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

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.