistanis Are Struggling Financially

Financial difficulties among urban households in Pakistan have surged by 14% over the past year, resulting in a staggering 74% of the urban population being unable to cover their monthly expenses with their current income. This marks a significant rise from May 2023, when 60% of households reported financial challenges, according to the latest study by Pulse Consultant. Among those currently struggling, 60% have had to reduce essential expenses, including groceries, while 40% have resorted to borrowing money from acquaintances. Additionally, 10% have taken on part-time jobs to supplement their income. The survey, conducted in Pakistan—a country with a population of around 240 million—also revealed that more than half (56%) of those who are just managing to cover their expenses cannot save any money after meeting their basic needs. These findings are based on a telephonic poll conducted by Pulse Consultant from July to August, involving over 1,110 respondents from the 11 largest cities in Pakistan, as disclosed by Kashif Hafeez Siddiqui, CEO of Pulse Consultant, on ARY News’ program Sawal Yeh Hai. The participants ranged in age from 18 to 55 years. In light of ongoing economic challenges, Pulse Consultant plans to launch a second round of detailed urban-based studies later this month. This upcoming survey will assess the impact of inflation on purchasing and consumption habits, with a larger sample size of over 1,800 respondents from 17 major cities across Pakistan.