7 Gen Z Spending Habits That Show How They're Becoming A Financially Savvy Generation
You'll probably relate to some of these if you're Gen Z!
Published for PTPTN, 26 Mar 2024, 10:55 AM
You may think of Gen Zs as young and carefree, but what you may not know is that they're actually shaping up to be one of the most financially savvy and eco-conscious generations
According to the RinggitPlus Financial Literacy Survey 2023, 48% of Gen Zs in Malaysia have already begun investing. Being digital natives, they are more aware of the importance of personal finance, thanks to easier access to information online.
Furthermore, growing up seeing how millennials struggle with student loans and tough job markets, many Gen Zs are changing their spending habits to avoid these same challenges. Gen Zs often do their own research, compare prices, and prioritise quality as well as sustainability.
In fact, some of their spending habits are actually saving them lots of money in the long run — are they on to something?
1. Cutting off subscriptions
Gen Zs are leading the charge in cutting through the noise of excessive subscriptions. They prioritise content that aligns with their interests, ensuring they're not bogged down by unnecessary channels or services. This approach not only simplifies their digital life, but also offers substantial financial benefits.
2. Thrifting clothes or attending clothes swaps
Thrifting clothes or attending clothes swaps is more than a trend for Gen Zs— it's a lifestyle choice. By opting for thrift stores and clothing swaps, they take a stand against fast fashion.
This eco-friendly practice not only fosters a distinctive style, but also challenges the throwaway culture prevalent today. And of course, in the world of Gen Z fashion, daily office or uni OOTD are a must-have. So, while some of us may splurge on expensive brand names, Gen Zs know that true style doesn't have to come with a hefty price tag.
3. Shopping online and stacking promos
When it comes to online shopping, Gen Zs have mastered the art of deal hunting — it's even a hobby for some. They leverage on promotions, stack discounts, and utilise cashback offers to maximise savings. This smart shopping strategy ensures they get the best value for their money without compromising on their needs or desires.
4. Slaying meal planning
Gen Zs are really good at planning their meals to save money. You might have even heard of one of the popular trends, #LazyGirlDinner, on TikTok or Instagram, where users share easy, affordable, and creative recipes. Another trend is food-saving hacks, which shows you how to turn leftovers into quick meals.
Beyond just everyday social media content, these trends actually how Gen Zs view food and money, with a focus on sustainability and not wanting to waste anything.
5. Embracing pet insurance for furbabies
Pet ownership is a big deal in Malaysia, with almost 53% of the population having a furry buddy. But let's face it—the costs can add up fast! From regular checkups to food and grooming, having a pet means spending money.
However, Gen Zs have a savvy tip to save on pet expenses — pet insurance. While being a budget-conscious generation, this is one thing that Gen Z pet owners don't mind spending on. After all, Gen Zs understand that paying for monthly or yearly premiums is actually more cost efficient than forking out big sums each time they have to visit the vet.
6. Using cashbacks apps
Cashback apps are another simple way Gen Zs save when they spend. You know the small QR codes restaurants get you to scan after each meal for cashback? Or banks that offer small cashbacks whenever you perform certain transactions?
All these cashbacks that we often ignore or consider as too mafan can actually add up over time, and Gen Zs have caught on.
By utilising these cashback features, Gen Zs are saving more money on everyday expenses. It's akin to receiving a small bonus each time they spend, aligning seamlessly with their savvy spending habits.
7. Shopping with group purchases
If you've noticed, Gen Zs tend to get their stuff via group orders. They often use group-buying features or sites where they can team up to get discounts on items.
This means they can buy expensive stuff for less money because the cost is shared out among a few people, instead of just one. Gen Zs don't just do this for clothes — they do it for groceries, food, and even trips!
If you're looking to become more financially savvy, another way to save in the long run is by paying off your loans early.
In fact, the National Higher Education Fund Corporation (PTPTN) has just the thing for you, their Loan Repayment Discount incentive!
If you're a PTPTN loan borrower, now is the perfect opportunity to become debt-free and make the most of the incentives available. These discounts are valid from now till 31 March 2024, so don't miss out!
There are three categories of discounts that you can choose from, depending on your financial situation and preference:
- 10% discount on the remaining debt for full settlement of the loan
- 10% discount for payment of at least 50% of the remaining debt in one payment
- 15% discount for payment by salary deduction or scheduled direct debit
Wanna find out more how this incentive works? Watch this video by Harris Ismail and Neelofa explaining how this initiative can benefit PTPTN borrowers:
Both local celebrities, also well-known as a married couple, bring a cheeky take with their video, ultimately reminding graduates to spend wisely and pay off their student loans. In case you missed it, this special offer lasts only until the end of March. The door only opens once, so don't wait!
