ASIA: Jump in credit card spend by Malaysian women

UOB Malaysia has recently released data which revealed that credit card expenditure by Malaysian women has been increasing at almost twice the rate of men since 2011. Women have been notably spending more on necessities and lifestyle and have spent 129% more on their cards than in 2011 as compared to male card expenditure which rose by 71%.

UOB Malaysia’s Managing Director and Country Head of Personal Financial Services, Ronnie Lim said that the growth in women’s credit card expenditure in both discretionary and non-discretionary products and services clearly indicated that more women have greater financial capability and earning capacity, especially as more women join the workforce.

According to RFi Group data, the average total credit card spending in the last month among Malaysian consumers is MYR 4,572 (Malaysia Retail Banking Council 2016). Further, within a short span of 6 months there has been an observable increase in the credit card usage in almost all the scenarios as shown in the chart below. Evidently, the increasing credit card usage in these scenarios have been mostly contributed by female credit cardholders in Malaysia and should the trend persist, it can be expected that there will be a rise in credit card usage in other payment scenarios as well.

"Women have been notably spending more on necessities and lifestyle and have spent 129% more on their cards than in 2011 as compared to male card expenditure which rose by 71%."

 

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