Editorial Board

A Refereed Monthly International Journal of Management

Generation Z and Financial Inclusion: Understanding Awareness, Access, and Usage of Financial Services

Nidhi Kumawat

BMS, 4th Year

College of Vocational Studies,

Delhi University

Piyush Singh Yaduwanshi

BMS, 4th Year

College of Vocational Studies,

Delhi University

Abstract

 In recent years, financial inclusion has emerged as a key driver of economic empowerment and sustainable development. With rapid digital transformation and the rise of fintech innovations, Generation Z—tech-savvy, connected, and financially curious—has become a crucial demographic in shaping the future of inclusive finance. Understanding their awareness, access, and usage of financial services offers valuable insights into the effectiveness of current financial inclusion initiatives.

The major objective of this research was to study the awareness, access and usage of financial services among Gen Z respondents. The study has also compared the financial inclusion status of Gen Z respondents belonging to New Delhi and Udaipur city. The research has collected data from 359 Gen Z respondents who were selected by using purposive sampling method. A well-structured questionnaire was used to collect the data and the same was analyzed by using SPSS 21.0. The results indicated that majority of respondents were aware of financial products and services which resulted in high usage access and usage of financial products and services. It was observed that there is a significant impact of financial awareness on Gen Z’s accessibility and usage of financial services. Finally, it was concluded that Gen Z respondents have positively perceived the financial inclusion and because of financial inclusion their financial decision making have become better and safer.

Key Words: Financial Inclusion, Financial Services, Financial Awareness, Gen Z

Introduction

Financial inclusion has become a central focus of global economic and social development, aiming to ensure that individuals and businesses have access to useful and affordable financial products and services. These include banking, credit, insurance, and digital payment systems that meet the needs of people in a responsible and sustainable way. In developing economies like India, financial inclusion plays a vital role in bridging economic disparities, promoting savings, enabling investments, and enhancing overall financial stability. Government initiatives such as the Pradhan Mantri Jan Dhan Yojana (PMJDY), digital payment systems, and fintech innovations have accelerated the process of bringing more people into the formal financial system.

Amid these developments, Generation Z—comprising individuals born between the mid-1990s and early 2010s—has emerged as a key population group influencing the financial landscape. Unlike previous generations, Gen Z has grown up in an era dominated by smartphones, instant information access, and digital transactions. This exposure has made them more adaptable to technology-driven financial tools, including mobile banking, e-wallets, and investment apps. However, despite their digital affinity, their actual level of financial awareness, access to formal financial services, and usage patterns remain areas of concern and interest for researchers and policymakers alike.

Awareness is a critical component of financial inclusion, as individuals must first understand available financial services and their benefits before they can effectively utilize them. For Gen Z, financial literacy is influenced by multiple factors such as education, social media exposure, parental guidance, and peer influence. Yet, several studies suggest that while Gen Z is digitally aware, they may lack adequate knowledge about managing finances, understanding credit, or planning long-term investments. This gap between technological familiarity and financial literacy may hinder the effective use of financial services and limit their inclusion in the broader financial ecosystem.

Access to financial services is another significant dimension, determined by the availability of financial institutions, technological infrastructure, and policy frameworks. Although fintech platforms and digital banking have lowered traditional entry barriers, issues such as trust, cybersecurity concerns, and unequal digital access persist. Moreover, regional disparities between urban and rural areas continue to influence the degree of financial inclusion among young people. Understanding how Generation Z navigates these challenges is essential to designing inclusive financial systems that cater to their unique preferences and needs.

Finally, examining the actual usage of financial services among Gen Z provides insights into their behavioral patterns, motivations, and constraints. Their spending habits, inclination toward digital wallets, participation in investment activities, and reliance on online payment systems all reflect evolving financial behaviors. Therefore, studying Generation Z’s awareness, access, and usage of financial services is crucial to identifying existing gaps and formulating strategies that enhance financial inclusion. This understanding can guide policymakers, financial institutions, and educators in building a more inclusive, informed, and empowered financial future.

Review of Literature:

Dewi et al. (2025) reviewed Generation Z’s baseline financial literacy and concluded that although Gen Z is digitally native, many lack core financial knowledge and are accumulating debt without sufficient understanding of credit and long-term planning. The paper used survey data and stressed the need for targeted financial education to convert digital familiarity into responsible financial behavior — a direct link to awareness and usage questions in your study.

