Generation Z Financial Literacy and Behaviour

The financial landscape has been transformed by rapid advances in digital technologies and financial products, creating both opportunities and challenges for Generation Z (Gen Z), the first true digital natives. Despite their extensive exposure to financial platforms, research shows that many in this cohort possess only moderate financial literacy and often struggle with long-term financial planning. This conceptual paper reviews existing literature on Gen Z's financial literacy and behavioural finance to address three objectives: (1) assess the levels of financial literacy among Gen Z, (2) examine behavioural and psychological factors influencing their financial decision-making, and (3) identify gaps in current research to propose a conceptual framework. The findings underscore that knowledge alone is insufficient without considering behavioural drivers and digital influences that shape financial outcomes. By integrating financial literacy, behavioural finance, and digital contextual factors, this study contributes to a more holistic understanding of Gen Z's financial behaviour. It offers practical insights for designing education initiatives and policy interventions to strengthen youth financial well-being in the digital era.

Generation Z, financial literacy, financial behaviour

1. Abdul Ghafoor, K., & Akhtar, M. (2024). Parents’ Financial Socialization or Socioeconomic Characteristics: Which Has More Influence on Gen-Z’s Financial Wellbeing? Humanities and Social Sciences Communications, 11(1), 1-16. [Google Scholar] [Crossref]

2. Adhikari, R. (2023). Understanding Financial Literacy Evidence from Kolkata’s Gen Z. International Journal of Innovative Science and Research Technology, 9(6), 887-894. [Google Scholar] [Crossref]

3. Akibun, F., Prayitno, H., Z, R., & Otto, N. (2025). Financial Literacy in Gen Z Generation (Case Study at Bina Taruna University Gorontalo). Journal Ekonomi, Manajemen, Akuntansi dan Keuangan, 6(2), 8. [Google Scholar] [Crossref]

4. Altintas, K. M. (2011). The Dynamics Of Financial Literacy Within The Framework Of Personal Finance: An Analysis Among Turkish University Students. African Journal Of Business Management, 5(26), 10483-10491. [Google Scholar] [Crossref]

5. Arksey, H., & O'malley, L. (2005). Scoping Studies: Towards a Methodological Framework. International Journal of Social Research Methodology, 8(1), 19-32. [Google Scholar] [Crossref]

6. Bencsik, A., Juhasz, T., & Horvath-Csikos, G. (2016). Y and Z Generations at Workplaces. Journal of Cryptology, 6, 90-106. [Google Scholar] [Crossref]

7. Catacutan, R., & Moleno, R. (2024). Assessment of Financial Literacy of Public Schools Teachers: Generation X, Y and Z. Asian Journal of Education and Social Studies, 50(5), 332-348. [Google Scholar] [Crossref]

8. CFA Institute Survey 2025. Available at: https://www.cfainstitute.org/about/press-room/2025/graduate-outlook-survey-2025 [Google Scholar] [Crossref]

9. Chen, H., & Volpe, R. P. (1998). An Analysis Of Personal Financial Literacy Among College Students. Financial Services Review, 7(2), 107-128. [Google Scholar] [Crossref]

10. Cude, B. J. (2021). Defining Financial Literacy. The Routledge Handbook Of Financial Literacy, 5-17. [Google Scholar] [Crossref]

11. Fitriani, N. A., Mardani, R. M., & Bastomi, M. (2024). Pengaruh Financial Knowledge, Hedonism Lifestyle Dan Self-Control Terhadap Financial Behavior. E-JRM: Elektronik Journal Riset Manajemen, 13(01), 898-908. [Google Scholar] [Crossref]

12. Garg, N., & Singh, S. (2018). Financial Literacy Among Youth. International Journal Of Social Economics, 45(1), 173-186. [Google Scholar] [Crossref]

13. Hafizha, A. I., & Arifin, Z. (2025). What Drives Generation Z’s Financial Behaviors? The Influence of Financial Literacy, Financial Socialization, and Self-Control. Journal of Enterprise and Development (JED), 7(1), 138-149. [Google Scholar] [Crossref]

14. Hasan, M., Le, T., & Hoque, A. (2021). How Does Financial Literacy Impact on Inclusive Finance?. Financial Innovation, 7(1), 40. [Google Scholar] [Crossref]

