The majority of private renters (56%) do not have any form of financial protection, according to a survey by Scottish Widows.
The finding is taken from a survey of 4,043 UK adults including 1,000 self-employed and 1,000 private renter respondents polled in April 2024.
Separate February 2024 research from Scottish Widows found 9% of people could last just one month in financially supporting themselves and their households if they were not able to work for an extended period of time.
The April 2024 research also showed 29% of private renters admit they did not receive any support from their employer during the time they needed to take off work.
It also showed that when looking at why the levels of financial protection were low among UK renters there was a clear awareness gap.
Almost a third (32%) had simply never thought about it and 20% believed they had no reason to have protection in place.
Cost was also a barrier with 16% looking into it but assuming it would be out of their budget.
Among the 44% of renters across the UK who do have protection insurance in place, a fifth (20%) said they took it out because they had children and 15% said they were prompted to take out insurance because someone close to them needed it, and they saw the benefit.
Rose St. Louis, protection director at Scottish Widows, (pictured) said: “Millions of renters are financially vulnerable, and this shouldn’t be ignored.
“Rising rents are taking up a higher proportion of people’s income, the cost-of-living squeeze hasn’t gone away and for many, financial pressures aren’t easing.
“Buying an insurance policy against serious illness or loss of income isn’t just for those who have children or have opted to buy a home and take out a mortgage.
“It’s for everyone to help ensure financial security, meet outgoings, and keep a roof over their heads at any stage of life.”
