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