Do single women spend more than married women with who are also caregivers for their family? CompareHero.my talked to Malaysian working women to learn more about their attitude with money.
Did you know that the percentage of single women in Malaysia’s population is increasing based on data from the Department of Statistics Malaysia? 13.6% of women aged 25 and above in Malaysia were unmarried in 2010, which is an increase from 10.4% in 2000. Aside from that, the proportion of single women aged 35 to 39 within the country’s population also rose from 7.8% in 2000 to 10.8% in 2010.
Malaysian single women are a rising consumer group in the country for retailers, tourism industry players and other businesses. According to the Malaysian Retail Chain Association (MRCA), Malaysian women today have changed compared with over a decade ago. This is because although many women generally aspire to be married and look forward to motherhood, they also want more than that. MRCA shares that, “today’s women want to be ‘real women’, with interests that include, as well as extend, beyond their roles as caretakers, providers and nurturers.” According to MRCA, women who aspire to be more than just being caregivers also generally tend to spend money on automobiles, apartments, technology, and financial services. They are also willing to splurge on personal care items, clothes, jewellery, accessories, fitness, beauty, wellness products and eating out.
CompareHero.my talked to 4 single working women to get some insights on how they spend their money, and their thoughts on financial matters.
Philosophy on Money Management
When it comes to attitude on money management, based on our interview with the four single women, we found that single women have a more relaxed attitude towards their finances because they have more control. Audrey Newton, 35, senior customer service representative said, “I don’t really worry too much, it will be taken care of.” While Liz Pak, 34, Human Resource Senior Executive is a believer on balanced spending, she said, “If I would like to spend more, then I need to earn more.”
Single women also tend to be more flexible with their philosophy on money, “I don’t really have a philosophy per se, I mostly try to save as much as possible so I can buy a house at some stage,” shared Manveen Maan, aged 30.
Spending Habits
A survey showed that Malaysian women spend up to RM130,000 on shoes over a lifetime. Out of that sum, RM85,000 of the RM 130,000 expenditure is reserved for designer shoes. But of course, the survey did not distinguish between single and married women.
However, Audrey says she believes in retail therapy and often buys herself shoes and dresses. Perhaps turning to retail therapy is common with other single women as shared by Liz, who used to find solace from stress by shopping, “Before I bought a car, shopping helped me to reduce stress.” However, she admits that upon purchasing a car and increasing financial commitments, she no longer indulges in retail therapy.
But it’s not always retail therapy that does the trick, as according to Manveen, “I don’t shop for expensive clothes, but I tend to do things that make me feel better, like getting a massage, facial or a new book.” Her belief when spending is to reward herself in measured doses.
Interestingly, most single women we interviewed mentioned that they spend most on food and also for eating out. As for credit cards usage, some of the women we talked to use credit cards for their daily expenses, while there are women who don’t even own a credit card. Manveen shares that she uses her credit card everyday because she wants to get points which she can redeem,
“The points system is the best benefit as before I was spending on my debit card, and getting nothing back for it. Whereas now I get domestic flights and movie tickets for essentially spending the same money on a different card.”
Audrey also uses her credit card to pay for purchases in order to get cash rebate benefits. Credit card expenditure among Malaysian women has also increased. According to data from United Overseas Bank (M) Bhd (UOB), Malaysian women cardholders spent 125% more on their credit cards in 2016 compared to in 2011.
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A recent study showed that credit card expenditure among women in Malaysia has increased by 125% to pay for basic necessities such as insurance, groceries and utilities, as well as niceties such as travel and lifestyle shopping.
What Do They Worry About?
Most of our interviewees agreed that they worry about not having enough savings, along with increasing costs of living and the current economic situation. When it comes to what they prioritize their money for, most of the single women we talked to state “financial freedom” and “saving for retirement” as their biggest priorities.
Ultimately, from our interviews, we found that single women have the notion that they are at a financial advantage compared to their married counterparts. Yvonne said that she believes single individuals spending is more economical. While Audrey also echoes the same sentiment as she said that single women do not have the same level of financial commitments or responsibilities to take care of your other half or kids.
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