Sharp rise in credit card spending among women

MasterCard, VISA and Maestro credit cards are seen in this picture illustration taken June 9, 2016. REUTERS/Maxim Zmeyev/Illustration

PETALING JAYA: Credit card spending among Malaysian women has risen sharply over the past five years, indicating an increase in their earning power.

Data tabulated by United Over­seas Bank (M) Bhd (UOB) revealed that women cardholders spent 125% more on their cards last year than in 2011.

In the same period, card spending by men only rose by 71%.

UOB Malaysia managing director and country head of personal financial services Ronnie Lim said the trend indicated greater earning power and balanced spending priorities among women.

“As more women join the workforce and enjoy greater financial security, their disposable income increases.

“Besides basic necessities such as groceries, utilities and insurance, it is good that they are prioritising their personal development, spending on life-enriching activities like travel, dining and fashion,” he said in a statement yesterday.

Lim said the data also showed that women cardholders spent 15% more on insurance-related pro­ducts and 10% more on groceries now than in 2015.

Travel and lifestyle shopping grew by 28% and 14%, respectively, among women – which is twice that of men.