Renters suffering more COVID-induced financial stress than mortgage-holders: study

New Australian research shows renters are experiencing higher levels of financial and emotional stress compared to mortgage-holders. Despite COVID-19 support measures providing some relief for tenants, many are being forced into debt to cover basic household costs.

Signage for a real estate property is seen in Carlton North, Melbourne, Wednesday, July 18, 2018. (AAP Image/James Ross) NO ARCHIVING Source: AAP

A new survey from the Consumer Policy Research Centre shows some haven't been so lucky, with renters reporting higher levels of financial stress than mortgage-holders.

Almost half of renters  [[49 per cent]] are also more concerned about their housing costs, compared to 31 per cent of mortgage-holders.

 And the consumer data shows renters are more likely to use credit cards or buy-now-pay-later schemes [[37 per cent]], as well as dip into savings [[44 per cent]] or access their superannuation early [[19 per cent]].

An extra one billion dollars of low-cost finance was included in this year's federal budget, which the housing minister says will support 2,500 new and existing affordable homes.

Source: SBS