Main Article Content
Abstract
In today’s scenario, Investment intentions are of paramount importance specifically for the millennials since they have the time zone and risk propensity to maximize gain. Investment intentions relate to personal investment and portfolio management, which may be in short term and long term investment; the former imparting greater liquidity, quick returns and has a shorter time period, while the latter have relatively a longer time period, low liquidity but stable returns. The major aim of this research is to identify the antecedent factors, on the lines of consumer decision making theory, involving general and specific self-efficacy constructs along with risk tolerance and financial literacy constructs impacting the long-term investment intentions of millennials. For this, questionnaires were administered to 250 millennial investors in Delhi/NCR. The factors were first identified through Exploratory Factor Analysis and then validated through Confirmatory Factor Analysis (CFA). The model was finally tested with Structural Equation Modeling (AMOS-SEM). As per the results of CFA, the constructs were found to be reliable. The findings also confirmed that financial literacy is moderating the relationship between risk tolerance and tendency to investment on investment intention. This study results have practical implications for the financial planners