Journal of African Development

The emergence of financial influencers, commonly known as finfluencers, has significantly transformed the investment behaviour of Generation Z investors in the digital economy. Social media platforms such as Instagram, YouTube, Telegram, Reddit, and X (Twitter) have become major sources of financial knowledge, investment guidance, and market trends among young investors. Finfluencers simplify complex financial information through reels, short videos, live sessions, podcasts, and online communities, thereby increasing financial participation among youth. However, the increasing reliance on social media financial content has also raised concerns regarding speculative and risky investment behaviour.

The present study examines the impact of finfluencers on risky investment behaviour among Generation Z investors while analysing the mediating roles of Fear of Missing Out (FOMO) and financial self-efficacy. The study adopts a quantitative research approach using structured questionnaires administered to Generation Z respondents aged between 18 and 27 years. Convenience sampling technique is proposed for data collection, and statistical tools such as SPSS and Structural Equation Modelling (SEM) are suggested for analysis.

The study is grounded in Social Cognitive Theory, Behavioural Finance Theory, and Theory of Planned Behaviour. The findings are expected to reveal that finfluencer exposure significantly influences emotional investment behaviour, speculative trading activities, and investment confidence among young investors. Psychological factors such as FOMO and financial self-efficacy are expected to mediate the relationship between finfluencer influence and risky investment behaviour.

The study contributes to behavioural finance literature by integrating digital social influence with psychological dimensions of investment decision-making. The findings may assist policymakers, financial educators, and regulatory authorities in promoting responsible financial awareness and regulating unverified financial advice in digital platforms