Research from Royal London Intermediary highlights that nearly five million renters in the UK have no plan in place to cover their outgoings should they fall ill and be unable to work, despite 27% of them knowing someone who found themselves in this exact position!
Over a third of people surveyed didn’t know how they would pay their rent if they were unable to continue in their employment, with 60% believing that they could only continue paying rent for three months or less.
When questioned what they would do should they find themselves in this unhappy situation, 53% of people said their first move would be to apply for state benefits, whilst 47% believe cutting their expenses would help alleviate the pressure, and 39% would dip into savings in order to make ends meet.
Debbie Kennedy, head of protection for Royal London Intermediary believes that the 53% who would be reliant on benefits are a little rose-tinted when it comes to their solutions, and possibly should consider preparing some alternative solutions in order to protect themselves against the ‘worst case scenario’ of illness or job loss:
‘Renters who assume that housing benefit will be there when they need it could find the reality is very different,’ she said. ‘A series of cuts to housing benefit means that more people would not get their rent paid in full if their income fell unexpectedly.’
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