Renters are still financially squeezed – FCA

Renters are still financially squeezed – FCA

0:07 AM, 11th April 2024, About 2 months ago 3

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New research by the Financial Conduct Authority (FCA) suggests there has been an improvement in the financial well-being of Brits, though challenges remain, particularly for renters.

The FCA analysis reveals a significant burden on renters who are disproportionately affected compared to other demographics.

Its survey shows that the percentage of tenants struggling financially has dipped slightly – from 59% in January 2023 to 50% this year.

And while 7.4 million people faced difficulty paying bills in January, the FCA says, this is down from 10.9 million a year earlier.

‘People are still struggling with their bills’

The FCA’s executive director of consumers and competition, Sheldon Mills, said: “Our research shows many people are still struggling with their bills, though it is encouraging to see some benefitting from the help that’s available.

Despite the challenges, the FCA found that nearly half of those who sought help from lenders or debt charities improved their situation.

However, the FCA emphasised the importance of seeking help early, as many of those who are struggling with bills – that’s two in five respondents – avoid contacting their lenders.

The body is urging those in financial difficulty to seek assistance and has announced stronger borrower protections.

These protections include making permanent pandemic-era support measures for borrowers facing hardship, alongside additional targeted changes to benefit consumers.


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Comments

John Farey

4:02 AM, 11th April 2024, About 2 months ago

It's about time everyone starts looking at both sides ofcthe coin, ie, there is absolute no support for a landlord like me with a non paying rogue tenant, no help from the council who encourage tenants to stay put when a landlord such as myself has no choice but to proceed with obtaining a possession order, with all the high legal costs to deal with while receiving no rent from rogue tenant who continues to play the system, the present legal system is only pro tenant, and anti landlord

Cider Drinker

9:01 AM, 11th April 2024, About 2 months ago

Private tenants are one of the most heavily taxed groups in the U.K.

They may pay their tax via a landlord but it is the Conservative government that is levying the tax.

Private tenants also need to fund selective licensing scams and ridiculous over-regulation.

northern landlord

11:05 AM, 11th April 2024, About 2 months ago

Why the negative headline? The FCA suggests there has been an improvement in the financial well-being of Brits this is a bit of good news surely? To refer to a drop in the percentage of renters struggling from 59% to 50% as “slight” is also misleading as its 15% in reality. The headline could have just as easily said “Affordability for Renters shows some signs of improvement.but this would imply that landlords are not forever tightening the screw on tenants.and that will never do.

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