Gen Zs in Singapore Focus on Financial Independence, Convenience and Personalisation: Visa Study

08/26/2025

 

Visa, a world leader in digital payments, today released Visa’s Gen Z Decoded¹, a study that delves into the values, behaviours, and expectations of Gen Zs in Singapore, a generation rapidly emerging as the country’s next wave of earners, spenders, and cultural drivers.

As Singapore’s Gen Zs builds towards their prime earning years, they are set to reshape financial habits, digital payments, and brand engagement, according to Visa’s latest study, “Gen Z Decoded: Their Voices, Your Insights”. Representing the population of Singapore residents who are aged between 14-27 years old, this new generation is digitally fluent yet financially cautious, embracing seamless digital payments while prioritising financial security and experience-driven spending.

Achieving Financial Independence is a Top Priority

For nearly half of Singapore’s Gen Zs (47%), attaining financial independence and security ranks as a major life goal—notably higher than the Asia Pacific regional average of 33 per cent. This ambition comes against a backdrop of mounting pressures and challenges: rising costs of living (54%), high levels of stress, anxiety and mental wellness (45%) and uncertainty about the macroeconomic conditions (42%).

Gen Zs in Singapore are deeply rooted in managing their finances, practising mindful spending and tracking their expenses. Based on the study, 34 per cent of Gen Zs save money whenever they can, and close to 40 per cent of them see the importance of saving up for milestone events including marriage, purchasing a home and others.

To support Singapore’s Gen Zs in achieving their financial aspirations, it is important that they gain financial management knowledge. In terms of banking product ownership, 65 per cent of Gen Zs in Singapore own a debit card, and 32 per cent have a digital bank account. In the next 12 months, 22 per cent of Gen Zs in Singapore would like to own time deposits, and 20 per cent of them want to own a credit card to help them access rewards when they earn and spend.

“Our research indicates that 41 per cent of Gen Z consumers prefer quick and convenient payment methods. In addition, slightly over half of them choose their payment method based on the rewards offered. At Visa, we recognise the importance of tailoring benefits to meet our cardholders' needs and preferences. As this new generation of consumers emerges, we are collaborating with partners in music, entertainment, and gaming to engage these digital natives. Understanding their behaviours and values is crucial for us and our partners to stay ahead and build meaningful connections with the consumers of tomorrow," said Adeline Kim, Visa Country Manager for Singapore & Brunei.

Only 36 per cent of the Gen Z segment are confident in financial management. A higher proportion of them are more familiar with saving money (68%), as opposed to investing their money (30%). Investments of stocks and equities (27%) are the most popular investment tools for Gen Zs, followed by trust funds (16%), and cryptocurrency (14%). This segment is one that is influenced heavily by peers, as 30 per cent of them indicated that they started their investment journey because their circle of friends started doing so.

A Generation That Values Security, Convenience, and Personalisation

As Gen Zs continue to redefine new shopping behaviours, businesses must adapt to serve this segment of consumers by offering seamless, experience-driven interactions that align with their expectations. Brands that integrate socially responsible practices with reward-driven payment options will be better positioned to attract and retain this increasingly influential consumer group.

“Visa is constantly innovating to meet the needs of a new generation of consumers who expect flexibility, convenience, and control in how they pay. To cater to this demand for more personalised and seamless experiences, we introduced data tokens that allow cardholders to securely share transaction data with retailers in exchange for tailored offers and rewards. We also launched Click to Pay, making online checkout faster, easier, and more secure without the need to manually enter payment details. In addition, Visa is working with our partners to roll out solutions that resonate strongly with today’s digitally savvy and travel‑minded consumers, including multi‑currency payment products that help them manage foreign exchange more effectively and strategic travel partnerships that enhance their journeys. These innovations underscore Visa’s commitment to shaping the future of payments in ways that reflect the lifestyles and aspirations of the next generation,” said Adeline.

Social Media as the Gateway to Spending and Brand Influence

Social media has become a dominant force shaping Gen Zs’ financial and shopping behaviours, serving as both a discovery tool and a trust validator. While 40 per cent of this generation indicated that they have made a purchase based on seeing an ad on social media, their purchasing decisions are strongly influenced by credibility and authenticity. Instead of taking brand messaging at face value, 33 per cent of them highlighted that they only trust influencers who are perceived as genuine, underscoring the importance of peer recommendations and social proof.

Furthermore, with 62 per cent spending most of their time on Instagram, 57 per cent on YouTube, and 48 per cent on TikTok, social media platforms serve as key engagement channels where brands can connect with this audience through interactive and visually engaging content.

Beyond advertising, digital communities and entertainment culture significantly influence spending decisions. Among Gen Z gamers, 70 per cent actively spend on in-game purchases, subscriptions, and gaming merchandise, reflecting their deep engagement with virtual experiences. Similarly, 67 per cent purchase music-related merchandise, with 81 per cent making these purchases at live events, reinforcing their preference for experiences over material possessions.

For businesses, connecting with Gen Zs requires more than traditional advertising. It demands meaningful interactions, social commerce strategies, and engagement through trusted digital platforms. As this generation continues to integrate social media into their shopping journeys, brands that prioritise community-driven engagement and authenticity will build stronger, more lasting connections.

 

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¹ The study was conducted in November 2024, based on 501 in-depth quantitative interviews with 560 Gen Z consumers across 14 markets, including Singapore.

 

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.