98 per cent of Gen Alpha children in Việt Nam have access to some form of financial account
In Việt Nam, 98 per cent of Gen Alpha children already have access to some form of financial account, while many hold saving accounts (57 per cent), app store accounts with payment methods linked (54 per cent), or mobile or digital wallets (52 per cent).
HCM CITY — Gen Alpha – the digital-first generation born from 2010 onwards – is rewriting the rules of money management before even reaching adulthood. Recent research by Mastercard reveals that 98 per cent of Gen Alpha children in Việt Nam already have access to some form of financial account. Many hold savings accounts (57 per cent), app store accounts linked to payment methods (54 per cent) or mobile and digital wallets (52 per cent).
The study highlights that parents expect their children to grow up in a digital-first financial world where physical wallets may become obsolete and cash may be a thing of the past (73 per cent).
While children gain early exposure to managing money, many Gen Alpha parents admit they are striving to keep up. Seventy-five per cent believe their children are more financially savvy than they were at the same age, and 61 per cent are uncertain their own financial knowledge applies to their children’s generation.
About 59 per cent of parents acknowledge their children know more about new payment methods than they do, and 81 per cent wish there were more tools available to teach children about finances, according to the report.
With the rise of digital wallets, mobile payments and virtual accounts, Vietnamese families are calling for smarter future-ready solutions that will set their children up for success. This allows visionary banks and financial institutions to pave the way by delivering digital tools that not only simplify money management but also support how children learn about finances.
For instance, Gen Alpha parents in Việt Nam show strong interest in features like educational content (73 per cent), parental controls (58 per cent), real-world learning simulations (52 per cent), seamless account transfers (49 per cent) and gamified experiences (29 per cent).
Conducted by The Harris Poll on behalf of Mastercard, the survey explores consumer behaviours, attitudes and preferences across traditional and emerging payment methods.
The survey gathered responses from 19,302 consumers across five global regions, including 9,131 consumers in the Asia Pacific region, which encompasses Australia, China, India, Indonesia, Japan, Malaysia, Singapore, Thailand and Việt Nam. — VNS
