Who said women are better spenders than savers? A new survey reveals the fairer sex can save for a home quicker than men.
WHO said women are better spenders than savers?
A new survey conducted by comparison website finder.com.au reveals that men actually take longer than their female counterparts to save a home deposit.
On average, the survey of 2,006 Australians showed women take 43 months (3.6 years) to save for a deposit, while men take 45 months (3.8 years).
A state-by-state breakdown reveals homebuyers in New South Wales and Queensland take the longest to save for a minimum 10% deposit. Both Eastern seaboard states take almost four years on average (47 months). Those in Tasmania are able to save the quickest, taking just 35 months (2.9 years).
Women take 43 months, on average, to save for a home deposit.Source:News Corp Australia
Victorian homebuyers scrimp and save for an average of 45 months, while West Australia and South Australia take 40 and 39 months, respectively, to get a foot on the property ladder.
One third of Australians spend over five years saving for a deposit and just over one in 10 (11 per cent) have saved for 10 years or more to have enough funds to complete a deposit.
Alarmingly, more than one in 10 Aussies have been saving for 10 years or more for a deposit.Source:Supplied
“With interest rates at a historic low of 1.5%, first home buyers are madly saving to pursue the Australian dream and break into the property market. Although, saving for a deposit can require financial discipline and personal sacrifices, it’s not unattainable,” Money Expert at finder.com.au, Bessie Hassan, said.
“It’s definitely not a short-term goal for most. You have to trim expenses and make sacrifices for many years. The next generation of home buyers should be realistic about the length of time it takes to save a deposit as well as the financial commitment required to hold and maintain a property.”