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Facebook Users Prone to Taking Financial Risks: Study

Facebook Users Prone to Taking Financial Risks: Study

By Indo-Asian News Service | Updated: 27 May 2015 17:34 IST

Ever wondered how Facebook influences our financial decisions. Well, an Australian research claims that Facebook users who invest or gamble just after going through their news feed are more irresponsible with their money.

The study said Facebook users see their online social circles as a "cushion" against financial loss.

Eugene Chan, a Sydney marketing expert at the University of Technology, said Facebook users should not engage in online investment or gambling and must postpone their casino visits for up to an hour after checking Facebook feeds, ValueWalk.com reported.

With more time passing, a user faces less risk of making a reckless decision, but a habit of making reckless decisions can hit the user many times a day if he or she is a frequent Facebook user, the study said.

"It is not just being a user of Facebook that increases financial risk-taking ... only those who actively browsed Facebook subsequently invested in more stock," Chan said.

Chan said that after checking Facebook feeds, users can be intrigued into riskier ventures because it subconsciously highlights support from family and friends in case of any crisis.

Chan said he is more vigilant after the conclusions of his study and wants all other users to be cautious. Internet users should not buy stocks immediately after using online social networking sites.

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