This study aims to explore how visceral factors, financial knowledge and trust affect young adults in Malaysia in terms of falling for investment scams.
Based on the elaboration likelihood model, this research used a cross-sectional survey. Data was gathered from 511 young adults in the Klang Valley through an online questionnaire shared on social media and in public places. The data were analysed using structural equation modelling.
The results show that visceral influences directly increase the chances of falling for investment scams. Financial literacy and trusting behaviour did not have a direct effect, but they significantly influenced susceptibility indirectly through visceral factors. This highlights the critical role of emotions and situations in scam vulnerability.
The study focuses only on Malaysian young adults, so the results might not apply to other groups. The findings suggest the need for targeted education that not only improves financial literacy but also helps manage emotions and develop critical thinking skills.
This research adds to the limited studies on scam vulnerability among young adults in developing countries. By identifying visceral influences as a key factor, it provides new insight into the psychological mechanisms behind scam victimisation.
