Determinants of Millennials’ Attitudes toward Sustainable and Responsible Investments: An Empirical Study in India

Abstract

The growing global concern on sustainability has played a major role in financial decision-making by investors. The practice of investor responsibility and sustainable investment, whereby environmental, social, and governance (ESG) factors are addressed in financial decision making, is emerging as an appropriate trend in attempt to balance long term social and environmental welfare with financial performance. Millennials, that is one of the fastest-growing groups within the ranks of investors, are regarded as more aware of the questions of sustainability and ethical conduct of business. Nevertheless, the scope of the effect different factors has on their sustainable investments attitude is a significant field of study. This paper will look at the factors influencing millennials towards sustainable and responsible investments in India scenario. Primary data were obtained via a structured questionnaire where 136 people of the millennial age group were used as participants. Some of the elements that the study assesses include knowledge of the concept of sustainable investment, knowledge of the ESG factors, financial literacy, ethical concerns, and a readiness to invest money in responsible investment opportunities. The gathered data were analyzed using descriptive statistical methods and hypothesis testing in order to reveal the relationship between awareness, perceptions and investment intentions.