What does a Malaysian’s investment portfolio look like in 2025? The answer varies significantly by age and gender. Our recent RMFLS data reveals interesting differences in the way Gen Z, Millennials, and Gen X are building wealth, and clear divides in investment behaviour between men and women.

What’s In A Malaysian’s Investment Portfolio?

Before we break down how different generations and genders invest, we’ll take a look at what Malaysians are holding. The national picture shows five clear favourites, each serving a distinct purpose in building wealth.

1. ASNB funds (64%)

RinggitsPlus’ survey found that ASNB remains the foundation of most Malaysian investment portfolios. The appeal is straightforward: government backing, accessible entry points, and consistent returns without requiring deep financial expertise. For many Malaysians, ASNB is their first step into investing, and often remains their largest holding.

2. Unit trusts (42%)

Unit trusts offer diversification without needing to research individual stocks or bonds. You’re pooling money with other investors and letting professional fund managers make the decisions. For Malaysians who want exposure to markets but don’t have the time or confidence to pick investments themselves, unit trusts are a practical choice.

3. Precious metals (38%)

Gold and silver appeal as tangible assets that hedge against currency fluctuations and economic uncertainty. In a year marked by financial pressure across multiple fronts, it’s not surprising that more than a third of investors hold some form of precious metal in their portfolios.

4. Local stocks (24%)

Direct equity investing requires more research and carries more risk, but offers the potential for higher returns. About a quarter of Malaysian investors are comfortable picking individual companies listed on Bursa Malaysia, suggesting a growing appetite for active portfolio management.

5. Cryptocurrency (22%)

Cryptocurrency rounds out the top five, a notable shift from just a few years ago when digital assets were still considered fringe investments. The high-risk, high-reward nature of crypto appeals particularly to younger investors comfortable with volatility and digital platforms.

Three Generations, Three Strategies

Where things get interesting is when we break down investment choices by generation. Each age group approaches wealth-building with clear priorities and risk appetites.

Gen Z: Digital natives building with new tools

Gen Z investors lean heavily on the traditional foundation of ASNB (69%) and precious metals (40%), but they’re also leading the adoption of newer investment technologies. They have the highest uptake of cryptocurrency (23%) and use of robo-advisors (20%) among all generations.

Gen Z’s comfort with digital tools shows in their investment choices. Growing up with smartphones and app-based services means using a robo-advisor feels as natural as using Grab to get around.

Millennials: Diversification in peak earning years

Millennials (ages 29-44) build more diversified portfolios, combining ASNB (66%) and unit trusts (42%) with meaningful exposure to local stocks (27%) and cryptocurrency (23%). They’re adding direct equity positions to their traditional base, balancing growth potential with stability.

Many Millennials are now in their peak earning years, with more capital to deploy and a longer investment horizon than older generations. That combination allows for a broader mix of asset classes without taking excessive risk.

Gen X: Traditional mix with real estate focus

Gen X (ages 45-60) sticks to a more traditional portfolio structure and is the only generation with real estate (21%) in their top five investments. Their holdings centre on ASNB (57%), unit trusts (50%), and precious metals (35%), with local stocks (26%) rounding out the mix.

The real estate preference fits Gen X’s life stage. They’re focused on wealth preservation rather than aggressive growth. Real estate offers tangible assets, rental income potential, and legacy value that can be passed to children. The overall mix prioritises stability, which suits investors closer to retirement.

The Gender Investment Gap

When we examine investment behaviour by gender, men and women are investing in very  different ways, with marked differences in risk appetite and product selection.

Men are about three times more likely to hold cryptocurrency (30% vs 10%), about twice as likely to hold equities (31% vs 15%), and twice as likely to use robo-advisors (20% vs 10%). Women show stronger preference for ASNB (66%), though both genders hold precious metals at similar rates.

Why does this gap exist? The reasons are complex and likely include differences in financial socialisation, risk tolerance, access to investment information, and confidence in navigating financial markets. Research shows that women tend to be more risk-averse in investing, while men are more likely to engage in active trading and speculative positions.

The key isn’t that one approach is inherently better, but that investors of any gender should make informed choices based on their goals, timeline, and genuine risk tolerance rather than following patterns driven by social expectations or incomplete information.

The 50% Who Haven’t Started

While half of Malaysian adults have begun investing, the other half haven’t taken that step yet.

Our survey reveals that 30% of non-investors say they’d like to learn more, while 20% don’t think they’re ready.

Investing requires capital and understanding, and many Malaysians report feeling overwhelmed by the options, terminology, and complexity of financial markets. When middle-income earners are facing the savings squeeze we explored earlier in this series, it’s no surprise that taking the step into active investing feels daunting.

The encouraging news is that these are solvable problems. Financial education initiatives, accessible entry points like ASNB and robo-advisors, and clearer guidance on building starter portfolios can all help bridge the gap between wanting to invest and actually doing it.

What These Trends Tell Us

There’s no single “correct” portfolio. Gen Z’s embrace of crypto, Gen X’s focus on real estate, and the gender differences in equity holdings all represent valid approaches depending on your circumstances, goals, and risk tolerance.

What matters is making informed choices. Understand what you own and why, and build a mix that aligns with your financial timeline and risk appetite .

Want To See Where You Stand? 

Use our Money Meter to compare your investment approach against other Malaysians based on our RMFLS 2025 data. You’ll get a clear picture of how your portfolio stacks up and where you might want to make adjustments.

For deeper insights on building a diversified portfolio, managing risk, and getting started with investing, download the complete 2025 survey report for detailed findings and analysis.

Follow the RinggitPlus blog as we continue unpacking these results with practical advice, expert insights, and real solutions for everyday Malaysians.

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• TAGS:
• Investment
• RMFLS
• RMFLS 2025