Journal Press India^®

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Financial well-being has gained increasing attention amid rising financial complexity and economic uncertainty, particularly among younger generations. This study determines the effects of financial literacy and financial attitudes on the financial well-being of Millennials and Generation Z and compares the two generations to identify generational differences. The Primary data were collected from 250 respondents using a structured questionnaire. Multivariate Analysis of Variance (MANOVA) and multiple regression were used to analyse the data. The results indicate that financial literacy and financial attitude vitally impact financial well-being, with financial literacy as the strongest predictor. It was also found that there exist generational differences with regard to financial literacy, financial attitude and financial well-being. Millennials show strong traditional financial literacy, the right financial attitude and perceived financial well-being. In contrast, Generation Z demonstrates stronger digital financial literacy and a strong tendency to take risks but also experiences greater financial stress.

Keywords

Financial literacy; Financial attitude; Financial well-being; Millennials; Generation Z

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