Most rental tenants able to save monthly – Landbay

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  • 28/01/2020
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Most rental tenants able to save monthly – Landbay
Research by Landbay has shown that the majority of people who rent a home have money to spare for savings each month.

 

The lender’s study of 2,000 private renters discovered that 76 per cent were able to save monthly. Men saved £111 a month on average, while women saved £91.

Those saving for a deposit on a house totalled 23 per cent, led by women at 26 per cent compared to 17 per cent of men.

The top five savings goals of renters were holidays at 33 per cent, emergency funds at 31 per cent, a deposit for a house at 23 per cent, retirement at 14 per cent, and at 10 per cent, money to spend on their children.

 John Goodall, chief executive of Landbay (pictured), argued the findings showed, “renting affords a disposable income which savers are using to fund the lifestyle they want, whether that’s a lavish summer holiday or preparing for retirement.” 

The proportion of those not saving each month rose with age, at 31 per cent for those age 55 or above, 23 per cent for renters age 35 to 54 and for renters of 18 to 35 years, 19 per cent.

 

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