Men pay less of their yearly income on rental deposits

Men pay less of their yearly income on rental deposits compared to women, deposit replacement scheme Ome has found.

Ome made calculations using the 50/30/20 rule, whereby a person budgets 50% of income towards necessities such as bills, 30% towards wants such as social activities and 20% towards financial goals.

Using this it would take the average male 2.7 months to save the current rental deposit of £1,299, while the average female would need to save for a further 1.3 months to accumulate the same total.

Matthew Hooker, co-founder of Ome, said: “For the vast majority of people and professions, the initial barrier of a rental deposit is more of a cash flow problem than an affordability issue.

“While it can account for as much as 10% of some people’s annual wage, the struggle they face isn’t necessarily having the finances to do pay it, just that it’s not immediately accumulated and readily available and can take as long as six months to save.

“As a result, many of us have to turn to friends or family to help overcome this initial obstacle and many great tenants that don’t have this option can miss out on the chance to rent altogether.

“Thankfully, we’re starting to see a change in the sector whereby more products and options are available to suit help vast and varied range of tenants reliant on it to put a roof over their heads.”