The customer journey of a first-time investor: mapping the decision process and key touch points
Lindroos, André (2026)
2026
All rights reserved. This publication is copyrighted. You may download, display and print it for Your own personal use. Commercial use is prohibited.
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-202602052350
https://urn.fi/URN:NBN:fi:amk-202602052350
Tiivistelmä
Investing has become significantly more accessible for young adults due to the rise of digital platforms, mobile apps, and social media advertisements. Investing is still a complex decision where emotions are relevant, especially when a person does not have much financial experience. In this thesis, I examine the customer journey of a first-time investor between the ages 20-30, with the focus being on the decision-making process, marketing touchpoints, and digital investment platforms.
The purpose of this study is to better understand how and why young adults move from initial awareness in investing to making their first investment, and what factors support or slow down the process. This thesis has the approach of not only focusing on investing as a financial action, but also a psychological journey where uncertainty, trust, and confidence play a key role. How digital environments replace face-to-face interactions and how they attempt to reduce the perceived risks is also covered.
The theoretical framework is built around consumers’ decision-making, customer journey models, marketing touchpoints, integrated marketing communications, trust and technology acceptance in digital platforms, and platform marketing strategies aimed at young investors. These themes were inspired by theories such as Kotler’s consumer decision-making process, the technology acceptance model, the trust theory, and diffusion of innovation.
The empirical part of the study was done using qualitative research methods. The data collected for the study were gathered from semi-structured interviews with young adults who had made their first investment. To complement the data from the interviews, there was additional desk re-search done with the focus being on publicly available content in online environments. The data was analysed using the thematic analysis and the content analysis. The results highlight the key stages in the journey of a first-time investor, influential marketing, factors related to trust, and similarities in challenges for a young investor. The information is based on the findings and recommendations for digital investment platforms to target first-time investors.
The findings highlight the fact that a journey of a first-time investor is rarely linear, but instead it consists of consideration, information search, hesitation, and feelings of doubt. Marketing touch-points that were perceived as being calm, educational, and transparent were found to be more influential than the hype-driven content. Trust, platform usability, and clarity on the risks and fees played a very much decisive role in whether the investment took place or not. Based on the findings, the thesis provides insights and recommendations for digital investment platforms on how to be better at supporting young first-time investors through clear communication and realistic marketing, while still contributing to academic research on consumer behaviour and digital financial decision-making.
The purpose of this study is to better understand how and why young adults move from initial awareness in investing to making their first investment, and what factors support or slow down the process. This thesis has the approach of not only focusing on investing as a financial action, but also a psychological journey where uncertainty, trust, and confidence play a key role. How digital environments replace face-to-face interactions and how they attempt to reduce the perceived risks is also covered.
The theoretical framework is built around consumers’ decision-making, customer journey models, marketing touchpoints, integrated marketing communications, trust and technology acceptance in digital platforms, and platform marketing strategies aimed at young investors. These themes were inspired by theories such as Kotler’s consumer decision-making process, the technology acceptance model, the trust theory, and diffusion of innovation.
The empirical part of the study was done using qualitative research methods. The data collected for the study were gathered from semi-structured interviews with young adults who had made their first investment. To complement the data from the interviews, there was additional desk re-search done with the focus being on publicly available content in online environments. The data was analysed using the thematic analysis and the content analysis. The results highlight the key stages in the journey of a first-time investor, influential marketing, factors related to trust, and similarities in challenges for a young investor. The information is based on the findings and recommendations for digital investment platforms to target first-time investors.
The findings highlight the fact that a journey of a first-time investor is rarely linear, but instead it consists of consideration, information search, hesitation, and feelings of doubt. Marketing touch-points that were perceived as being calm, educational, and transparent were found to be more influential than the hype-driven content. Trust, platform usability, and clarity on the risks and fees played a very much decisive role in whether the investment took place or not. Based on the findings, the thesis provides insights and recommendations for digital investment platforms on how to be better at supporting young first-time investors through clear communication and realistic marketing, while still contributing to academic research on consumer behaviour and digital financial decision-making.