Individuals in the UK who rent property rather than own property with a mortgage, are less financially well off. Those who rent have significantly less in savings, if any savings at all. Renters have been forced to cut back on many necessities due to financial constraints in comparison to those who own a home. The rate of home ownership has been declining in the country, and therefore standards of living will start to deteriorate on a national level as well.
Key Takeaways:
- Renters in the UK are have a much more financially difficult time than those who have mortgages.
- Predictions for renters in the UK for future financial success are not good.
- People who have mortgages in the UK have more financial security than renters.
“The research found that 31% of private sector tenants have less than £100 in savings compared to 15% of people with a mortgage on their home. While 37% of mortgage borrowers view their income as sufficient just 16% of tenants do.”