Financial information seeking on mobile devices: a focus on investment financing
DOI:
https://doi.org/10.47989/ir31357073Abstract
Introduction. This study examines mobile financial information seeking behaviour, focusing on ASB Loans, a unit trust investment that allows financing.
Method. This qualitative study involved thirty-eight participants whose mobile search behaviour related to ASB Loans was observed over two ten-minute sessions conducted on separate days. Each session was followed by a retrospective think-aloud interview. Screen recordings were coded using a structured observational framework to capture search queries, platforms visited, and action sequences.
Analysis. The analysis focused on participants’ navigation across information sources. Logs were used to identify accessed platforms and the sequence of transitions between them. Search paths were mapped to visualise and interpret how users explored financial information across platforms.
Results. Participants relied on multiple information sources, including Websites, social media, video platforms, and messaging apps. Website used include informational Websites, official sites, news portals, blogs, and online forums. Their search behaviour reflected characteristics of information foraging, with users moving between content units in pursuit of relevant information.
Conclusion. This study extends information foraging theory by illustrating how mobile users navigate diverse digital platforms when seeking financial information, highlighting the multi-platform nature of mobile financial information seeking.
References
Abd Rahman, N. A., & Zamri, M. S. N. (2020). Faktor yang mempengaruhi pensyarah melabur dalam amanah saham bumiputera (ASB). Journal of Business Innovation, 5(1), 56–62. https://www.unimel.edu.my/journal/index.php/JBI/article/view/806 (Archived by the Internet Archive at https://web.archive.org/web/20260106105943/https://www.unimel.edu.my/journal/index.php/JBI/article/view/806)
Abdul Jalil, N., & Hamid, S. (2024). What financial topics do people search for? An analysis of search queries using text mining. Journal of Information Science, 1–19. https://doi.org/10.1177/01655515241227533
Aichner, T., Grünfelder, M., Maurer, O., & Jegeni, D. (2021). Twenty-five years of social media: A review of social media applications and definitions from 1994 to 2019. Cyberpsychology, Behavior, and Social Networking, 24(4), 215–222. https://doi.org/10.1089/cyber.2020.0134
Albassam, S., & Ruthven, I. (2020). Dynamic aspects of relevance: Differences in users’ relevance criteria between selecting and viewing videos during leisure searches. Information Research, 25(1), paper 850. https://informationr.net/ir/25-1/paper850.html (Archived by the Internet Archive at https://web.archive.org/web/20200224193802/http://informationr.net/ir/25-1/paper850.html)
Bakker, P. (2012). Aggregation, content farms and huffinization. Journalism Practice, 6(5–6), 627–637. https://doi.org/10.1080/17512786.2012.667266
Bavafa, H., Liu, J., & Mukherjee, A. (2019). Building financial and health literacy at older ages: The role of online information. Journal of Consumer Affairs, 53(3), 877–916. https://doi.org/10.1111/joca.12238
Brennan, K., & Kelly, D. (2018). Strategies for finding and evaluating information about personal finance topics: The role of government information. In CHIIR ‘18: Proceedings of the 2018 Conference on Human Information Interaction and Retrieval (pp. 229–232). ACM. https://doi.org/10.1145/3176349.3176883
CFA Institute, & FINRA Investor Education Foundation. (2023). Gen z and investing: Social media, crypto, fomo, and family (Issue May). https://www.cfainstitute.org/research/industry-research/gen-z-investing (Archived by the Internet Archive at https://web.archive.org/web/20251216000100/https://rpc.cfainstitute.org/research/reports/2023/gen-z-investing)
