Study on Financial Literacy and Spending Habits of Different Age Groups in India

Manush Shah; Shaurya Jain; Prof. Tejaswini Angre Dwivedi

Study on Financial Literacy and Spending Habits of Different Age Groups in India

November 2025

Vol-11, Issue-6

Paper ID: 27778

ISSN: 2395-4396

Downloads: 0

Abstract & Details

Research Area

Personal Finance/Financial Literacy

Keywords

Financial Literacy Spending Habits UPI Digital Payments Regression Analysis Chi-Square Test Savings Demographics Impulse Buying Consumer Behavior FinTech Adoption Behavioral Finance

Abstract

In recent years, the way people in India handle money has transformed dramatically. With UPI and apps like Google Pay and Paytm becoming a part of everyday life, making payments has become effortless—but this convenience may be changing how we spend. This study explores whether the ease of digital payments encourages higher spending, especially among the younger generation. We compare the financial habits, saving behaviour, and overall financial awareness of Gen Z (18–24 years) and Gen X (41–60 years) through a survey of 100 respondents. Using tools like Chi-Square, Regression, and Correlation analysis, we discovered a clear gap between generations. While Gen Z is technologically advanced, they often lack financial discipline. In contrast, Gen X shows stronger financial literacy and better saving habits. One of the most important findings of our research is that financial knowledge plays a bigger role in determining how much a person saves than their income level. Simply put, knowing how to manage money matters more than how much you earn.

License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Author Information

#	Name	Institute / Affiliation
1	Manush Shah	NMIMS
2	Shaurya Jain	NMIMS
3	Prof. Tejaswini Angre Dwivedi	NMIMS

How to Cite

Use the following formats to cite this article in your research.

APA Style

Shah, Manush, Jain, Shaurya, & Dwivedi, Prof. Tejaswini Angre (2025). Study on Financial Literacy and Spending Habits of Different Age Groups in India. International Journal of Advance Research and Innovative Ideas In Education, 11(6), 1265-1272.

MLA Style

Shah, Manush, et al. "Study on Financial Literacy and Spending Habits of Different Age Groups in India." International Journal of Advance Research and Innovative Ideas In Education, vol. 11, no. 6, 2025, pp. 1265-1272.

IEEE Style

Manush Shah, Shaurya Jain, and Prof. Tejaswini Angre Dwivedi, "Study on Financial Literacy and Spending Habits of Different Age Groups in India," International Journal of Advance Research and Innovative Ideas In Education, vol. 11, no. 6, pp. 1265-1272, 2025.

Vancouver Style

Shah Manush, Jain Shaurya, Dwivedi Prof. Tejaswini Angre. Study on Financial Literacy and Spending Habits of Different Age Groups in India. International Journal of Advance Research and Innovative Ideas In Education. 2025;11(6):1265-1272.

Harvard Style

Shah, Manush, Jain, Shaurya, & Dwivedi, Prof. Tejaswini Angre (2025) 'Study on Financial Literacy and Spending Habits of Different Age Groups in India', International Journal of Advance Research and Innovative Ideas In Education, 11(6), pp. 1265-1272.

Chicago Style

Shah, Manush, Shaurya Jain, and Prof. Tejaswini Angre Dwivedi. "Study on Financial Literacy and Spending Habits of Different Age Groups in India." International Journal of Advance Research and Innovative Ideas In Education 11, no. 6 (2025): 1265-1272.

Turabian Style

Shah, Manush, Shaurya Jain, and Prof. Tejaswini Angre Dwivedi. "Study on Financial Literacy and Spending Habits of Different Age Groups in India." International Journal of Advance Research and Innovative Ideas In Education 11, no. 6 (2025): 1265-1272.