Understanding the Influence of Social Media on Stock Market Decision: A Study Between Gen Z and Millennials

International Refereed, Blind Peer-Reviewed Multidisciplinary & Open Access Research Journal Issue: 03 | Vol.: 12 | Jul.-Aug.-Sep. - 2025 | Pages: 92–105 | RRSSH | ISSN: 2348 – 3318 | Periodicity : Quarterly, Language : English & Hindi https://ijorr.in [ 92 ] Understanding the Influence of Social Media on Stock Market Decision: A Study Between Gen Z and Millennials Madhav Saraswat & Savita Saini DOI : …………, Plagiarism/Similarity: 05% Understanding the Influence of Social Media on Stock Market Decision: A Study Between Gen Z and Millennials Madhav Saraswat 1 & Savita Saini 2 1. Assistant Professor, Chaudhary Charan Singh University, Meerut 2. Research Scholar, Chaudhary Charan Singh University, Meerut Received : 28/08/2025 1st BPR : 04/09/2025 2nd BPR : 10/09/2025 Accepted : 16/09/2025 Abstract This research examines how Gen Z and Millennial retail investors in Delhi NCR use social media sites including YouTube, WhatsApp, Instagram, Reddit, Twitter/X, and Telegram to inform their stock market investment choices. The study intends to evaluate the reliability and validity of stock market information obtained via social media, compare investment practices across various cohorts, and pinpoint the most significant platforms influencing investment choices. A structured questionnaire was used to administer a descriptive research design to a convenience-sampled sample of 100 respondents. Both primary (questionnaire) and secondary sources (reports and article from India Today, Economic Times, Financial times, Business Today etc.) provided data, which was then subjected to descriptive statistical analysis. Results show that risk tolerance, reliance on digital financial material, and reactivity to platform-specific trends varied significantly between generations. The most influential platforms turned out to be YouTube, WhatsApp Groups, Telegram Group and Instagram while the degree of trust in each source differed greatly. The findings emphasize the need for improved digital financial literacy to reduce the hazards of disinformation and the increasing behavioral influence of social media on investment decision-making and also impose some legal restrictions on the content creators or channels which are circulating fake information. Key words: Social Media Influence, Stock Market Decision, Gen Z, Millennials, Delhi NCR, Investment Behavior. Introduction Indian financial landscape has experienced a notable transformation marked by the rapid growth of retail investor participation. Individual investors are increasingly participating in the equities market as a result of the ease with which digital platforms and bargain brokerages have made financial markets accessible. This tendency is particularly evident in metropolitan financial centers like Delhi NCR, where a new generation of investors can now trade stocks with more assurance and autonomy thanks to strong internet usage, digital literacy, and exposure to fintech services. The area is seeing a significant shift in the way that investments are seen and handled due to the increase in the number of young professionals, business owners, and students. Millennials (born 1981–1996) and Generation Z (born after 1996) are at the center of this change since they are actively pursuing financial independence through investments in addition to joining the job. Younger investors are more likely to invest directly in the stock market, mutual funds, and Systematic Investment Plans (SIPs), as opposed to older generations who preferred more conventional assets like gold, life insurance, or fixed deposits. Certain generational characteristics, such as a strong predilection for technology, the ability to study on their own, the immediacy of information, and a willingness to accept measured risks, have an impact on their investing behavior. Recent industry data indicate that the establishment of Demat accounts among people aged 20 to 35 has significantly increased in Delhi NCR, demonstrating the growing financial engagement of these cohorts. International Refereed, Blind Peer-Reviewed Multidisciplinary & Open Access Research Journal Issue: 03 | Vol.: 12 | Jul.-Aug.