Financial Advice in Digital Age: The Role of Finfluencers on Financial Behavioral Intentions

Abstract

This study investigates how well financial influencers can encourage positive financial behaviors. Under the guidance of the social cognitive theory, the elaboration likelihood model (ELM) and Parasocial Interaction Theory, it explores how people could be influenced by the traits of finfluencers and then take on their own monetary procedures. The Study emphasis on sustainability consumerism, and financial wellbeing. The data were gathered using the sample of 266 responses through an online questionnaire form via the Structural Equation Modelling (AMOS) analysis. The results indicate that source characteristics (trustworthiness and similarity) and argument quality of the finfluencer message (accuracy and value-adding information) are positively associated with the parasocial relationship between finfluencers and followers. Parasocial relationship is found to function as a mediating variable. The results only highlight the potential of finfluencer marketing as a strategic outlet for banks and financial marketers but do not provide a detailed into that how financial institutions can practically exploit finfluencers’ persuasive ability to encourage people to adopt financial practices.