Exploring Financial Awareness and Investment Patterns Among Gen Y and Gen Z
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Abstract
Emerging economic shifts have also been propelled by the socio-economic transformation across the world, which has fundamentally transformed the financial behavior of youth, particularly Generation Y and Generation Z. This study explores the financial awareness among Gen Y and Gen Z in India, and provides comparative insights for other transitioning economies like Russia. Using a structured survey method the questionnaire was administered to 600 subjects aged 18–40 living in urban and semi-urban areas, knowledge levels, risk preferences and the impact of digital platforms in guiding investment decisions are explored. These insights unveil a striking financial literacy generational divide, with Gen Z leaning towards more digital, short-term investments and Gen Y adopting cautious, albeit diverse investment strategies. Such behavioural segmentation is however relevant to the policy makers and financial institutions operating in the same socio-economic landscape. The paper further outlines implications for financial inclusion programs in Russia and other developing economies with young, economically liberalizing populations.