Azafii et al. (2025) adapted technology-adoption frameworks (TAM/UTAUT) to the FinTech context and tested factors driving Gen Z’s intentions to adopt fintech services. Using a questionnaire-based empirical design, the authors found that social influence, perceived usefulness, and convenience strongly predict fintech uptake among Gen Z — highlighting access and usage drivers for digitally delivered financial services.

Alamsyah, Suhardi, and Sugianto (2025) examined how objective and subjective financial literacy influence entrepreneurial interest in Gen Z, showing that better-calibrated financial knowledge increases entrepreneurial intent and more sophisticated use of financial instruments. The paper’s findings imply that financial literacy (awareness) not only affects inclusion but also shapes higher-order financial behaviors such as investing and business finance.

A systematic literature review by Korir and Hack-Polay (2024) on FinTech adoption among Gen Z and millennials compiled antecedents, theoretical lenses, and measurement gaps across studies; the review highlighted research gaps in motivation, self-efficacy, and cross-cultural comparisons. Its synthesis is useful for designing measures of awareness, perceived access, and behavioral usage in your study and for situating your work within unresolved questions.

Srivastava, Mohta, and Shunmugasundaram (2024) states that Industry analysis and market reports on Indian youth and neo-banks indicate rapid uptake of mobile-first banking among Gen Z, driven by convenience, UX, and lower switching costs compared with traditional banks. These practitioner insights support the idea that structural access (neo-banks, UPI, wallets) is improving, even if awareness and sophisticated usage lag — a distinction your research should capture.

Belmonte et al. (2024) documented that younger cohorts are more willing to share financial data with fintechs and adopt new financial services, but they also expect seamless digital experiences and education features. The report’s behavioral findings reinforce studying perceived trust, privacy concerns, and functional awareness as determinants of Gen Z’s service usage.

Kamble, Mehta, and Rani (2024) investigated Gen Z’s sustained usage of mobile money services for recurring payments and found that perceived usefulness, habit formation, and sustainable value propositions (e.g., ease, rewards) explain continued use. This study helps frame the “usage” axis of your work — distinguishing one-off adoption from sustained engagement.

Revankar and Murdeshwar (2023) explored adoption intention for decentralized fintech platforms under cyber-risk conditions and identified cyber-risk perceptions and trust as critical moderators of adoption, especially for younger, tech-savvy users. The study highlights that access is not only about availability but also about perceived safety — a necessary variable when assessing Gen Z’s financial inclusion.

A review of Gen Z spending and saving behaviours by Pradini and Faozan (2023) synthesized empirical evidence that Gen Z tends to prefer short-term liquidity, digital wallets, and social-driven investment channels but scores lower on formal financial literacy tests. The review emphasizes the gap between transactional familiarity (payments) and strategic financial behaviors (saving, credit management) — central to the “awareness vs. usage” distinction in your topic.

Empirical surveys of Indian college students by Patrisia et al. (2023) have repeatedly shown that Gen Z students report deficits in financial knowledge and mixed behaviors: high use of digital payments but low engagement with formal savings and investment products. These studies (survey-based, often convenience samples) suggest the need in your work to disaggregate transactional access (payments) from inclusion in savings, credit, and insurance.

Participatory-action research by Musari and Hidayat (2022) on enhancing Gen Z’s digital financial skills via contextual learning (digital flipbooks, interactive modules) demonstrated measurable improvements in digital financial competencies among students. This practical intervention literature points to education formats that can raise awareness and change usage patterns, which may inform policy or programmatic recommendations from your study.

 A study from Noviyanti, Mulyadi, and Sandi (2022) analyzed links between financial literacy, behavior, and planning among Gen Z university students — finding that financial inclusion positively influences financial planning and that literacy strengthens this relationship. This regional evidence supports cross-national comparisons and suggests that improving awareness will likely improve responsible usage.

Industry/academic mixed-method work by Kangwa, Mwale, and Shaikh (2021) on how fintech influences Gen Z’s financial behaviour in India documented shifts toward micro-investing, gamified saving, and reliance on app-based credit. The study warns that design features (gamification, instant rewards) can encourage usage but may also obscure risks, underscoring the importance of measuring both positive inclusion and potential overextension or poor risk understanding.

A local (Anand district) empirical study by Dospinescu, Dospinescu, and Agheorghiesei (2021) surveyed Gen Z investment literacy and showed limited depth of investment understanding: many know about tools (stocks, mutual funds) but lack nuanced grasp of risk-return trade-offs. Such localized studies are valuable for showing intra-country heterogeneity — useful if your research looks at urban/rural or regional differences in access and awareness.

