Research on the Impact of Digital Finance on the Personal Financial Management Behaviors of Generation Z: From the Dual Perspectives of "Financial Assistant" and "Consumer Promoter"

Abstract

As native residents of the digital age, Generation Z's financial management behavior is undergoing a paradigm shift under the profound influence of digital financial tools. This study, based on the theories of behavioral finance and consumer psychology, combines a hybrid approach of quantitative questionnaires and qualitative interviews to explore the dual impact of digital finance on the personal financial management behaviors of Generation Z. The research sample included 285 valid questionnaires and 8 in-depth interviews. The results showed that digital finance significantly enhanced the participation and initiative in financial management through technological convenience and an entertaining interface, but at the same time weakened individuals' risk awareness and ability to delay gratification. The Structural Equation Model (SEM) verified a significant positive correlation between the intensity of digital finance usage and consumption behavior, and revealed the moderating effect of financial literacy between irrational consumption and venture capital. Research shows that while digital finance is empowering Generation Z, it may also become a driving force for inducing advanced consumption, presenting a typical "double-edged sword" feature. The conclusion of this study provides practical inspiration for financial education, regulatory policies and platform design.