Social Media for Investment Advice and Financial Satisfaction: Does Generation Matter?

Olamide Olajide (), Sabina Pandey and Ichchha Pandey
Additional contact information
Olamide Olajide: School of Financial Planning, Texas Tech University, Lubbock, TX 79409, USA
Sabina Pandey: Walker College of Business, Appalachian State University, Boone, NC 28608, USA
Ichchha Pandey: Hull College of Business, Augusta University, Augusta, GA 30912, USA

JRFM, 2024, vol. 17, issue 9, 1-29

Abstract: This study explores the relationship between social media usage for investment advice and financial satisfaction across different generations. Ten ordered logit models were estimated using Stata to explore this relationship. Ordered logit analyses using data from the 2021 National Financial Capability Study State-by-State and Investor survey reveal that Generation X and millennials are less financially satisfied than baby boomers. While general social media use shows no statistically significant association, platform-specific analysis finds that Instagram and TikTok users report higher financial satisfaction, whereas YouTube users report lower satisfaction. Notably, millennials who use social media for investment advice are more financially satisfied than their peers. Detailed analyses reveal that Instagram, TikTok, and Twitter positively influence financial satisfaction across Gen Z, millennials, and Gen X, with more platform-specific associations observed for Facebook, LinkedIn, and Reddit among millennials and Gen X, respectively. These findings provide valuable insights for policymakers, financial professionals, and researchers, highlighting the need for targeted strategies to enhance financial well-being through social media.

Keywords: social media; financial satisfaction; investment advice; Gen Z; millennial; Gen X; baby boomers (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/1911-8074/17/9/410/pdf (application/pdf)
https://www.mdpi.com/1911-8074/17/9/410/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jjrfmx:v:17:y:2024:i:9:p:410-:d:1477662

Access Statistics for this article

JRFM is currently edited by Ms. Chelthy Cheng

More articles in JRFM from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().