5.5 million private renters unable to afford more than 10 weeks off work 

More than one in three (35%) private renters in the UK – equivalent to 5.5m people – would run out of savings within 10 weeks if they were unable to work due to injury or illness, according to research from Scottish Widows. 

A similar proportion of private renters (32%) would need to rely on financial support from loved ones and almost one in five (18%) would need to take out a loan.

Nearly a fifth (16%) said they would have no choice but to move out of their current rental property if they were not able to work for a prolonged period. 

Workplace absence due to injury or illness can result in a direct loss of earnings, impacting renters’ ability to make payments, as well as their wider financial security.

More than half (57%) of renters said paying their bills was their biggest worry should they slip into financial insecurity or difficulty.

Without work and guaranteed income, 47% said they would be concerned about being able to keep a roof over their head (47%) and ensuring they can continue providing for their family (27%). 

In the high-cost climate, being completely free of debt was a significant indicator for 29% of renters to truly feel financially secure.

Emergency saving pots (23%) or having financial support from loved ones in times of need (27%) were also high up on renters’ lists when thinking about what makes them feel financially secure.