Nearly one-in-four in Northern Ireland 'less confident' about paying rent and mortgage

NEARLY a quarter of renters and home owners in Northern Ireland feel less confident they can pay their bills on time, research has shown.

More than 2,100 adults across the UK were surveyed by YouGov, as part of a joint study between HSBC UK and the housing charity Shelter.

It showed that 23 per cent of people in Northern Ireland felt less confident than they did six months ago about paying their rent or mortgage on time for the rest of the year.

This compares to an average UK-wide figure of one-in-five (20 per cent). 

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The research also showed that the "squeezed middle" age group, aged 35 to 54, who often have childcare responsibilities and may also be caring for elderly parents, were most likely to have lost confidence - with 28 per cent feeling this way.

Single people who have never married were also particularly likely to have lost confidence in their ability to pay for their home, with 25 per cent reporting this compared to 15 per cent of people who were married or in a civil partnership.

The pressure on renters was far more pronounced, with 65 per cent saying they were worried about paying their bills compared to 38 per cent of home owners. 

More than a third (36 per cent) of renters felt the cost-of-living crisis was negatively affecting their mental health, compared to 16 per cent of home owners.

According to Shelter, eight in 10 callers who contacted their emergency helpline were already homeless or at imminent risk of it.

The charity is now working with HSBC UK to train staff to deliver financial resilience advice.

HSBC UK also runs the "no fixed address " service, which has helped over 4,600 people without a fixed home address open a bank account and rebuild their lives after experiencing homelessness.

Ian Stuart, chief executive, HSBC UK said: “Our no fixed address service has been an important tool in breaking the vicious circle of homelessness, helping people access the financial services they need.

“But we know that if we’re to make an even bigger impact people need access to support before they get into severe issues with paying their rent or mortgage.

“Early intervention is critical; the faster we can be alerted to an issue the more can be done to help."

Polly Neate, chief executive of Shelter said: “Access to a safe and secure home means everything. It’s as vital as education or healthcare.

“But right now, a lack of genuinely affordable social homes, rapidly rising rents and ballooning bills is leaving hundreds of thousands of people at risk of homelessness.

“Every day our frontline services hear from people who are really struggling and don’t know how they’re going to pay their rent or put food on their table.”