Factors influencing the choice of savings and investment instruments by generation Z: The experimental study using neuroequipment

A. Kashirina
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A. Kashirina: Lomonosov Moscow State University, Moscow, Russia

Journal of the New Economic Association, 2024, vol. 63, issue 2, 144-167

Abstract: This paper investigates the factors influencing the decision-making process in the choice between saving and investment instruments by the generation Z (158 students of the Faculty of Economics of Moscow State University), which are characterized by digital literacy and access to the financial products and services from an early age. Data was collected through a laboratory experiment using eye-tracking and heart rate monitor technologies, as well as surveys. Based on the collected data a series of econometric logit models was built, both binary (propensity to save or invest) and multinomial (choice of one of the financial instruments - deposit, shares, investment or savings money box). The study shows that the choice of financial instruments by generation Z is influenced by both primary factors (gender, education, financial preferences, advertising and financial content in the video, psycho-physiological characteristics- attention and engagement) and additional factors (financial literacy, information of financial choice, financial experience, additional courses and computational and financial competencies).

Keywords: generation Z; financial decision-making; advertisement; financial context; psycho-physiological indicators; savings; investments (search for similar items in EconPapers)
JEL-codes: C91 D12 D91 G11 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:nea:journl:y:2024:i:63:p:144-167

DOI: 10.31737/22212264_2024_2_144-167

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