Investment Intentions and Influential Factors among University Students

This study investigates the investment intentions of university students in Delhi NCR and the factors influencing their decision-making, guided by the Theory of Planned Behavior (TPB). Specifically, the research examines how financial attitude, risk tolerance, and academic background contribute to students' intent to invest, alongside demographic factors such as gender, family income, and family structure. A structured questionnaire was administered to 454 university students, and data were analyzed using one-way ANOVA, chi-square tests, and multiple linear regression. Findings indicate that financial attitude and risk appetite significantly influence investment intention, with financial attitude showing the strongest negative effect. While the course of study did not significantly predict general investment intention, it showed a meaningful association with preference for equity investments. Gender differences were statistically significant, with male students more likely to invest both generally and in equities. In contrast, no significant differences were found for family income or family structure. The regression model explained 40.7% of the variance in investment intention, reinforcing TPB’s attitudinal and control constructs. The study highlights the importance of integrating behavioral finance elements into education and encourages a shift beyond theoretical literacy toward experiential learning. Although variables such as social influence, financial self-efficacy, and digital platform awareness were not included in this study, their relevance is acknowledged for future research. These insights have practical implications for financial education policies under the NEP 2020 and for designing student-targeted financial awareness programs.