Last January, the financial services company awarded Southeast Asian schools and educators that successfully made financial literacy ‘fun’ for kids. Using Maybank’s localised and Gen Z-fied animated series, the programme spells a bright financial future for Southeast Asia’s Gen Alpha.
However, a recent report by UK-based insight practice Canvas8, shows that interest is not what prevents SEA Gen Z from being smart about their money—it’s resources. Namely, they lack the resources to learn about money, access their money, and earn money. Much like Maybank’s financial literacy programme, the secret to engaging Gen Z in financial literacy can be found in local pop culture.
During the pandemic, the region started to inch closer and closer to becoming a cashless society. The only thing slowing down the widescale penetration of this financial scheme is the highly unbanked and underbanked population of informal workers, who make up around 80% of the region’s workforce. In recent years, financial startups have been trying to make banking more interactive. Vietnam’s Finful rewards users with money or in-app gifts that provide access to valuable financial resources. Meanwhile, Malaysia’s Raiz and Singapore’s Snack use spare change and micro-premiums to integrate investment in youths’ lifestyles without forcing them to scrimp on little luxuries.
This is why Gen Zers are finding it difficult to pay upfront, making Buy Now Pay Later schemes like Shopee PayLater and Billease such an enticing option for this region of online shoppers. It helps those who are already cutting down on household spending and even small pleasures like dining out. The BNPL mechanism makes expenses a lighter burden…or so they think.
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