Over the past two decades, the integration of technological innovations within financial sectors has democratized capital market access. The advent of online investment communities and gamified, brokerage applications expanded retail participation via fractional shares, zero-commission structures, and entry-level rewards. However, these structural shifts have altered the psychological relationship that retail investors maintain with market risk and financial responsibility (Gaviyau & Godi, 2025). This shifting behavioral paradigm maybe especially relevant among young adults, a demographic heavily exposed to modern digital ecosystems yet highly variable in baseline financial literacy. 

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My initial research in financial literacy focused on analyzing data from the National Financial Capability Study (NFCS) alongside a prospective survey of high school seniors. I evaluated how mandatory high school financial education and parental educational attainment impacted young borrowers. The findings underscored a critical gap.

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My next questiion was: What happens when young adults enter the world of modern retail investing?

       

To find out, I turned my focus to the FINRA NFCS Investor survey for my second study. Utilizing two waves of the FINRA NFCS Investor survey data, I analyzed how digital ecosystem reliance shapes speculative trading and the acquisition of "meme stocks" among young adults aged 18 to 34. Using a Structural Equation Modeling (SEM) framework, I looked at two primary forces: mobile trading apps and digital information networks (social media, online communities, and "finfluencers"). I will be presenting these results at International Conference on Applied Business and Economics '26. 

    

   Poster coming soon

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