Cwynar, A., Cwynar, W., Kowerski, M., Filipek, K., & Szuba, P. (2020). Debt literacy and debt advice-seeking behaviour among Facebook users: The role of social networks. Baltic Journal of Economics, 20(1), 1–33. https://doi.org/10.1080/1406099X.2019.1693142
Department of Statistics Malaysia. (2024). The ICT use and access by individuals and households survey report. https://www.dosm.gov.my/site/downloadrelease?id=ict-use-and-access-by-individuals-and-households-survey-report-2024&lang=English (Archived by the Internet Archive at https://web.archive.org/web/20251225090827/https://www.dosm.gov.my/site/downloadrelease?id=ict-use-and-access-by-individuals-and-households-survey-report-2024&lang=English )
Drias, Y., Drias, H., Khennak, I., Bouchlaghem, L., & Chermat, S. (2021). Information foraging on social media using elephant herding optimization. In Trends and Applications in Information Systems and Technologies (WorldCIST 2021) (Advances in Intelligent Systems and Computing, Vol. 1366, pp. 304–314). Springer. https://doi.org/10.1007/978-3-030-72651-5_30
European Commission. (2023). Flash Eurobarometer 525: Monitoring the level of financial literacy in the EU. Publications Office of the European Union. https://doi.org/10.2874/956514
Forbes Advisor. (2023, January 23). Nearly 80% of young adults get financial advice from this surprising place. https://www.nasdaq.com/articles/nearly-80-of-young-adults-get-financial-advice-from-this-surprising-place (Archived by the Internet Archive at https://web.archive.org/web/20251225093220/https://www.nasdaq.com/articles/nearly-80-of-young-adults-get-financial-advice-from-this-surprising-place)
Google. (2020). 2020 year in search Malaysia: Insights for brands. https://www.thinkwithgoogle.com/_qs/documents/9314/2020_year_in_search_report_malaysia_1.pdf (Archived by the Internet Archive at https://web.archive.org/web/20251217061211/https://www.thinkwithgoogle.com/_qs/documents/9314/2020_year_in_search_report_malaysia_1.pdf)
Google. (2022a). Year in search 2022: Malaysia. https://www.thinkwithgoogle.com/_qs/documents/18051/yearinsearch_my2022.pdf (Archived by the Internet Archive at https://web.archive.org/web/20251217061607/https://www.thinkwithgoogle.com/_qs/documents/18051/yearinsearch_my2022.pdf)
Google. (2022b). Year in Search Malaysia Trend 5: Growing inequalities. https://www.thinkwithgoogle.com/intl/en-apac/marketing-strategies/search/pandemic-accelerated-inequality-malaysia/ Archived by the Internet Archive at https://web.archive.org/web/20260106111951/https://www.thinkwithgoogle.com/intl/en-apac/marketing-strategies/search/pandemic-accelerated-inequality-malaysia/)
Hoffmann, A., & Otteby, K. (2018). Personal finance blogs: Helpful tool for consumers with low financial literacy or preaching to the choir? International Journal of Consumer Studies, 42, 241–254. https://doi.org/10.1111/ijcs.12412
Kadoya, Y., Lal, S., Shinohara, J., & Rahim Khan, M. S. (2025). Evaluating the investment performance of Japanese households: A comparison between professional financial advice and free financial advice. Heliyon, 11(3), e42213. https://doi.org/10.1016/j.heliyon.2025.e42213
KANTAR TNS, & Google. (2017). Path to Purchase Insights- APAC. https://think.storage.googleapis.com/docs/TWG-APAC-P2P-Research-%5BPersonal-Finance%5D.pdf (Archived by the Internet Archive at https://web.archive.org/web/20251217062114/https://think.storage.googleapis.com/docs/TWG-APAC-P2P-Research-%5BPersonal-Finance%5D.pdf)
Lee, P. C., & Liu, P. J. (2025). Digital information seeking of homebuyers on real estate platforms in Taiwan. The Electronic Library, 43(3), 342–367. https://doi.org/10.1108/EL-09-2024-0261
Lu, X., He, S., Lian, S., Ba, S., & Wu, J. (2020). Is user-generated content always helpful? The effects of online forum browsing on consumers’ travel purchase decisions. Decision Support Systems, 137, 113368. https://doi.org/10.1016/j.dss.2020.113368