-Sep. - 2025 | Pages: 92–105 | RRSSH | ISSN: 2348 – 3318 | Periodicity : Quarterly, Language : English & Hindi https://ijorr.in [ 93 ] Understanding the Influence of Social Media on Stock Market Decision: A Study Between Gen Z and Millennials Madhav Saraswat & Savita Saini The rise of social media as a financial information ecosystem is a major factor facilitating this change in behavior. Platforms like Reddit, YouTube, Instagram, Telegram, and Twitter (now X) have become essential resources for young investors looking for financial education, stock ideas, and market observations. These platforms provide millennials and Gen Z with bite-sized, visually appealing, community-driven material that suits their learning preferences. YouTube offers a wide range of stock market analysts and personal finance instructors, while Instagram offers easily readable reels and infographics. While Twitter/X offers real-time professional analysis and financial news, Reddit facilitates peer-to-peer investing discussions through subreddits like IndiaInvestments. Telegram, which is frequently used in India for group communication, is well-liked by retail communities for exchanging intraday tips and portfolio plans. This combination of digital convenience and social influence has taken center stage in influencing investment decisions in Delhi NCR, where a sizable section of the urban population is made up of students and young professionals. According to surveys and market research, a significant portion of the region's young investors initially learned about financial ideas through social media platforms, and they still use them to make judgments about their investments. In addition to lowering dependency on conventional financial counselors, the increasing usage of social media platforms creates a feeling of community where investors with similar interests may exchange information, validate concepts, and gain insight from one another's experiences. This shifting investment culture among Gen Z and Millennials in Delhi NCR is a reflection of a broader generational shift in financial behavior rather than just a fad. The norms of retail investment have been rewritten due to their reliance on mobile-based platforms, preference for individualized information, and sensitivity to social validation. It is anticipated that social media's influence on stock market involvement and the financial destinies of young investors would only increase as it develops further, particularly in tech-enabled urban areas like Delhi NCR. In contrast to the early 2010s, retail investors accounted for more than one-third of all trading turnover in Indian markets by the middle of 2025 (BFSI Diary, 2025). Millennials and Gen Z are mostly responsible for this development. From about 40 million demat accounts in 2020 to over 190 million by 2025, India has witnessed a significant increase in retail investor involvement in recent years. This growth has been mostly driven by young, tech-savvy investors, particularly in urban areas like Delhi NCR Fortune India. According to a 2025 World Economic Forum survey, 30% of Gen Zers start investing while still in college, whilst just 15% of Millennials do the same. This indicates a significant generational shift, according to the World Economic Forum and Financial Times. Furthermore, compared to 47% of Baby Boomers, 86% of Gen Z report learning about personal investing prior to starting a career, demonstrating an early and ongoing interest in financial markets (Global Economic Forum). At the same time, social media sites like YouTube, Instagram, Reddit, Twitter (X), and Telegram— which have developed into major centers for financial education and decision-making—are influencing the investing habits of retail users. Young investors in big cities like Delhi NCR are depending more and more on financial content producers, or influencers, to help them make investment choices. Regulators like SEBI have warned about unqualified advice and the importance of accurate financial literacy after a 2025 India Today survey found that almost half of Gen Z professionals prefer to learn about investing through social media rather than financial counselors. Due to extensive 5G connectivity, high internet penetration, and a flourishing startup culture that promotes personal financial innovation, the trend is even more noticeable in Delhi NCR. According to a recent survey, 58% of young investors (Gen Z and Millennials) in India allocate their assets to equities, compared to only 39% who prefer mutual funds. This indicates a strong preference for direct equity investing, with safer options like fixed or recurring deposits being far less popular. Additionally, 52% of investors between the ages of 22 and 35 used systematic investment plans (SIPs) in 2024, up from 44% the year before, indicating that SIPs are becoming more and more popular. Investment motivations for Gen Z and Millennials in Delhi NCR extend beyond conventional wealth building. Social trends, peer pressure, and the viral nature of internet financial content all have an impact on them. Their influence on market mood is growing, as over 65% of young investors in the International Refereed, Blind Peer-Reviewed Multidisciplinary & Open Access Research Journal Issue: 03 | Vol.: 12 | Jul.-Aug.