Many tenants ignorant of key renting issues – but think they know!

The survey of 1,700 UK renters reveals a significant gap between perceived and actual financial literacy. While 73% of renters consider themselves financially literate, many lack key knowledge:

• Deposit schemes: 46% are unaware of how these work, and 63% don’t know how long it takes to get their deposit back.
• Depositless renting: 65% don’t know these schemes exist.
• Shared tenancies: 67% are unsure about the consequences if a housemate doesn’t pay their rent.
• Financial challenges: 33% don’t know what happens if they pay rent late, and 58% wouldn’t know what to do if unable to pay rent.

The Renters’ Rights Bill, approaching legislation, is unfamiliar to 69% of tenants. Education is another gap—82% wish they had received more financial education in school. Renters rely on family (31%), the internet (38%), friends (15%), and social media (9%) for financial advice, with minimal support from schools (2%) or universities (6%). Housing Hand suggests collaboration between renters, landlords, and stakeholders to address these issues.