Lusardi, A., & Hasler, A. (2019). Millennials’ engagement with online financial education resources and tools: New survey insights and recommendations. https://gflec.org/wp-content/uploads/2019/04/Millennial-Engagement-with-Online-Financial-Education-Resources_FINAL.pdf? (Archived by the Internet Archive at https://web.archive.org/web/20251225093833/https://gflec.org/wp-content/uploads/2019/04/Millennial-Engagement-with-Online-Financial-Education-Resources_FINAL.pdf)
Macias, W., Lee, M., & Cunningham, N. (2018). Inside the mind of the online health information searcher using think-aloud protocol. Health Communication, 33(12), 1482–1493. https://doi.org/10.1080/10410236.2017.1372040
Malaysian Communications and Multimedia Commission. (2023). Internet users survey 2022. https://www.mcmc.gov.my/skmmgovmy/media/General/IUS-2022.pdf (Archived by the Internet Archive at https://web.archive.org/web/20251218025907/https://www.mcmc.gov.my/skmmgovmy/media/General/IUS-2022.pdf)
Mountain, T. P., Kim, N., Serido, J., & Shim, S. (2021). Does type of financial learning matter for young adults’ objective financial knowledge and financial behaviors? A longitudinal and mediation analysis. Journal of Family and Economic Issues, 42(1), 113–132. https://doi.org/10.1007/s10834-020-09689-6
Nguyen, N. T., McFadden, A., Tangen, D., & Beutel, D. (2013). Video-stimulated recall interviews in qualitative research. In Proceedings of the AARE Annual Conference (pp. 1–10). https://files.eric.ed.gov/fulltext/ED603301.pdf (Archived by the Internet Archive at https://web.archive.org/web/20250617231321/https://files.eric.ed.gov/fulltext/ED603301.pdf)
OECD. (2016). OECD/INFE international survey of adult financial literacy competencies. https://doi.org/10.1787/28b3a9c1-en
OECD. (2020). OECD/INFE 2020 international survey of adult financial literacy. https://doi.org/10.1787/145f5607-en
OECD. (2021). Digital delivery of financial education: Design and practice. https://doi.org/10.1787/d02549e7-en
OECD. (2023). OECD/INFE 2023 international survey of adult financial literacy. https://doi.org/10.1787/56003a32-en
Perbadanan Insurans Deposit Malaysia. (2020). Supporting financial literacy in Malaysia. https://www.fenetwork.my/wp-content/uploads/2021/04/PIDM-FinLit-Landscape-Report-FINAL-2021.pdf (Archived by the Internet Archive at https://web.archive.org/web/20251217082228/https://www.fenetwork.my/wp-content/uploads/2021/04/PIDM-FinLit-Landscape-Report-FINAL-2021.pdf)
Permodalan Nasional Berhad. (2024). PNB declares income distribution for ASB of 5.75 sen for FY2023, strongest in five years. https://www.pnb.com.my/sites/default/files/2024-12/ASB Dividend Press Release 2024.pdf (Archived by the Internet Archive at https://web.archive.org/web/20251017121252/https://www.pnb.com.my/sites/default/files/2024-12/ASB%20Dividend%20Press%20Release%202024.pdf)
Pew Research Centre. (2024). Americans are more likely to have learned about personal finances from family and friends than school. https://www.pewresearch.org/short-reads/2024/12/09/roughly-half-of-americans-are-knowledgeable-about-personal-finances/sr_24-12-09_financial-literacy_4/ (Archived by the Internet Archive at https://web.archive.org/web/20251217082913/https://www.pewresearch.org/short-reads/2024/12/09/roughly-half-of-americans-are-knowledgeable-about-personal-finances/sr_24-12-09_financial-literacy_4/)
Pirolli, P., & Card, S. (1999). Information foraging. Psychological Review, 106(4), 643–675. https://doi.org/10.1037//0033-295x.106.4.643
Protheroe, J., Ashley, S., Perez, P., Allen, E., Bos, T., Bandyopadhyay, D., Davies, S., & Mistry, D. (2023). Marketing in the messy middle: Part 2 of the decoding decisions series. https://www.thinkwithgoogle.com/_qs/documents/18368/Decoding_Decisions_Marketing_in_the_Messy_Middle_DclfruV.pdf (Archived by the Internet Archive at https://web.archive.org/web/20250912002214/https://www.thinkwithgoogle.com/_qs/documents/18368/Decoding_Decisions_Marketing_in_the_Messy_Middle_DclfruV.pdf)
