Visa has unveiled its Gen Z Decoded study, shedding light on the values and behaviours of Singapore’s Gen Zs, a group poised to become the nation’s next economic drivers. The study reveals that 47% of Singaporean Gen Zs, aged 14 to 27, prioritise financial independence and security, significantly higher than the Asia Pacific average of 33%. Despite their digital fluency, only 36% feel confident managing their finances, with 68% familiar with saving but just 30% understanding investing.
The study highlights the importance of financial management knowledge for this generation, with 65% owning a debit card and 32% having a digital bank account. In the coming year, 22% aim to own time deposits, and 20% plan to acquire credit cards for rewards. Adeline Kim, Visa’s Country Manager for Singapore & Brunei, noted, 41% of Gen Z consumers prefer quick and convenient payment methods, and over half choose based on rewards.
Social media plays a pivotal role in Gen Zs’ shopping habits, with 40% making purchases after seeing ads and 33% trusting only genuine influencers. Platforms like Instagram, YouTube, and TikTok are key engagement channels, with 62%, 57%, and 48% of Gen Zs spending most of their time on these platforms, respectively.
The study underscores the need for businesses to adapt to Gen Zs’ expectations by offering seamless, experience-driven interactions. As this generation continues to integrate social media into their shopping journeys, brands that prioritise authenticity and community-driven engagement will forge stronger connections.
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