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

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.