A paper by Utami and Sitanggang (2021) synthesizing Gen Z’s role in FinTech evolution summarized that attitude, perceived ease, and trust remain robust predictors across contexts, and it called for more longitudinal and behavioral-trace data (app logs, transaction histories) to move beyond self-reports. This methodological recommendation is important for your study design if you plan to triangulate survey responses with behavioral indicators of usage.

Research gap:

Despite the growing body of research on financial literacy and fintech adoption, there remains a notable gap in understanding how Generation Z specifically engages with financial inclusion as a multidimensional concept encompassing awareness, access, and usage. Most existing studies focus on either financial literacy or digital payment adoption in isolation, overlooking how these dimensions interrelate to influence overall financial inclusion. Moreover, much of the current literature examines general populations or older cohorts such as millennials, leaving limited empirical evidence on how Gen Z — the first truly digital-native generation — perceives and participates in formal financial systems. This lack of targeted research limits policymakers’ and financial institutions’ ability to design inclusion strategies that resonate with the unique behavioral patterns, values, and financial expectations of Gen Z individuals.

Additionally, while government and fintech initiatives have expanded the accessibility of financial services, there is insufficient evidence assessing how effectively these opportunities translate into meaningful and sustained usage among Gen Z. The gap lies in understanding not only whether Gen Z can access financial products, but also how they perceive, trust, and utilize them in their daily financial decisions. Few studies have integrated perceptual factors — such as attitudes toward formal banking, trust in digital platforms, or perceived relevance of financial services — into analyses of financial inclusion. Hence, the current study aims to fill this gap by providing a comprehensive evaluation of Generation Z’s awareness, accessibility, and perception of financial inclusion, offering valuable insights for policymakers, educators, and financial service providers to foster a more inclusive and financially empowered youth segment.

Objectives

1. To assess the level of awareness of financial products and services among Generation Z
2. To evaluate the accessibility and Uses of formal financial services by Generation Z
3. To analyze the Gen Z’s perception about financial inclusion.

Hypotheses

1. There is no significant difference in financial awareness of Gen Z respondents of New Delhi and Udaipur City.
2. There is no significant impact of financial awareness on Gen Z’s accessibility and usage of financial services.
3. There is no significant difference in Gen Z’s perception about financial inclusion residing in New Delhi and Udaipur City

Research Methodology

• Research Design: The research has studied the awareness, access and usage of financial services among Gen Z respondents so descriptive research design has been adopted.
• Sampling: The population frame included the Gen Z residents of New Delhi and Udaipur so by using purposive sampling method 359 respondents were taken into sample.
• Data Collection Tool: A well structured questionnaire was administrated to collect the data. The questionnaire was divided into following sub-sections:-
  • Demographic profile
  • Awareness of Financial Services
  • Access and Usage of Financial Services
  • Perception about Financial Inclusion
• Data Analysis Tool: The data has been analyzed in SPSS 21.0. For interpretation percentage analysis, mean, two sample t-test and Chi-Square has been used.

Analysis of Data

• Demographic Profile of Respondents

The Gen Z respondents were asked to indicate their demographic profile as shown in table 1

• Gender of Respondents: In the sample more than half of the respondents (54.87%) were males and rest were females (45.13%).
• Age of Respondents: As per the age bifurcation depicted in table 1, majority of respondents (34.54%) were aged between 18 to 22 years followed by 23 to 26 years (31.75%). Around 1/6^th of the respondents (17.83%) were of below 18 years and 15.88% respondents were aged 26 years or more.
• Qualification of Respondents: It was observed that 22.01% Gen Z have completed their school education, 40.67% respondents have completed graduation, 23.40% respondents were post graduates and 13.93% Gen Z respondents were professionally qualified.
• City of Respondents: In the sample 59.61% Gen Z respondents were residents of New Delhi and 40.39% respondents were from Udaipur city.

Table 1: Demographic Profile of Respondents

• Awareness of Financial Services

First of all respondents were asked to indicate their familiarity with the concept of financial inclusion and results are shown in table 2. It can be seen that overall 1/4^th of the respondents (24.23%) were fully aware of financial inclusion concept while majority of respondents (68.52%) were somewhat aware of it. As compared to the respondents of Udaipur the Gen Z respondents of New Delhi were more aware of the concept of financial inclusion.

