‘Pay First, Own Fully’: CoinSwitch Co founder explains how Gen Z is rejecting credit culture

Reflecting on a recent conversation on Nikhil Kamath’s podcast, Ashish Singhal, Co-founder of CoinSwitch, highlighted how today’s young Indians are rewriting the rules of money. “I use UPI for everything. I don’t use credit cards. I don’t even carry cash,” said a Gen Z guest on the podcast. For Singhal, it was a moment of realisation: this generation’s aversion to credit isn’t rooted in fear. It’s rooted in strategy.

Unlike their parents’ warnings against loans — often shaped by caution and insecurity — Gen Z’s financial choices stem from a deliberate shift in mindset. “This is not rebellion, it’s resilience,” Singhal noted.

Backing this with data, Singhal pointed to the ET Snapchat Gen Z Index:

• 49% of Gen Z don’t use any form of credit products
• 82% prefer living completely debt-free
• 77% consciously choose to spend within their means rather than borrow

“They’ve simply seen too much,” Singhal remarked. From parents juggling EMIs to peers caught in spirals of Buy Now, Pay Later (BNPL) schemes, and influencers glorifying debt-free living as a new form of success, today’s youth are choosing peace over points.

Their new money mantras reflect this shift:

• Pay first, own fully
• Don’t swipe what you can’t UPI
• Invest small, sleep well

Some might call it minimalism, others might label it a trauma response to past financial pitfalls. Either way, Singhal believes it’s practical.

“This generation isn’t chasing reward points. They’re chasing peace of mind. And frankly, we don’t give them enough credit — no pun intended,” he concluded.