An Empirical Analysis of the Decision-Making Style of Millennials on the Choice of Financial Products

Authors

  •   T N.Mahalakshmi Doctoral Research Scholar (Corresponding Author), B. S. Abdur Rahman Crescent Institute of Science and Technology, Seethakathi Estate, Chennai - 600 048, Tamil Nadu & Assistant Professor, Great Lakes Institute of Management, Dr. Bala V Balachandar Campus, East Coast Road, Manamai - 603 102, Tamil Nadu.
  •   Shanmugam Munuswamy Professor, HOD & Director – Center for Leadership, B. S. Abdur Rahman Crescent Institute of Science and Technology, Seethakathi Estate, Vandalur, Chennai - 600 048, Tamil Nadu.

DOI:

https://doi.org/10.17010/ijom/2022/v52/i11/172432

Keywords:

Brand Loyalty

, Choice of Stocks, Confused by Over-Choice, Decision-Making Styles, Hedonism, Impulsiveness, Millennials, Novelty Consciousness

Paper Submission Date

, June 30, 2021, Paper sent back for Revision, June 15, 2022, Paper Acceptance Date, July 10, Paper Published Online, November 15, 2022

Abstract

Purpose : The millennial generation was brought up in the digital age, so they were expected to have a different decision-making style than their previous generation. Understanding their psychology was vital for the financial services sector to segment them and develop efficient marketing strategies. Hence, this study aimed to determine the impact of investment decision-making styles on the choice of stock investments among millennial investors in India. Design/Methodology/Approach : A structured questionnaire was adopted to collect responses from millennial investors through snowball sampling. The validity and reliability of the data were tested. Further, the measurement and structural models were analyzed using partial least squares SEM with the help of Smart PLS 3.0 to observe the impact of investor decision-making styles on the choice of stock investments. Findings : Confused by over-choice, impulsiveness, and novelty consciousness styles were found to have a significant positive relationship, whereas brand loyalty and hedonism had a negative impact on the choice of stock investments among millennial investors. Research Limitations/Implications : The study was conducted among millennial investors. Therefore, future research can focus on other generations as independent or comparative studies to get more insights. Originality/Value : To the best of our knowledge, our study is the first to explore the decision-making style of millennial investors in the context of stock market investments with specific reference to emerging markets.

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Published

2022-11-01

How to Cite

N.Mahalakshmi, T., & Munuswamy, S. (2022). An Empirical Analysis of the Decision-Making Style of Millennials on the Choice of Financial Products. Indian Journal of Marketing, 52(11), 26–43. https://doi.org/10.17010/ijom/2022/v52/i11/172432

Issue

Volume 52, Issue 11, November 2022

Section

Articles
Crossref
Scopus
Google Scholar
Europe PMC

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