Confidence in the economy has plunged in the past three months, according to a poll commissioned by The Royal Gazette.

Less than a quarter of registered voters — 22 per cent — said they had faith in the direction the economy was heading in the survey by Global Research between March 7 and 14.

That represents a fall of 14 points since our last poll, last December, when an eight-year high of 36 per cent expressed optimism.

During that three months, Bermuda’s financial difficulties have taken centre stage, with finance minister Bob Richards delivering a Budget statement warning of future tax increases in February, and the island’s gross debt outstanding now projected to be $2.44 billion by March 31, 2017, equivalent to about $49,000 per Bermudian.

Results showed 42 per cent of people did not have confidence in the economy, up from 28 per cent three months ago. The remaining 36 per cent were on the fence.

A breakdown by race reveals 42 per cent of whites have confidence in the economy, compared with 13 per cent of blacks; and 25 per cent of men compared with 20 per cent of women.

The older generation is the most confident, at 33 per cent, compared with 11 per cent for people between the ages of 35 and 44.

The poll once again identified the economy as the number one concern on the island.

Asked what is the biggest issue facing Bermuda, 54 per cent said the economy, then crime (9 per cent), immigration (8 per cent), education (7 per cent), racism (3 per cent), housing (1 per cent) and tourism (1 per cent). Three months ago, immigration came only ninth on the list of issues, with just 1 per cent declaring it the top concern.

The telephone poll of 400 registered voters has a margin of error of plus or minus 5 per cent.