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Faced with mounting pressures and uncertainties, members of the Generation Z (Gen Z) in Singapore, born between 1997 and 2010 and currently aged 14 to 27, are more financially cautious and prioritizing financial independence and security, according to a new study by Visa.
The Visa study, conducted in November 2024 and based on more than 500 in-depth quantitative interviews with 560 Gen Z consumers across 14 markets, reveals that nearly half of Singapore’s Gen Z (47%) see attaining financial independence and security as a major life goal, significantly higher than the Asia-Pacific (APAC) average of 33%. This highlights the generation’s heightened financial consciousness and pragmatic mindset.
Gen Z Decoded Visa study infographic (Singapore), Source: Visa, Jul 2025
The study also shows that this population is deeply rooted in managing their finances, practicing mindful spending and tracking their expenses. In fact, 34% of Singaporean Gen Zs save money whenever they can, and close to 40% of them see the importance of saving up for milestone events including marriage, purchasing a home and others.
However, only 36% of Gen Zs in Singapore feel confident in financial management, revealing opportunities for industry players to close the gap. Furthermore, while most are comfortable with saving money (68%), fewer are familiar with investing (30%).
These findings suggest that many still lack exposure to more advanced financial tools that could help them grow their wealth over time. For financial institutions and fintech startups, this represents an opportunity to design products and resources that demystify investing and which make financial planning more accessible,
Among those who invest, stocks and equities (27%) are the most popular, followed by trust funds (16%), and cryptocurrency (14%).
Financial caution is shaped by broader challenges. 54% of Singaporean Gen Zs surveyed said they worry about rising costs of living, 45% are experiencing high levels of stress, anxiety and mental wellness, and 42% are uncertain about the macroeconomic conditions.
Gen Zs and digital payments
The Visa study also highlights Gen Zs’ preference for seamless digital experiences. In Singapore, 41% prefer quick and convenient payment methods, a finding which mirrors results from a Mastercard survey, which reported that nearly half of Gen Z globally favor innovative payment solutions, while 65% want to manage all financial activities in one online hub.
PayNow, Singapore’s real-time, peer-to-peer (P2P) funds transfer service, is among the preferred payment method for Singaporean Gen Zs, favored by 68% of respondents, according to a 2024 survey by business accounting software provider Xero. GrabPay is another popular option, with 29% using the mobile payment platform as an everyday payment method.
Personalization also matters. Compared to other generations globally, personalization is 1.31 times more important to Gen Z consumers when choosing a payment method, the Mastercard study also shows.
Social media and experience-driven spending
The Visa study also reveals that social media is strongly shaping Gen Zs’ financial and shopping behavior, serving as both a discovery tool and a trust validator. 40% of Singaporean Gen Zs have made a purchase based on seeing an ad on social media.
Instagram (62%), YouTube (57%), and TikTok (48%) are where they spend more of their time, making these platforms key engagement channels for brands.
Gen Zs are also influenced heavily by their peers. In fact, 30% of respondents started their investment journey because their circle of friends started doing so.
Experience-driven spending is another hallmark. 70% of Gen Z gamers are actively spending on in-game purchases, subscriptions, and gaming merchandise. Similarly, 67% purchase music-related merchandise, with 81% doing so at live events.
Findings echo with Thailand
Findings from the Visa study in Singapore align with those in Thailand, where financial independence is also a top priority for Gen Zs. 60% of Thai respondents identified financial freedom as a top life goal, with 31% saving money whenever possible without a specific plan, while 57% setting specific financial goals and plans to achieve them.
Furthermore, 81% are building wealth through jobs, side gigs, or investing, further reflecting a generation that values long-term financial security.
Financial literacy is also on the rise, with 59% actively seeking knowledge through learning or advice.
Thai Gen Zs show particular interest in digital tools that simplify money management. In particular, gamified savings, robo-advisors, and visual platforms, especially on mobile, resonate strongly with this demographic, the study found.
Another key finding is the fact that Gen Zs closely link passions to identity and growth. 31% are pursuing hobbies such as cooking, sports, café hopping, and travel, to build skills or for personal development, while 28% use them as a means of self expression.
For some, passions even become pathways to income. 31% of those working toward financial goals earn through jobs, freelance work, or side gigs, and 22% of students supplement their income this way.
Rising financial insecurity
In Singapore, both Gen Zs and Millennials, born between 1981 and 1996, prioritize financial independence over climbing the corporate ladder. In Deloitte’s 2025 Global Gen Z and Millennial Survey, 26% of Gen Zs and 29% of Millennials cited achieving financial independence as their top career goal. In comparison, only 8% of Gen Zs and 9% of millennials consider reaching a leadership position as their primary career goal.
Like the Visa study, Deloitte’s findings highlight rising financial insecurity. For the fourth year in a row, cost of living tops the list of concerns for Gen Zs and Millennials globally, rising from 29% in 2022 to 39% in 2025 for Gen Zs and 36% to 42% for Millennials.
Gen Zs and Millennials top concerns, Source: 2025 Gen Z and Millennial Survey, Deloitte, May 2025
Nearly half of Gen Zs (48%) and Millennials (46%) do not feel financially secure, compared to 30% of Gen Zs and 32% of Millennials in 2024. Furthermore, more than half (52%) of both Gen Zs and Millennials are living paycheck to paycheck, and over a third (37% for Gen Zs and 35% for Millennials) struggle to pay their living expenses each month.
These younger generations are also concerned about their financial futures, with about 40% of Gen Zs and Millennials indicating they are worried about their ability to retire comfortably.
Gen Zs and Millennials top financial concerns, Source: 2025 Gen Z and Millennial Survey, Deloitte, May 2025
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