Factors Influencing the Investment Behavior of Millennial Consumers

This study examined the investment behaviors of millennial consumers familiar with digital financial environments and receptive to non-face-to-face financial services. Focusing on people in their 30s in 2025, the study classified millennials into three groups based on the proportion of active investments relative to the total financial assets: no investment, investment ratio of 30% or less, and investment ratio of more than 30%. Using the 2023 survey data from Korean fund investors, this study examined the differences in financial and socioeconomic characteristics across these groups and analyzed the factors influencing group membership through multinomial logistic regression. Financial literacy, risk tolerance, and asset levels significantly affected the investment behavior. Specifically, individuals with lower financial literacy and risk tolerance were likelier to belong to the no-investment group, while higher total assets, being male, and regular employment increased the likelihood of belonging to the high-investment group. The study suggests the need for tailored financial education programs and policy measures to enhance the investment capabilities of millennials.