The report revealed 64% of islanders now identified the cost of living as the most important issue facing Jersey, rising to 82% among single parents.
The report said: “The real issue is not just high prices, but people’s ability to meet them.
“Real earnings have not increased since the beginning of the century – and have actually fallen by 3.3% since 2020.”
The average house price in Jersey was £569,000, the report said, which was on a par with London and 50% higher in the south-east of England.
“Those owning outright and those whose rents are fully met by income support are in better position than those who have bought recently or who are paying a market rent,” the report stated.
With groceries being more expensive on the island, the report found low-income households could pay up to 48% more than their UK counterparts.