As consumers rely more on social media for investment advice, it is important to consider how this new information platform is related to investor perception. This paper utilizes the 2021 NFCS dataset to explore the relationship between financial sentiment, as discussed in terms of optimism and pessimism, and social media use for investment advice. Furthermore, this study uses the lens of agency theory to explore these topics as they relate to investing in speculative assets. Initial findings show that social media use for investment advice has a positive relationship with consumers expressing more pessimistic financial sentiments. This finding, and others, are discussed in the context of a rapidly changing information landscape.

Accepted Oral Presentation