Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

Millennials are 5 times more likely than Generation X to miss a mortgage or rent payment

Recent research has revealed that the younger members of the population and more specifically, millenials, are more likely to miss a payment on their mortgage or rent, compared to Generation X. The findings come from a survey conducted by prepaid card providers, icount, to learn more about the impact of rent and mortgage arrears in the UK.

Over 1000 people took part in the survey, and of the respondents aged between 25 and 34 years old, 13.3% had missed a payment on their mortgage or rent within the last 12 months, whereas only 2.8% of the respondents aged 55+ had missed a mortgage or rent payment within the same period. This highlights the impact that rising mortgage and rental costs across the UK are having on the younger members of the population.


The survey also revealed the main reasons why people are struggling to keep up with rent and mortgage payments. The top 5 reasons were:

  1. General living costs
  2. Benefits payment gap
  3. Unexpected bills
  4. Changing jobs
  5. Prioritising other debts

Inflation in the UK has continued to rise over the last six years, giving rise to ‘cost-of-living crisis’ and higher costs for food, clothing and petrol. The findings from the survey suggest that this has had a serious impact on the wider population, and many people are struggling to keep up with rent and mortgage payments as a result.



Samuel Mond, the MD of icount, had this to say about the survey findings:

“The survey data highlights that the number of missed payments is rising across all age groups. This shows the importance of improved education in all areas of budgeting and personal finance.

“Whilst Universal Credit is cited as one of the main factors for the increase in arrears over the last 12 months, it’s interesting to note that unexpected bills and general living costs are strong contributors to these missed mortgage and rent payments in the UK.”

 The changes in the conditions of the wider economic climate are difficult to predict, and this will always have an impact on our personal finances in some way or another. However, there are steps that can be taken to improve money management and prevent getting into mortgage and rent arrears. Read on to learn how.


Switch to a different mortgage lender

Many mortgage lenders only offer fixed rates for a few years, after which the rate goes up or switches to a variable rate. This means that you could end up paying significantly more in interest when your fixed-rate period ends.

Switching to a new lender with a lower interest rate can help you to reduce your monthly outgoings and reduce your risk of getting into mortgage arrears.


Sell your house

Whilst this may seem like a drastic option, it can help to reduce your monthly mortgage payments significantly – thus, helping you to avoid getting mortgage arrears in the future.

If you’re considering this option, it’s important to account for any early repayment charges on your mortgage and the cost of moving house too.


Try to reduce your living expenses

Most people have some areas where they could cut back in their daily lives, however, they can be difficult to spot. Even the small things can add up to a lot of money, therefore it’s a good idea to look at your overall monthly outgoings and see what is not needed.

Cutting back on expensive habits such as smoking, drinking and eating out can help you to better manage your finances and reduce your chances of falling behind on mortgage and rent payments.

No matter what your age or background, there’s always a possibility that you could be affected by mortgage or rent arrears at some point in the future, and this can have serious consequences such as losing your possessions or home. Actively taking steps to improve your money management and budgeting skills can help to improve your financial situation and reduce this risk.