KUALA LUMPUR: While 89% of Malaysians have a financial account, only 52.5% have saved money with a formal financial institution and just 15% have borrowed from one, according to a study by Mastercard and GXBank.
The study found that financial habits, rather than income or demographic background, were among the stronger indicators of consumers’ progress towards financial health.
Based on behavioural data from more than 39,000 GXBank customers, the research highlighted early engagement with financial services, disciplined saving and trust in digital security as key factors associated with financial progress.
The findings were published in a white paper titled Building Financial Health: The Power of Digital-First Banking, which examined how consumers move from having access to financial services to actively using them and improving their financial health.
The study found that the first 60 days after opening an account were particularly important in establishing financial habits.
Debit card transactions among active GXBank customers increased 250% during their first 60 days, alongside increased use of QR payments, peer-to-peer payments and deposits.
Customers who placed between 10% and 20% of their deposits to a goal-based savings tool progressed further along their financial journey 22% more often, while those who saved at least 15% were 31% less likely to move backwards.
The research also found that customers who adopted multiple complementary financial products within the same month were four times more likely to reach what the study defined as the “Financial Security” stage.
Rewards were another factor influencing engagement, with 38% of disengaged customers citing declining rewards as a reason for reducing their activity.
Mastercard executive vice-president for core payments in Asia Pacific Joyce Bo said the findings showed how everyday financial behaviour could shape consumers’ longer-term financial trajectory.
“Beyond ensuring consumers have access, meaningful impact comes from helping them build confidence and good habits in the first few months.
“Financial inclusion should be viewed as a journey and not a destination. We need to look at what happens next, whether that access translates into the confidence, habits and resilience people need to thrive financially,” she said.
Meanwhile, GXBank chief executive officer Kaushik Chowdhury said providing consumers with support early in their financial journey could help turn small actions, such as making digital transactions and setting savings goals, into lasting habits.
“The findings show that when consumers receive the right support early on, small actions can become lasting habits, from making their first digital transaction and starting a savings goal to adopting tools that help protect their finances.
“In fact, since the research was done, we have introduced new products and partnerships to support our customers wherever they are in their financial journey,” he said.
The white paper was based on 12 months of pseudonymised transactional data from more than 39,000 GXBank customers who opened accounts between November 2023 and December 2024, as well as focus groups conducted in September 2025.
The study was conducted by Kaiser Associates Research & Analysis and commissioned by Mastercard.
