Gen Z leads Malaysia’s financial literacy leap
Malaysia’s youngest adults – also called Gen Z and Zoomers – are emerging as the country’s most disciplined savers
KUALA LUMPUR, Malaysia (MNTV) — Malaysia’s youngest adults – also called Gen Z and Zoomers – are emerging as the country’s most disciplined savers, reports The Star.
The RinggitPlus Malaysian Financial Literacy Survey (RMFLS) 2025 shows that Zoomers are not only saving more consistently than their older counterparts, but they’re also using digital tools to sharpen their financial habits early.
The findings suggest that Malaysian Gen Z is, in fact, making steady financial strides with stronger saving habits and better awareness about money than those of the older generations.
The survey, conducted via an online poll of over 3,000 respondents nationwide, found that 40 percent of Gen Z respondents now save more than 500 Malaysian ringgit ($121) a month–up from 36 pc last year – while just 11 pc say they don’t save at all – still the lowest across all generations.
More young people are also planning ahead: 57 pc have already started preparing for retirement, compared to 53 pc in 2024.
“It’s a surprising but encouraging trend,” says RinggitPlus chief executive officer Yuen Tuck Siew. “We’re seeing young Malaysians develop strong financial fundamentals. This is a generation that understands the value of saving early – and they’re turning awareness into better habits, supported by the tools and content available to them online,” he adds.
The survey also shows that 62 pc of Gen Z use AI-powered budgeting apps and robo-advisors or chatbots. Social media has also become a key financial learning source, with 68 pc of Malaysians using platforms like TikTok and Instagram to learn about money.
“These digital touchpoints are helping young Malaysians strengthen the basics of saving and financial learning in a more accessible and relatable way,” Yuen adds.
For software developer Joshua Rohan, 24, saving money isn’t just about being careful – it’s about being intentional. “I started saving during my high school years by setting aside a portion of my daily school allowance,” he says, “and it’s become a disciplined habit that I’ve carried until now.”
He credits his family for instilling in him the importance of living below his means, planning ahead and preparing for the future. “Those lessons continue to guide me as I work towards building a strong financial foundation,” says the only child, who comes from a close-knit family.
Today, Joshua uses digital platforms to track his spending and manage his savings and investments more efficiently.
“Unlike my parents who relied on traditional methods, I have instant access to financial information and tools. It helps me make more informed decisions earlier in life,” he explains.
Muhammad Syawal Razan Shamsul Kamar, 17, from Negri Sembilan is still in school, but he says he is already thinking about money. “I usually save when I want to buy something, like clothes or food,” he says. “I started saving at nine years old because there were always things I wanted to buy at the Friday market.”
For now, the second of two boys takes a goal-based approach rather than a long-term one, but he is fully aware of how social media has changed the personal finance game. “It’s easier now to learn about money or even make money online,” he says.
“People teach you how to do affiliate marketing or start small businesses. You can make money without any capital — just by being creative.”
Syawal walks the talk, sharing his own experience with quick, easy profit-making ventures — while navigating his youthful desire and fear of missing out (FOMO). “I used to spend quite a bit on clothes, and to afford buying more, I’d sell my pre-loved clothes,” he says.
“I bought a shirt for 10 ringgit ($2.42) at a bundle shop, then I sold it for 20 ringgit ($4.84). I used that money to buy more thrifted shirts and pants.”
He agrees that Gen Zs are often misunderstood. “Some older people think we just like to spend for fun, but not everyone is like that. Many of us use social media to make money, not just to spend it.”
Joshua offers a deeper insight into the same issue: “Social media is a double-edged sword. It’s a great way to learn about money, but it can also create pressure to spend. I try to use it as a learning tool rather than a source of comparison.”
Old values, new tools
“Social media can be a powerful enabler for financial literacy, but it also needs to be balanced with credible information and real-world education,” Yuen cautions.
He notes that this mix of digital curiosity and pragmatic awareness is what sets Gen Z apart.
“They are not just more informed – they’re taking tangible steps to strengthen their financial habits. Fewer say they don’t save at all, and more can sustain themselves longer using their savings. That’s real progress in money management and emergency preparedness,” he says.
He adds that while older Malaysians may have relied on traditional saving and investment channels, the younger generation is taking advantage of a more developed fintech ecosystem.
“Gen X generally prefers unit trusts, real estate or Amanah Saham Nasional Berhad-style funds, while Gen Z are early adopters of newer, tech-enabled options like cryptocurrency and robo-advisors,” he says.
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