Financial FOMO describes fear of missing out on trading gains, examined in Song's (2022) thesis FOMO, Financial Trading, and Problem Gambling in College Students. Stories of quick profits from meme-stock rallies and cryptocurrency surges illustrate the phenomenon behind this fear. Song (2022) surveyed 285 college students from September 2021–March 2022; F-FOMO predicted stock trading participation (t(284) = 0.08136, p = 0.006732). F-FOMO was also linked to problem gambling severity in traditional gambling, both for having any symptoms (t(284) = 0.07528, p = 0.013).
What the Study Found
Higher F-FOMO was associated with greater likelihood of stock market trading participation (t(284) = 0.08136, p = 0.006732). Higher F-FOMO was also associated with greater likelihood of cryptocurrency trading participation (t(284) = 0.08204, p = 0.03225). F-FOMO was linked to reporting a nonzero composite PGSI score in the traditional gambling domain (t(284) = 0.07528, p = 0.013). Among the 77 of 285 participants with positive PGSI scores, higher F-FOMO predicted greater score severity (t(76) = 0.04704, p = 0.007994). F-FOMO also cleared the zero hurdle for PGSI-ST scores among stock traders (t(76) = 0.18329, p = 0.0039).
Methodology
Song (2022) surveyed 285 college students (328 enrolled, 43 excluded for incomplete data) at a northwestern university. Data collection ran from September 2021 to March 2022. Trading participation was analyzed using binomial regression; problem gambling severity was analyzed using a hurdle model with zero-hurdle and truncated Poisson processes. Both models controlled for ABIS impulsivity score, sex assigned at birth, self-reported household wealth, and age.
Key Statistics
| Metric | Finding | Context |
|---|---|---|
| F-FOMO → stock trading participation | t(284) = 0.08136, p = 0.006732 | Binomial regression, hypothesis 1a |
| F-FOMO → crypto trading participation | t(284) = 0.08204, p = 0.03225 | Binomial regression, hypothesis 1b |
| F-FOMO → nonzero PGSI (traditional gambling) | t(284) = 0.07528, p = 0.013 | Hurdle model zero-hurdle process, hypothesis 2a |
| F-FOMO → PGSI severity among positive scores | t(76) = 0.04704, p = 0.007994 | Hurdle model count process, n = 77 |
| F-FOMO → nonzero PGSI-ST (stock trading) | t(76) = 0.18329, p = 0.0039 | Hurdle model zero-hurdle process, hypothesis 2b |
| F-FOMO → nonzero PGSI-CT (crypto trading) | t(34) = -0.034454, p = 0.746 | Not significant, hypothesis 2c not supported |
| Trading prevalence in sample | 27.0% stock, 12.3% crypto | Full sample, N = 285 |
Why This Matters
Financial FOMO appears to function like established risk factors for gambling disorder, suggesting speculative trading shares psychological mechanisms with traditional gambling. The weaker link between F-FOMO and problem gambling severity in trading domains compared to traditional gambling may reflect trading's perception as more skill-based than chance-based. For educators, clinicians, and platform designers, financial FOMO represents a measurable, modifiable target for problem gambling prevention efforts aimed at young adults. Because the study is cross-sectional and limited to a single university cohort, causal claims about FOMO driving trading behavior cannot yet be made.