Understanding the future of investment: an analysis of millennials and generation Z

Abstract This study aims to map the conceptual and social structures of investment-related research on Millennial (Gen Y) and Generation Z (Gen Z) investors, examine the factors influencing their investment decisions, identify strategies to foster sustainable investment behavior, and propose future research directions. The study is both timely and significant, as Millennials and Gen Z are expected to dominate the investment landscape; however, no comprehensive synthesis has yet been conducted to understand their behavior across cultural contexts, particularly between Eastern and Western societies. Methodologically, this study employs a systematic literature review and bibliometric analysis of peer-reviewed journal articles indexed in Scopus and the Web of Science (WoS), guided by the Scientific Procedures and Rationales for Systematic Literature Reviews (SPAR-4-SLR) protocol. The reviewed papers are classified into four typologies: Western Gen Y, Western Gen Z, Eastern Gen Y, and Eastern Gen Z. The results reveal the conceptual and social structures for each typology, highlighting both the types of investments and the influencing factors. Strategies to promote sustainable investment and directions for future research are identified within each typology. Across contexts, four determinants consistently emerge as central to investment decisions among Millennials and Gen Z: behavioral biases, financial literacy, digital technology-related factors, and sociocultural values.