Surge in number of ‘silver renters’
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.”