Romania has the smallest gender savings gap in Europe, study shows

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Romania has the smallest gender savings gap in Europe when it comes to buying a property, new research from Uswitch.com/mortgages reveals. 

The experts at Uswitch.com/mortgages sought to uncover how much longer women of each European country must save for a house deposit than men. The study estimated the number of years that it would take for women to afford a deposit in each country; based on the average household saving rates, annual earnings, and income tax rates compared to the average property price and the minimum deposit requirements in each location.

The results: 

#

Country

Net annual savings for women (€)

Net annual savings for men (€)

Minimum deposit required (€)

Gender savings gap 

1

Romania

€2,370

€2,448

€23,976

3 months, 3 weeks, 4 days 

2

Belgium

€5,404

€6,003

€24,312

5 months, 1 week, 5 days 

3

Denmark

€5,056

€6,243

€15,534

6 months, 4 weeks, 1 day 

4

Bulgaria

€1,587

€1,896

€6,936

8 months, 2 weeks, 1day

5

Netherlands

€6,991

€8,778

€35,424

1 year, 1 week, 3 days

6

Finland

€3,367

€4,316

€18,852

1 year, 2 months, 3 weeks 

7

Latvia

€1,159

€1,480

€7,332

1 year, 4 months, 1 week 

8

Germany

€7,162

€9,227

€45,000

1 year, 4 months, 3 weeks 

9

Ireland

€4,292

€5,279

€32,556

1 year, 5 months 

10

Spain

€2,149

€2,589

€18,924

1 year, 5 months, 4 weeks 

11

Slovenia

€3,172

€3,568

€46,320

1 year, 7 months, 1 week 

12

Portugal

€1,206

€1,411

€13,584

1 year, 7 months, 2 weeks 

13

Austria

€5,441

€7,182

€38,124

1 year, 8 months, 1 week 

14

Hungary

€1,764

€2,153

€18,720

1 year, 11 months 

15

France

€4,934

€6,189

€47,160

1 year, 11 months, 1 week 

16

Switzerland

€15,315

€18,784

€167,064

2 years, 3 days

17

Norway

€5,624

€6,734

€74,070

2 years, 2 months 

18

United Kingdom

€2,221

€3,027

€19,218

2 years, 3 months, 2 weeks 

19

Italy

€3,097

€3,766

€43,728

2 years, 6 months 

20

Czechia

€1,881

€2,449

€21,288

2 years, 7 months 

21

Slovakia

€1,279

€1,662

€23,292

4 years, 1 week 

22

Poland

€356

€431

€17,472

8 years, 6 months, 2 weeks 

Romania has the smallest saving disparity between men and women 

Despite having to save for the seventh longest period (10 years) to afford a house deposit, women in Romania see the smallest savings gap between men and women.  On average, Romanian men save €2,448 annually – 3.28% more than Romanian women (€2,370). This means that in this Eastern European country, women need to save just 3 months, 3 weeks, and 4 days longer than men to afford a house deposit.

Uswitch.com/mortgages discovered that Belgium has the second lowest gender savings gap, with men managing to save 11.10% more than women on average each year. This means that Belgian women must save for 5 months, 1 week and 5 days longer than men to afford a deposit – with Belgian men needing just four years.  

Denmark places third. On average, Danish women need to save for 6 months, 4 weeks and 1 day longer than their male counterparts to afford the minimum deposit requirement, with men earning 23.47% more than women on average each year. However, both Danish men and women can relish in the fact that they have the shortest wait in Europe to be able to afford their deposit at just three years – over 35 years quicker than Polish residents (41 years for men, 49 years for women). 

With men saving 19.44% more than women each year, Bulgaria places fourth. Women in the country need 8 months, 2 weeks and 1 day longer to afford a property deposit than their male counterparts. Although this is still a long period of time, Bulgarian men and women have the second shortest wait in Europe to afford their minimum deposit requirement, at just four years –6 years sooner than their Romanian neighbours (10 years). 

Polish women must save for 8 and a half years longer than men

In Poland, Uswitch.com/mortgages found that although men will save just 20.99% more than women each year, the eighth lowest savings gap in Europe, it will take women a whopping 8 and a half years longer to afford a house deposit. This is due to women saving an average of just €356 each year, a staggering 4,870% decrease to the savings made by their German neighbours (€7,162). 

Please refer to the full blog post https://www.uswitch.com/mortgages/guides/how-much-longer-do-women-have-to-save-to-buy-a-home/ for more information. 

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