Investment and Spending Habits of Generation Z and The Role of Financial Literacy: Implications under NEP 2020

Dhara Jha; Devanshi Dave; Abhishek Parikh

doi:10.5281/zenodo.11229857

Authors

Dhara Jha V.M. Patel Institute of Management, Ganpat University, Gujarat, India
Devanshi Dave Atmiya University, Rajkot, India.
Abhishek Parikh V.M. Patel Institute of Management, Ganpat University, Gujarat, India

DOI:

https://doi.org/10.5281/zenodo.11229857

Keywords:

India, Education

Abstract

Each new generation is born with new challenges that continuously change in every aspect of living. The habits related to investment and spending by Generation Z differ from previous generations. In this work, the authors tried to conceptualize a framework of investment and spending habits of Generation Z and the role of financial literacy for better decisions of personal finance. The world has the highest population of Generation Z, and they are and will be the cohort of the majority working class. The investment and spending habits of this age group of the population have a critical implication on the future of economic activities and businesses at large. On the broader side, India has developed and initiated the implementation of New Education Policy (NEP) 2020, and there is a dire need to include basic financial literacy modules and courses at the high school level. There is a need to make basic financial literacy courses mandatory in all the streams for the greater good of all the stakeholders