Financial Anxiety, Financial advice, and E-payment use: Relationship and perceived differences between males & females of Generation Z

Abstract

This study sets out to solve a couple of research problems. First, to explore the correlation between individuals' financial anxiety, financial advice, and EPS (electronic payment system use) initially. Secondly, to explore the perceived differences among males and females, and to answer whether the gender inequality still prevalent amongst generation Z in India. This study applies basic statistics, spearman correlation and Man-Whitney U test on the dataset collected through 205 questionnaires from the northern states in India. The outcomes reveal few significant correlations and also give a positive indication that the gender differences are reducing, especially among the youth belonging to generation Z. Keeping in mind policymaker's viewpoint, it is vital to fully understand financial anxiety, financial advice seeking behaviour and EPS use, for designing better social policies, to empower the upcoming generation with adequate skills and abilities to tackle financial anxiety, avail proper financial advisory services and use EPS appropriately. This paper offers insights for the stronger investigations in future. The originality of the paper lies in the chosen variables, which are not explored thoroughly yet. The present research is an initial investigation concerned with young generations' financial anxiety, financial advice and EPS usage pattern. It contributes to the existing literature and intends to attract the attention of the researchers towards the investigated relationships. However, limitations detected in self-reporting and generalisation of the outcomes in other contexts, but authors believe that they can be overcome with further and extended research. © 2020 Innovare Academics Sciences Pvt. Ltd. All rights reserved.