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ZENODO
Article . 2026
License: CC BY
Data sources: ZENODO
ZENODO
Article . 2026
License: CC BY
Data sources: Datacite
ZENODO
Article . 2026
License: CC BY
Data sources: Datacite
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Mobile App Investment Influence vs. Human or Brokerage/Firm-Based Advice: Differences in Investor Behavior Using NFCS Data

Authors: Li, Kristina;

Mobile App Investment Influence vs. Human or Brokerage/Firm-Based Advice: Differences in Investor Behavior Using NFCS Data

Abstract

This study specifically examines how reliance on mobile app-based investment influences investor behavior compared to human or brokerage/firm-based advice. This study focuses solely on investor behavior among U.S. investors and uses data from the 2024 National Financial Capability Study Investor Survey. This study conducted a quantitative secondary data analysis of 1,297 respondents categorized into non-overlapping advisory source groups. Respondents were seen as mobile app-based users if they relied on popular investments displayed on a mobile trading app and as human or brokerage/firm-based advice users if they relied on financial professionals or any other investment research and tools provided by a brokerage or advisory firm. This study was conducted in RStudio, using survey weights to allow better population-level generalizability. The results showed statistically significant differences across all three outcomes. Human or brokerage/firm-based advice users reported higher short-term investing motivation and higher stock ownership rates, while mobile app-based users reported higher trading activity. The findings show that advisory sources are related to distinct patterns of investor behavior, with mobile app-based influence linked to more frequent trading and human or brokerage/firm-based advice linked to more consistent market participation. The study contributes to behavioral finance research by comparing advisory source groups within a nationally representative investor dataset.

Keywords

behavioral finance, NFCS, mobile trading apps

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
0
Average
Average
Average
Green