Comparative Analysis of Digital Finance Awareness and Usage by Gen Y and Gen Z

Abstract

xx newlineABSTRACT newlineThe advent of digital finance has revolutionised the financial landscape, offering convenience, accessibility, and efficiency in managing financial transactions. Digital finance encompasses a broad range of financial services delivered through digital channels, including online banking, mobile payments, digital wallets, and cryptocurrencies. These innovations have not only transformed traditional banking and financial services but have also significantly impacted consumer behaviour and financial management practices. newlineThis thesis focused on the comparative analysis of digital finance awareness and usage between two distinct generational cohorts: Generation Y (Gen-Y) and Generation Z (Gen-Z). Gen-Y, commonly known as Millennials, includes individuals born between 1981 and 1995, while Gen-Z consists of those born from 1996 onwards. These generations have grown up in markedly different technological environments, which influences their attitudes towards and adoption of digital financial services. newlineUnderstanding the nuances of digital finance awareness and usage between Gen-Y and Gen-Z is critical for several reasons. Firstly, these generations represent a significant portion of the global population and are major drivers of economic activity. Their financial behaviours and preferences can shape the future of financial services. Secondly, as digital finance continues to evolve, it is essential for financial institutions to tailor their products and services to meet the specific needs and expectations of these groups. Finally, studying the perceived risks and perceptions towards digital finance among these cohorts can provide valuable insights into the barriers to adoption and areas requiring educational interventions. newlinexxi newlineThis research aimed to explore the awareness level of digital finance in Gen-Y and Gen-Z, the factors affecting the usage patterns of digital financial services, investigated the perceived risk factors associated with digital finance among Gen-Y and Gen-Z and analysed the overall perceptio