Core Insights - Gen Z perceives cash as outdated, with over 53% stating they use it only as a last resort, and nearly one-third considering cash users as out of touch or "cringe" [1][5] - The use of cash is linked to impulsive spending among Gen Z, contrary to older generations who used cash to maintain discipline [2] - Digital payment methods are seen as a form of self-expression for Gen Z, reflecting their upbringing in a digital-first financial environment [3] Financial Knowledge Gaps - Despite comfort with digital tools, many in Gen Z lack basic financial knowledge, with only 44% aware of their savings account interest rates [4] - A significant portion of Gen Z is uncertain about whether their savings accounts earn interest, indicating a gap in financial literacy [4][5] - Recommendations for Gen Z include checking interest rates on savings accounts and considering high-yield accounts for better financial growth [6]

Financial Awareness & Education - Financial knowledge is crucial for navigating job insecurity, career gaps, longer lifespans, and managing inheritances [6][7][8][9][11][12][13] - Indians are hesitant to discuss personal finances, leading to approximately 200 billion rupees (2 lakh crore rupees) unclaimed in various financial instruments as of April 2025 [3][4][5] - Financial literacy can be improved through discussion and education, especially within Indian households [2][3] Investment Strategies & Management - Individuals should inform family members about their investments to ensure funds are accessible during emergencies [14][15][16][18] - Access to investments is critical; families should have a way to access funds in emergencies, such as maintaining a password-protected record of credentials [19][20][21][22][23][24] - Nomination is essential for investments, as it provides legal access to investments after the investor's passing, preventing them from becoming dormant [25][26] - Emergency funds should be built based on age and life stage, ranging from 3 months of expenses in one's 20s to 1 year in one's 50s [28][29][30][31] - Emergency funds should be parked in easily accessible avenues like savings deposits or liquid funds [32] - Instead of liquidating investments during emergencies, consider pledging them to obtain a loan, ensuring the asset remains under ownership and continues to appreciate [33][34][35][36][37] - Seeking professional financial advice is crucial to align investments with individual risk profiles and financial goals, rather than making decisions based on incomplete knowledge or copying others [39][40][41][42][43]