A third of renters worry about affording food

Eir NolsoeData Journalist
September 04, 2020, 1:46 PM GMT+0

Renters are much more worried about their job security and finances than homeowners, as the UK goes into the deepest recession on record

The coronavirus crisis has had a greater impact on employment among people who rent than those who own their own home. While 68% of workers who own their home are either working from home full-time or going into work as normal, this figure is significantly lower among those who rent (56%).

Employees who rent are more likely to be unable to work at all as a result of the pandemic (9% vs. 3% of employed owners). One in seven workers who rent (15%) have been furloughed at any point since March, while the figure among working homeowners is 11%.

Workers who rent are also more likely to have been made redundant at 6% compared with owners (2%).

Renters worry more about their finances

Generally, renters are much more anxious about their finances than home-owners. A third (32%) worry about affording essentials like food, clothes and transport, compared with only 13% of homeowners. Similarly, twice as many renters worry about paying their bills (34%) compared with owners (17%).

Three in ten renters are scared about their debt level (30%) or not being able to pay rent (28%) – figures well above those seen among homeowners, of whom just 17% worry about bills and 10% about mortgage payments.

Over a fifth of renters (22%) worry about losing their job, compared with 16% of owners.

The only instance where owners and renters are alike is in worrying about their savings, at respectively 34% and 37%.

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