-Sep. - 2025 | Pages: 92–105 | RRSSH | ISSN: 2348 – 3318 | Periodicity : Quarterly, Language : English & Hindi https://ijorr.in [ 94 ] Understanding the Influence of Social Media on Stock Market Decision: A Study Between Gen Z and Millennials Madhav Saraswat & Savita Saini region participate in SIPs, equities trading, or hybrid investment alternatives (Business Today, 2024). Groww and Zerodha, two mobile-first platforms that facilitate easy, gamified, and community-driven investment experiences—particularly for novice investors in Delhi NCR—are the foundation of these developments. There are risks associated with this cultural transition, though. Reports show that just a small percentage of influencers adhere to regulatory standards, and many operate without making the required disclosures, which raises concerns about possible scams. This digital ecosystem has made it easier for anyone to learn about investments, but it has also brought problems related to unreliable financial advice. In 2024–2025, regulators like SEBI have repeatedly warned about the risks of depending on unregulated influencers and private online groups for market intelligence (Economic Times, 2025). Younger investors have occasionally been the subject of pump-and-dump scams and deceptive stock promotions, highlighting the need for more robust investor protection and awareness initiatives. In light of this, the current study investigates the ways in which social media affects Gen Z and Millennials' stock market investing behavior in Delhi NCR. The study intends to determine how platform usage varies, how credible online financial content is, and how generational perspectives influence real investing choices. Through an analysis of these variables, the study aims to offer insights that can guide the construction of instruments, regulatory laws, and focused investor education programs to guarantee that the growing involvement of younger generations results in the production of sustainable and knowledgeable wealth. Literature Review Concept of Social Media Influence Social media as a distinct subset of media tools that share a common set of traits and characteristics, where the affordances for disparate individuals and groups to contribute to the creation of the content they are consuming provide intrinsic value far greater than what each individual site feature provides (Caleb T and Rebeeca A 2014). Social networks were referred to as social networking sites, and social media was framed within the new media category. Social networks are distinct from social media since they serve as venues for interaction and conversation between their user-selected friends or members. Interpersonal medium, meaning "to permit dialogues." These websites are designed to facilitate social interaction and the exchange of information in a variety of formats, including messages, images, icons, and more (Talles, Andere 2010). The Social Media Influence Theory defines social media influence as the ability of platforms and their users to alter or reinforce norms, values, and behaviors through content creation, sharing, and interaction. This influence is mediated through algorithms that prioritize certain content, the persuasive power of social networks, and the ease of disseminating information across global networks (Yoesoep Edhie Rachmad Publication 2023). "Finfluencing" in the financial industry refers to content producers disseminating investing guidance in easily comprehensible formats, such as live streaming or brief films. They affect decision-making, simplify complicated subjects, and frequently replace formal competence with relatability—especially for inexperienced investors—by utilizing social proof and perceived trustworthiness (Yadav and Rahman 2021). Viral trends, which are characterized by the quick dissemination of stock tips or stories, take use of network dynamics and information cascades. They are frequently motivated more by FOMO and visibility than by fundamentals. Research indicates that sentiment on social media might cause and intensify transient price changes, particularly for assets with a high retail component. In addition to lowering entrance barriers for newcomers, these trends might encourage short-term, speculative trading (Phan Sharma & Tran 2021). Stock Market Decision Making Process Rational Perspective: According to conventional finance theory, investors act rationally and process all available information in order to maximize profits relative to risk. According to the Efficient Market Hypothesis (EMH), prices take into account all pertinent information, making it practically impossible International Refereed, Blind Peer-Reviewed Multidisciplinary & Open Access Research Journal Issue: 03 | Vol.: 12 | Jul.-Aug.