The Power of Social Media in Shaping Financial Literacy and Economic Choices: A Comprehensive Study

Description

Page: 173-177

Anshu Singh¹ and Sajid Parwez² (Department of Economics, Sona Devi University, Ghatsila, Jharkhand¹ and Rehabilitation Psychologist, Sona Devi University, Ghatsila, Jharkhand²)

Social media has emerged as a powerful tool influencing various aspects of modern life, including financial literacy and economic decision-making. This study explores the transformative impact of social media platforms in shaping individuals’ understanding of financial concepts and guiding their economic choices. With the increasing prevalence of digital financial content, social media serves as an accessible platform for financial education, enabling users to gain insights into budgeting, investment, and wealth management. This research investigates the extent to which social media content influences financial behaviors, both positively and negatively and the demographic variations in its impact. The study employs a mixed-methods approach, combining qualitative analysis of social media content with quantitative surveys of users to assess the correlation between exposure to financial content and improved financial literacy. It further examines the potential risks of misinformation and the role of influencers in shaping economic attitudes. The findings highlight the dual nature of social media as both an enabler of informed financial decisions and a medium prone to spreading misleading financial advice. This research underscores the need for regulatory frameworks to ensure accurate and credible financial information on social platforms. It also advocates for integrating social media-driven financial literacy initiatives into broader economic education programs to enhance individuals’ economic well-being.