Finfluencer Exposure and Gen Z Investment Behavior: Risk Perception and Social Influence in Play

This study examines how Gen Z's investing behavior is influenced by financial risk perception, personal investment rate, and finfluencer exposure, with a focus on the moderating effect of perceived community influence. The study views investing behavior as the outcome of both personal attitudes and socially mediated norms in digital contexts, drawing on the theories of social influence and planned behavior. A quantitative survey method using a 5-point Likert scale was used to gather information from 385 Gen Z respondents in Vietnam. Financial risk perception (β = 0.46), personal investment rate (β = 0.51), and finfluencer exposure (β = 0.38) all substantially improve investing behavior, according to the data. Furthermore, the association between investing behavior and finfluencer exposure is moderated by perceived community influence (β = 0.49), underscoring the amplifying effect of peer validation in online financial forums. This study closes a gap in the literature by providing an integrated paradigm for comprehending financial behaviors in the digital age by experimentally connecting social influence processes to investment decision-making. The results offer useful information for legislators, instructors, and platform developers who want to encourage young investors to make ethical investing choices.