Financial Behaviours in Millennials and Generation Z: A Comparative Study

The financial behaviour of younger generations has gained increasing attention from researchers, policymakers, and financial institutions. Millennials (born between 1981–1996) and Generation Z (born between 1997–2012) represent two distinct groups whose economic experiences and digital integration significantly shape their money management practices. This study explores and compares their financial behaviour with respect to spending, saving, investment, impulse buying, brand preferences, online shopping, payment methods, and sustainability consciousness. Primary data was collected using a questionnaire administered to 39 respondents, comprising of 16 Millennials and 23 Gen Z individuals. Findings reveal that Millennials, largely employed full-time, report higher incomes and demonstrate more stable financial practices. On other hand, Gen Z, mostly students, reveals stronger inclination toward impulse purchases, online shopping, and digital payment methods, while also showing more sensitivity to brand names and eco-friendly products. And the study highlights the implications of digital finance, financial literacy, and sustainability on the economic behaviour of both generations. These insights can aid educators, policymakers, and financial institutions in designing targeted programs and tools to enhance financial well-being.