Chart of the day: Almost 2 in 5 Gen Z S’poreans have a digital bank account

Older Singaporeans are less likely to have a digital bank account.

This chart from Finder shows that Gen Z Singaporeans are the most likely to have a digital bank account, with 39% saying they have an active service.

The chart also shows that the older one is, the less likely it is to engage in digital banking, with only two in 10 middle-aged Singaporeans (45 to 54 years old) having a digital bank account. This means that most Singaporeans still prefer to bank traditionally.

However, the total of respondents that have a digital bank account totalled 21%, an increase of three percentage points from last year. An additional 9% plan to open one in the next year, bringing the percentage of Singaporeans with a digital bank account to 30%. That figure is expected to jump even higher to 35% by the end of 2027.

READ MORE: Grab and Singtel consortium bags Malaysia digital banking licence

Meanwhile, most senior citizens don’t have a digital bank account with only 7% saying that they do.

Singapore ranks fourth in the top countries with adults that have a digital-only bank account.

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