March 27, 2013
Majority of Women in Indonesia, Philippines and Myanmar Controlling Household Spend; Men Contribute More in Saving and Investment Decisions
TWEET: #Women in emerging markets leading in managing household finances – #MasterCard Survey http://bit.ly/YDuRSZ
Singapore, 27 March 2013: Women in Asia/Pacific are more likely to manage monthly household finances while men appear to take charge of household savings and investments according to findings of the latest MasterCard survey on Money Management.
The survey found that women in Indonesia, Philippines and Myanmar retain power of the domestic purse with 56.9%, 56.7% and 55.2% of women from each of these markets managing monthly spend for the household, respectively.
Aiming to determine which party tackles decision making at home, the MasterCard survey asked respondents four questions around managing monthly household finances, monthly savings and investments, decisions on big ticket purchases and children’s education. This year marks the addition of two new markets – Bangladesh and Myanmar – to the MasterCard survey. The survey and its accompanying reports do not represent MasterCard’s financial performance.
The research is based on a survey conducted between 7 November to 23 December 2012 with 6904 respondents aged 18 – 64 in 16 Asia/Pacific countries. Interviews were conducted via internet surveys, personal, telephone and Computer Aided Telephone interviews, with the questionnaire translated to the local language wherever appropriate and necessary. The survey findings are part of MasterCard’s suite of research into Consumer Purchasing Priorities in the Asia/Pacific region.
The survey found that women in 8 out of 16 markets controlled the purse strings for household finances, while men took charge of decisions around household savings and investments in 8 out of 16 markets.
A similar skew was seen regarding big ticket purchases for which men tended to make the call in 10 out of 14 markets, whereas financial decisions around children’s education were made by women.
Women from Korea, Indonesia and Vietnam led the region with more women managing all four aspects of decision making at home compared to their male counterparts, but this was especially apparent when making decisions around their children’s education – 59.8%, 57.0% and 53.2% of women in Korea, Indonesia and Vietnam respectively. A majority of women in Korea (53.2%), Indonesia (52.2%) and Vietnam (50.1%) also made the call on big purchases.
“The survey shows a division of responsibilities in most households; when it comes to home finances, women are generally a force to be reckoned with – they are better at managing the budget and better at making key financial decisions that impact the family such as a child’s education,” says Georgette Tan, group head, Communications, Asia/Pacific, Middle East & Africa, MasterCard. “Obviously, this doesn’t marginalise the role of men as financial decision makers – they’re the home savers and investors, which are both important roles in terms of long-term financial stability.”
From 28-29 March 2013, the 3rd Annual Women in Leadership Asia (WIL) Forum will be held in Kuala Lumpur and MasterCard is proud to be supporting this event.
For the full report go to: www.masterintelligence.com
The MasterCard Worldwide Index suite in Asia/Pacific, Middle East and Africa includes the long-running MasterCard Worldwide Index of Consumer Confidence, as well as the MasterCard Worldwide Index of Women’s Advancement, Online Shopping, Index of Financial Literacy, and the Index of Global Destination Cities. In addition to the Indices, MasterCard’s research properties also include a range of consumer surveys including Ethical Spending and a series on Consumer Purchasing Priorities (covering Travel, Dining & Entertainment, Education, Money Management, Luxury and General Shopping).
MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004.
MasterCard has also released a series of four books on Asian consumer insights, authored by Dr. Yuwa Hedrick-Wong, Global Economic Advisor for MasterCard Worldwide and published by John Wiley & Sons.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.