Study Reveals Financial Struggles of Older Renters
A recent study has shown that renters over the age of 55 are finding it increasingly difficult to afford basic living costs, such as buying food or heating their homes. The research found that two-fifths of this age group regularly run out of cash to pay for essential items, including much-needed clothing.
"Ticking Time Bomb" for Elderly Renters
The report has highlighted a growing concern for elderly people who rent privately, as they face high costs and financial strain in the coming years. Labour's Angela Rayner has described the situation as a "ticking time bomb" and called for urgent action to address the housing crisis.
Rapid Increase in Pre-Retirement Renters
The study found that the number of pre-retirement renters, aged 55-64, has risen faster than any other age group. This increase has resulted in a significant number of people living in homes they cannot afford, adding to their financial burden.
Worries about Debt and Insecurity
Figures show that half of older private renters are concerned about going into debt in order to cover their rent. Additionally, one in four have been asked to leave their home in the past five years. The study also reveals that over 850,000 people are living in expensive and insecure rented homes.
Financial Strain Affects Social Connections
A third of those aged 55 and above who privately rent reported seeing less of their family and friends due to concerns about the costs involved. Furthermore, half of private renters in the pension age bracket (65 and above) fall into the lowest income bracket in England, with just £11,341 a year to live on after tax.
The Urgent Need for Affordable Housing
Kate Henderson, Chief Executive at the National Housing Federation, expressed concern about the health and well-being of older private renters who struggle to afford basic necessities. She also warned that the situation is likely to worsen as a large number of middle-aged renters approach retirement with limited affordable housing options available to them.
Government Urged to Take Action
Shadow Housing Secretary Angela Rayner called for immediate action from the government to address the housing emergency. She highlighted the soaring costs of rents and mortgages, the decline in home ownership, and the long waiting lists for social housing as key issues that need to be tackled urgently. Rayner also criticized the government's delay in implementing the promised ban on no-fault evictions.
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