Scrolling, Following, Deciding: The Hidden Power of Digital Influence on Wise Financial Decision DOI: https://doi.org/10.33093/ijomfa.2026.7.2.7
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Abstract
The effect of social media and digital influencers on financial behaviours has been well documented, but there is yet any solid evidence of their role in driving wise financial decision-making among Malaysians in particular. This study hence sets out to examine the impact of social media engagement and parasocial interaction in shaping financial attitudes, and the influence of financial attitude, subjective norms, and perceived behavioural control on the intention to practice wise financial decision-making. The mediating role of financial attitude was also studied, specifically in the link between social media engagement, parasocial interaction, and intention. A total of 250 Malaysian fintech users selected via convenience sampling were surveyed. PLS-SEM was later used to analyse the collected data. It was found that social media engagement and parasocial interaction significantly affect financial attitude, whilst financial attitude, subjective norms, and perceived behavioural control significantly influence the intention to practice wise financial decision-making. Financial attitude was also found to mediate the relationships between social media engagement, parasocial interaction, and intention. Based on the results, digital platforms and financial attitudes were confirmed to drive positive financial behaviour. Specifically, via its promotion of financial literacy, wise financial decision-making, and digital inclusion, all of which facilitate fintech providers, financial educators, and policymakers in improving digital financial literacy in Malaysia, this study supports SDG 4, SDG 8, and SDG 10 (Quality Education, Decent Work & Economic Growth, and Reduced Inequalities, respectively).
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References
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