Herding the influencers for investment decisions: millennials bust the gender stereotype

Poornima Gupta () and Preeti Goyal ()
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Poornima Gupta: Great Lakes Institute of Management
Preeti Goyal: Great Lakes Institute of Management

Journal of Financial Services Marketing, 2024, vol. 29, issue 2, No 3, 229-241

Abstract: Abstract This study explores the similarities and differences in herding behaviour and influencers by gender, specifically for the millennial generation. We find evidence that both groups exhibit very similar behaviour when it comes to herding and the influencers they choose to listen to. The two groups differ somewhat in the influence parents and siblings have on them, with females experiencing more influence from them. These findings are significant as they are contrary to most existing literature which suggests that males and females are quite different while making investment decisions. Regression model for the impact of influencers on herding behaviour was also similar for both genders. Both groups listen to experts but do not herd based on this. Both groups tend to herd more based on friends, relatives, siblings and parents. The insights from the study will be useful for services marketing professionals and financial planners who can use the influencers who will be effective in communicating information as well as enrol those influencers who male and female millennials herd with for their financial investment decisions. This should help them achieve more targeted communication strategies.

Keywords: Herding; Influencers; Financial decision making; Millennials; Gender (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1057/s41264-022-00195-4

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