Abstract

The surge of retail investors in Vietnam is closely linked to the Fear of Missing Out (FOMO) syndrome, a pivotal factor driving investment behavior. Applying the Systematic Literature Review (SLR) method under the PRISMA 2020 guidelines, this study synthesizes empirical evidence on the operational mechanisms of FOMO from 2015 to 2026. Out of 85 initial records, 18 representative studies across the stock, real estate, and cryptocurrency markets were selected to analyze the interaction between FOMO, collectivism, and social peer pressure. The findings indicate that digital media and online rumors are the most potent FOMO triggers, acting as "accelerators" for herding behavior, overtrading, and post-investment regret. Notably, FOMO manifests extremely in the crypto market but exhibits persistent cyclical patterns in real estate. Although financial literacy plays a moderating role, its efficacy often diminishes under digital community pressure. Based on these insights, a multi-tiered coping framework is proposed to foster a sustainable financial market.

Keywords: FOMO, Individual investors, Systematic Literature Review (SLR), PRISMA 2020, Herding behavior.