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<p>With implications for investor behavior and perceptions of risk, social media has transformed how individuals obtain financial information. Using restricted 2021 National Financial Capability Study (NFCS) data and a three-step empirical investigation, we find social media use is positively related to fear of financial investment fraud, with financial education positively moderating this relationship. Contrary to expectations, the fear-increasing effect is stronger for those with a financial education background. We propose a “knowledge dilution effect” to explain this paradox: exposure to misinformation and low-credibility financial content on social media may undermine the confidence and protective benefits typically conferred by financial education, amplifying anxiety about fraud. These findings highlight an urgent need to address the quality of online information and to supplement financial education with digital literacy and fraud awareness initiatives in the digital age.</p>

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Clicking into fear: an empirical research on users’ social media use and financial investment fear

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年5月9日

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  • Zefeng Bai,
  • Botong Xue,
  • Jinglin Hu,
  • Pengcheng Wang

摘要

With implications for investor behavior and perceptions of risk, social media has transformed how individuals obtain financial information. Using restricted 2021 National Financial Capability Study (NFCS) data and a three-step empirical investigation, we find social media use is positively related to fear of financial investment fraud, with financial education positively moderating this relationship. Contrary to expectations, the fear-increasing effect is stronger for those with a financial education background. We propose a “knowledge dilution effect” to explain this paradox: exposure to misinformation and low-credibility financial content on social media may undermine the confidence and protective benefits typically conferred by financial education, amplifying anxiety about fraud. These findings highlight an urgent need to address the quality of online information and to supplement financial education with digital literacy and fraud awareness initiatives in the digital age.