15. Hasler, A., & Lusardi, A. (2017). The Gender Gap in Financial Literacy: A Global Perspective. Global Financial Literacy Excellence Center, The George Washington University School Of Business. [Google Scholar] [Crossref]

16. Haupt, M. (2021). Measuring Financial Literacy: The Role Of Knowledge, Skills, and Attitudes. In The Routledge Handbook Of Financial Literacy (Pp. 79-95). Routledge. [Google Scholar] [Crossref]

17. Hayes, A. S., & Ben-Shmuel, A. T. (2024). Under The Finfluence: Financial Influencers, Economic Meaning-Making And The Financialization Of Digital Life. Economy And Society, 53(3), 478-503. [Google Scholar] [Crossref]

18. Huston, S. J. (2010). Measuring Financial Literacy. Journal of Consumer Affairs, 44(2), 296-316. [Google Scholar] [Crossref]

19. Jorgensen, B. L., & Savla, J. (2010). Financial Literacy of Young Adults: The Importance of Parental Socialization. Family Relations, 59(4), 465-478. [Google Scholar] [Crossref]

20. Kalantari, B. (2010). Herbert A. Simon on making decisions: enduring insights and bounded rationality. Journal of management History, 16(4), 509-520. [Google Scholar] [Crossref]

21. Levac, D., Colquhoun, H., & O'brien, K. K. (2010).Scoping Studies: Advancing the Methodology. Implementation Science, 5(1), 69. [Google Scholar] [Crossref]

22. Le Fur, E., & Outreville, J.-F. (2022). Financial Literacy, Education and Risk Aversion: A Survey of French Students. Managerial Finance, 48(9/10), 1530–1543. [Google Scholar] [Crossref]

23. Jayatissa, K. (2023). Generation Z – A New Lifeline: A Systematic Literature Review. Sri Lanka Journal of Social Sciences and Humanities, 3, 179-186. [Google Scholar] [Crossref]

24. Jordan, A., & Nuringsih, K. (2023). Understanding Financial Behavior in Generation Z. International Journal Of Application on Economics and Business, 1(4), 2535-2546. [Google Scholar] [Crossref]

25. Kocoglu, E. (2021). Overview of Concepts Covered Financial Literacy in Education. The Eurasia Proceedings of Educational and Social Sciences, 23, 47-50. [Google Scholar] [Crossref]

26. Kolnhofer-Derecskei, A., Reicher, R., & Szeghegyi, Á. (2017). The X and Y Generations’ Characteristics Comparison. Acta Polytechnica Hungarica, 14(8), 107-125. [Google Scholar] [Crossref]

27. Kulsum, S. J. (2024) Analyzing The Factors that Influence Generation Z in Making Digital Investments in the Era of Digitalization. International Journal of Current Economics and Business Ventures, 4(2), 1-14. [Google Scholar] [Crossref]

28. Lusardi, A. (2019). Financial Literacy and the Need for Financial Education: Evidence and Implications. Swiss Journal Of Economics And Statistics, 155(1), 1–8. [Google Scholar] [Crossref]

29. Lusardi, A., & Mitchell, O. S. (2014). The Economic Importance of Financial Literacy: Theory and Evidence. American Economic Journal: Journal Of Economic Literature, 52(1), 5-44. [Google Scholar] [Crossref]

30. Lyons, A., & Hunt, J. (2003). The Credit Practices and Financial Education Needs of Community College Students. Journal Of Financial Counseling And Planning, 14(1), 63-74. [Google Scholar] [Crossref]

31. Malhotra, N., & Baag, P. (2021). Finance Literacy as a Tool for Microfinancing: A Literature Review. International Journal Of Business & Economics, 6(2), 189-215. [Google Scholar] [Crossref]

32. Maltseva, S., Voronkova, A., Zosimova, M., & Nazarova, E. (2022). Comparative Analysis of Financial Literacy Among Generations in Modern Russian Conditions. Krasnoyarsk Science.. 11(1), 84-98. [Google Scholar] [Crossref]

33. Merliyana, R. D., & Syakinah, F. (2024). Determinants of Generation Z Consumtive Behavior. Journal Wacana Ekonomi, 23(3), 234-243. [Google Scholar] [Crossref]

34. Mittal, M., & Gupta, P. (2025). A comparative study of Financial Literacy level of Generation Z and Millennials. Journal of Informatics Education and Research, 5(1), 1722-1728. [Google Scholar] [Crossref]

