Araştırma Makalesi
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“Yatırım İçin Çift Dokun!”: Finfluencer’lar (Finansal Influencer) Z Nesli Instagram Kullanıcılarının Davranışlarını Nasıl Şekillendiriyor?

Yıl 2026, Cilt: 27 Sayı: 1, 238 - 256, 26.01.2026

Mahmut Selami Akın

https://doi.org/10.37880/cumuiibf.1811489
https://izlik.org/JA74UX63RU

Öz

Son yıllarda sosyal medya üzerinden kişisel finans yatırım bilgileri ve önerileri paylaşan “finfluencer” olarak tanımlanan yeni bir kanaat önderi ortaya çıkmıştır. “Finfluencer”lar aynı zamanda çevrimiçi finansal bilgi ekosistemlerinde giderek daha belirgin aktörler haline gelmiştir. Ancak, takipçileri üzerindeki etkilerini şekillendiren dinamiklere ilişkin araştırmalar sınırlıdır. Bu çalışma, kaynak-güvenirliği (uzmanlık, güvenilirlik, çekicilik) ve öz-belirleme (özerklik, yeterlik, ilişkililik) kuramları çerçevesinde, Z Kuşağı Instagram kullanıcılarının “finfluencer”lara yönelik tutumlarını ve bunlardan kaynaklanan davranışsal niyetleri nasıl yordadığını incelemektedir. Çalışmada 207 geçerli veri elde edilmiş ve SPSS 22.0, Jamovi 2.6.44, PROCESS macro kullanılarak açımlayıcı faktör, çoklu regresyon ve düzenleyici analizler yürütülmüştür. Bulgular, algılanan güvenilirlik, çekicilik ve ilişkililiğin “finfluencer”lara yönelik tutumları anlamlı ve pozitif yönde yordadığını; buna karşın algılanan uzmanlık, özerklik ve yeterliğin etkili olmadığını göstermektedir. Ayrıca tutum, hem “finfluencer” hesabını takip etme niyetini hem de “finfluencer”ın önerilerini takip etme niyetini güçlü biçimde öngörmektedir. Cinsiyet ve bir işte çalışma durumunun düzenleyici etkiye sahip olmamasına rağmen, etkileşim etkilerinin incelenmesiyle kaynak-güvenirliği boyutlarının “finfluencer”a karşı tutum üzerindeki farklı etkilere sahip olduğuna ilişkin ilave içgörüler sağlamaktadır. Araştırma bulguları, yükselen sosyal medya çağında “finfluencer”ların tüketicilerin finansal davranışları üzerindeki artan değerine ışık tutmaktadır.

Anahtar Kelimeler

tüketici davranışı influencer pazarlaması Z kuşağı kaynak güvenilirliği öz-belirleme sosyal medya

Etik Beyan

Bu çalışmanın hazırlanma sürecinde bilimsel ve etik ilkelere uyulduğu ve yararlanılan tüm çalışmaların kaynakçada belirtildiği beyan olunur. Yazar, makale metninde yer alan ifade ve gramer hatalarını control etmek amacıyla Grammarly adlı yapay zeka yazılımını kullandığını beyan eder.

Destekleyen Kurum

Bu araştırmayı desteklemek için dış fon kullanılmamıştır.

Kaynakça

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“DOUBLE TAP TO INVEST!”: HOW FINFLUENCERS (FINANCIAL INFLUENCERS) SHAPE GEN Z USERS' BEHAVIORAL INTENTIONS ON INSTAGRAM

Yıl 2026, Cilt: 27 Sayı: 1, 238 - 256, 26.01.2026

Mahmut Selami Akın

https://doi.org/10.37880/cumuiibf.1811489
https://izlik.org/JA74UX63RU

Öz

Recently, a novel opinion leader who share personal financial investment knowledge and recommendations in social media have been rising, described as finfluencers. They also represent a pivotal actor in online financial information ecosystem for financial consumers. However, investigating how finfluencers' aspirational dynamics shape their influence on their audience in marketing context are limited. The study investigates how source-credibility (expertise, trustworthiness, attractiveness) and self-determination theories (autonomy, competence, relatedness) predict attitudes toward finfluencers and subsequent behavioral intentions among gen Z Instagram users. 207 valid data were obtained and explanatory factor, regression and moderation analysis were conducted through IBM SPSS 22.0, Jamovi 2.6.44. and PROCESS macro. Results indicate that perceived trustworthiness, attractiveness, and relatedness significantly and positively predicted attitudes toward finfluencers, whereas perceived expertise, autonomy, and competence did not. Moreover, attitude robustly predicts both intention to follow the finfluencer’s account and to follow the finfluencer's advice. Although gender and job status do not moderate the effects, examining the interaction effect provides further insight into the diverse impacts of source-credibility dimensions on attitudes toward finfluencers. The research findings illuminate the value of finfluencers, who are emerging opinion leaders in consumers' financial behavior in the era of growing social media.

