You are here: Home - Mortgages -

Surge in number of ‘silver renters’

0
Written by:
04/07/2016
The proportion of over 50s living in rented accommodation has soared over the last five years, according to a study by Saga.

In 2011 just a quarter of people aged 50 plus rented their home but that figure has now jumped to a third.

Divorce is the main reason over-50s find themselves renting with 20% of silver renters saying they were single and trying to get back on the housing ladder a second time round.

There’s been a particular surge in the 50-54 age group, while the number of people renting aged over 70 has decreased.

Over 50s living in rented accommodation have around £20,000 worth of contents in their homes, the report said, but 59% do not have home insurance, leaving them potentially facing big bills, should anything happen within their home.

Roger Ramsden, chief executive of Saga Services, said: “Social changes certainly seem to be having an impact on the homes of the over 50s.  It is concerning that so many do not have insurance for their belongings. Whilst the landlord has responsibility for repairing the building should anything happen, they are not responsible for replacing valued possessions should they for example be damaged by fire or even a significant water leak.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
2273494-summer
Ultimate money-saving hacks for holidaymakers

Cut the cost of your flight in half, save £80 by picking the right plastic and put an end to...

Close