35. Nasrudin, E., Sumarna, E., & Surahman, C. (2024). Examining the Characteristics of Generation Z and Their Implications for Students' Character Education. Journal Iman dan Spiritualitas, 4(4), 363-372. [Google Scholar] [Crossref]

36. Nursjanti, F., & Amaliawiati, L. (2024). Demographic and Socio-Economic Determinants Of Financial Literacy: A Literature Review. Gema Wiralodra, 15(3), 879-891. [Google Scholar] [Crossref]

37. Octasylva, A., & Khasanah, R. (2023). Analysis Komparatif Literasi Keuangan Berdasarkan Usia, Jenis Kelamin dan Tingkat Pendidikan. Journal Manajemen & Bisnis Kreatif, 8(2), 31-41. [Google Scholar] [Crossref]

38. OECD. (2020). OECD/INFE 2020 International Survey Of Adult Financial Literacy. Available at: https://www.oecd.org/en/publications/2020/06/oecd-infe-2020-international-survey-of-adult-financial-literacy_bbad9b27.html [Google Scholar] [Crossref]

39. OECD Publishing. Available at: https://www.oecd.org/financial/education/oecd-infe-2020-international-survey-of-adult-financial-literacy.pdf [Google Scholar] [Crossref]

40. Pandya, J. (2023). A Study on Financial Literacy Among Millennials & Gen Z. Darshan - The International Journal of Commerce and Management (DIJCM), 3(11), 78-88. [Google Scholar] [Crossref]

41. Pavkovic, A., Andelinovic, M., & Misevic, D. (2024). Financial Literacy Comparison: Has Generation Z Surpassed Millennials in Money Matters? Revija Za Socijalnu Politiku, 31(2), 181-200. [Google Scholar] [Crossref]

42. Pichler, S., Kohli, C., & Granitz, N. (2021). Ditto for Gen Z: A Framework for Leveraging The Uniqueness of the New Generation. Business Horizons, 64(6), 1-12. [Google Scholar] [Crossref]

43. Plakhotnik, M., Volkova, N., & Shahzad, M. (2024). Investigating Job Characteristics of Generations Y And Z: A Latent Profile Analysis. Global Business and Organizational Excellence.44(3), 1-14. [Google Scholar] [Crossref]

44. Potrich, A. C. G., Matheis, T. K., & Vieira, K. M. (2024). Gender Differences in Financial Literacy Between and Within Generations. Journal of Financial Counseling & Planning, 35(3). [Google Scholar] [Crossref]

45. Prihatma, O., Putra, B., Sambeka, M., & , P. (2024). Promoting Financial Well-Being through Financial Literacy for Gen Z. eCo-Buss., 7(1), 756-767. [Google Scholar] [Crossref]

46. Putra, Y. (2017). Theoritical Review : Teori Perbedaan Generasi. journal Ekonomi dan Bisnis, 9(2), 123-134. [Google Scholar] [Crossref]

47. Remund, D. L. (2010). Financial Literacy Explicated: The Case for a Clearer Definition in An Increasingly Complex Economy. Journal Of Consumer Affairs, 44(2), 276-295. [Google Scholar] [Crossref]

48. Robb, C. A., & Woodyard, A. S. (2011). Financial Knowledge and Best Practice Behavior. Journal of Financial Counseling and Planning, 22(1), 60–70. [Google Scholar] [Crossref]

49. Rodriguez-Correa, P. A., García, S. A., Bermeo-Giraldo, M. C., Valencia-Arias, A., Rojas, E. M., Vigo, E. F. A., & Gallegos, A. (2025). Financial Literacy Among Young College Students: Advancements and Future Directions. F1000Research, 14(113), 1-27. [Google Scholar] [Crossref]

50. Rothman, D. (2016). A Tsunami of Learners Called Generation Z. [Google Scholar] [Crossref]

51. Saputri, V. D., Susena, K. C., & Putri, L. G. (2025). Factors That Influence Financial Behaviour In Generation Z In Bengkulu City. Ekombis Review: journal Ilmiah Ekonomi dan Bisnis, 13(1), 259-272. [Google Scholar] [Crossref]

52. Schenarts, P. (2020). Now Arriving: Surgical Trainees From Generation Z. Journal of Surgical Education, 77(2), 246-253. [Google Scholar] [Crossref]