Rennie, A., Protheroe, J., Charron, C., & Breatnach, G. (2020). Decoding decisions: Making sense of the messy middle. https://www.thinkwithgoogle.com/_qs/documents/9998/Decoding_Decisions_The_Messy_Middle_of_Purchase_Behavior.pdf (Archived by the Internet Archive at https://web.archive.org/web/20251005205911/https://www.thinkwithgoogle.com/_qs/documents/9998/Decoding_Decisions_The_Messy_Middle_of_Purchase_Behavior.pdf)
RinggitPlus. (2022). Malaysian financial literacy survey 2022. https://ringgitplus.com/en/blog/wp-content/uploads/2022/12/RMFLS-2022-Survey-Report-FINAL.pdf (Archived by the Internet Archive at https://web.archive.org/web/20240725060023/https://ringgitplus.com/en/blog/wp-content/uploads/2022/12/RMFLS-2022-Survey-Report-FINAL.pdf)
RinggitPlus. (2023). Malaysian financial literacy survey 2023. https://ringgitplus.com/en/blog/wp-content/uploads/2023/10/RMFLS-2023-Survey-Report-FINAL.pdf (Archived by the Internet Archive at https://web.archive.org/web/20251217084325/https://ringgitplus.com/en/blog/wp-content/uploads/2023/10/RMFLS-2023-Survey-Report-FINAL.pdf)
RinggitPlus. (2024). Malaysian financial literacy survey 2024. https://ringgitplus.com/en/blog/wp-content/uploads/2024/09/RMFLS-2024-Survey-Report.pdf (Archived by the Internet Archive at https://web.archive.org/web/20251017232532/https://ringgitplus.com/en/blog/wp-content/uploads/2024/09/RMFLS-2024-Survey-Report.pdf)
Sabri, M. F., & Aw, E. C. X. (2019). Financial literacy and related outcomes: The role of financial information sources. International Journal of Business and Society, 20(1), 286–298. https://www.ijbs.unimas.my/images/repository/pdf/Vol20-no1-paper18.pdf
Sjöholm, S. (2018). How to start a niche blog (Bachelor’s Thesis, Haaga-Helia University of Applied Sciences). https://www.theseus.fi/bitstream/handle/10024/149318/Sjoeholm_Samu.pdf?sequence=1
Szymanski, G., & Stanislawski, R. (2018). Research online. purchase offline: A phenomenon among the young generation in the e-commerce sector. Journal of International Scientific Publications, 12, 185–192. https://www.scientific-publications.net/en/article/1001730/ (Archived by the Internet Archive at https://web.archive.org/web/20250114192945/https://www.scientific-publications.net/en/article/1001730/ )
UOB. (2023). ASEAN consumer sentiment study 2023. https://web-assets.bcg.com/3f/86/b1cc2ad44337a3701af3b4324baf/acss-regional-report-2023.pdf (Archived by the Internet Archive at https://web.archive.org/web/20250506052314/https://web-assets.bcg.com/3f/86/b1cc2ad44337a3701af3b4324baf/acss-regional-report-2023.pdf)
Vaaler, A., Reiter, L., & Faulkner, A. E. (2021). They seek, but do they find? Investigating the financial information seeking behavior of college students. College and Research Libraries, 82(2), 267–285. https://doi.org/10.5860/crl.82.2.267
Wu, L. (2016). Did you get the buzz? Are digital native media becoming mainstream? International Symposium on Online Journalism, 6(1), 131–150. https://isoj.org/research/did-you-get-the-buzz-are-digital-native-media-becoming-mainstream/ (Archived by the Internet Archive at https://web.archive.org/web/20251218022108/https://isoj.org/research/did-you-get-the-buzz-are-digital-native-media-becoming-mainstream/)
Yakoboski, P., Lusardi, A., & Sticha, A. (2024). Financial literacy and retirement fluency: New insights for improving financial well-being. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4812144
Zörgő, S., Peters, G.-J., Jeney, A., Shaffer, D. W., Ruis, A. R., & Crutzen, R. (2024). A feasibility study for a unified, multimodal analysis of online information foraging in health-related topics. Open Research Europe, 3, 1–23. https://doi.org/10.12688/openreseurope.16119.2
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Nursabrina Abdul Jalil, Suraya Hamid
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
