Determinants of Digital Financial Services Adoption among the Generation Z

Abstract: The adoption of Digital Financial Services (DFS) among Generation Z has emerged as a critical area of research, given the rapid digitisation of financial systems and the demographic's technological productivity. This study investigates the determinants influencing DFS adoption among Generation Z, focusing on awareness and usage. The primary data was collected based on 70 respondents aged 15–30, the research employs statistical analysis to identify key drivers such as ease of use, cost-effectiveness, trust, peer influence, and innovative features. The findings reveal that accessibility, affordability, and intuitive interfaces are pivotal for engagement, while security concerns and limited awareness act as barriers. Moreover, peer recommendations and personalization significantly impact adoption decisions. The study underscores the importance of enhancing digital literacy, addressing security risks, and offering tailored, affordable solutions to encourage wider adoption. These insights can help financial service providers, educators, and policymakers better meet the needs of Generation Z in the digital era.