Antecedents and Consequences of Using Social Media for Personal Finance

Cao, Yingxia; Gong, Fengmei; Zeng, Tong

doi:10.1891/jfcp-18-00049

Cited by 12 publications

(9 citation statements)

References 30 publications

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“…SNS users can make personal public profiles, interact with friends and meet other people based on shared interests (Pahlevan and Mura, 2019). Generally, the proper use of SNS can be rather beneficial as it provides users with a direct communication channel and allows them access to useful information that can assist them in gaining social support, achieving positive financial outcomes, decreasing loneliness and enhancing their well-being (Cao et al , 2020; Wang et al , 2014). However, some individuals lack self-control and may be driven by a strong desire to use SNS by devoting an excessive amount of time and effort, resulting in negative consequences related to cultural consumption and social comparison (Sharif and Khanekharab, 2017; Verduyn et al , 2020; Verduyn et al , 2017).…”

Section: Literature Reviewmentioning

confidence: 99%

Excessive use of social networking sites and financial well-being among young adults: the mediating role of online compulsive buying

She

Rasiah

Waheed

et al. 2021

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Purpose This study aims to examine the mediating role of online compulsive buying in the association between excessive use of social networking sites (SNS) and financial well-being among Chinese young adults. Design/methodology/approach A sample of 539 SNS users and active online shoppers (M age = 20.32 years, SD age = 2.11) completed an online survey questionnaire measure of excessive use of SNS, online compulsive buying and financial well-being. Covariance based-structural equation modelling was used to assess the measurement model and the proposed mediation model. Findings Results indicated that excessive use of SNS was positively related to online compulsive buying behaviour and financial anxiety. Also, the results showed that online compulsive buying mediated the positive relationship between excessive use of SNS and financial anxiety. Practical implications Several implications were suggested and discussed to enhance the levels of financial well-being among youths by tackling their problematic behaviour such as excessive SNS usage and online compulsive buying. Originality/value The findings of this study contribute to the limited body of knowledge in the area of financial well-being and further improves our understanding of the effect of the excessive use of SNS on financial well-being and the mechanism behind it.

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Section: Literature Reviewmentioning

confidence: 99%

Excessive use of social networking sites and financial well-being among young adults: the mediating role of online compulsive buying

She

Rasiah

Waheed

et al. 2021

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“…With this, the interpretation can be made as the majority of the population who took up this survey is definitely into the idea of personal finance and the encouragement for small investments and for the generation of platforms for passive income apart from the main stream income is imperative and necessary (Förster et From the above data, we can assess that majority of the users have knowledge about personal finance and its uses. The users are very much inclined towards the idea of personal finance and the reliability on the concept which fetches them parallel stream of income (Cao et al, 2020;Navickas et al, 2014). Most of them feel passive income cloud help in supporting and managing their expenses which can divert their main stream income to the field of small investments though personal finance plans and ideas.…”

Section: Management Of Contingencies Challengesmentioning

confidence: 99%

“…The concept of personal finance is gradually reaching the pinnacle as there are lot of users who are abundantly into small investments. With the above data it can be interpreted that there is a lot of scope for small investments other the conventional investment methods and platforms like stock markets and mutual funds where usually investments are made with huge cash outflow and fund balance (Cao et al, 2020;Happ et al, 2018). The concept of personal finance helps in being an aid through small investments and fetched return on investments with no huge risk involved and can be an investment concept where people can confidently go ahead and invest and manage their funds effectively and efficiently to maximize their cash inflow and outflow which is a vital part of peoples' life.…”

Section: Management Of Contingencies Challengesmentioning

confidence: 99%

Mechanics of Finance- Personal Finance advisory firm: “Finance Friend”

Vishwas¹,

Kumari²,

Pradeep³

et al. 2022

IJRASET

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The purpose of this study is to understand the importance of personal finance planning to be financially sound and well equipped for the uncertainty. According to the findings of this study, the ignorance of personal finance is to the pinnacle. This isn't just to set up family spending plan yet additionally to save, contribute as well as plan for our retirement. The meaning of financial management, its significance, the steps that each person can take to plan and manage their finances, and the awareness of financial management are all discussed in this writing. In addition to educating readers on how to plan and manage each individual's finances for their benefit today and in the future, which indirectly contributes to the development of the nation, the purpose of this writing is to raise awareness of the significance of personal finance planning and management. The impact of personal finance education on financial knowledge, attitudes, and actions is the subject of much debate. Our research also reveals that discussing money with friends, income, work experience, year/field of study, and family financial socialization were all important factors in influencing financial knowledge, attitudes, and behavior. We're not saying that formal financial education isn't important; rather, we're saying that its role in changing people's attitudes and behaviors should be carefully considered if that's its goal. The objective was to describe the financial knowledge, attitudes, and experiences of residents to inform the design of a personal finance curriculum.

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“…As such, it is important to acknowledge that fintech, while growing in prevalence, is not a replacement for financial literacy. Relatedly, Cao et al (2020) surveyed individuals using social media to view, learn, post, or ask for personal financial information and advice. Their study revealed that social media use for personal finance was associated with positive financial outcomes and user satisfaction, which in turn prompted users' intentions for continued use in the future.…”

Section: Financial Website/app Usagementioning

confidence: 99%

Attributes of Households that Engage in Higher Levels of Family Financial Planning

Wann

Burke-Smalley

2021

J Fam Econ Iss

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This research uses data from the 2018 National Financial Capability Study to investigate the attributes of households that engage in higher levels of family financial planning. Greater levels of financial planning are evidenced when households report more positive responses in planning for retirement, saving for emergencies, and establishing a will. Based on an ordinal logistic regression, various demographic attributes, objective and subjective financial knowledge scores, frequency of participation in financial education, and the frequent use of financial websites or apps to help with financial tasks are positively related to higher levels of family financial planning. The results have implications for financial literacy education and the development and marketing of websites and apps for personal finance.

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Antecedents and Consequences of Using Social Media for Personal Finance

Cited by 12 publications

References 30 publications

Excessive use of social networking sites and financial well-being among young adults: the mediating role of online compulsive buying

Excessive use of social networking sites and financial well-being among young adults: the mediating role of online compulsive buying

Mechanics of Finance- Personal Finance advisory firm: “Finance Friend”

Attributes of Households that Engage in Higher Levels of Family Financial Planning

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