Findings from a survey commissioned by Clarion show that the cost-of-living crisis is most acute for people living in social housing.
The Opinium poll of 2,000 adults living in England found that almost half (43%) of social renters have no savings to cushion the impact of the rising cost of living.
Further, one in three social renters (33%) have gone without food in the last three months because they couldn’t afford it.
The research also found that more than a quarter (28%) of social housing residents pay for their energy via prepayment meter – more than private renters and homeowners – meaning those on the lowest incomes are often paying the most for their energy, due to higher tariffs.
‘Precarious financial position’
Phil Miles, director at Clarion Housing Group, said: “Social landlords like Clarion provide a home to some of the most vulnerable people in our society, and even though our residents benefit from paying heavily subsidised rents, many are still in a precarious financial position.
“Every year, we help thousands of our residents through our charitable foundation, but with the cost-of-living crisis biting, now is the time to do more.
“In order to support our residents through these turbulent times, we have pledged an additional £500,000 through our Cost of Living Emergency Fund, and we look forward to working with government to do all we can to help mitigate the impacts of the national economic pressures.
“Energy suppliers also have a part to play, and we’re urging them to reduce energy prices for those on prepayment meters to the same levels as other payment methods, helping to provide some breathing space for those hardest hit by the cost of living crisis.”
Further findings
The finding that more than four in 10 people (43%) living in social housing have no savings contrasts sharply with the experience of homeowners, where just one in 10 have no savings to their name.
60% of social renters report being in debt, with almost a quarter (22%) having debts of more than £2,500.
Questions around personal finances showed that on average, social renters spend almost one fifth (18%) of their monthly pre-tax income on groceries and energy bills, while private renters and homeowners spend a much lower proportion – 13% and 11% respectively.
One in three social renters (33%) say they’ve gone without food in the last three months because they couldn’t afford it – compared with 22% of private renters and 12% of homeowners.
Almost a quarter of respondents (22%) say they have used a food bank in the last three months to help make ends meet; the figure comes in at 10% for private renters and just 6% for homeowners.
Finally, the research also found that 62% of social renters have no private pension, highlighting a longer-term challenge facing these households.
Image credit: Mladen Zivkovic/Shutterstock
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