Savings in the digital age: can Internet wealth management services enhance savings behaviour among Chinese Gen Z?

Purpose This study investigates the factors influencing the saving behaviour of Chinese Generation Z (Gen Z) through Internet wealth management (IWM) services. It adopts the unified theory of acceptance and use of technology (UTAUT) as the theoretical framework, focusing on key determinants such as performance expectancy (PE), effort expectancy (EE), social influence (SI) and facilitating conditions (FC). The research also explores the mediating role of the intention to save via IWM and its subsequent influence on actual saving behaviour. Design/methodology/approach The hypotheses were assessed using data collected from 274 Gen Z users in China. The data were analysed using the partial least squares structural equation modelling. Findings The results suggest that the formation of intention among Gen Z to save through IWM services is directly affected by factors such as PE, EE, SI and FC. Intention to save via IWM positively influences actual saving behaviour. Mediation analysis further confirms the mediating role of intention to save via IWM in these relationships. Research limitations/implications The findings have direct implications for financial institutions and policymakers engaged in promoting the practice of saving via IWM services among Gen Z, thereby fostering a culture of proactive financial management and encouraging saving behaviour. Originality/value The study contributes to the existing literature by being among the first to examine Gen Z’s IWM adoption as a personal saving tool through the theoretical lens of the UTAUT.