A growing number of young Finns are being evicted from their rental properties due to unpaid rent. Lack of personal finance skills is cited as one of the main reasons.
Debt problems have increased significantly among Finns, with the number of payment reminders increasing tenfold since 2021. During the same period, the number of collections related to unpaid housing costs has increased twentyfold.
At the same time, the number of evictions is increasing – in 2024, 10% of collections for unpaid housing costs have led to eviction, compared to only 2% three years ago.
The problem exists across all age groups, but is particularly pronounced among young adults. It is highest among people under 25, and so far this year, as many young people have run into problems with rent arrears as in the whole of 2023.
“Everything has gone digital”
At Finnish debt collection company Intrum, the impression is that young people do not learn to manage their finances as they grow up and that an unpaid bill is often a matter of forgetfulness.
– They don’t necessarily understand the consequences of not paying a bill, said Reetta Lehessaari, Head of Debt Collection Services, to the Finnish state broadcaster Yle, and continued:
– Apparently, people no longer learn to pay bills at home in the same way as before. Everything has gone digital. Young people no longer see bills being paid in concrete terms.
