Factors Influencing Investment Intention Among Gen Z: The Antecedent of India

Main Article Content

Dinesh Elango
Simon Nnaemeka Ajah
Janil Shah


This study aims to explore and study the factors which influence the investment intention of an individual belonging to Gen Z to invest in the stock market in India. The study uses the 3 constructs of the Theory of Planned which are attitude toward behavior, subjective norms, and perceived behavioral control. In addition, two more constructs have been added to determine the investment intention which are financial literacy and social factors. This study focuses on investment intention among Gen Z in India and this topic is still not explored much. The study uses a quantitative approach wherein a questionnaire-based survey was done to collect responses from Gen Z individuals or Gen Zers (401 valid responses). A simple and multiple linear regression model has been applied for hypothesis testing using statistical software (SPSS-23). The results of this study show a significant influence of social factors and financial literacy on attitude toward investment. Furthermore, financial literacy also has a strong positive influence on perceived behavioral control. Moreover, attitude toward investment, financial literacy, perceived behavioral control, and subjective norms have a significant positive influence on investment intention. Significantly, financial literacy was found among Gen Z in India. The findings could be useful for ministers and policymakers to make some changes in the education courses so that students can be made more aware of the basics of the stock market. Also, this result is imperative to stockbrokers and publishers by giving them an insight into the opinion of Gen Z regarding investment in the stock market. Moreover, financial service providers can benefit by understanding the needs of Gen Z.

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How to Cite
Elango, D. ., Ajah, S. N. ., & Shah, J. . (2023). Factors Influencing Investment Intention Among Gen Z: The Antecedent of India. Interdisciplinary Research Review, 18(3). Retrieved from https://ph02.tci-thaijo.org/index.php/jtir/article/view/247505
Research Articles
Author Biographies

Simon Nnaemeka Ajah, Martin De Tours School of Management and Economics, Assumption University, Thailand

Lecturer, MSME, Assumption University of Thailand 

Janil Shah, Graduate School of Business, Assumption University, Thailand



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