Gen Z consumers in Singapore are reshaping financial habits, digital payments, and brand engagement, according to a new study released by Visa on Friday (date not specified).

The report, Gen Z Decoded: Their Voices, Your Insights, surveyed Singapore residents aged 14 to 27, highlighting their cautious but digitally fluent approach to money and lifestyle choices.

Financial independence and cautious spending

Nearly half (47 per cent) of Gen Z in Singapore ranked achieving financial independence and security as a top life goal. This figure is significantly higher than the Asia-Pacific average of 33 per cent.

The study found that financial priorities are shaped by concerns over rising living costs (54 per cent), stress and mental wellness (45 per cent), and economic uncertainty (42 per cent).

Savings remain a key focus, with 34 per cent saving whenever possible and 40 per cent putting aside funds for milestone events such as marriage and home ownership. However, only 36 per cent expressed confidence in financial management, with most more comfortable saving (68 per cent) than investing (30 per cent).

Digital payments and brand engagement

Gen Z in Singapore are early adopters of digital payments. About 65 per cent own a debit card, while 32 per cent hold digital bank accounts. Over the next year, 22 per cent plan to open time deposits and 20 per cent want credit cards, driven largely by rewards and cashback offers.

“Forty-one per cent of Gen Z consumers prefer quick and convenient payment methods, while just over half choose based on rewards,” said Adeline Kim, Visa’s Country Manager for Singapore and Brunei. “We are collaborating with partners in music, entertainment and gaming to engage these digital natives.”

Visa said it has introduced features such as Click to Pay for faster online checkout, as well as multi-currency payment products and travel partnerships aimed at young, mobile consumers.

Social media and lifestyle influence

The survey highlighted the central role of social media in shaping Gen Z spending. Forty per cent said they had made purchases after seeing ads online, while 33 per cent trusted only influencers perceived as authentic.

Instagram (62 per cent), YouTube (57 per cent) and TikTok (48 per cent) emerged as the top platforms where brands can reach this audience. Entertainment and gaming also drive spending, with 70 per cent of Gen Z gamers making in-game purchases and 67 per cent buying music merchandise, often at live events.

As this generation enters its peak earning years, analysts say businesses will need to adapt by offering seamless, personalised and socially responsible payment options.

Visa noted that brands which combine digital convenience with authenticity and community engagement will be best placed to build long-term loyalty with Singapore’s Gen Z consumers.