Exploring the Lived Experiences of Novice Investors Navigating Financial Influence on Social Media
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Abstract
In recent years, the expansion of digital finance has transformed how individuals especially novice investors engage with financial decision-making. Within this evolving landscape, social media influencers have emerged as a dominant source of informal financial guidance, shaping investment behavior in complex ways. However, little is known about how novice investors experience and interpret the influence of these digital figures in emotionally and cognitively meaningful terms. This study asks: How do novice investors make sense of their financial decision-making experiences under the influence of social media-based financial content? Using a descriptive phenomenological approach, this study uncovers the essential structures of lived experience among digitally engaged novice investors. Data were collected through in-depth semi-structured interviews with twelve novice investors and analyzed using Colaizzi’s seven-step thematic method. The analysis revealed five major experiential themes: emotional oscillation (shifts between anxiety and excitement when making financial decisions), trust formation, perceived empowerment, vulnerability to persuasive narratives, and strategic adaptation (conscious adjustment of investment strategies in response to evolving influencer advice). These themes reflect the psychological and social dimensions shaping investor behavior, highlighting how influencer content generates both perceived authority and emotional resonance. The findings offer a deeper understanding of the interpretive processes behind digital financial decision-making and suggest that investor education must address emotional and relational dimensions of influence. These insights hold important implications for future research, financial literacy design, and policy frameworks concerned with ethical digital finance communication.
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