Finfluencers and Retail Investment Behaviour: A Systematic Literature Review Using the TCCM Framework

This study reviews research on financial influencers, or finfluencers, and their effects on retail investors’ behaviour. The review uses the theory, context, characteristics, and methodology (TCCM) framework to sort out what the field knows and where it falls short. A total of 51 articles published between 2018 and 2026 were used for the TCCM analysis. The articles were found, filtered and reported using the PRISMA protocol from the Scopus and Web of Science databases. The result shows that source credibility theory, the elaboration likelihood model, parasocial interaction theory and behavioural finance ideas such as herding and fear of missing out are the main theories used in this area. Most studies come from a small number of countries, with India, the United States, and Western Europe accounting for most of the articles. Equity and cryptocurrency are the assets studied most often. Work on characteristics focuses on credibility, content quality, parasocial attachment and behavioural bias, but rarely follows investors long enough to see what happens to their money. Regarding method, cross-sectional surveys analysed with PLS-SEM are dominant, and there is very little experimental, longitudinal or configurational work. Future research can examine information adoption models, which are missing from this field; investors outside big cities; the untested link between parasocial attachment and fear of missing out; and actual trading behaviour rather than stated intention.