PRESS RELEASE: 3 WAYS GEN Z AND MILLENNIALS ARE REWRITING THE WEALTH PLAYBOOK
Kuala Lumpur, 11 November 2025 — Generation Z and Millennials are rewriting the wealth playbook in Malaysia in three ways, according to Juwai IQI Co-Founder and Group CEO Kashif Ansari, and the members of a panel on the topic during the recent Juwai IQI International Summit 2025, which brought delegates from more than 20 countries to Kuala Lumpur.
“Members of Gen Z are aged 13 to 27, and Millennials are 28 to 43,” said Mr Ansari. “Together they account for more than half of all Malaysians. So, the way that these two generations approach wealth is already profoundly changing society.
Table 1: Gen Z and Millennials are the largest Malaysian generations
| Generation | Share of Population | Number of Individuals | Age |
| Generation Z | 26.2% | 8,947,500 | 15-29 |
| Millennials | 24.6% | 8,399,400 | 30-44 |
| Generation X | 15.7% | 5,369,700 | 45-59 |
| Boomers | 10.9% | 3,729,100 | 60-79 |
| Builders | 1.1% | 383,500 | 80 |
Source: Juwai IQI, data.gov.my
“At our panel discussion, we identified three significant ways Gen Z and Millennials are already rewriting the wealth playbook laid down by their elders.
“First, they are saving more of their income and starting to save earlier in their lives, compared to previous generations. They have different ideas about what being wealthy should look like. And third, in these younger generations, women feel more empowered to save, invest, and establish financial security for themselves than in the past.”
The Young Generations Save More and Start Earlier
Mr Ansari explained, “Even though the Boomer generation will still spend more in total, analysts expect per capita spending by Gen Z will grow twice as fast as any previous generation, at 4% per year for the next decade.
“Yet, these two generations have money worries, just like everyone else. Nearly half, 48% of Generation Z and 46% of Millennials, don’t feel financially secure, according to a recent global survey that included Malaysia. They worry about the cost of living more than crime, unemployment, politics, and mental health.
“Despite these worries, 50% of the two generations already feel themselves to be financially secure.
Jia Yin, a XX-year old top-performing agent on the IQI Elite Team, gives a Gen Z perspective. “Many of us have seen how unpredictable the economy can be, so we try to plan ahead and make smarter financial decisions,” she said.
“Compared to older generations, we’re also more open to exploring new opportunities, whether it’s investing in property, starting a side business, or learning about digital finance.”
Another member of Gen Z and a former AirAsia pilot, Jayden Ng, said, “Younger people are more likely to be risk takers because their basic needs are mostly provided by their parents. They have more room to take risks and invest more.”
‘Ng himself left behind his pilot’s career and is now IQI’s Youngest Head of Team. He leads the MEGA TEAM of 2,000 agents and negotiators. “In the worst case scenario, they could go back to their parents’ homes.”
By contrast, Ng says, “Millennials are more conservative and save more because they have less backup.”
But another Gen Z member, Emily Goh, warned about overestimating the risk appetite of the younger generations. Goh herself graduated from university with an accounting degree in 2021, yet is already a top 10 performer at IQI and leader of her own team. Still, she knows that many in her generation is ready to follow her path.
“Not everyone is ready to take big risks,” Goh said. ”Some still feel unsure about money or are just trying to get by. It depends on each person’s situation.”
New Ideas About What Being Wealthy Means
“Gen Zs and millennials are ambitious, but achieving wealth and success for them is not necessarily about buying a bigger home or an expensive car. Our panelists said their generation defines success as being financially secure, having a meaningful life and career, and ensuring their own physical and emotional well-being.”
Emily Goh agreed. “For our generation, being ‘rich’ can mean having time for yourself, being able to travel, or doing work you enjoy,” she said.
“We are more open-minded about money and life. We care about balance, freedom, and doing something meaningful, not just having big houses or luxury items like older generations often wanted.”
Former pilot Ing said that for him, one benefit of wealth was being able to help others.
“You can provide for yourself but also provide for others as well,” Ing said. “I can drive a nice car and have a nice home, but I can also teach skills to those around me. Money is to settle my basic needs. If I have extra, I will use it to invest in younger people so they can get ahead, too.”
For Jia Yin, “Wealth isn’t just about having luxury items or a big bank balance. It’s about time freedom, flexibility, and meaningful work. Many of us value experiences, travel, and the ability to work on our own terms more than just material success.”
Young Women Feel Empowered
In contrast to some of the older generations, Gen Z and Millennial women are comfortable saving and making their own investment decisions.
Goh said, “I know a friend who started saving and investing in her early 20s because she wants to retire early and have a simple life. Another friend left a high-paying job to start her own small business. She’s earning less now, but she’s happier and feels more in control of her time.
“It’s less about showing off wealth and more about living life on our own terms.”
Jia YIn agreed. “In older generations, financial planning was often left to men, but many women I know are building their own investment portfolios, buying property, or even leading businesses. In my own circle, I’ve seen female friends purchase their first homes or start side hustles before turning 30. That used to be rare before.
Yin said, “One example that stands out is a friend of mine who left a stable corporate job to become a full-time property investor and content creator. She started small she’s now managing her own portfolio and inspiring others to do the same.”
Jayden Ng sees similar traits in his partner, who is 25.
“She already has a couple of houses,” he said. “I always tell her not to rely on a man. Women nowadays must have an independent mindset to save and earn their own fortune. She invested in property because the tenant does much of the investing for you.”
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