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VOL. 10, ISSUE 4 (2025)
Investment behaviour of Generation Z and Millennials: A systematic review of recent evidence
Authors
Reshma S, Bharathe P
Abstract
This review paper compiles and evaluates
contemporary empirical and conceptual studies (2020–2025) on the financial
behaviour of Generation Z and Millennials, with a focus on investment choices,
financial literacy, risk appetite, and digital influences. Ten studies from
India, Nepal, and other emerging economies were systematically analysed.
Evidence suggests that Gen Z increasingly gravitates toward high-risk,
technology-enabled investments such as cryptocurrencies, digital assets, and
mobile trading platforms, while Millennials continue to favour relatively
stable options like mutual funds, fixed deposits, and real estate. Digital
financial ecosystems, social media, and online content creators have emerged as
major forces shaping investment patterns among young adults. Nonetheless,
challenges such as low financial literacy, impulsive consumption, and heavy
dependence on digital content remain prevalent, especially among Gen Z.
Existing work is dominated by cross-sectional, urban-based samples, leaving
important gaps in rural youth behaviour, gender-specific financial outcomes,
behavioural evolution across time, and the real effectiveness of digital
financial literacy initiatives. This review synthesizes key findings,
identifies structural gaps, and outlines future research pathways in
understanding youth financial behaviour within emerging markets.
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Pages:102-104
How to cite this article:
Reshma S, Bharathe P "Investment behaviour of Generation Z and Millennials: A systematic review of recent evidence". International Journal of Advanced Research and Development, Vol 10, Issue 4, 2025, Pages 102-104
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