SingSaver, a Singapore-based financial comparison platform, has identified cashback as the number one reward women look for when choosing a credit card. The survey of women aged 21-55, which includes millennials, also sheds light on women’s changing attitudes to personal finance and indicates a shift towards greater financial inclusion for women. The majority (70%) said they are the sole decision maker when it comes to choosing a financial product.
Conducted by market research firm Kadence (December 2018), the survey of nearly 700 respondents revealed cashback was the top reward among women (82%) while air miles were a distant second (28%). The three most popular credit cards are the POSB Everyday Card, OCBC 365 Credit Card, and UOB One Card, with women on average owning 2-3 cards (versus two for men). The most common credit card spending categories after dining (23%) were groceries (21%) and shopping (19%).
Rohith Murthy, Founder and Country Manager at SingSaver, said: “Our data clearly shows women’s changing attitudes to personal finance, as well as increased financial inclusion and independence. Women in Singapore, especially millennials, continue to favour the flexibility of cashback as a reward for using financial products such as credit cards. It’s clear that women value cashback more than air miles, as the appeal of cashback cards is that the cash is available right away rather than having to accumulate in the form of points or miles.
He added: “In general, we see women in Singapore are looking for instant gratification when it comes to spending, saving or paying down a bill. Fifty per cent of visitors to our website are now women – a telling sign that they are actively comparing financial products to choose the one that best meets their needs.”