53. Shtepura, A. (2022). Main Characteristics and Stereotypes of Generation Z: Analysis of Foreign Experience. Comparative Professional Pedagogy, 12(1), 86-92. [Google Scholar] [Crossref]

54. Silaban, S., & Widodo, S. (2025). Financial Literacy of Generation Z in The Workplace: Between Savings, Investment, And Consumerism (A Case Study of PT Andaru Sakra Karsa). Dinasti International Journal of Management Science, 6(4), 1000-1008. [Google Scholar] [Crossref]

55. Singh, I., Nagar, S., & Singh, A. (2025). Exploring Financial Behaviour Among Millennials and Gen Z in India. International Journal For Multidisciplinary Research, 7(2), 1-13. [Google Scholar] [Crossref]

56. Stolper, O. A., & Walter, A. (2017). Financial Literacy, Financial Advice, and Financial Behavior. Journal of Business Economics, 87(5), 581-643. [Google Scholar] [Crossref]

57. Sun Life Asia. (2023). Sun Life Asia Financial Resilience Index 2023. Sun Life Financial. https://www.sunlife.com/en/newsroom/ [Google Scholar] [Crossref]

58. Sun Life - Financial Resilience Report 2025. Available at: https://www.sunlife.com/content/dam/sunlife/regional/global-marketing/documents/com/financial-resilience-report-2025.pdf [Google Scholar] [Crossref]

59. Susanto, K. P., Mandagie, W. C., Endri, E., & Wiwaha, A. (2025). Financial Literacy, Technological Progress, Financial Attitudes and Investment Decisions of Gen Z Indonesian Investors. Investment Management & Financial Innovations, 22(1), 25-34. [Google Scholar] [Crossref]

60. TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) Report 2025. Available at: https://www.tiaa.org/content/dam/tiaa/institute/pdf/insights-report/2025-05/financial-literacy-and-retirement-fluency-in-america-p-fin-ir.pdf [Google Scholar] [Crossref]

61. Thaler, R. H. (1999). Mental accounting matters. Journal of Behavioral decision making, 12(3), 183-206. [Google Scholar] [Crossref]

62. Viana, E., Febrianti, F., & Dewi, F. (2022). Literasi Keuangan, Inklusi Keuangan dan Minat Investasi Generasi Z di Jabodetabek. journal Manajemen dan Organisasi, 12(3), 252-264. [Google Scholar] [Crossref]

63. Vieira, E. S. (2012). What Do We Know About Financial Literacy? A Literature Review. Marmara Universitesi Avrupa Arastirmalari Enstitusu Avrupa Arastirmalari Dergisi, 20(2), 23-38. [Google Scholar] [Crossref]

64. Wajdi, M., Susanto, B., Sutiarso, M., & Hadi, W. (2024). Profile Of Generation Z Characteristics: Implications for Contemporary Educational Approaches. Kajian Pendidikan, Seni, Budaya, Social Dan Lingkungan, 1(1), 33-44. [Google Scholar] [Crossref]

65. Warmath, D., & Zimmerman, D. (2019). Financial Literacy As More Than Knowledge: The Development of a Formative Scale Through The Lens Of Bloom's Domains Of Knowledge. Journal Of Consumer Affairs, 53(4), 1602-1629. [Google Scholar] [Crossref]

66. Yusup, A. K., & Hongdiyanto, C. (2023). Unlocking Financial Literacy in Generation Z: Are Sociodemographic Factors the Key?, 6(2), 193-200. [Google Scholar] [Crossref]

67. Zaimovic, A., Torlakovic, A., Arnaut-Berilo, A., Zaimovic, T., Dedovic, L., & Meskovic, M. N. (2023). Mapping Financial Literacy: A Systematic Literature Review of Determinants and Recent Trends. Sustainability, 15(12), 9358. [Google Scholar] [Crossref]

• The Role of Value and Growth Stocks in Portfolio Returns: Insights From the Nigerian Stock Market
• The Impact of Environmental, Social, Governance (ESG) and Profitability on Firm Value Moderated by Firm Size
• Assessment of the Impact of Environmental Operating Costs on Return on Assets: Evidence from Listed Breweries in Nigeria
• Mobile Money and Digital Financial Services Ecosystem in Adamawa State
• A Quantitative Approach of Professional Skepticism and Fraud Detection among Malaysian Internal Auditors