Rent increases are impacting the saving power of four in 10 private tenants - leaving a third of these unable to put any cash aside.
Research, of 1,250 adults who live in private rental accommodation, found the number unable to save any money at all has tripled in the last 12 months from 11 per cent to 32 per cent. Of those still saving, 62 per cent are putting aside £100 or less each month. But 62 per cent have dipped into what savings they do have to cover living expenses at least once in the last two years.
“We want to help tenants by supporting them build up their financial resilience, while balancing an increase in rent and other costs.” The study also found that if faced with financial difficulties relating to their rent, 43 per cent of tenants would turn to friends and family for help. But 20 per cent would seek support from the Citizens Advice Bureau and 16 per cent would contact their local council.
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