Anahtar Kelimeler

consumer behavior influencer marketing generation Z source credibility self-determination social media

Etik Beyan

It is declared that scientific and ethical principles have been followed while carrying out and writing this study and that all the sources used have been properly cited. The author used Grammarly AI software to check the manuscript for spelling and grammatical errors.

Destekleyen Kurum

The author acknowledge that they received no external funding in support of this research.

Kaynakça

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  • Ahn, J., & Back, K. J. (2019). The role of autonomy, competence and relatedness: Applying self-determination theory to the integrated resort setting. International Journal of Contemporary Hospitality Management, 31(1), 87-104.
  • Adams, N., Little, T. D., & Ryan, R. M. (2017). Self-determination theory. In Development of self-determination through the life-course (pp. 47-54). Dordrecht: Springer Netherlands.
  • Ajzen, I., Fishbein, M., Lohmann, S., & Albarracín, D. (2018). The influence of attitudes on behavior. The handbook of attitudes, volume 1: Basic principles, 197-255.
  • Akana, T. Lee, A. & Santucci L. (2025). How Americans Use Social Media for Financial Advice. Federal Reserve Bank of Philadelphia, Consumer Finance Institut. March 2025.
  • Al-Dmour, R. H., Al-Dmour, H. H., & Ahmadamin, E. (2023). The influence of social marketing drives on customer satisfaction via demographic variables as moderating factors. International Journal of E-Business Research (IJEBR), 19(1), 1-13.
  • Andersson, U., Cuervo-Cazurra, A., & Nielsen, B. B. (2019). Explaining interaction effects within and across levels of analysis. In Research methods in international business (pp. 331-349). Cham: Springer International Publishing.
  • Angmo, P., & Mahajan, R. (2024). Virtual influencer marketing: a study of millennials and gen Z consumer behaviour. Qualitative Market Research: An International Journal, 27(2), 280-300.
  • Ayeh, J. K. (2015). Travellers’ acceptance of consumer-generated media: An integrated model of technology acceptance and source credibility theories. Computers in Human Behavior, 48, 173-180.
  • Barta, S., Belanche, D., Fernández, A., & Flavián, M. (2023). Influencer marketing on TikTok: The effectiveness of humor and followers’ hedonic experience. Journal of Retailing and Consumer Services, 70, 103149.
  • Belanche, D., Casaló, L. V., Flavián, M., & Ibáñez-Sánchez, S. (2021). Building influencers' credibility on Instagram: Effects on followers’ attitudes and behavioral responses toward the influencer. Journal of Retailing and Consumer Services, 61, 102585.
  • Ben-Shmuel, A. T., Hayes, A., & Drach, V. (2024). The gendered language of financial advice: Finfluencers, framing, and subconscious preferences. Socius, 10, 23780231241267131.
  • Bhattacharya, S., Sharma, R. P., & Gupta, A. (2023). Does e-retailer's country of origin influence consumer privacy, trust and purchase intention?. Journal of Consumer Marketing, 40(2), 248-259.
  • California DFPI. (2023). Social media finfluencers – Who should you trust? Department of Financial Protection & Innovation.
  • Campbell, C., & Farrell, J. R. (2020). More than meets the eye: The functional components underlying influencer marketing. Business horizons, 63(4), 469-479.
  • Casaló, L. V., Flavián, C., & Ibáñez-Sánchez, S. (2020). Influencers on Instagram: Antecedents and consequences of opinion leadership. Journal of business research, 117, 510-519.
  • CFA Institute. (2024). The Finfluencer Appeal:Investing in the Ageof Social Media, January 2024, CFA Institute Research & Policy Center, https://rpc.cfainstitute.org/sites/default/files/-/media/documents/article/industry-research/finfluencer-report.pdf, Accessed in 06.10.2025.
  • Chekima, B., Chekima, F. Z., & Adis, A. A. A. (2020). Social media influencer in advertising: The role of attractiveness, expertise and trustworthiness. Journal of Economics and Business, 3(4).
