The Future of Finance: Insights from Investment Patterns of Gen Z and Millennials

Abstract

Purpose: In this study, investment behaviour of two generations – Millennials and Gen Z is examined in relation to their attitudes towards financial knowledge and decision-making, the influence of finfluencers, and new and emerging financial technologies.

Methods: Data was collected employing a structured online questionnaire, distributed via digital platforms to residents of the Delhi-NCR region. The final sample comprised a total of 102 active investors across the two generations. Statistical analysis through multiple regression and correlation was performed.

Findings: The results indicate that both generations are digitally aware and exhibit similar investment frequency patterns. For Millennials, demographic factors were found to impact investment frequency. In contrast, Gen Z’s investment behaviour is influenced by their level of financial knowledge and self-directed learning behaviour. Although both cohorts are aware of finfluencers, their influence on actual investment decisions appears limited. Inclination towards adopting newer technologies, such as robo-advisory services, was also found to be relatively low.

Implications: The findings suggest that the two generations should be examined individually, and tailored solutions may be developed to cater to their investment and learning needs. The study contributes to the investment behaviour literature and offers a basis for future research on adaptive strategies by financial institutions, fintech entities and regulatory bodies.

Originality: The study undertakes a comparative examination of demographic, knowledge-based, technological, and social influence factors shaping investment behaviour among Millennials and Gen Z in the Indian context.

  • Page Number : 80-97

  • Published Date : 2026-09-12

  • Keywords
    Investment, Technology, Innovation, Finfluencers, Financial education

  • DOI Number
    10.15415/jtmge/2026.171008

  • Authors
    Mandakini Das, Payal Jain, Giya Singh, Diya Saini, and Esha Khattar

References