19 October 2021
The existence of the gender pay gap has many far reaching effects on women’s lives. Now new research has uncovered the impact it is having on their homeownership plans.
Analysis by GoCompare has discovered women need 50% longer than men to save enough money for a deposit on their first home because of the financial disadvantage created by the gender pay gap.
The research found, on average, female first-time buyers needed a minimum of five-and-a-half years to save for a house deposit, compared to just 3.7 years for their male counterparts.
Researchers suggested this was because female would-be-homeowners appeared to have less disposable income available to put aside into savings each month. Indeed of those only able to find £199 per month 58% were women and 52% were men.
Even at the higher end of the savings scale there was a disparity, said GoCompare, with those saving over £400 per month being predominantly male at 19%, compared to a lower percentage of females at 13%.