Clicking into fear: an empirical research on users’ social media use and financial investment fear
利用2021年美国全国金融能力调查数据，研究发现社交媒体使用与金融投资欺诈恐惧正相关，且金融教育反而强化了这种恐惧，作者提出“知识稀释效应”解释这一悖论。
Abstract With implications for investor behavior and perceptions of risk, social media has transformed how individuals obtain financial information. Using restricted 2021 National Financial Capability Study (NFCS) data and a three-step empirical investigation, we find social media use is positively related to fear of financial investment fraud, with financial education positively moderating this relationship. Contrary to expectations, the fear-increasing effect is stronger for those with a financial education background. We propose a “knowledge dilution effect” to explain this paradox: exposure to misinformation and low-credibility financial content on social media may undermine the confidence and protective benefits typically conferred by financial education, amplifying anxiety about fraud. These findings highlight an urgent need to address the quality of online information and to supplement financial education with digital literacy and fraud awareness initiatives in the digital age.