Renters are twice as likely to be struggling with debilitating debt compared to homeowners, research from the Money Advice Service has found.
Renters are twice as likely to be struggling with debilitating debt compared to homeowners, research from the Money Advice Service has found.
A quarter (25%) of renters are over-indebted compared to one in 10 (12%) homeowners.
Caroline Siarkiewicz, head of debt advice at the Money Advice Service, said: “We estimate that 8.2 million UK adults suffer with financial worries — with younger adults, larger families and single parents noticeably at higher risk.
“We are working with our delivery partners to ensure that debt advice is easy to access across the UK, especially in more vulnerable areas such as Wales and Northern Ireland — but for this to really have the greatest impact, we need to make sure those who need support are aware that this help is available.”
One in six UK adults are struggling to cope with debt, with the young and large families having the hardest time.
People are most indebted in Sandwell near Birmingham and in the Welsh towns of Blaenau Gwent and Merthyr Tydfil.
