Older UK renters forced to cut back on spending as living costs soar
Almost two-thirds of tenants over 65 have cut back on their general spending as a result of the cost of living crisis, and campaigners are warning that older people who do not own their homes are particularly vulnerable to rising bills.
Research shared with Guardian Money by the charity Independent Age puts the spotlight on the struggles of older tenants who are battling to keep up with rising household costs.
Its survey found that 62% of renters over 65 were having to cut back on their general spending, and that they were more likely to be doing so than their contemporaries who were homeowners.
A quarter said they would not be able to afford a £10-a-month increase in their living costs, while 71% said they would not be able to cover a £50 rise. More than half said they felt anxious about their finances.
The state pension increased by 3.1% last month – well below the 7% inflation rate recorded in March. Energy bills went up at the same time and with a further increase likely in October, economists have predicted inflation could go above 10% before the end of the year.
“Older private renters are particularly vulnerable to soaring inflation – particularly where rents have been rising, too,” says Dan Wilson Craw, the deputy director of the campaigning group Generation Rent.
“Unlike homeowners, who are likely to have paid off their mortgage, they still have housing costs. If landlords want to raise the rent to reflect the wider market, there is little current tenants can do. For retirees on fixed incomes, this cuts their disposable income or forces them to move.”
Independent Age’s survey of 2,000 adults in England over 65, of whom 391 were renting, found 57% of tenants were cutting back on heating, 42% said they had reduced how
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