Gen Z, now in their 20s and 30s, is beginning to drive changes in work, business, and relationships, according to research from Visa (NYSE: V), a global leader in digital payments. As these young professionals aged 16 to 30 pursue financial independence, they are redefining youth financial management and embracing a dynamic, holistic approach to thrive in a rapidly evolving world.
Visa’s latest Green Shoots Radar survey found that Gen Z respondents surveyed in Asia Pacific tend to save their income, setting aside about 30% of what they earn. Increased awareness of financial goals (47%) drives these young individuals in the region to further build their savings, with about half committed to practicing better financial management (47%). As a generation shaped by diverse experiences and perspectives, this group places significant value on cultivating a stronger mental and emotional approach toward financial management (36%).
“Gen Z is a generation that values flexibility and innovation, leveraging digital tools to navigate an increasingly dynamic financial landscape,” said Jeffrey Navarro, Country Manager for Visa Philippines. “At Visa, we are committed to empowering Gen Z with secure, accessible, and innovative payment solutions that align with their needs and aspirations. Through our advanced technologies and educational initiatives, we aim to support their journey toward financial independence and long-term success.”
Emphasizing Payments in Financial Journeys
For Gen Z, financial success is not about following a single path but finding a strategy that aligns with their individual aspirations and lifestyles. As a generation that values adaptability and independence, they seek flexibility in their financial journey, balancing enjoying the present and securing their future.
To manage the rising costs of living, over half of Gen Z in APAC (57%) reduce spending and cut back on non-essential expenses. Additionally, 36% of this age group in the region value the importance of creating and following a strict budget as part of maintaining financial stability.
While Gen Z prioritizes saving, they also embrace opportunities to indulge in meaningful purchases, with 91% in the region willing to spend on big-ticket items. Topping their list is travel and vacations (53%), followed by electronics, computers, and mobile devices (49%).
Supporting a Digital-First Lifestyle with Visa
As digital natives, Gen Z relies on technology for everything from shopping to banking. Visa’s Green Shoots Radar survey highlights that 60% of Gen Z in APAC already own a credit card, underscoring their adoption of cashless transactions. Payment systems tailored to a digital-first lifestyle, including mobile wallets, contactless options, and integrated financial apps, provide ease and accessibility, enabling financial independence to become a tangible goal.
Visa’s commitment to innovation ensures that Gen Z can transact confidently and securely. By integrating advanced technologies such as tokenization and fraud prevention, Visa provides a seamless and safe payment experience for this tech-savvy generation. Features such as Click to Pay and Tap to Pay by Visa also support Gen Z in fulfilling their financial priorities and pursuing their lifestyle aspirations with ease and seamless accessibility. By combining intuitive security with the convenience of a simple click or tap, Visa ensures that transactions are not only convenient but also secure.
Visa’s Value-Added Services Empowering Businesses
Visa’s Value-Added Services (VAS), such as Acceptance Solutions, Issuing Solutions, Visa Protect, and Advisory Services, empower businesses to innovate, grow, and build trust in a fast-paced digital environment. By leveraging insights from Visa’s Advisory Services on Gen Z behavior in the Philippines, businesses can better engage their target audiences, improving customer acquisition, engagement, and retention.
Understanding Gen Z’s Impact on Payments and Commerce
As Gen Z continues to navigate an increasingly digital world, their financial habits and preferences will shape the future of payments and commerce. For businesses, understanding this generation’s focus on practicality, flexibility, and meaningful choices is essential. Leveraging targeted insights, such as those provided by Visa’s Advisory Services, can help businesses craft experiences that align with Gen Z’s expectations in a digital-first world.
Gen Z’s adaptable, purpose-driven approach balances immediate needs with long-term goals, leveraging technology to manage expenses and drive growth. Their influence shapes a future of progress and innovation. Visa, through its solutions, empowers businesses to navigate these shifts and create meaningful experiences that resonate with this influential generation.