-Sep. - 2025 | Pages: 92–105 | RRSSH | ISSN: 2348 – 3318 | Periodicity : Quarterly, Language : English & Hindi https://ijorr.in [ 95 ] Understanding the Influence of Social Media on Stock Market Decision: A Study Between Gen Z and Millennials Madhav Saraswat & Savita Saini to use publicly available data to consistently generate returns that are higher than the market (Fama, 1970). The Capital Asset Pricing Model (Sharpe, 1964) and Modern Portfolio Theory (Markowitz, 1952) are two examples of models that function on the presumptions of consistent risk tolerance, stable preferences, and sound judgment. Behavioral Perspective: Behavioral finance disproves these notions by demonstrating how emotional factors, cognitive shortcuts, and psychological biases frequently influence judgments. While ideas like mental accounting and framing influence how decisions are assessed, Prospect Theory (Kahneman & Tversky, 1979) shows that people place a higher value on losses than on comparable gains (Thaler, 1985). Studies reveal trends including herding, the disposition effect, overconfidence, and insufficient focus (Barber & Odean, 2001; Shefrin & Statman, 1985). These elements may result in departures from logical forecasts, which could create short-term mispricing and excessive volatility. Both behavioral and rational methods can be used to explain market anomalies and short-term aberrations, while behavioral insights explain equilibrium circumstances and serve as a baseline for portfolio optimization. According to Shiefer and Summers (1990), markets may operate efficiently on average, but when behavioral forces take control, especially in settings with high retail activity or information overload, temporary inefficiencies may appear. Investment behavior is amplified by digital channels. User-generated discussions, viral stock narratives, and influencer-driven material can all lead to speculative engagement, information cascades, and social proof. Therefore, it's possible that younger retail investors—who rely more on online financial communities—will engage in short-term trading and trend-following more frequently than would be expected from strictly rational models. A more accurate picture of contemporary market behavior can be obtained by combining behavioral insights with sentiment and attention measures. Everybody strives to make logical choices and projects what will happen in the future. Predictive analytics will therefore provide much-needed assistance in tracking trends and forecasting the future. With strong technological advancements, we may use analytical tools like predictive analytics, which process data, evaluate, forecast, and even pinpoint investor sentiment and behavioral patterns. In addition to solving some problems, the multidisciplinary fields of computer science, informatics, and finance can help eliminate bias and inaccuracies associated with the human element. Generational Investment Behavior Millennials typically started their financial careers during times of high economic volatility. This upbringing has influenced a style that combines prudence with a slow acceptance of riskier investments. Due to rising wages and greater financial literacy, many people have shifted from traditional savings strategies to equity-focused portfolios over time. Their strategy frequently focuses on particular financial goals, such retirement planning or home ownership, and they favor diversified investment options like mutual funds and SIPs. Millennials have a greater propensity for structured and regulated financial products than younger investors, according to behavioral research, even if they may exhibit biases including overconfidence, the disposition effect, and susceptibility to peer opinions. Gen Z began investing in a digitally first world where decision-making is dominated by technology and real-time data. This generation, which frequently values speed, accessibility, and interactive experiences over traditional advisory services, is heavily influenced by peer recommendations, online communities, and social media platforms. They are increasingly drawn to bitcoin, thematic and ESGbased funds, mobile trading apps, and other cutting-edge investing products. Gen Z investors tend to trade more frequently, exhibit a greater risk appetite, and are more vulnerable to behavioral biases associated with herd mentality, fear of missing out (FOMO), and viral trends. According to recent studies (Khan & Dutta, 2024; PwC, 2025), Gen Z is more inclined toward immediate, technology-driven opportunities, whereas Millennials are more focused on stability and long-term planning. As a result, both groups have a significant influence on the trends of retail investment in the modern era, especially in areas like Delhi NCR. Extensive polls reveal distinct motivational and stylistic variations between generations. According to surveys with a global and Indian focus, Gen Z, who are real digital natives, embraces fast, app-based trading, thematic bets (tech, ESG), and new instruments (fractional shares, ETFs, crypto), while Millennials prefer goal-oriented, diversified approaches (SIPs, mutual funds) and incremental equity exposure ( Deloitte). A major International Refereed, Blind Peer-Reviewed Multidisciplinary & Open Access Research Journal Issue: 03 | Vol.: 12 | Jul.