Posted by Admin - 25/07/2016
Research has shown a significant increase in the number of older renters due to what is being called the “silver splitter” phenomenon.
GFK Financial surveyed 14,000 home insurance customers to find that five years ago only 26% of over-50s were renting property compared to one third now, however, the number of widowers in rented accommodation has fallen by 10% over the same period.
Saga, the travel and financial services specialist for the over-50s speculated that this could be the result of remarriage or moving in with family, but regardless of the cause, it has resulted in an increased demand for one and two-bedroom rental properties.
According to Saga the “silver splitting” generation of older couples whose children have flown the nest are leaving comfortable homes in increasing numbers, to face insecurity later in life. The research discovered that the over-50s living in rented accommodation typically have £20,000 worth of personal belongings, with 60% of them having no tenant contents insurance cover.
The latest figures from the Office for National Statistics state that although divorces in England and Wales during 2013 fell by 30% overall, those marriages where the husband was aged 50 plus has affected 34,560 couples. This shows a 44% increase for the age group compared to 20 years ago.