Housing Hand champions the opportunity to grow rental financial knowledge

The UK’s National Numeracy Day on 21st May 2025, which is supporting people to take over two million actions to improve their numeracy, is focused on money and building confidence with numbers. Financial literacy is an issue that has come up repeatedly of late, with a 2024 House of Lords report highlighting that, while financial education has formed part of the UK school curriculum since 2014, concerns have been raised that it is not being adequately provided.

An April 2025 survey from Boon Brokers emphasises this, finding that 74% of young adults (aged 18-24) didn’t know that financial literacy was part of the National Curriculum. This is backed up by data from UK rental services provider Housing Hand, whose Understanding Renters in 2025 report found that 82% of renters would have liked more financial education in school. Of students currently renting in the UK, who should have received financial education as part of their schooling, just 2% list school as the source of their information on managing housing-related finances. Instead, 37% rely on family as their main source of this information, while 38% rely on information they obtain online (29% from websites and 9% from social media).

Financial education is a crucial part of preparing young people for independence. With an average age of 33 for those buying their first home – two years older than a decade ago, according to Lloyds – many young people will spend a decade or more renting. Education on the financial aspects of renting could ensure this process is a positive and efficient one. Yet the Housing Hand Understanding Renters in 2025 report found that new renters feel overwhelmed (25%), uncertain (22%), anxious (21%), scared (9%) and out of their depth (4%). Just 5% of new renters report feeling excited, while 4% feel happy.

In terms of knowledge gaps, Housing Hand’s report, which is based on a survey of over 1,700 renters, found that 46% don’t know how deposit protection schemes work and 63% don’t know how long it takes to get their deposit back. 65% of renters report being unaware of the existence of deposit-less renting schemes and 34% had no idea what a guarantor was at the point of learning they needed one. The research also showed that 37% of renters didn’t how to set up utilities contracts. Furthermore – and something that should ring alarm bells for landlords – 58% of renters wouldn’t know what to do if they couldn’t pay their rent, while 67% of those in shared households don’t know what will happen if a housemate doesn’t pay.

The Renters’ Rights Bill has now concluded its Committee stage in the House of Lords and is expected to receive Royal Assent this autumn. In line with this, Housing Hand is championing the opportunity to elevate financial knowledge around the rental process – including the changes that the proposed Bill is anticipated to introduce.

“With people buying their first homes later and later in life, plus the proposed Renters’ Rights Bill expected to pass into law later this year, has there ever been a better time to help plug the rental financial literacy gap? Doing so can benefit renters and landlords alike, promoting more positive rental experiences and ensuring tenants feel confident and well-placed to enjoy the renting process.”

Graham Hayward, Managing Director, Housing Hand