Table 2: Familiarity with concept of Financial Inclusion

Respondents were asked to indicate their awareness of various financial products and services on the five point scale ranging from extremely aware (5) to not at all aware (1). The results were concluded based on mean scores as shown in table 3. It can be seen that Gen z respondents were extremely aware of saving bank account (Mean=4.29, Rank=1) followed by digital payment apps (Mean=4.18, Rank=2) and internet/mobile banking (Mean=3.94, Rank=3). Respondents highlighted moderate awareness about debit/credit card (Mean=3.87, Rank=4), investment platforms (Mean=3.58, Rank=5) and current bank account (Mean=3.41, Rank=6) however their awareness was least for insurance products (Mean=3.58, Rank=7) and government financial schemes (Mean=3.11, Rank=8). The coefficient of variation is ranging from 0.21 to 0.32 which shows the moderate homogeneity in the responses.

Table 3: Awareness of Financial Products and Services

Table 4 is showing the respondents overall awareness with financial products and services and as per results. It could be seen that majority of respondents (85.24%) were highly aware about financial products and services while only 14.76% respondents indicated low awareness.

Table 4: Overall Awareness of Financial Products and Services

Table 5 is showing the city wise Overall Awareness of Financial Products and Services. In New Delhi 90.19% respondents were highly aware of financial services while in Udaipur 77.93% respondents were highly aware of financial products and services. As per mean score the respondents of New Delhi (3.81) were more aware of financial products and services as compared to the respondents of Udaipur city (3.56).

Table 5: City wise Overall Awareness of Financial Products and Services

Although table 5 highlighted that Gen Z respondents of New Delhi were more aware about financial products and services as compared to the respondents of Udaipur. Still to measure the significance of difference following hypothesis has been taken under study:-

 H₀1: There is no significant difference in financial awareness of Gen Z respondents of New Delhi and Udaipur City

H_a1: There is a significant difference in financial awareness of Gen Z respondents of New Delhi and Udaipur City

To test this hypothesis two sample t-test was applied and result is shown in table 6. At 5% level of significance the value of t-statistic is not found to be significant which leads to the acceptance of null hypothesis, so it can be concluded that there is no significant difference in financial awareness of Gen Z respondents of New Delhi and Udaipur City. The visible difference in mean scores is insignificant and the respondents residing in New Delhi and Udaipur city are equally aware of financial products and services.

Table 6: Two sample t-test result to measure significant difference in financial awareness of Gen Z respondents of New Delhi and Udaipur City

Level of Significance=5%

• Access and Usage of Financial Services

Further Respondents were asked to indicate access and usage of financial services as shown in table 7. It can be seen that Gen Z respondents have highest access to digital payment apps (Mean=4.58, Rank=1) followed by debit/credit card (Mean=4.44, Rank=2) and saving bank account (Mean=4.21, Rank=3). They have moderate access to internet/mobile banking (Mean=3.92, Rank=4), investment platforms (Mean=3.58, Rank=5) and insurance products (Mean=3.12, Rank=6). Gen Z respondents said that they have least access as well as uses of government financial schemes (Mean=2.98, Rank=7) and current bank account (Mean=2.15, Rank=8). The values of coefficient of variations (0.15 to 0.41) have shown low to moderate homogeneity in the responses.

Table 7: Access and Usage of Financial Services

Table 8 is showing the respondents’ overall access and usage of financial services. As per results more than 80% of the respondents (81.06%) have high access and usage of financial services while rests of the respondents (18.94%) have shown low access and usage of financial services.

Table 8: Overall Access and Usage of Financial Services

To measure the impact of financial awareness on accessibility and usage of financial services following hypothesis has been taken under study:-

 H₀2: There is no significant impact of financial awareness on Gen Z’s accessibility and usage of financial services.

H_a2: There is a significant impact of financial awareness on Gen Z’s accessibility and usage of financial services.

To test this hypothesis chi-square test was applied and result is shown in table 9. The value of chi-statistic is found to be significant which leads to the rejection of hypothesis so it can be concluded that there is a significant impact of financial awareness on Gen Z’s accessibility and usage of financial services. From the cross tabulation it can also be seen that majority of the respondents (47 out of 53) having low awareness were having the least access and usage to financial services, on the counter side maximum number of respondents (285 out of 306) with high awareness of financial services having the highest  access and usage to financial services.    

