Abstract
This study examines the impact of Fear of Missing Out (FOMO) on investment decisions, with particular attention to the roles of financial literacy and income. Grounded in behavioral finance theory, the research distinguishes between personal FOMO and social FOMO to provide a more nuanced understanding of emotion-driven investment behavior in the digital era. Using survey data collected from 256 retail investors in Vietnam, the study employs Partial Least Squares Structural Equation Modeling (PLS-SEM) to test both direct and moderating effects. The results reveal that both personal and social FOMO have significant positive influences on investment decisions, with personal FOMO exerting a stronger effect. Financial literacy is found to have a direct positive impact on investment decisions; however, it does not significantly moderate the relationship between FOMO and investment decisions. In contrast, income plays a significant moderating role by weakening the effect of social FOMO on investment decisions, while its moderating effect on personal FOMO is not supported. These findings contribute to the behavioral finance literature by highlighting the dominant role of emotional and social biases in shaping investment behavior and suggest that investor education and policy interventions should integrate financial knowledge with strategies for managing emotional and social influences.
Keywords: Fear of Missing Out (FOMO), investment decisions, financial literacy, income, individual investors.
JEL classification: G41, G51, G53, D91, D81.
DOI: 10.63767/TCKT.38.2026.114.123
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Ban biên tập Tạp chí Kinh tế & Quản trị Kinh doanh
Phòng 514, Nhà điều hành, trường Đại học Kinh tế & Quản trị Kinh doanh
Địa chỉ: Phường Tân Thịnh, thành phố Thái Nguyên
Email: tapchikt-qtkd@tueba.edu.vn; Điện thoại: 0208.3903373
