Thousands of over-50s ‘are borrowing from children to pay their rent’

THOUSANDS OF older privatesector renters in England have borrowed money from friends and family, including their own children, in order to cover their rent during the past year.

Research among over-50s renters found cutting down on food or heating or using credit were other steps which people had taken to pay their rent.

The National Housing Federation, which represents housing associations, said its findings suggest that almost half a million private renters in the baby boomer generation may have had to take drastic decisions in the past year to cover their rent.

The research among more than 3,900 over-50s found more than one in 10 private renters – the equivalent of about 130,000 people in England – borrowed money from family and friends.

Some three per cent borrowed money from their own children, which equates to about 40,000 people if the figures are projected across the country.

On the same basis, at least 194,000 private renters have had to cut down on food and heating and at least 113,000 have had to take out a loan, use their overdraft or use a credit card.

The federation, which wants to see longer tenancies in the private rented sector, said baby boomers are often considered to have been exempt from the effects of the housing crisis as many own their homes outright.

It said that, in addition, baby boomers living in all tenures often find themselves in housing not suited to their physical needs.

Chief executive David Orr said: “We often hear that young people bear the brunt of the housing crisis but today’s report reveals a shocking number of hidden baby boomers who are struggling just as much if not more.

“There is a huge amount of inequality among this age group and unfortunately the wealthier majority have hidden the reality of hundreds of thousands of people who have never been able to afford a house.”