  • Chen, Y., Tingchi Liu, M., Liu, Y., Chang, A. W. Y., & Yen, J. (2022). The influence of trust and relationship commitment to vloggers on viewers' purchase intention. Asia Pacific Journal of Marketing and Logistics, 34(2), 249-267.
  • Chetioui, Y., Benlafqih, H., & Lebdaoui, H. (2020). How fashion influencers contribute to consumers' purchase intention. Journal of Fashion Marketing and Management: An International Journal, 24(3), 361-380.
  • Chou, Y. L., Lee, H. J., Tsai, J., Liang, E. C., & Chang, Y. J. (2023, April). I like their autonomy and closeness to me: Uncovering the perceived appeal of social-media influencers. In Proceedings of the 2023 CHI Conference on Human Factors in Computing Systems (pp. 1-19).
  • Deci, E. L., & Ryan, R. M. (2012). Self-determination theory. Handbook of theories of social psychology, 1(20), 416-436.
  • Garofalo, S., Giovagnoli, S., Orsoni, M., Starita, F., & Benassi, M. (2022). Interaction effect: Are you doing the right thing?. PLoS One, 17(7), e0271668.
  • Geenen, S. (2023). The impact of financial influencers on social media on the financial literacy of young adults [Master’s thesis, Tilburg University]. https://arno.uvt.nl/show.cgi?fid=162727
  • Ghadafi, E., & Andriotis, P. (2024). UK finfluencers: Exploring content, reach, and responsibility. arXiv Preprint. https://arxiv.org/abs/2505.01941
  • Hair Jr, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Moderation analysis. In Partial least squares structural equation modeling (PLS-SEM) using R: A workbook (pp. 155-172). Cham: Springer International Publishing.
  • Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2014). Multivariate data analysis. Person New International Edition.
  • Hamamcı, H. N., & Aren, S. (2024). The direct and indirect effects of financial influencer credibility on investment intention. Croatian Review of Economic, Business and Social Statistics, 10(1), 57-69.
  • Han, J., & Chen, H. (2022). Millennial social media users' intention to travel: the moderating role of social media influencer following behavior. International Hospitality Review, 36(2), 340-357.
  • Hayes, A. F. (2022). Introduction to Mediation, Moderation and Conditional Process Analysis. Guilford Press. 3rd Edition.
  • Hernández-Méndez, J., & Baute-Díaz, N. (2024). Influencer marketing in the promotion of tourist destinations: mega, macro and micro-influencers. Current Issues in Tourism, 27(8), 1332-1342.
  • Hii, I. S. H., & Ong, Y. X. (2025). Finfluencer: Can financial social media influencers promote desirable financial behaviours? International Journal of Bank Marketing, ahead-of-print (ahead-of-print).
  • Hudders, L., & De Jans, S. (2022). Gender effects in influencer marketing: An experimental study on the efficacy of endorsements by same-vs. other-gender social media influencers on Instagram. International Journal of Advertising, 41(1), 128-149.
  • Ismael, A. S., Amin, M. B., Ali, M. J., Hajdú, Z., & Péter, B. (2025). Relationship between social media marketing and young customers’ purchase intention towards online shopping. Cogent Social Sciences, 11(1), 2459881.
  • Jang, W., Kim, J., Kim, S., & Chun, J. W. (2021). The role of engagement in travel influencer marketing: the perspectives of dual process theory and the source credibility model. Current Issues in Tourism, 24(17), 2416-2420.
  • Jin, S. V., Muqaddam, A., & Ryu, E. (2019). Instafamous and social media influencer marketing. Marketing intelligence & planning, 37(5), 567-579.
  • Jung, N., & Im, S. (2021). The mechanism of social media marketing: influencer characteristics, consumer empathy, immersion, and sponsorship disclosure. International Journal of Advertising, 40(8), 1265-1293.
  • Kakhbod, A., Kazempour, S. M., Livdan, D., & Schuerhoff, N. (2023). Finfluencers. Swiss Finance Institute Research Paper No. 23-30.
  • Kim, D. Y., & Kim, H. Y. (2021). Trust me, trust me not: A nuanced view of influencer marketing on social media. Journal of Business Research, 134, 223-232.
  • Kim, E., & Drumwright, M. (2016). Engaging consumers and building relationships in social media: How social relatedness influences intrinsic vs. extrinsic consumer motivation. Computers in Human Behavior, 63, 970-979.
