The Impact Of Finfluencers On The Financial Literacy Of Gen-Z

Abstract

In the age of digital connectivity, social media has emerged as a dominant force shaping the financial behaviours and knowledge of young adults, particularly Generation Z (Gen Z). This study investigates the impact of financial influencers—commonly known as "finfluencers"—on the financial literacy of Gen Z in Ahmedabad, India. Drawing on the Theory of Planned Behaviour (TPB), the study explores how exposure to finfluencers influences financial knowledge, attitudes, and behaviour, and whether this relationship is mediated by psychological factors such as subjective norms and perceived behavioural control.

A structured questionnaire was administered to 119 respondents aged 18–30 through online and offline channels. The study utilized descriptive statistics and serial mediation analysis using SPSS. Findings revealed that while a majority of Gen Z respondents follow financial influencers, exposure to such content had a significant negative impact on financial knowledge. However, financial knowledge was positively associated with financial attitudes, and in turn, attitude showed a weak positive relationship with financial behaviour. Financial knowledge alone did not significantly drive financial behaviour.

The results suggest that although finfluencers are popular among youth, their content may lack depth and credibility, potentially leading to misinformation and surface-level understanding. The study underscores the need for structured financial education programs to complement informal learning and empower Gen Z to make informed financial decisions.