Over half (56%) of private renters in the UK have no form of financial protection in place, despite a third needing to take extended time off work, Scottish Widows has found.

The firm revealed that the average period that people have taken off due to illness or injury is almost five months.

However, separate research by the financial services group revealed that just under one in 10 (9%) people would last one month financially supporting themselves and their households if they were not able to work for an extended period.

Absence due to injury or illness can lead to a loss of earnings hitting renters’ ability to make payments, as well as their wider financial security.

Over a quarter (29%) of private renters admitted they didn’t receive any support from their employer during the time they needed to take off work.

In a survey of 1,000 private renters, Scottish Widows found that almost a third (32%) of UK renters have never thought about why the levels of financial protection are low, while one in five (20%) believe they have no protection in place.

The firm added that cost is also a barrier, with 16% looking into it but assuming it will be out of their budget.

Protection insurance is most typically taken out when buying a property, but with the average age for a first-time buyer rising, now at 34 years old.

This coincides with an increase in the number of people opting to rent for longer.

Among the 44% of renters across the UK who do have protection insurance in place, a fifth (20%) said they took it out because they had children and 15% explained they were prompted to take out insurance because someone close to them needed it, and they saw the benefit.

Protection director at Scottish Widows, Rose St. Louis, said: "Millions of renters are financially vulnerable, and this shouldn’t be ignored. Rising rents are taking up a higher proportion of people’s income, the cost-of-living squeeze hasn’t gone away and for many, financial pressures aren’t easing.

"Buying an insurance policy against serious illness or loss of income isn’t just for those who have children or have opted to buy a home and take out a mortgage. It’s for everyone to help ensure financial security, meet outgoings, and keep a roof over their heads at any stage of life."

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