/ Financial behaviour of Gen-Z/ Define
Validation
In the validation exercise, we aim to validate the insights gathered from our initial qualitative interviews by using an online survey to collect data. The purpose is to confirm and refine our findings by identifying broader trends and testing the consistency of the themes derived from the qualitative phase. This approach helps us determine how accurately our conclusions apply to a larger group, ensuring they are both reliable and relevant.
Drafting the Questionnaire
The process of drafting the questionnaire for the survey was informed by insights derived from the earlier in-depth qualitative interviews. The aim was to design a survey that captures both the length and breadth of financial behaviours, attitudes, and challenges faced by Gen Z individuals. The key elements included:
Pilot Testing: Before deploying the full survey, a small pilot sample was surveyed to test the clarity, relevance, and comprehensibility of the questionnaire. Adjustments were made based on feedback from the pilot group.
Formulating Clear and Relevant Questions: Ensuring that each question is specific and directly related to the financial themes uncovered in the qualitative phase (e.g., saving habits, investment preferences, financial independence).
Question Types: The questionnaire includes a mix of two types of questions:
- Closed-Ended Questions: To quantify behaviours (e.g., frequency of saving, preferred investment products, etc.) and assess overall patterns.
- Likert Scale Questions: To measure attitudes and perceptions towards financial matters (e.g., level of comfort with financial tools or investment risk).
Pilot Testing: Before deploying the full survey, a small pilot sample was surveyed to test the clarity, relevance, and comprehensibility of the questionnaire. Adjustments were made based on feedback from the pilot group.
Sampling
For this research, we surveyed 1,000 Gen Z individuals to ensure statistical relevance and accuracy. This sample size is based on the need to capture a wide variety of experiences and financial behaviours. The key points in this phase are:
Target Population: Gen Z is defined as individuals born between 1997 and 2012. The sample consisted of people within the age range of 18-28 years at the time of the survey.
Geographical Scope: Given India’s diverse socio-economic landscape, the sample was spread across North, South, East and West- urban and rural areas, with a focus on ensuring adequate representation from Tier 1, Tier 2, and Tier 3 cities. This helps capture regional variations in financial behaviour.
Survey
The survey was the primary method for data collection in this phase. It involved distributing the questionnaire to 1,000 individuals who are part of the sample. Key components of this phase include:
Data Quality Assurance: To ensure the quality of the data collected, automatic filters were in place to detect incomplete responses, duplicate entries, or responses that don’t meet basic criteria of age.
Confidentiality & Ethics: The survey ensured anonymity of participants, and no personal data was collected.
Final Steps After Data Collection
Data Analysis: Once the responses were collected, we began with the data analysis. Statistical techniques (e.g., descriptive statistics, correlation analysis) were used to identify patterns and relationships between demographic factors and financial behaviours.
Validation of Qualitative Insights: Finally, the results from the online survey will be compared with insights derived from the earlier qualitative interviews. This comparison will validate whether the qualitative findings hold true across a more representative sample.