The project FinMisEdu addresses the growing role of social media in shaping young people's financial knowledge and decision-making. While platforms like TikTok, Instagram, and YouTube have become an increasingly important source of financial information for Generation Z (ages 14–28), they also facilitate the widespread dissemination of misleading financial content. As young people rely ever more heavily on social media for financial guidance, concerns about the consequences have grown accordingly. The project investigates the prevalence, characteristics, and effects of this phenomenon, examining different forms of financial miseducation, identifying the psychological mechanisms underlying their persuasive influence, and developing a co-created financial literacy intervention tailored to the needs of young people.
Therefore the project employs a mixed-methods design with four interconnected studies:
- A content analysis of financial messages, and persuasive strategies on social media;
- Focus group interviews exploring young people's experiences with financial content;
- An experiment investigating the effects of different forms of misleading financial content on financial attitudes, perceptions, and behavioral intentions;
- … and co-creation workshops with Generation Z to develop and refine a targeted financial literacy intervention.
The findings will contribute to the development of evidence-based financial literacy initiatives, strengthen consumer protection efforts, and support the financial well-being of young people.
FinMisEdu receives funding from the Austrian Central Bank's (OeNB) Anniversary Fund over the next three years, with the budget totaling to € 298.000. In addition to principal investigator Jörg Matthes, the project team involves our colleagues Aleksandra Lazić, Sofie Vranken, Ariadne Neureiter, and Carima Michels.
