Gen Zs want financial independence, but at what cost?

Her Terms Only is Her World’s no-filter column that dives straight into the minds (and mouths) of women — and occasionally men — across generations to share unfiltered takes on the topics we’re often told not to talk about. From unpacking internalised sexism to confronting cultural taboos, this crowd-sourced series doesn’t tiptoe around the truth. It calls it out, flips the script, and challenges patriarchal norms and outdated gender roles in a uniquely Singaporean fashion.

“I moved out at 23 because the living situation at home wasn’t healthy for me anymore”, shares 24-year-old Maya, who has been paying for her rent for over a year now. 

At 23, Maya made a decision that many Singaporeans, especially the older generations, would call financially irresponsible. 

Having one-third of your salary go to rent isn’t an unusual occurrence for many Gen Zs who are finding their footing and living independently in today’s society. Just like Maya, these are the very interactions I have recently found myself in with my friends in their twenties. 

Truth is, money has quietly become one of the defining conversations of young adulthood.

On one hand, someone is comparing investment platforms over dinner. On the other hand, a friend has picked up gig work outside their full-time job. Then there are the friends who seem to be hopping on a plane every other month, not for lavish, once-in-a-lifetime holidays, but for quick weekend getaways to hotspot travel destinations such as Bangkok or Ho Chi Minh City.

But after speaking to fellow Gen Zs, I realised these conversations aren’t necessarily driven by a desire to become rich. They all seemed to circle back to the same idea: financial independence has become synonymous with freedom.

It’s the freedom to leave a job that no longer serves you. To pursue a career that aligns with your passions rather than chasing the highest salary. To move out of the home you grew up in when it no longer feels safe. To support your parents while still building a life of your own. In many ways, money has become less about status and more about having choices. 

So what does that look like for a generation navigating one of the toughest entry-level job markets while constantly being reminded they aren’t hungry enough?

Gen Z's pursuit of financial independence: Freedom, choices, and redefined success

Nadine, 25, believes our generation’s pursuit of financial independence stems partly from the privileges we have: Many of us grew up with parents who were able to provide for almost everything, from our education and housing to food and daily expenses. Because of that, we’re in a privileged position where we have more freedom to choose how we want to live our lives.

Unlike previous generations, many Gen Zs are delaying marriage and parenthood. As Nadine puts it, “A lot of us aren’t rushing to settle down, so we want to make the most of our youth by travelling, trying new experiences, and building our careers while we have fewer responsibilities. It simply feels like the best time to do these things.”

Nadine also reflected on how her mother had to sacrifice the dreams she once held growing up, as she was constantly worried about finances while raising a family.

Likewise, Raziq, 26, believes his view towards money has changed too: “I see financial independence less as becoming wealthy and more as having control over my life”.

26-year-old Zhi Qi shared that earning her own income brings her a sense of fulfilment and joy, particularly when she is able to spend her own money on her loved ones. This motivates her to continue hustling and earning more so she can bring happiness to those she cares about. “Money feels better when it’s your own hard-earned. You will tend to appreciate it more when it comes from your own pocket”, she remarks. 

Aysha, 26, grew up watching her mother have limited autonomy over financial decisions, which shaped her understanding of what independence truly means. Witnessing a pivotal shift in traditional gender roles, she is motivated to build a future where she has the freedom to make decisions for herself.

Why Gen Zs are planning earlier and spending differently

This shift isn’t happening in isolation. Gen Z is entering adulthood amid rising living costs, expensive housing, economic uncertainty and a job market that’s constantly evolving. As such, conversations about inflation, BTO prices and retirement planning inevitably have become part of everyday life much earlier than they did for previous generations.

Perhaps that’s why investing has become such a hot topic amongst Gen Zs. Friends compare ETFs over matcha, discuss robo-advisors in group chats and swap budgeting tips on social media. Financial literacy is no longer something we expect to learn in our thirties. It’s increasingly becoming part of our twenties.

Yet, at the same time, Gen Z is also making financial decisions that the older generations often consider “reckless” or “carefree”. 

Perhaps the “little treat culture” that we’re seeing more of isn’t simply about instant gratification. Perhaps it’s a generation trying to strike a balance between preparing for tomorrow without forgetting to enjoy and breathe a little today.

Growing up through a global pandemic, economic uncertainty and widespread layoffs has shown many of us that life may not always unfold exactly as planned. Essentially, saving for the future and planning remain important, but so does recognising that the future isn’t promised. 

Renting despite high housing costs. Spending on therapy. Booking several short holidays a year instead of saving for one grand vacation. Treating ourselves to small luxuries like shopping after a difficult week or picking up a new hobby. 

On paper, these choices can seem financially irresponsible. But perhaps they only appear that way because we’re measuring them against a different definition of success. 

How are Gen Zs redefining success?

Maya admits that saving has become more challenging as she often lives paycheck to paycheck after paying off her rent. Nonetheless, she also describes the incomparably deep sense of pride in being able to support herself, not relying on her parents financially, and creating a space that feels entirely her own and that she can thrive in.

Nicholas, 24, expresses the same sentiment as he recognises the change in priorities amongst Gen Zs with personal endeavours over collective goals:

That said, upholding filial piety in Asian households and in our ageing population remains and is something many Singaporean Gen Zs continue to pride themselves on. 

That perspective resonated with me, as I have since taken on freelance jobs to pursue my passion for dance, allowing me to take open classes and participate in a recital while studying. With more Gen Zs creating multiple streams of income, jobs that were once considered unconventional or unheard of by older generations have become increasingly common, from content creation and gig work to dropshipping.

“Based on my experience as HR, I hear many interviewees mention dropshipping as well when asked about what they want to do in the future”, shares 20-year-old Pari, who has had firsthand encounter on the influence that young content creators are having on the entrepreneurial drive amongst Gen Zs. 

Social media has changed how we think about money

It’s impossible to talk about Gen Z and money without acknowledging social media.

Platforms like TikTok and Instagram have democratised financial education. Budgeting, investing and streams of passive income are no longer niche topics reserved for finance professionals.

Consequently, it’s easy to feel like you’re falling behind. While social media has inspired many Gen Zs to become more financially conscious, it’s also fuelled unrealistic expectations about what success should look like in our twenties. Every scroll introduces another entrepreneur or content creator who has retired before 30, another luxury apartment tour or another travel vlog documenting a life that seems effortlessly abundant.

Perhaps that’s why financial independence feels so urgent today. It’s no longer just about meeting our own expectations, but resisting everyone else’s.

Your twenties aren’t about getting everything right

If there’s one thing these conversations reminded me, it’s that financial planning and financial perfection aren’t the same thing.

Building healthy financial habits in your twenties matters. Learning how to budget, investing where possible, setting aside emergency savings and understanding your spending habits can shape milestones later in life.

But that doesn’t mean you need to have everything figured out by 25.

Some people are investing. Others are paying off student loans, supporting their parents or simply trying to make it to the next payday. And some are renting because independence is worth the cost. 

And perhaps that’s the biggest shift of all.

Financial independence is no longer simply about reaching a number in your bank account. It’s about having enough agency to choose your own path and believing that, whatever that path looks like, it should be yours to define.