Comparative Analysis of Investment Behaviour: Exploring Investment Patterns and Decision-Making between Generation X, Generation Y, and Generation Z


  • Rohit Mammen Thomas Scholar, Department of Commerce, Christ University, India
  • Sujith Nair Scholar, Department of Commerce, Christ University, India
  • Mukalel Johns Benny Scholar, Department of Commerce, Christ University, India
  • Dr. Shaeril Michael Almeida Associate Professor, Department of Commerce, Christ University, India



financial proficiency, investment behaviour, investment decisions in gen x, investment decisions in gen y, investment decisions in gen z


This research paper compares investment behaviours among Generations X, Y, and Z in Bengaluru, India, focusing on investment choices, amounts, and periods and utilising mixed methods. The study examines investment behaviour as a function of risk tolerance, financial literacy, investment choices, technological dependency, and retirement planning. A total of 301 participants from various backgrounds participated in the study, with data analysed using ANOVA tests and post hoc LSD tests to identify significant differences between generational cohorts. SPSS and MS Excel were employed for statistical analysis.

The findings of this study are significant, revealing that while there were no statistically important variations in financial proficiency among the generations, Generation Z displayed the highest average scores. This underscores the importance of ongoing financial education initiatives targeted at younger individuals. Additionally, Generation Z exhibited the highest risk tolerance, followed by Generation Y and Generation X, indicating a propensity for riskier investment options among younger generations. Despite rapid technological advancements, there were no notable differences in technology dependency across generations, suggesting a consistent impact of technology on investment behaviour across age groups.

Significant differences were observed in retirement investment propensity, with Generation Y showing a higher inclination towards retirement investment than Generation X. However, no notable difference was seen between Generation Z and either Generation X or Y, emphasising the importance of long-term financial planning, particularly among younger generations. Furthermore, the study highlights a correlation between financial proficiency and risk appetite, with higher literacy levels associated with increased risk-taking behaviour.

Analysis of investment preferences reveals that Generation Z prefers Mutual Funds/Equity, Generation X favours Real Estate and Fixed Deposits, and Generation Y leans toward Gold. These preferences reflect the perceived stability, inflation-hedging properties, and cultural significance of the chosen investment avenues. 


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How to Cite

Rohit Mammen Thomas, Sujith Nair, Mukalel Johns Benny, & Dr. Shaeril Michael Almeida. (2024). Comparative Analysis of Investment Behaviour: Exploring Investment Patterns and Decision-Making between Generation X, Generation Y, and Generation Z. Management Journal for Advanced Research, 4(2), 21–35.