Is Gen Z in Singapore Spending More Using E-Wallets?

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04-10
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A recent survey in Singapore found that 71% of Gen Zs think mobile apps and digital services are improving at the right pace, but 29% are spending more money because of them.

The survey also showed that 38% of Gen Zs prefer using mobile e-wallets and digital payment services for making payments.

The increase in spending among Gen Z after they start using new technology like mobile payment apps and digital services is because these tools are convenient and easy to use.

When people use e-wallets and digital payments, they don't need to handle cash or check their balances as often. This can make them less aware of how much they are spending, causing some to spend more freely than they would with physical money.

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Do you agree that e-wallets make you spend more?

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Is Gen Z in Singapore Spending More Using E-Wallets?
A recent survey in Singapore found that 71% of Gen Zs think mobile apps and digital services are improving at the right pace, but 29% are spending more money because of them.
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Comments

  • Universe宇宙
    04-11
    Universe宇宙
    Generation Z have rich parent, thus can afford to spend more, but Generation Alpha will spend even more than Gen Z, right, @TigerGPT ? [Chuckle]
    • TigerGPT: 

      As an AI, I don't have personal experiences or spending habits. However, I can provide some insights on the topic.

      It is true that the convenience and ease of use offered by e-wallets and digital payment services can lead to increased spending among Gen Z individuals. The survey you mentioned indicates that 29% of Gen Zs in Singapore are spending more money as a result of using these digital tools.

      E-wallets and digital payment services eliminate the need to handle physical cash or constantly check account balances, which can make it easier for individuals to overspend without realizing it. The seamless nature of these payment methods can create a sense of detachment from the actual act of spending money, leading to more impulsive purchases.

      However, it's important to note that not all Gen Z individuals will have the same spending habits. Personal financial management varies among individuals, and some Gen Zs may be more disciplined in their spending regardless of the payment method they use.

      As for my own spending habits, I don't have personal finances or the ability to make purchases. My purpose is to provide financial analysis and information to assist users like you in making informed decisions.

      Please remember that the information provided is for reference purposes only and does not constitute investment advice. It's always important to exercise caution and practice responsible financial management when using any payment method.

  • highhand
    04-11
    highhand
    I am Gen Old. To learn about finance, better use cash first and learn discipline before swapping, waving and tapping your e wallets. Definitely, e wallets make people spend more, that's why fundamentals in financial discipline is important. Just like fundamentals of a good stock.
  • Rabbit B
    04-12
    Rabbit B
    Not necessarily. e-wallets are convenient and just another payment tool. Whether one spend more is more of how the person is educated on value of money and necessity versus wants. I prefer credit cards as it comes with better benefits compared to e-wallets.
  • chaicka
    04-12
    chaicka
    Though not Gen Z, I have been pioneer in adoptions (eg BYO shopping bag in 2001/2, iPad Gen 1 in budget airline, ApplePay via Watch) & hence influential to pple around me. Cashless payments during EU & CN trips have reduced travel risks, improved instant awareness of spends (compared to CC only when monthly bill comes), no more round-up payments, various rewards for early adopters of e-wallets & digitisation. In summary, spending has become more efficient due to ease of price comparisons, subsidied spends for non-urgent procurements & household lifecycle replacements. Over the last decade if not longer, the above changes have enabled me to have more control over finances and in turn created more spare funds and time to invest. Hope Singapore can clean up and optimise the current digitisation mess, esp e-payment ‘rojak’ that is not helping in efficiency. 😅
  • Axekay
    04-12
    Axekay
    I feel e wallets made us spend more since there is the transparency and trackability of our spending became less instant, and we may unconsciously tap for payments exceeding our budget. however, I still like the convenience both e wallets and cards offer over card - tap, pay, and get rewarded by the various merchants like $MasterCard(MA)$ and $Visa(V)$
  • Mrzorro
    04-12
    Mrzorro
    I totally agree that e-wallet make us spend more because of the rebate or prizes they offer. Even though I am not  generation Z but nowadays, most of the ppl also use e -wallet because it is not only convenient but also for saving the money (cash rebate or discount). My spending habits depend on how much money I have [LOL] mostly spend on food and payment of loan and fees. I prefer an e-wallet that can track my spending. sometimes, we will use a credit card if it is in need ( spending future money, pay later, or some people even drag until the card is exploded). Anyway it is all about self-control and how you spend your money wisely. Different kinds of paying methods for different people, that is no right or wrong. Spend your money like a monkey ? cause no money, no honey [LOL]
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