-Aug.-Sep. - 2025 | Pages: 92–105 | RRSSH | ISSN: 2348 – 3318 | Periodicity : Quarterly, Language : English & Hindi https://ijorr.in [ 96 ] Understanding the Influence of Social Media on Stock Market Decision: A Study Between Gen Z and Millennials Madhav Saraswat & Savita Saini component of Gen Z's investment strategy, social media and "influencers" are also becoming more and more important to Millennials. According to the Harvard Business Review, recent journalism and analysis show how influencers encourage experimentation, make investment easier, and increase initial involvement. However, they also create regulatory and disinformation problems that market experts and regulators have noted. Social Media and Financial Behavior Investor decisions are significantly influenced by a variety of platforms, including Reddit, YouTube, Telegram, Instagram, LinkedIn, and WhatsApp, which offer peer-driven content, influencer advice, and real-time debates. The effect of Reddit on returns: A 2025 study created a "Sentiment-Volume Composite" (SVC) based on r/wallstreetbets activity and demonstrated that combining comment frequency and emotional tone improved next-day return forecasts, attaining gains of up to 70% higher in bullish markets than a straightforward buy-and-hold strategy. Topic modeling analysis in 2024 demonstrated that online communities reflect biases in real-world decision-making by connecting the character of Reddit conversations and user involvement with important facets of behavioral finance. (Huifeng Quin et al., Cornell University) Visual and short-form content via Instagram/YouTube: By offering brief, simple-to-understand instructional content, financial gurus on various platforms have made investment appealing to younger audiences. According to studies, almost half of Gen Z investors learn about finance for the first time through these sources rather than from expert advisors, yet there is still worry about the lack of risk disclosure (Ghanishtha Jodha, 2025). Private group influence on Telegram/WhatsApp: Discussions about stocks and investing advice are now commonplace on encrypted messaging applications. These channels facilitate the exchange of information more quickly, but because there is less control, there is a greater chance of false information and fraudulent schemes (Saffeya Ahmed and Chris Kay, 2024). Regulatory oversight and investor safety: SEBI and other market authorities have taken action against deceptive influencer content by banning traders and deleting posts that were judged damaging. Financially inexperienced consumers are especially susceptible to such content, according to commentary (Economic Times). Gap in Existing Literature Review Although earlier research has looked at investment behavior from a variety of angles, including the distinctions between institutional and retail investors, the examination of risk-return profiles, and the function of particular investment platforms, little is known about how Millennials and Gen Z (in Delhi NCR) invest. Due to their high levels of digital connectedness, these generations frequently rely largely on platform-specific social media platforms such as WhatsApp, Reddit, YouTube, and Telegram for financial advice and information. Although the impact of these platforms on investment decisionmaking is growing, little empirical data exists to show how these interactions affect the logical and behavioral approaches to investing in various age groups. This disparity is especially significant in light of their increasing involvement in financial markets and the possible effects on market trends and risk management. Research Methodology Research Design: To systematically investigate the impact of social media on Gen Z and Millennial investors' investment behavior, this study uses a descriptive research design. In order to analyze current trends, spot behavioral patterns, and investigate correlations between variables like social media involvement, risk-return preferences, and investment decision-making without changing the study environment, a descriptive technique is suitable. Objectives of the Study 1. To analyze the influence of social media platforms (YouTube, Instagram, Reddit, Twitter/X, and Telegram) on the stock market investment decisions of Gen Z and Millennials in Delhi NCR. 2. To compare the investment behaviors of Gen Z and Millennials in response to social mediadriven information. International Refereed, Blind Peer-Reviewed Multidisciplinary & Open Access Research Journal Issue: 03 | Vol.: 12 | Jul.