Around two in five people would potentially feel reluctant to discuss their budget pressures with their landlord or mortgage lender, according to new research.
A poll of UK adults, conducted by YouGov on behalf of StepChange Debt Charity, found that two fifths (39%) of people who rent or have a mortgage are uncomfortable when it comes to seeking advice and support with their finances from their lender or landlord, or discussing their budget pressures.
This proportion is markedly higher for those in the private rented sector (PRS) compared to those with a mortgage.
The polling found that for mortgage holders, the proportion is just under a third (30%) and for renters in the private rented sector it rises to over half (55%).
Almost one fifth (18%) of people who have a mortgage or rent were unsure of who they would be most likely to speak to if they had financial issues, with the number rising to 25% for private renters. For mortgage holders, one in 10 (11%) were unsure of who to speak to for help.
With the crisis in housing affordability worsening due to high inflation and the steep rise in interest rates, impacting both tenants and mortgage holders, the financial pressures of the past 18 months have led to StepChange seeing an 18% year-on-year rise in client volumes, a trend which is similarly echoed across the debt advice sector.
StepChange CEO Vikki Brownridge comments: “We know from our experiences with clients that it can take someone a long time to open up and seek help if they’re struggling with their finances, and it can be especially daunting to discuss debt problems with the people you owe money to.
“However, lenders and social landlords are required to support their customers who are facing financial hardship, which is especially vital during the ongoing cost of living crisis”.
