Latest knowledge from the United Abroad Financial institution (UOB) highlights a big improve in girls’s financial affect in Singapore over the previous 5 years, aligning with Worldwide Ladies’s Day celebrations.
UOB’s evaluation reveals a 70% surge in whole billings for the UOB Woman’s Debit and Credit score Playing cards from 2019 to 2023, with transactions greater than doubling in the identical timeframe. Furthermore, the common spending per Woman’s Credit score Card person elevated by over 50%.
The financial institution launched a versatile rewards system in 2019, permitting cardholders to decide on and modify their most popular rewards classes quarterly, thus personalising advantages to suit evolving life-style wants. Widespread classes have included eating and trend, with journey gaining prominence post-COVID-19.
Spending patterns present a 150% improve in dining-related transactions and a notable rise in leisure and journey expenditures, illustrating a shift in the direction of life-style experiences. This pattern can also be evidenced by a spike in new cardholders coinciding with main leisure occasions, such because the Taylor Swift The Eras Tour in Singapore.
Along with spending tendencies, UOB notes a big progress in girls’s monetary belongings, with a 35% improve in feminine prospects’ whole belongings beneath administration from 2020 to 2023. The financial institution additionally stories a considerable rise within the issuance of higher-tier UOB Woman’s Solitaire Playing cards, indicating an uptick in girls’s wealth and disposable revenue.
Regardless of financial challenges, Singaporean girls are actively making ready for the long run, with over 70% expressing considerations about inflation and long-term monetary commitments. UOB’s knowledge reveals that ladies are prioritising financial savings, with a notable improve within the possession of high-yield financial savings accounts and stuck deposit accounts held by feminine prospects.
Jacquelyn Tan
Jacquelyn Tan, Head of Group Private Monetary Companies at UOB, mentioned,
“We rejoice girls’s individuality and the way they wish to reside, work and play. Our knowledge reveals that ladies right this moment have gotten extra financially impartial, working in the direction of their aspirational life targets like pursuing life-style experiences and constructing financial savings for the long run.
We leverage these helpful insights to repeatedly improve our merchandise and choices for women. The UOB Woman’s Card and Woman’s Financial savings Account are an emblem of innovation and evolution. We work with a variety of companions to curate the very best rewards for our feminine prospects, catering to their totally different existence and life levels.”
