Third of Renters Left with Less Than £100 to Spend Each Month

June 13, 2018

Close to a third of renters around the UK find themselves with less than £100 of disposable cash to spend each month once they’ve covered all their essential expenses.

That’s according to research by the building society Nationwide, whose investigations suggest that the average amount paid out in rent each month across the country is £562.05, with a great many people apparently unable to afford much else once their rent is paid.

In Scotland, the average rent paid out monthly is estimated to be £478.87, with the typical renter north of the border left with £294.00 in their pockets or their bank accounts once their housing costs and essential expenses are covered.

According to Nationwide’s research, roughly one in three renters across the UK live alone and the same proportion are not currently setting any money aside as savings each month.

In the vast majority of cases (85 per cent) the reason why renters are not saving is because they simply cannot afford to do so.

Around 12 per cent of the renters polled by Nationwide said that they are effectively left with no disposable income at all once their rent and other essential bills are taken care of and that figure jumps to 17 per cent among those with children to look after.

Nearly half (46 per cent) of all the people asked about their finances as private renters in the UK said that the reason they’re renting and aren’t living in properties they own is simply because they can’t afford to get on the housing ladder.

“It’s clear that renting is not a one size fits all experience,” says Paul Wootton, Nationwide’s director of specialist lending.

“With one in five renting a home and many expected to rent throughout their lives, tenant’s priorities differ according to where they are in life.”

“But even though the housing landscape has changed dramatically, having peace of mind and the security of somewhere fit to call home is everyone’s right, whether they rent or own their property.”

Regardless of whether or not you’re renting, if you live anywhere in Scotland and you’re struggling to cope with your personal debts then Scotland debt solutions can help. Contact us directly to arrange a FREE and confidential consultation.

 

 

John Baird

Insolvency Adviser

Tel: 0800 063 9250

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