"We need to consider what can be done to help inform and educate people on the importance of protecting themselves so they can focus on recovery and maintain their other financial commitments & outgoings."
- Rose St Louis, Protection Director at Scottish Widows
Of those surveyed (1,000), 16% of private renters said they’d have no choice but to move out of their current rental property if they weren’t able to work for prolonged periods. Notably, more than half (57%) said paying their bills was their biggest worry should they be unable to work.
Without a guaranteed income, 47% of private renters said they’d be concerned about keeping a roof over their heads and continuing to provide for family (27%). In today’s economic climate, debt-free is a significant indicator for almost a third (29%) of renters to feel financially secure. Emergency saving pots (23%) or having financial support from loved ones (27%) were also ranked highly.
Rose St Louis, Protection Director at Scottish Widows, explained that “Too many renters have no form of financial protection in place should they need to take extended time off or away from work. Ill-health or injury is tough enough, but adding money worries can immediately make things far more stressful.”
She said: “We need to consider what can be done to help inform and educate people on the importance of protecting themselves so they can focus on recovery and maintain their other financial commitments & outgoings.
“The industry must address how they can engage meaningfully with letting agents to bring tangible solutions to renters as this will ensure they not only secure their desired property but also create financial resilience for the future,” Rose concluded.
