KUALA LUMPUR: Etiqa's Gen Z Financial Health Survey has revealed that young people demonstrate a higher level of financial savviness than previously assumed.
According to the study, which aims to gain insight into the financial struggles faced by Generation Z in Malaysia and Singapore, showed that 64% of this demographic in Malaysia highlighted that insufficient emergency funds and difficulties in saving money were among their Top 3 concerns.
Additionally, those surveyed said comprehensive financial planning was something they would welcome given that 48% were concerned about having a poor credit score.
In a statement, Etiqa said these concerns were partly fueled by the rise in living expenses and economic shifts, prompting Generation Z to reconsider their approach to saving and investing.
"A significant majority in both Singapore and Malaysia, ranging between 90% and 95%, acknowledged that the prevailing economic conditions and interest rate environment have influenced their saving behaviors, shaping their decisions regarding asset ownership and financial goals," it said.
Etiqa Insurance and Takaful group CEO Kamaludin Ahmad said the survey underscored the importance of understanding Generation Z's financial behaviour and its implications for financial products and services.
"Surveys in Singapore and Malaysia show a financially savvy generation actively reshaping savings and investment strategies, relying for guidance from online influencers.
"Malaysian Generation Z favour liquid products like insurance, while confidence levels vary among Singaporeans. However, both prioritize personal interests and family support," he said.
