Study: Malaysian Gen Zs balance digital lifestyles with family-rooted financial discipline

Malaysian Gen Zs are emerging as pragmatic optimists who balance traditional values with digital-first lifestyles, according to Visa Malaysia’s "Gen Z decoded" study. Numbering 7.7 million individuals aged between 14 and 27, and making up 23% of the nation’s population, this cohort is reshaping consumption, loyalty, and payment behaviours in ways that brands and marketers cannot ignore.

One of the key findings is their prioritisation of financial independence, with half of Gen Zs naming it a top life goal. Already, 61% are actively taking steps such as tracking expenses, curbing impulse spending, and earning through side gigs. Many are also planning ahead, saving for major expenses (35%), emergency funds (33%) and even retirement (32%). More than half (53%) are investing in gold and digital currencies, reflecting an openness to alternative wealth-building methods.

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Family remains a cornerstone of their money habits. Gen Zs credit their early financial discipline to lessons from parents, and many now contribute directly to household needs. This sense of shared responsibility shapes their financial outlook while reinforcing their desire to provide for loved ones.

When it comes to payments, the generation is decisively moving away from cash. Over half (53%) prefer digital-first payment tools, citing speed and security as top drivers. Mobile e-wallets dominate in-store purchases, but debit cards remain widely owned (nearly 60%), with interest in credit cards growing, 17% of respondents plan to apply within the next year.

Social platforms such as TikTok (68%), YouTube (61%) and Instagram (60%) dominate Gen Zs’ screen time and influence their shopping decisions. Nearly half (48%) have made purchases directly from social media ads, while 44% say they trust product recommendations from influencers they follow. Entertainment is another passion point: 61% identify as active gamers and 56% as music enthusiasts, often spending on in-game items or merchandise.

Previn Pillay, country manager, Malaysia, Visa, said: “Gen Zs are emerging as the next wave of earners, spenders, and cultural influencers, whose financial behaviours, personal beliefs, and ethical priorities are redefining the future of commerce and culture, both locally and globally." 

He also added that trust, security, and authenticity are central to engaging with this generation. “Gen Zs are uniquely pragmatic, value-driven, and intentional, shaping their world through choices that reflect both purpose and personality. Today, they expect more than just traditional shopping perks." Pillay added further that: 

Brands must rethink how they connect with this discerning generation.

"Not just through social platforms, but by elevating what they can offer to meet Gen Zs in the spaces where they seek inspiration, connection, and culture."

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