5 days ago
Malaysian gen Alpha rewriting rules of financial literacy
According to the survey, parents of Malaysian Gen Alpha anticipated their children will grow up in a digital-first financial world - one where they may never own a physical wallet or carry cash.
10 Aug 2025 05:04pm
Photo for illustration purpose only. - Bernama file photo
KUALA LUMPUR - A total of 97 per cent of generation Alpha (Gen Alpha) children in Malaysia were already having access to a financial account, holding digital wallets, investment accounts and debit cards, a study by Mastercard revealed.
It said in a statement that half of the parents of Gen Alpha (the digital-first generation born 2010 onwards) said their children are more financially savvy than they were at the same age, with 40 per cent saying that their children know more about new payment methods than they do.
"Malaysia's Gen Alpha is growing up in a digital-first environment, where mobile wallets are already the norm -- driving one of the highest digital wallet penetration rates in Southeast Asia at around 40 per cent," it said.
The findings are based on a global research study conducted by The Harris Poll on behalf of Mastercard which surveyed 19,302 consumers across five global regions, including 9,131 consumers in Asia Pacific and 1,010 in Malaysia.
According to the survey, parents of Malaysian Gen Alpha anticipated their children will grow up in a digital-first financial world -- one where they may never own a physical wallet or carry cash.
With the rise of digital wallets, mobile payments and virtual accounts, Malaysian families are calling for smarter, future-ready solutions that will set their children up for success, it said.
Mastercard Malaysia and Brunei country manager Beena Pothen said the findings highlight the remarkable pace at which Malaysia's youngest generation is embracing digital finance.
With 97 per cent of Gen Alpha children already accessing financial accounts and nearly half using digital wallets, it is clear that the children are growing up with a strong digital-first mindset, she said.
"This is a true reflection of Malaysia's impressive momentum in digital transformation. Mastercard is supporting this progress by driving innovation that delivers secure, seamless, and meaningful payment experiences - not just for Gen Alpha children, but for their parents as well.
"These insights will help guide how government and industry can collaborate to empower Gen Alpha families with the tools they need to thrive in a world where digital finance is second nature," she added. - BERNAMA
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