September 4th, 2020, Eir Nolsoe
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%.