The Chamber of Commerce Edison Sumner says Bahamians are still living in the deficit when it comes to savings.

“Statistically based on the Central Banks report we know that the savings accounts are very low in this country to almost non-existent a lot of people are living in the red where its literally living paycheck by paycheck.”

In an earlier interview with The Bahama Journal, Mr. Sumner said Bahamians need to be advised financially due to such rough economic times.

He referenced the implementation of Value Added Tax, and the increased debt being the major issue for Bahamians inadequate savings accounts.

“If your earning $1,000 a month but your expenses are $1,000 a month or more it leaves very little space for you to save money. So if you can work with your financial advisors to find ways to bring down your living expenses perhaps consolidate some of your debt where you can bring them under one umbrella.”

The chairman said the economy has affected everyone, including businesses.

“It’s not just the people who may be economically challenged a lot of individuals who we think are living at that level of having a lot of surplus really aren’t,” Mr. Sumner said.

“The cost of living is the major issue, why people aren’t able to save the way they would like.

“This goes also for companies, corporate Bahamas, when you see a company has to always go into overdraft facility just to make their payroll and other expenses says they do not have the adequate savings,” Mr. Sumner said.