  • Lee, K. H., Lin, C. Y., Tsao, J., & Hsieh, L. F. (2020). Cross-sectional study on relationships among FoMO, social influence, positive outcome expectancy, refusal self-efficacy and SNS usage. International Journal of Environmental Research and Public Health, 17(16), 5907.
  • Li, B., Chen, S., & Zhou, Q. (2023). Empathy with influencers? The impact of the sensory advertising experience on user behavioral responses. Journal of Retailing and Consumer Services, 72, 103286.
  • Li, Y., & Peng, Y. (2021). Influencer marketing: purchase intention and its antecedents. Marketing Intelligence & Planning, 39(7), 960-978.
  • Liu, M. (2022). Determining the role of influencers’ marketing initiatives on fast fashion industry sustainability: The mediating role of purchase intention. Frontiers in Psychology, 13, 940649.
  • Lou, C., & Yuan, S. (2019). Influencer marketing: How message value and credibility affect consumer trust of branded content on social media. Journal of Interactive Advertising, 19(1), 58-73.
  • Magano, J., Au-Yong-Oliveira, M., Walter, C. E., & Leite, Â. (2022). Attitudes toward fashion influencers as a mediator of purchase intention. Information, 13(6), 297.
  • McKinsey & Company. (2018). “True Gen”: Generation Z and its implications for companies. https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies
  • Memon, M. A., Cheah, J. H., Ramayah, T., Ting, H., Chuah, F., & Cham, T. H. (2019). Moderation analysis: issues and guidelines. Journal of Applied Structural Equation Modeling, 3(1), 1-11.
  • Mölders, M., Bock, L., Barrantes, E., & Zülch, H. (2024). Exploring the emergence of finfluencers on Instagram: Survey-based descriptive insights into their segmentation, motivations, business models, and potential use in financial communication. HHL Leipzig Graduate School of Management, https://opus.bsz-bw.de/hhlpd/frontdoor/deliver/index/docId/3906/file/HHL205.pdf, Accessed in 06.10.2025
  • Oh, M. J., & Jung, J. C. (2018). Does social exclusion cause people to make more donations?. The Journal of Asian Finance, Economics and Business, 5(2), 129-137.
  • Oliver, R. L., Rust, R. T., & Varki, S. (1997). Customer delight: foundations, findings, and managerial insight. Journal of retailing, 73(3), 311-336.
  • Ooi, K. B., Lee, V. H., Hew, J. J., Leong, L. Y., Tan, G. W. H., & Lim, A. F. (2023). Social media influencers: an effective marketing approach?. Journal of Business Research, 160, 113773.
  • Pandey, L. K., Singh, R., Baker, H. K., & Laskar, H. R. (2025). Beyond the screen: How YouTube influencers shape equity investment decisions. Journal of Theoretical and Applied Electronic Commerce Research, 20(1), Article 15.
  • Park, H. (2021). Financial behavior among young adult consumers: the influence of self-determination and financial psychology. Young Consumers, 22(4), 597-613.
  • Pew Research Center. (2020). On the cusp of adulthood and facing an uncertain future: What we know about Gen Z so far. https://www.pewresearch.org/social-trends/2020/05/14/on-the-cusp-of-adulthood-and-facing-an-uncertain-future-what-we-know-about-gen-z-so-far-2/
  • Putri, N., & Handriana, T. (2023). The role of product-influencer congruence influencer credibility and attitude toward advertising on purchase intention. Southeast Asian Bus. Rev., 1, 1-18.
  • Radiamoda, R. B., Chuang, H. H., & Pernia, R. A. (2023). Celebrity culture, level of education and trust in media institutions: Empirical evidence from the Philippines. Asian Journal of Comparative Politics, 9(4), 519-542.
  • Roth-Cohen, O., Segev, S., & Liu, Y. (2025). The effect of non-celebrity influencers’ perceived authenticity on social media advertising outcomes. International Journal of Advertising, 44(6), 1017-1039.
  • Saputra, F. Y., & Dewobroto, W. S. (2022). The influence of social media influencers on purchase intention of local personal care products. International Journal of Quantitative Research and Modeling, 3(1), 13-17.
