The Finfluencer Effect: Impacts of Social Media on Financial Literacy and Investor Behavior Among Millennials in India

The rapid expansion of social media platforms has transformed the way financial information is accessed, interpreted, and applied by young investors in India. Financial influencers, commonly referred to as finfluencers, have emerged as key opinion leaders who simplify complex financial concepts and deliver them in engaging digital formats. This research study explores the impact of finfluencers on financial literacy levels and investment behavior among millennials in India. Using primary data collected from 150 respondents through a structured questionnaire, the study applies statistical tools including descriptive statistics, Chi-square analysis, correlation, regression, and ANOVA to examine relationships between social media exposure and financial decision-making patterns. The findings reveal that social media significantly enhances awareness and participation in financial markets. However, it simultaneously increases behavioral biases such as herd mentality, overconfidence, fear of missing out, and speculative trading. The study concludes that while finfluencers democratize financial knowledge, there is a need for structured regulatory oversight and improved financial education frameworks to ensure responsible investing practices among millennials.