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From Likes to Wallets: Exploring the Relationship Between Social Media and FinTech Usage

Author

Listed:
  • Mindy Joseph

    (School of Consumer Sciences, Kansas State University, Manhattan, KS 66506, USA)

  • Congrong Ouyang

    (Department of Agricultural Economics, Texas A&M University, 600 John Kimbrough Blvd, TAMU 2124, College Station, TX 77843, USA)

  • Kenneth J. White

    (Norton School of Human Ecology, University of Arizona, Tucson, AZ 85721, USA)

Abstract

This study uses national data to contribute to ongoing discussions regarding social media’s role in influencing investors in the digital economy. Grounded in social network theory, social media engagement was examined for its influence on FinTech usage, specifically cryptocurrency investments, mobile trading applications, and financial podcasts. Results showed a significant relationship between social media use for investment decisions and the embrace of FinTech. Individuals who actively engage with social media for this purpose had higher odds of investing in cryptocurrency and a higher likelihood of using both mobile trading applications and financial podcasts. However, these results were not consistent across all platforms amongst social media users. Our findings show that social media platforms enable peer influence and recommendations through networks that shape financial decisions and behaviors. FinTech firms can strategically harness social ties and the inherent information flows within social networks to broaden their reach and impact in the financial services landscape.

Suggested Citation

  • Mindy Joseph & Congrong Ouyang & Kenneth J. White, 2025. "From Likes to Wallets: Exploring the Relationship Between Social Media and FinTech Usage," FinTech, MDPI, vol. 4(3), pages 1-29, July.
    • Handle: RePEc:gam:jfinte:v:4:y:2025:i:3:p:28-:d:1697914
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    References listed on IDEAS

    as
    1. Annamaria Lusardi & Olivia S. Mitchell, 2014. "The Economic Importance of Financial Literacy: Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 52(1), pages 5-44, March.
    2. Jia Qi & Yu Zhang & Congrong Ouyang, 2025. "Cryptocurrency Investments: The Role of Advisory Sources, Investor Confidence, and Risk Perception in Shaping Behaviors and Intentions," JRFM, MDPI, vol. 18(2), pages 1-19, January.
    3. Bo-Chiuan Su & Li-Wei Wu & Yevvon-Yi-Chi Chang & Ruo-Hao Hong, 2021. "Influencers on Social Media as References: Understanding the Importance of Parasocial Relationships," Sustainability, MDPI, vol. 13(19), pages 1-19, September.
    4. Proelss, Juliane & Schweizer, Denis & Buchwalter, Bastien, 2025. "Do risk preferences drive momentum in cryptocurrencies?," Finance Research Letters, Elsevier, vol. 73(C).
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