Expenditure, Saving and Investment Behaviour of Generation Z And Millennials

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Research reveals financial literacy and fintech significantly influence expenditure and saving patterns in youth.

Financial literacy strongly influences expenditure, saving, and investment behavior, explaining 79.9% of variance.
FinTech and digital platforms also significantly impact financial behavior, though to a lesser extent at 6.3%.
Behavioral biases show an insignificant influence on financial decisions, only explaining 1.1% of the variance.
Promoting financial education may help improve financial decision-making among generation z and millennials.

Paul et al. (2025) studied this question.

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