But in the midst of the Island's economic woes some residents are doing rather well.
The Sunday Times Rich List has released its latest list of Britain's financial winners and, once again, some of them choose to call the Channel Islands home.
A total of 17 out of the 1,000 people on the Rich List live in the Bailiwicks - and nine of them live in Jersey.
Their combined wealth stands at more than £13 billion but almost half of that belongs to the Barclay Brothers, who live on the small island of Brecqhou, who sit at 13th on the nationwide list of the rich.
Shop Direct, Sir David and Sir Frederick's multi-brand online operation, pulled in more than £40 million last year and their host of hotels increased exponentially in value. The pair, who also own the Telegraph newspaper, are worth a grand total of £6.5 billion.
Second on the Channel Islands list is Guernsey couple Douglas and Dame Mary Perkins and their family.
Dame Perkins started Specsavers from a spare room in the couple's Guernsey home over 30 year ago. The pair are worth a reported £1.45 billion and they made £550 million last year.
In Jersey, moneysupermarket.com founder Simon Nixon (47) tops the list of rich folk after he increased his wealth by another £135 million last year. While finance businessman James Vernon was one of the biggest movers as he almost doubled his personal fortune - netting around £100 million in the last 12 months.
Wealth: £945 m
National rank: 120
Source of wealth: Online
Simon Nixon, one of Jersey's newest super-rich residents, made his money as the founder of price comparison website moneysupermarket.com. The 47-year-old can boast the crown of being Jersey's richest resident and he is not far off the top 100 in the Britain. He earned £135 million over the last 12 months and his personal fortune now sits just shy of the magic £1 billion mark.
The Clarke Family
Wealth: £500 m
National rank: 217
Source of wealth: Property
The Clarke family, - who owned developers C Le Masurier - have been involved in a number of high-profile developments in the Island. They can still boast the accolade of being Jersey's richest family despite their half-billion-pound net worth not increasing in the last year.
Wealth: £475 m
National rank: 232
Source of wealth: Oil and diamonds
After suffering losses of more than nearly £200 million to his personal wealth in 2012, Jersey resident Tony Buckingham has enjoyed an upturn in fortunes over the past three years. The Islander has amassed his huge wealth in the dealing of oil and diamonds and was once a partner in the private military company, Executive Outcomes, but has had no involvement with them or any similar businesses since 1999. When he's not making money he enjoys a spot of sailing.
National rank: 389
Source of wealth: Finance
Losing £20 million in 12 months sounds like a bit of disaster. But when you enjoy a wealth in excess of a quarter-of-billion pounds then perhaps it is not too much to fret over. Australian investment banker Graham Tuckwell may have seen his personal fortune fall in the last year but he his still the eighth richest in the Channel Islands. In 2013 he donated AUD $50 million to an Australian University so they could run a scholarship programme.
Wealth: £250 m
National rank: 391
Source of wealth: Finance
There are good years and then there are great years - the type when you get £100 million richer. Brevan Howard hedge fund co-founder James Vernon had a great last 12 months. The multi-millionaire nearly doubled his personal fortune by netting around £100 million pound since the last Rich List was released. He now sits at 391 in the national rankings.
David Crossland and family
Wealth: £200 m
National rank: 476
Source of wealth: Travel, investment
Mr Crossland has owned airlines, stakes in cruise companies and even invested in car sales businesses all after starting out in the travel business at the tender age of sixteen. Now a pensioner, the prolific businessman and his family boast a wealth of £200 million.
Wealth: £122 m
National rank: 789
Source of wealth: Computers
Gordon Crawford made £76 million from sale of London Bridge Software in 2004. He is also involved in CMR, a Cambridge fuel cell company.
Brian DeZille and family
Wealth: £120 m
National rank: 791
Source of wealth: Clothing
Brian DeZille made his fortune from his popular clothes brand, Sweater Shop. The 81-year-old, who has an impressive line of superyachts, rebranded his famous clothes business a number of years ago to 019 Sweater Shop.
Nigel Jagger and family
Wealth: £110 m
National rank: 856
Source of wealth: Computers, fine wine and other
Nigel Jagger appeared on the list in 2014 ranked at number 819 in Britain. He has fallen 47 places to 856 since then but still boasts a fortune of more than £100 million. Mr Jagger and his family picked up £90m when Atlantic Computers was sold in 1987 and they have since diversified into fine wine with Octavian Vaults since.