A comparative study of financial behavior among Gen Z and Millennials

Abstract

This paper is a study about the behavior of Gen Z and Millennials done in Gujarat to study their preferences related to awareness about the financial avenues, their saving habits, and spending. A questionnaire was used in collecting a sample of 250 respondents. The statistical tools used are regression analysis and analysis of variance (ANOVA) using Statistical Package for the Social Sciences (SPSS) software. The research findings are that adults are “moderately” confident in their financial literacy; when it comes to investing and long-term financial planning, they have less confidence. Gen Z has access to online information but lacks financial world experience, while Millennials are better at saving and managing risk. These findings are important for financial institutions to target their customers, for educators to teach the unaware crowd, and for policymakers to promote it as a compulsory subject in schools for a better future generation so as to cultivate financial well-being among young Indian consumers.