According to a study by Visa, a global digital payments company, Gen Z is changing how people manage money, As these young adults, who are in their 20s and 30s, work toward financial independence, they take a flexible approach, balancing spending and saving.
Visa’s Green Shoots Radar survey found that Gen Z in the Asia-Pacific (Apac) region saves about 30% of their income. Nearly half of those surveyed (47%) are focused on improving their financial management, while 36% value emotional and mental well-being in handling finances.
Green Shoots Radar Survey Wave 15, conducted by Visa in October 2024, surveyed respondents aged 18-65 years old across 14 markets in the Apac region.
“Gen Z is a generation that values flexibility and innovation, leveraging digital tools to navigate an increasingly dynamic financial landscape,” Jeff Navarro, country manager for Visa Philippines, said in a statement.
Digital payments usage
To manage rising living costs, 57% of Gen Z in Apac cut back on non-essential expenses, while 36% follow strict budgets. Despite their focus on saving, 91% are willing to spend on big purchases, mainly travel (53%) and electronics (49%).
As digital natives, Gen Z prefers cashless transactions. The survey found that 60% of them already own a credit card. They also use mobile wallets and contactless payment methods, highlighting their need for convenience and security.
Businesses looking to engage with Gen Z can use insights from Visa’s Advisory Services to better understand their financial behavior. As this generation continues to influence commerce and payments, companies that adapt to their preferences will be better positioned to meet their needs.