Millennials and generation Z employees’ financial knowledge and behaviour nexus perspective for public entities within eThekwini Municipality, South Africa

Financial knowledge and behaviour in millennials and Gen Z's turbulent and volatile environment are fundamental behavioural traits for a desirable work-life balance. They could contribute to work motivation and a comfortable social life. However, the financial knowledge, financial literacy and financial behaviour viewed from an organizational context are still far from homogeneity and linearity as Gen Y and Z have to navigate through challenging settings while thriving to enjoy financial and investment-balanced decision-making and problem-solving albeit limited disposable income against a plethora of spending pressures. This study explores the synergy between financial knowledge contribution and financial behaviour that culminates in sound investment prioritisation amongst Gen Y and Z professionals in the employment of public entities. The study used the qualitative research approach to unpack the challenges facing Gen Y and Z from fifteen professionals in navigating a prosperous financial future. The findings revealed that the existential restrictive nature of the economic climate and the sluggish economic growth, characterised by the heightened cost of living and inflationary pressure, have not exempted Gen Y and Z, while the broader society is experiencing the worst unemployment. The findings also revealed that even though the participants are in relatively well-remunerating positions from their respective positions, their financial knowledge and commensurate financial literacy could be superseded by actual financial behaviour, which is symptomatic with the current era of rampant price increases on almost every product, assets and purchases which are meant to improve their standard of living and stable quality of life.