-Aug.-Sep. - 2025 | Pages: 92–105 | RRSSH | ISSN: 2348 – 3318 | Periodicity : Quarterly, Language : English & Hindi https://ijorr.in [ 97 ] Understanding the Influence of Social Media on Stock Market Decision: A Study Between Gen Z and Millennials Madhav Saraswat & Savita Saini 3. To assess the perceived credibility and trustworthiness of stock market information obtained from social media among these generations. To identify the most influential social media platforms shaping the investment preferences of retail investors in Delhi NCR. Hypotheses of the Study Hypothesis 1 H0: There is no significant difference between Gen Z and Millennials having Demat Account. H1: There is a significant difference between Gen Z and Millennials having Demat Account. Hypothesis 2 H0: There is no significant relation between Gen Z and Millennials to directly execute a trade by influencing from Social Media Content related to the trading. H0: There is a significant relation between Gen Z and Millennials to directly execute a trade by influencing from Social Media Content related to the trading. Population: Individual investors from the Delhi NCR area who fall into the Gen Z (born around 1997– 2012) and Millennial (born roughly 1981–1996) cohorts make up the target market. To guarantee a range of viewpoints, both inexperienced and seasoned retail investors are involved. Sampling Design: The sampling strategy combines convenience sampling to enable effective data collection in real-world scenarios with stratified random sample to guarantee proportionate representation across age, income, gender, and educational groups. Data Collection Methods: A. Primary Data: A structured questionnaire intended to capture demographic information, investment preferences, risk perceptions, social media usage for investment, and the degree of social media influence will be used to collect primary data. Both multiple-choice and Likert scale Rating & Ranking will be included in the survey to facilitate statistical and quantitative analysis. B. Secondary Data: To provide context and validate findings from the primary survey, secondary data will be gathered from academic journals, market research reports, official publications, financial databases, and reliable online sources (e.g., Economics Times, Financial Times, India Today, Deloitte, Financial Real Talks, CFA, Ground Work Analytics (US), World Economic Forum and Cornell University). Sample Size: A sample size of 100 is needed the study will aim for around 120 respondents, accounting for non-response and incomplete questionnaires (approximately 20% contingency). We got the responses from 119 respondents but after the proper selection we found the 98 questionnaire are appropriate for our study. Research Instruments: A structured questionnaire with sections for demographic data, investing profiles, social media use in financial decision-making, behavioral outcomes and credibility, risk and return perceptions, financial literacy, and platform-specific questions will serve as the primary research tool. Data Analysis Techniques: Mean, frequency, and percentage are examples of descriptive statistics that are used to summarize behavioral and demographic data. To evaluate relationships between categorical variables, use the descriptive analysis, ANOVA, Mann Whitney U test and percentage analysis of the data. Ethical Considerations: To safeguard the rights and privacy of participants, the study will abide by ethical guidelines. All answers will be kept strictly confidential, and informed consent will be sought before participation. Data will only be utilized for scholarly research, guaranteeing that no personally identifiable information is shared. Data Analysis and Interpretation After the analysis of the data of the respondents, their demographic factors, investment platforms uses and their usage frequency of the social media platform we got the following analysis from the collected data from the Gen Z and Millennials. International Refereed, Blind Peer-Reviewed Multidisciplinary & Open Access Research Journal Issue: 03 | Vol.: 12 | Jul.-Aug.-Sep. - 2025 | Pages: 92–105 | RRSSH | ISSN: 2348 – 3318 | Periodicity : Quarterly, Language : English & Hindi https://ijorr.in [ 98 ] Understanding the Influence of Social Media on Stock Market Decision: A Study Between Gen Z and Millennials Madhav Saraswat & Savita Saini Testing of Hypothesis 1 (There is no significant difference between Gen Z and Millennials having Demat Account.) Chi-Square Statistic (χ²) to check the association between the Gen Z and millennials having demat account. Where: Χ 2 is the chi-square test statistic Σ is the summation operator (it means “take the sum of”) O is the observed frequency E is the expected frequency Degrees of Freedom: df = (number of rows−1) × (number of columns−1) = (4−1) × (2−1) = 3df Significance Level: The test was evaluated at the 5% significance level (α = 0.05) Do you Have Trading Account? Gen Z (O) Gen Z (E) χ² Contribution Millennials (O) Millennials (E) χ² Contribution Yes — equities & derivatives 25 25.51 0.0102 21 20.5 0.0122 Yes — only mutual funds 10 15.52 1.963 18 12.48 2.44 No, but plan to open 14 11.09 0.763 06 8.91 0. 