KUALA LUMPUR - RinggitPlus has revealed remarkable insights into the financial habits and literacy among the younger generation, particularly Generation Z (Gen Z).
Its chief executive officer Yuen Tuck Siew said according to the RinggitPlus Financial Literacy Survey 2023, Gen Z exhibited financial literacy levels comparable to millennials, thereby challenging perceptions of their financial preparedness.
"Gen Z, often stereotyped as carefree individuals who prioritise experiences over savings has defied expectations," Yuen said at the Malaysian Financial Literacy Survey 2023 event at the Etiqa Tower in Bangsar, here, today.
He said surprisingly, the data revealed that 48 per cent of Gen Z had already embarked on investing a figure closely aligned with the 50 per cent of millennials who have taken similar steps towards investments.
Yuen said approximately 68 per cent of Gen Z reported saving less than RM 500 ringgit per month, closely mirroring the 70 per cent of millennials in the same category.
Gen Z range age is from 18-26 while millennials range age is from 27-42.
Regarding emergency savings preparedness, he said Gen Z and millennials demonstrated nearly identical levels of emergency savings.
"Approximately 68 per cent of both generations indicated that they could survive for three months or less with their current savings.
"These findings challenge conventional stereotypes about financial readiness among the younger generation," he added.
He said it was clear that Gen Z, often labeled as carefree, was actively preparing for their financial future.
The revelation, he said suggested that they were just as financially literate and ready for the future as their older counterparts.