A Study Of The Awareness Of The Financial Planning And Implementation Amongst Generation Z

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Niranjan Kulkarni , Mrudula Risbud , Omvir Gautam


Financial planning is a buzzword in today’s world. Authors aim to understand the awareness about the need and implementation of the financial planning amongst the Generation Z (those born between 1997 and 2012) with the help of primary data collected. Authors are interested in understanding the perspective of the Generation Z about earning-saving-spending with respect to the concept of the financial planning. Increased per capita income, improved life span, varying social structure from joint family to nuclear ones and lack of robust social security system; justify the need for a change in the management of personal finance. Regulators and governments are pulling away from guaranteed pensions and employers are pulling away from offering lifetime employment. Hence individuals, now need to take on the responsibility of creating wealth for themselves. This highlights the need and importance of personal financial planning. Authors aim to understand awareness level of financial planning among students who are future savers, aged between 18-25 years (Generation Z) based on testing their exposure to the current Indian financial system as a whole, covering financial institutions, markets, instruments and services.

The primary data is collected from students aged between 18-25 years, through a questionnaire. The data is scientifically to be explored for reflecting the association between the awareness and financial planning through  the ever-evolving financial institutions, markets, instruments and their continuity in the life time of the Generation Z. Authors aim to find the relation between the financial awareness of Generation Z for effective financial planning ensuring wealth creation and maximization.

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