Determinants of Investment Decision-Making Among Generation Z in the Digital Financial Environment: A Systematic Literature Review

सार

Generation Z is entering the investment landscape at a time when financial services and investment information are increasingly delivered through digital channels. This review examines the range of factors associated with investment decision-making among Gen Z, covering financial, behavioural, technological, social, informational, and socioeconomic dimensions. A systematic review of 39 studies published between 2020 and 2026 was undertaken using studies retrieved from Google Scholar, Semantic Scholar, and Emerald Insight. The literature search focused on combinations of terms relating to Generation Z, financial literacy, investment decisions, digital financial literacy, digital financial information, and FinTech. The reviewed evidence indicates that financial literacy, financial behaviour, risk tolerance, behavioural biases, income, and other socioeconomic characteristics continue to influence investment choices. However, digital financial literacy, FinTech applications, platform design, social media, digital financial information, and technology-enabled investment services are gaining importance in the investment process. The reviewed studies also reveal inconsistent findings regarding financial literacy, technology adoption, herding, social media influence, income, and financial experience. In particular, AI-enabled financial recommendations, digital trust, and the credibility of online financial information remain insufficiently examined. Based on these observations, the review develops an integrated conceptual framework linking established financial and behavioural determinants with emerging digital, social, and informational influences. The review thereby provides a consolidated view of the factors shaping Gen Z investment behaviour and identifies areas requiring further empirical investigation.
Keywords: Generation Z, Investment Decision-Making, Financial Literacy, Digital Financial Literacy, FinTech, Digital Financial Information, Behavioural Factors, Systematic Literature Review.