More than one in three (35%) private renters in the UK would run out of savings within 10 weeks were they unable to work due to injury or illness.
This is according to a poll of 4,043 UK adults including 1,000 self-employed and 1,000 private renter respondents for Scottish Widows which found that a similar proportion of private renters (32%) said they would need to rely on financial support from loved ones and almost one in five (18%) would need to take out a loan if they could not work.
Nearly a fifth (16%) said they would have no choice but to move out of their current rental property if they were unable to work for a prolonged period.
More than half (57%) of renters polled said paying their bills was their biggest worry should they run into financial insecurity or difficulty.
Without work and guaranteed income, 47% said they would be concerned about being able to keep a roof over their head (47%) and ensuring they can continue providing for their family (27%).
Being completely free of debt ranked as a significant indicator for almost a third (29%) of renters to truly feel financially secure.
Emergency saving pots (23%) or having financial support from loved ones in times of need (27%) were also high up on renters’ lists when thinking about what makes them feel financially secure.
Though 16% percent admitted nothing would make them feel safe should they fall into any form of financial insecurity, highlighting just how insecure it can feel as a renter.
Rose St Louis, protection director at Scottish Widows, (pictured) said: “Too many renters today have no form of financial protection in place should they need to take extended time off or away from work.
“Accidents or illness are tough enough, but adding in money worries can immediately make things far more stressful.
“More people are potentially being left exposed with no safety net as the number of those renting is rising.
“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 and 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 and can maintain some financial resilience for the future.”
