Although women have made great strides in terms of full-time employment opportunities in senior leadership roles, the current landscape leaves much to be desired.
STATISTICALLY, 54% of Malaysian women are working which means your wife, girlfriend, sister or daughter is making her own money.
According to data released by UOB Malaysia, women are increasingly using their credit cards to pay for basic necessities such as insurance, groceries and utilities; as well as niceties like travel and lifestyle shopping.
In fact, credit card spending by women has increased by 125% over the last five years compared to a 71% rise in credit card spending by men within the same period. Women are quickly catching up!
So, what does this data really tell us? One, that more women are joining the workforce with more disposable income in hand, which means that two, their purchasing power has increased and three, women have more money to balance their spending priorities.
But it doesn’t stop there.
We have to acknowledge the growing consumer group that is made up of over three million urban single Malaysian women. Based on the consistent growth we’ve seen over the past decade; this group is not going anywhere.
On a macro-level, the total income tax paid by single women has grown by 18.4% between 2013 and 2015.
It’s a sign that women in Malaysia are more empowered today than ever before, that getting married is no longer the primary focus but instead setting up their financial stability and professional career takes centre fold, and I’m one of them!
These women don’t need a man to support their lifestyles or financial goals, they can fend for themselves and are financially independent women.
I’m not just talking about taking care of daily expenses, we single women can also buy our own cars, apartments and treat ourselves to jewellery and dining out.
Naturally this links back to women having higher education. There are now more women than men in higher education.
A report authored by the Penang Institute in 2016 found that the difference between female and male enrolment in public universities has increased in favour of females from 67,734 in 2009 to 86,798 in 2013.
About 45% of engineering graduates in Malaysia are female, compared to 17% in the United States. Hence, the current trend is likely to grow even further in the years and decades to come!
Although women have made great strides in terms of full-time employment opportunities in senior leadership roles, the current landscape leaves much to be desired.
Women are still grossly underrepresented in senior management roles. Did you know Malaysia has the lowest proportion of senior business roles held by women in Asean?
Women are more influential as a consumer group, we contribute to the economy’s prosperity and we can pay for ourselves.
Nadia Khan is content manager of https://www.comparehero.my/, dedicated to increasing financial literacy and to help you save time and money by comparing all credit cards, personal loans and broadband plans in Malaysia.
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