KUALA LUMPUR, Malaysia — 20 October 2026 — Retirement may be decades away for Gen Z, but half are already putting money aside for it beyond EPF, according to a new survey from Versa, Malaysia’s digital wealth and savings platform. The findings come as close to four in ten EPF members are on track for the fund’s basic retirement savings target, a share the government aims to raise to six in ten by 2030.
AT A GLANCE
- 77% of Gen Z respondents save at least 10% of their income.
- 51% already save extra for retirement beyond EPF, and another 24% plan to start soon.
- 36% of students already save extra for retirement beyond statutory EPF.
- 53% of those saving or planning to save for retirement top up their EPF voluntarily.
- 61% say the fear of cash losing its value would make them take retirement planning seriously.
Disciplined Savers with Clear Targets
The survey shows that young Malaysians are building structured financial habits early. Over three-quarters (77%) of the respondents save at least a tenth of their monthly earnings and 70% allocate a fixed amount every month toward their primary objective.
While wealth accumulation through investments (39%) and emergency funds (30%) lead their day-to-day priorities—far outpacing short-term goals like travel (9%) or lifestyle milestones—long-term security is quietly gaining ground.
Planning for Retirement in Their Twenties
Retirement ranks as the immediate priority for only 3% of respondents, yet 91% report having already factored it into their financial planning. More than half (51%) are already putting extra funds away specifically for retirement, with an additional 24% planning to start shortly.
While this habit is strongest among higher earners (73% of those making above RM5,000 monthly), it is not exclusive to them: 43% of respondents earning under RM3,000 monthly and more than a third of students (36%) are actively putting aside retirement buffers.
When choosing vehicles for extra retirement savings, young Malaysians lean toward familiarity and accessibility. Voluntary EPF contributions lead at 53%, while roughly half leverage longer-term market vehicles such as equities, gold or property, followed by cash management and digital wealth platforms, ASB/Tabung Haji and Private Retirement Schemes (PRS).
Inflation and Family Realities Drive Early Action
The urgency is fueled by economic pressure and lived experience. Fear of inflation eroding purchasing power is the primary trigger (61%), followed by the realization that statutory savings alone will not support a comfortable lifestyle (47%). Roughly two in five respondents also point to watching older family members struggle financially as a core wake-up call.
“Gen Z is often stereotyped as focused only on short-term spending, but our data shows a generation thinking pragmatically about their future,” said Teoh Wei Xiang, CEO and Co-Founder of Versa. “They have seen older relatives face financial fragility, and they can feel the real-time impact of inflation on cash. They understand that when it comes to retirement, starting in your twenties with small, consistent habits gives compounding more time to work.”
Methodology
Findings are drawn from Versa’s “Spill the Tea on Your Financial Habits” survey, which polled 1,964 users in Malaysia via the Versa app between 8 and 19 October 2026. This release covers the 1,923 respondents aged 18 to 29 (born 1997 to 2008, with age confirmed from date of birth on file). They include experienced employees (41%), fresh graduates and entry-level employees (28%), students (22%), freelancers, gig workers and content creators (5%) and people looking for work (4%). Respondents were asked whether they had actively started saving for retirement beyond mandatory EPF contributions. The 1,441 who are saving or plan to start were asked how they do it, and all respondents were asked what would make them take retirement planning seriously; both questions allowed multiple answers, so those percentages do not sum to 100%. Income is self-reported net monthly income: under RM3,000 (n=995), RM3,001 to RM5,000 (n=625) and above RM5,000 (n=303). Students: n=421. Respondents are Versa app users and may not be representative of all Malaysians. Figures are self-reported and percentages are rounded. EPF figures come from public statements by the Prime Minister and the Ministry of Finance. The survey and EPF figures cover different groups and measures, and are not directly comparable.
About Versa
Versa is a homegrown fintech company regulated by the Securities Commission Malaysia. Launched in 2021, it has surpassed 400,000 users and RM2.5 billion in transactions, offering investment tools via a single app in partnership with AHAM Asset Management Berhad. In August 2025, Versa made Forbes Asia’s fifth annual “100 to Watch” list, a ranking that highlights the most promising small companies and startups in the Asia-Pacific. Learn more at [https://versa.com.my/].
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| Media Contact: Adelle Chong Branding & Marketing Senior Executive [email protected] www.versa.com.my | Media Contact: Loo Liru Marketing Manager [email protected] www.versa.com.my |