The Influence of Finfluencer Authenticity and Trust on Gen Z’s Investment Intention: The Moderating Role of Financial Literacy

This research examines the impact of trust and authenticity in financial influencers (finfluencers) on the investment intentions of Generation Z, with financial literacy serving as a moderating variable. Drawing upon Source Credibility Theory (SCT) and the Theory of Planned Behavior (TPB), the study posits that the perception of trust and authenticity enhances Generation Z's propensity to invest. Financial literacy potentially influences the strength of this relationship. A quantitative survey design was employed, targeting Vietnamese Generation Z investors, with data gathered through online questionnaires disseminated via social media platforms. Scales measuring authenticity, trust, financial literacy, and investment intention were derived from existing scholarly literature, with subsequent assessments of their reliability and validity conducted. Results demonstrate that authenticity exerts a significant positive influence on investment intention (β = 0.625, p < 0.05), followed by trust (β = 0.616, p < 0.05). Financial literacy further moderates the trust–intention pathway (β = 0.578, p < 0.05), enhancing evaluative capacity and reducing vulnerability to misinformation. This research contributes to theoretical frameworks of SCT and TPB within the context of online finance, offering insights into financial education, influencer regulation, and strategies that promote responsible investment behaviors among novice investors.