Research on Segmentation and Demand Differences of Generation Z Digital Financial Management Users Based on K-means Clustering (Economic society and humanities.)

Summary

• The study surveyed 1,002 valid Generation Z respondents aged 18 to 28 who had previously used digital wealth management platforms.p.2
• College students aged 18 to 22 accounted for 38.6% of respondents, while 41.7% were workplace newcomers aged 23 to 25.p.2
• A majority of respondents (62.4%) reported an average monthly disposable income between RMB 1,001 to 5,000.p.2
• The K-means clustering algorithm categorized users into four distinct types with an effective silhouette coefficient of 0.72.p.4
• The Technology-dependent group accounts for 23.65% (237 respondents), while the Conservative-Stable group represents 23.25% (233 respondents).p.5

Key insights

1. The number of Chinese Generation Z internet users has reached 300 million, making them a key driving force in digital wealth management.p.1
2. The cluster stability test identified an optimal elbow point at 4 clusters with a silhouette coefficient of 0.72, exceeding the 0.7 threshold for excellent discriminant validity.p.4
3. Conservative-stable investors make up 23.25% of the sample and prioritize complete risk disclosure and low-risk options like money market funds.p.5
4. Technology-dependent users comprise 23.65% of respondents, featuring the longest platform usage duration, high engagement, and strong interest in automated tools.p.5
5. Social-experience-oriented users rely on peer networks for investment decisions but remain underserved by transaction-focused digital platforms.p.6