Table 9: Chi-Square test to measure impact of financial awareness on Gen Z’s accessibility and usage of financial services

Level of Significance=5%

• Gen Z’s perception about Financial Inclusion

Gen Z respondents were given few statements and they were asked to indicate their agreement with those statements as shown in table 10. According to respondents financial inclusion has helped them in controlling of their personal finances (Mean=4.01), transparency in digital financial services has increased their confidence in using them (Mean=4.12) which in-turn have increased their future financial security (Mean=3.98). The use of online platforms and apps have increased their confidence of taking financial decisions (Mean=3.58) which have given them the sense of independence and empowerment (Mean=3.71). Respondents opined that access to financial services helped them to save and invest effectively (Mean=3.42) and they feel that financial inclusion is important for the economic development of young people (Mean=3.41).

Table 10: Gen Z’s perception about Financial Inclusion

It has been observed that majority of Gen Z respondents (87.19%) have positively perceived the financial inclusion whereas 12.81% respondents have negative perception about financial inclusion.

Table 11: Gen Z’s overall perception about Financial Inclusion

Table 12 is showing the city wise overall perception of Gen Z respondents about Financial Inclusion. It can be seen that 92.06% respondents of New Delhi and 80% respondents of Udaipur have positive perception about financial inclusion. As per the mean scores the Gen Z respondents of New Delhi (3.84) have perceived financial inclusion more positively as compared to the respondents of Udaipur city (3.61).

Table 12: City wise Gen Z’s overall perception about Financial Inclusion

Although table 12 highlighted that Gen Z respondents of New Delhi have perceived financial inclusion more positively as compared to the respondents of Udaipur. Still to measure the significance of difference following hypothesis has been taken under study:-

 H₀3: There is no significant difference in Gen Z’s perception about financial inclusion residing in New Delhi and Udaipur City

H_a3: There is a significant difference in Gen Z’s perception about financial inclusion residing in New Delhi and Udaipur City

To test this hypothesis two sample t-test was applied and result is shown in table 13. At 5% level of significance the value of t-statistic is not found to be significant which leads to the acceptance of null hypothesis, so it can be concluded that there is no significant difference in Gen Z’s perception about financial inclusion residing in New Delhi and Udaipur City  

Table 13: Two sample t-test result to measure significant difference in Gen Z’s perception about financial inclusion residing in New Delhi and Udaipur City

Level of Significance=5%

• Conclusion

1. The results indicated that Gen Z respondents were aware of majority of financial products and services however their awareness was highest for saving bank account, digital payment apps and internet. Mobile banking
2. Overall 85% respondents were found to be aware of financial products and services and there was no significant difference in financial awareness of Gen Z respondents of New Delhi and Udaipur City.
3. The Gen Z respondents indicated the highest access and usage of to digital payment apps, debit/credit card and saving bank account. Overall it was observed that more than 80% of the respondents have high access and usage of financial services.
4. The results of chi-square test concluded that there is a significant impact of financial awareness on Gen Z’s accessibility and usage of financial services. High awareness of financial services will lead to the high usage and vice-e-versa.
5. At last it was found that majority of Gen Z respondents (87.19%) have positively perceived the financial inclusion and no significant difference was observed in the perception of respondents residing in New Delhi and Udaipur city.

Implications of the study:

The findings of the study carry important implications for policymakers, financial institutions, and educators aiming to strengthen financial inclusion among Generation Z. The high level of awareness and widespread usage of financial products—particularly digital payment apps, debit/credit cards, and savings accounts—indicates that Gen Z has effectively embraced the digital transformation of the financial sector. This suggests that initiatives promoting digital banking and fintech adoption have successfully reached this demographic. However, the results also highlight that while Gen Z is familiar with commonly used financial tools, there is a need to deepen their understanding of more complex financial products such as insurance, investments, and credit management to ensure comprehensive financial inclusion. The absence of significant regional differences between New Delhi and Udaipur further implies that digital accessibility and awareness have transcended geographical boundaries, reflecting a uniform diffusion of financial literacy and technology-driven banking services across urban India.

Furthermore, the study’s finding that financial awareness significantly influences access and usage underscores the critical role of financial education in sustaining inclusive financial behavior. As awareness directly drives participation, enhancing financial literacy through academic curricula, social media campaigns, and institutional outreach can further promote responsible and diversified financial usage among Gen Z. The overwhelmingly positive perception of financial inclusion also indicates a favorable environment for financial innovation and the expansion of youth-centered financial products. Hence, the study implies that continued investment in digital literacy and inclusive fintech solutions can enhance Gen Z’s financial empowerment, contributing to long-term economic resilience and a more inclusive financial ecosystem.

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