Rise in over-60s divorce leads to new generation of renters
It’s not the youngest members of society doing it toughest when it comes to housing affordability, instead it’s the growing number of retiree renters who are struggling most.
With the taboo of divorce diminishing, older people are splitting more often than they used to. Add in the fact we’re living longer and healthier lives, at 60 people feel like they have decades of life in them.
A YourLifeChoices and The Australia Institute report, Retirement Affordability Index, looked at six retirement tribes – Affluent Couples, Constrained Couples, Cash-strapped Couples, Affluent Singles, Constrained Singles and Cash-strapped Singles – finding life very different for each group.
Single retirees who rent spent 29 per cent of their income on housing, compared to couples who rent (22 per cent) and those who own their home (eight to 16 per cent).
In Britain, a similar story is occurring with a study finding eight per cent of privately renting tenants being pensioners, amounting to almost a quarter of over-60s.