Social media and financial decisions: The influence of socio‐demographics and financial literacy

Abstract This study investigates the predictors of individuals' reliance on social media for financial decision‐making within the context of Türkiye's high‐inflation environment and the associated surge in retail investor participation. Data were collected via an online survey utilizing the OECD's financial literacy toolkit. The results indicate that gender, family structure, high‐risk asset preferences, and financial literacy predict social media usage for financial information. Specifically, males, individuals who invest in stocks or cryptocurrencies, and those with higher financial literacy demonstrate a greater propensity to access financial information on social media; conversely, households with children exhibit lower reliance on social media information.