Financial literacy aids the investor in devising rational financial decisions which in turn provides financial stability to an individual and has emerged as a key to economic development in this rapidly changing financial and investing landscape. A financially illiterate person will make poor financial and investment choices which will have a detrimental effect on their financial wellbeing. The present study aims at assessing the level of basic and advanced financial literacy as well as its association with the demographic profile of millennial investors in the Delhi-NCR Region. A Chi-square test was used to analyse the data collected for the study. The findings revealed that millennials' financial literacy is low and they have poor knowledge about the time value of the money concept and find bond prices by the interest rate concept hard to comprehend. The study concludes that financial illiteracy is acute in females. The common belief that higher education qualification is an indicator of higher financial literacy holds for the study. The millennials with a lower level of income have a lower level of basic and advanced financial literacy. These conclusions were found to be statistically significant. This paper fills the research gap of millennials' financial literacy in India.

PurposeThis study aims to examine the association between risk tolerance and risky investment intention with financial literacy as a moderating variable. The proposed relationship was explored specifically for millennials.Design/methodology/approachThe questionnaire was divided into three segments to assess millennials' financial literacy, risk tolerance and risky investment intention. This study uses survey data from 402 millennial investors residing in Delhi-NCR region. The authors exploited PLS-SEM for the analysis because the model involved higher-order constructs.FindingsThe findings revealed that financial literacy has a negative impact on risky investment intention. Further, risk tolerance had a positive and significant influence on risky investment intention; however, when financial literacy was added as a moderating variable in this relationship, it had a negative impact on risky investment intention.Originality/valueEvery generation has its quirks, and millennials are no exception. Given their age and sheer number, leading to their dominance in the global workforce, millennials will bring about a generational shift. Awareness of Gen Y's financial literacy and risk behavior enhances their ability to make informed financial decisions, thus proving beneficial not only to them, but also to the whole economy. This will also help policymakers and institutions to introduce financial literacy programs and financial products in alignment with their needs and preferences.

No abstract