95 No, do not plan to open 07 3.88 2.52 00 3.12 3.12 Total 56 56 5.246 45 45 6.522 The Chi-Square Test of Independence (χ² = 11.77, df = 3, p = 0.008) reveals a significant association between generation (Gen Z vs Millennials) and the type of trading account held. Gen Z participants were more likely to have or plan accounts for equities and derivatives, whereas Millennials predominantly preferred mutual fund-only accounts. Notably, very few Millennials reported not planning to open an account, while a small portion of Gen Z explicitly indicated they would not open one. Testing of Hypothesis 2 (There is no significant relation between Gen Z and Millennials to directly execute a trade by influencing from Social Media Content related to the trading.) Parameters Gen Z Millennials N (101) 56 45 Mean 3.286 3.778 Standard Deviation 1.261 1.204 Shapiro Normality test is used for checking normal distribution which shows non-normal distribution so we used Mann-Whitney U test. By Applying U test at 5 % level of significance we got p = 0.0425 U= 971 Testing showed there is a significant difference between Gen Z and Millennials to directly execute a trade by influencing from Social Media Content related to the trading. Millennials have higher frequency in execution of a trade from influencing the social media content. So Null Hypothesis is rejected. Gender of the Respondents Gender Score Execute Female Mean 3.44 3.18 N 34 34 Std. Deviation 1.133 1.114 male Mean 5.00 5.00 N 2 2 Std. Deviation 0.000 0.00 0 Male Mean 3.66 3.64 N 61 61 Std. Deviation 1.340 1.304 International Refereed, Blind Peer-Reviewed Multidisciplinary & Open Access Research Journal Issue: 03 | Vol.: 12 | Jul.-Aug.-Sep. - 2025 | Pages: 92–105 | RRSSH | ISSN: 2348 – 3318 | Periodicity : Quarterly, Language : English & Hindi https://ijorr.in [ 99 ] Understanding the Influence of Social Media on Stock Market Decision: A Study Between Gen Z and Millennials Madhav Saraswat & Savita Saini Prefer not to say Mean 5.00 5.00 N 1 1 Std. Deviation Total Mean 3.62 3.52 N 98 98 Std. Deviation 1.272 1.262 Age of the Respondents Age Score Execute 18–21 Mean 3.30 3.39 N 23 23 Std. Deviation 1.490 1.438 22–25 Mean 3.72 3.20 N 25 25 Std. Deviation 1.173 1.155 26–30 Mean 3.64 3.43 N 14 14 Std. Deviation 1.499 1.505 31–35 Mean 3.62 3.62 N 13 13 Std. Deviation 1.121 1.121 36–40 Mean 3.83 4.00 N 23 23 Std . Deviation 1.114 1.044 Total Mean 3.62 3.52 N 98 98 Std. Deviation 1.272 1.262 Occupation of the Respondents Occupation Score Execute Employed — Government Mean 3.42 3.75 N 12 12 Std. Deviation 1.443 1.422 Employed — Private sector Mean 3.83 3.73 N 30 30 Std. Deviation 0.950 1.112 Homemaker Mean 3.70 3.60 N 10 10 Std. Deviation 1.418 1.430 Research scholar Mean 4.00 4.00 N 1 1 Std. Deviation Self - employed / Entrepreneur Mean 3.78 3.50 N 18 18 Std. Deviation 1.114 1.043 Student Mean 3.33 3.15 N 27 27 Std. Deviation 1.569 1.433 Total Mean 3.62 3.52 N 98 98 Std. Deviation 1.272 1.262 Income of the Respondents Income Score Execute < 20,000 Mean 3.62 3.38 N 13 13 Std. Deviation 1.193 1.387 > 1,00,000 Mean 3 .92 3.50 N 12 12 Std. Deviation 0.515 0.674 20,000 – 50,000 Mean 3.52 3.59 International Refereed, Blind Peer-Reviewed Multidisciplinary & Open Access Research Journal Issue: 03 | Vol.: 12 | Jul.-Aug.-Sep. - 2025 | Pages: 92–105 | RRSSH | ISSN: 2348 – 3318 | Periodicity : Quarterly, Language : English & Hindi https://ijorr.in [ 100 ] Understanding the Influence of Social Media on Stock Market Decision: A Study Between Gen Z and Millennials Madhav Saraswat & Savita Saini N 29 29 Std. Deviation 1.379 1.296 50,001 – 1,00,000 Mean 3.81 4.00 N 21 21 Std. Deviation 1.167 1.095 Not earning / Student Mean 3.43 3.09 N 23 23 Std. Deviation 1.5 62 1.443 Total Mean 3.62 3.52 N 98 98 Std. Deviation 1.272 1.262 How often they uses Social Media Platforms for Investment Information Score Execute A few times a month Mean 3.73 3.82 N 11 11 Std. Deviation 1.489 1.401 Daily Mean 4.10 3.97 N 39 39 Std. Deviation 0.882 1.038 Once a week Mean 3.64 3.55 N 11 11 Std. Deviation 1.362 1.214 Rarely / Never Mean 2.42 2.33 N 12 12 Std. Deviation 1.564 1.497 Several times a week Mean 3.40 3.24 N 25 25 Std. Deviation 1.155 1.052 Tota l Mean 3.62 3.52 N 98 98 Std. Deviation 1.272 1.262 1. Age of the Respondents 2. Generation