The validity of value-based consumer behavioral models in the financial consciousness of the Z generation

Abstract

The theoretical background of our study is based on three bases: one of the pillars is value-based consumer behavior models, the other is generation marketing, and the third is financial culture and financial competence. The purpose of our research was to investigate whether the basic context of value-based consumer behavior theory - that is, the relationship between individual value orientation and the exact consumer decision - is valid in the context of money-related decisions. In addition to the relevant secondary sources, we use primary research results in quantitative data collection. The focus was on young people (Y and Z generations). Our choice has fallen to these two target groups because we believe that exploring young people's money-related knowledge and understanding their financial decisions has useful information for financial service providers, as they are about the potential of their target markets. The values and the way of thinking of the chosen generations are distinct from the previous generations. That is why we think that instead of standard solutions, choosing a differentiated toolkit can be a successful solution to develop the financial culture and successfully position financial services. In addition, the results of the research can also show the direction of those involved in education, how to improve the financial knowledge of young people, how to shape their attitude towards money efficiently and target-oriented.