Once she was locked at home. The Covid pandemic made the world inaccessible. Now, digital marketer Lee Liyan has returned to the skies with a vengeance.

Indeed, she spends twice as much on travel today as she did before Covid. “In the past, I would take four to five short getaways each year to nearby destinations such as Bangkok or Bali,” says Ms Lee, who is married without children.

Flying budget and booking hotels early, the 35-year-old would spend about $500 on each trip, which typically lasts four days.

Now, Ms Lee takes longer holidays, of at least nine days, to further destinations, such as South Korea and Japan, twice a year.

“These are more ‘intentional’ holidays”, she says, where she immerses herself in the culture and explores the destinations at a leisurely pace. Each trip sets her back about $2,000, which includes flight tickets, accommodation and other expenses.

She is not alone. More millennials – both men and women – and their younger counterparts in the Asia-Pacific have also been bitten by the travel bug. A survey by online third-party travel platform Klook reveals that 64 per cent of millennials (ages 28 to 43) and Gen Zs are budgeting more for travel.

The study polled 2,600 respondents across 13 markets in the region, including Hong Kong, Taiwan, Singapore and Malaysia.

The trend is also reflected in the increasing credit card spend by women, notes UOB’s data.

Overall spending among the bank’s female credit cardholders in Singapore rose 42 per cent between 2019 and 2023. Dining, travel and retail are among the top spending categories.

“This shows the rising affluence in women and their growing influence towards purchasing power,” says Ms Jacquelyn Tan, head of Group Personal Financial Services at UOB.

Carefree is not careless

Are they only splurging and not saving?

Ms Lee, who earns a mid four-figure salary, feels she is not being careless with her money. She sets aside up to 60 per cent of her monthly income for savings and investments; pre-pandemic, she only saved 30 per cent.

“It helps that my income has grown over the years. I can now work towards long-term goals, such as retirement, without sacrificing on experiences such as cafe-hopping and travels.”

“Women play multifaceted roles in society, from nurturing their families to paving careers,” says UOB’s Ms Tan.

“Their financial needs and preferences evolve alongside their life stages and lifestyles; and as they gain financial independence, they save and invest more and also seek to protect what they love and have built.”

She cited the 30 per cent growth in overall assets under management (AUM) of female UOB customers from 2020 to 2023. In 2023, the average AUM per female customer was 8 per cent higher than the customer average overall.

“Women today play a critical role in driving economic development,” says Ms Tan. “They are generating more wealth than ever before and gaining economic influence, particularly in the roles of consumers, wealth accumulators and investors.”

How can they make the most of their growing purchasing power?

Through financial literacy, she says. “We’ve been committed to empowering women for the past 35 years, helping them live, save and plan better with tailored, progressive and female-centric solutions to meet (all their financial) needs.”

For example, UOB Lady’s Credit Card and Savings Account reward customers with more when they spend and save.

Meanwhile, UOB’s TMRW digital banking application delivers personalised AI-driven insights to female customers, derived from their financial habits and preferences.

These, Ms Tan says, “serve as nudges and reminders to help them manage their money better”.

Cautious is not miserly

Six years ago, she would not hesitate to splurge on travel and entertainment. That changed with marriage and motherhood.

Ms Suhailah Suhaimi, 33, now focuses on family and growing her wealth. The microbiologist and her civil servant husband, 37, wed in 2018. They live in a five-room Housing Board flat with their two sons, aged two and four.

“The financial commitments just keep increasing as our family grows,” says Ms Suhailah. The couple has a combined household income of about $15,000.

The young family has been feeling “a slight pinch” with the increase in goods and services tax (GST), says Ms Suhailah. Singapore’s GST rose from 8 to 9 per cent in January.

She is frugal, but also fussy. “Even though we rarely eat out, we consciously buy higher quality and organic ingredients as we believe it’s better for our kids.”

Her worry over living costs is shared by fellow Singaporean women.

A 2023 survey by UK-headquartered investment firm Fidelity International reveals that 89 per cent of women in Singapore rate rising living costs as a chief concern among the 2,115 polled, which includes both men and women.

This is followed by fears over long-term economic prospects (80 per cent), and anxiety about their ability to save and invest (75 per cent).

How is Ms Suhailah saving for the future? Every month, 15 per cent of her household income is set aside and invested towards long-term financial goals such as retirement and the children’s education.

She also runs two side businesses – selling handmade candles and pastries – to supplement her monthly income.

On top of that, Ms Suhailah looks for ways to reduce her overall spending. For example, by using a credit card that converts her grocery purchases to airline miles. “The miles help us offset the hike in air ticket prices, which could be up to 10 per cent compared with pre-Covid times.”

Ms Suhailah shares that taking a long holiday trip at least once a year is non-negotiable for the family.

“Many people might think there’s no point travelling with young kids since they won’t remember anything. But for us, it’s about being able to spend time together as a family and create wonderful memories.”

This is the final of a 12-part series in partnership with