To The Moon

Are Gen Z in Singapore spending more using e-wallets?

Yes, in fact not just for Gen Zs, but millenials as well. It is quite prevalent that e-wallets or the greater fintech offerings is evolution propelling consumer spending, pushing banks, fintech, shopping and travelling platforms to greater heights. 

Hey it's Daniel again. I'm a millenial. Let's debate on this. 

What's the psychology behind this? I don't know, but my best guess based on personal experience is the ease of payment, especially if a E wallet is linked up with your debit or credit card. Your money is nothing more than numbers on a screen, it insensitivises the feeling that money is leaving you. Coupled with stronger data collection and analysis, the average consumer is, now more easier than ever, manipulated into placing a higher important on value offerings in previously unnoticed places. Growing up, watching advertisements is very much part of entertainment itself, somehow a vast majority nowadays thinks that advertisement is a heinous crime and so we pay, and pay (pun intended :)). 

Increased spending is good for the economy and everyone until the mountain of ascending consumer debts come crashing like a avalaunche. The importance of personal finance is becoming ming more important, especially so in another generation or two. 

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