Savings shortfall ‘could put 8m at risk of losing homes’

Some 35 per cent of workers, equating to around 8.6m Britons, do not have enough savings put by to cover their rent or mortgage for more than a month if they lost their job, Shelter found.

Almost one fifth (18 per cent) of working adults who pay for their housing costs said that if they lost their job and were unable to secure another one right away, they would not have enough cash saved to pay their rent or mortgage at all.

Four in ten (43 per cent) of those questioned who have children said that they do not have enough money put away to pay for their home for more than a month and nearly one quarter (23 per cent) would be unable to meet their payments at all out of their savings alone.

Shelter said it is bracing itself for a “surge in demand” from people whose budgets have tightened through a recent round of benefit changes.

Campbell Robb, chief executive of Shelter, said: “More and more people are coming to Shelter desperate for advice on how they can stay in their homes, and our services are straining to meet the demand. Anyone who can’t meet the payments on their home should seek advice as a matter of urgency.”