Female customer assets under management up 35% from end-2020: UOB

UOB : U11 0% on Friday (Mar 8) said its total assets under management from female customers has grown over the last five years, rising 35 per cent between end-2020 and 2023 alone.

This, along with an increase in card billings and savings, points to the growing economic power of women, said the bank. It was referencing its data released in line with International Women’s Day, which falls on Mar 8.

Women accounted for 60 per cent of the bank’s fixed-deposit accounts as at December 2023. UOB also observed a 6 per cent rise in average savings-account balances among female customers in 2023, compared with 2022.

From 2019 to 2023, total card billings for the bank’s Lady’s Debit and Credit Cards jumped 70 per cent, supported by a doubling in the number of transactions in the same period. Average active spending per Lady’s Credit Card was also up by more than 50 per cent in the past five years, said the bank.

Launched in 1989, the Lady’s Card offers rewards for women who spend and save with UOB, with specific perks that align with women’s roles, responsibilities and needs. It also allows holders to select their preferred rewards category every quarter.

These findings point to disposable income growth among Lady’s Card holders, with more qualifying for the upgraded tiers of the women-centric credit card.

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UOB said the number of Lady’s Solitaire Cards, a higher tier of the Lady’s Card, climbed by more than 250 per cent from 2019 to 2023. This tier has a minimum annual income requirement of S$120,000.

Citing its Asean Consumer Sentiment Study 2023, UOB noted that 70 per cent of its female respondents in Singapore expressed concerns over increasing inflation. More than 60 per cent were also worried about their long-term financial commitments.