  • Sesar, V., Hunjet, A., & Kozina, G. (2021). Influencer marketing in travel and tourism: literature review. Economic and social development: book of proceedings, 182-192.
  • Shrestha, N. (2020). Detecting multicollinearity in regression analysis. American journal of applied mathematics and statistics, 8(2), 39-42.
  • Silver, L., Stevens, R. E., Wrenn, B., & Loudon, D. L. (2013). The essentials of marketing research. Routledge.
  • Singh, N., Albishri, N., Galgotia, A., Cillo, V., & Papa, A. (2025a). Decoding influence: Understanding the dynamics of consumers' engagement with financial influencers on social media. Journal of Enterprise Information Management, ahead-of-print (ahead-of-print).
  • Singh, N., Albishri, N., Galgotia, A., Papa, A., & Del Giudice, M. (2025b). Building trust and engagement: A comprehensive framework for analysing influencer credibility in social media. Journal of Enterprise Information Management, ahead-of-print (ahead-of-print).
  • Singh, R. P. (2023). Role of celebrity credibility on banking service providers. Marketing Intelligence & Planning, 41(2), 214-228.
  • Small, N. J. H. (1980). Marginal skewness and kurtosis in testing multivariate normality. Applied Statistics, 29(1), 85-87.
  • Soellner, M., & Koenigstorfer, J. (2022). Motive perception pathways to the release of personal information to healthcare organizations. BMC Medical Informatics and Decision Making, 22(1), 240.
  • Strouvens, A. (2022). Finance influencers have a positive impact on 50% of people. Sortlist Data Hub.
  • TÜİK. (2024). İstatistiklerle Gençlik, 2024 - TÜİK - Veri Portalı, https://data.tuik.gov.tr/Bulten/Index?p=Istatistiklerle-Genclik-2024-54077#:~:text=Adrese%20Dayal%C4%B1%20N%C3%BCfus%20Kay%C4%B1t%20Sistemi,14%2C9'unu%20olu%C5%9Fturdu.
  • Udegbe, S. E., & Ebarefimia, S. (2017). Impact of Market Orientation Practice on Business Performance of Airline Operators in Nigeria. IOSR Journal of Business and Management, 19, 52-58.
  • Vidani, J. N., Das, S., Meghrajani, I., & Singh, G. (2023). Influencer marketing and gendered consumer behavior: An analysis of clothing purchases across different fashion categories. International Journal of Research in Business Studies, 9(11), 137-150.
  • White, K. J. (1992). The Durbin-Watson test for autocorrelation in nonlinear models. The Review of Economics and Statistics, 74(2), 370-373.
  • Whitehead Jr, J. L. (1968). Factors of source credibility. Quarterly Journal of Speech, 54(1), 59-63.
  • Wong, P., Vanharanta, M., Wan, C., & Lo, M. F. (2023). “Not me” consumer justifications for not reporting suspected price‐fixing activities: Neutralization techniques & counterstrategies. Journal of Consumer Behaviour, 22(6), 1509-1524.
  • World Economic Forum. (2024). Are finfluencers the future of financial advice worldwide?
  • Yu, Q., & Li, B. (2022). Statistical methods for mediation, confounding and moderation analysis using R and SAS. Chapman and Hall/CRC.
  • Zhang, T., & Huang, X. (2022). Viral marketing: Influencer marketing pivots in tourism–a case study of meme influencer instigated travel interest surge. Current Issues in Tourism, 25(4), 508-515.
Toplam 77 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme
Bölüm Araştırma Makalesi
Yazarlar

Mahmut Selami Akın 0000-0002-8175-4618

Gönderilme Tarihi 27 Ekim 2025
Kabul Tarihi 1 Ocak 2026
Yayımlanma Tarihi 26 Ocak 2026
DOI https://doi.org/10.37880/cumuiibf.1811489
IZ https://izlik.org/JA74UX63RU
Yayımlandığı Sayı Yıl 2026 Cilt: 27 Sayı: 1

Kaynak Göster

APA Akın, M. S. (2026). “DOUBLE TAP TO INVEST!”: HOW FINFLUENCERS (FINANCIAL INFLUENCERS) SHAPE GEN Z USERS’ BEHAVIORAL INTENTIONS ON INSTAGRAM. Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi, 27(1), 238-256. https://doi.org/10.37880/cumuiibf.1811489

Cited By

From Screens to Stocks How Finfluencer Opinions and Credibility Drive Investment Decisions in a Digital World
The Regional Tribune
https://doi.org/10.55737/trt/v-i.207

Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi Creative Commons Atıf-GayriTicari 4.0 Uluslararası Lisansı (CC BY NC) ile lisanslanmıştır.