Despite having the third cheapest average property price in Europe (€93,600), it would take women in Hungary 11 years to save for a mortgage deposit. With Hungarian men saving 22.04% more than women each year, it means women in Hungary must save for almost 2 years longer than their male counterparts to afford a mortgage deposit. However, despite this being one of the longest saving periods in Europe – it is a 78% decrease to the length of time it would take Polish women to afford a deposit (49 years).
Uswitch.com/mortgages discovered that women in Denmark will save for the shortest period to afford a house, at just 3 years. The minimum deposit for a property in the country is €15,534, the fourth cheapest in Europe and 79% cheaper than their Scandinavian neighbours, Norway (€74,070). Despite Danish women having to save for a shorter period than women in other European countries, it is still 6 months, 4 weeks and 1 day longer than Danish males. However, this is the third smallest saving disparity between men and women in Europe – with just Belgium (5 months, 1 week, 5 days) and Romania (3 months, 3 weeks, 4 days) having a smaller gap.
Bulgaria and Belgium come in joint second place, with women from these countries needing 4 years of savings to afford a deposit. With the cheapest average property price in Europe (€69,360), Bulgarian women also have the cheapest minimum deposit requirement (€6,936). However, despite having to save for just one year longer than in Denmark, women in Bulgaria will need to save for 8 months, 2 weeks and 1 day longer than men – a 22% increase to the saving disparity seen in Denmark.
Despite the average house prices being 250% more expensive than in Bulgaria (€243,120), women in Belgium also save for just 4 years.
House prices in the country are the 11th most expensive in Europe, however, Belgian women have the sixth highest net annual savings (€5,404), meaning that a deposit for a property is more affordable. Having to save for 5 months, 1 week and 5 days longer than their male counterparts, the savings gap in Belgium is the second smallest across Europe.
Dutch women will save for the third shortest period in Europe, a total of 5 years. They also have the third highest net annual savings (€6,991) in Europe, 2% less than German women in second (€7,162), and 54% less than Swiss females in first (€15,315). Despite their high savings, women in the Netherlands still dedicate 1 year, 1 week and 3 days longer than men to afford a house deposit. This is a disparity 26% smaller than in Germany, where women save for 1 year, 2 months, 3 weeks longer than men.
Romania has the smallest saving disparity between men and women
Despite having to save for the seventh longest period (10 years) to afford a deposit, Romania see the smallest saving period gap between men and women, at just 3 months, 3 weeks, and 4 days. On average, Romanian women save €2,370 annually, just 3.19% less than that of their male counterparts (€2,448)– suggesting that it is a country striving for equality.
Source: Press release