Joy of Missing Out on Customer Switching Behavior of Ponzi Schemes Among University Students in Rivers State, Nigeria

Abstract The study examined the effect of Joy of Missing Out (JOMO) on customers' switching behavior among Rivers State, Nigeria university students. Specifically, it examined how dimensions of JOMO which are Perceived Sense of Control and Time-Frame affect customers' switching behavior (switching intention and switching cost). Descriptive survey design was employed and the population were three Rivers State public universities' students: University of Port Harcourt, Rivers State University and Ignatius Ajuru University. A sample of 398 students were chosen using Taro Yamane's formula. Out of 398 copies of questionnaire distributed only 390 copies were returned and used for analysis. The data collected on a five-point Likert scale ranging from Strongly Agree (5) to Strongly Disagree (1) were checked using Internal validity and consistency Average Variance Extract (AVE), Cronbach Alpha and Fornell-Larcker. Data analysis was performed using multiple regression analysis on SPSS Version 25. Findings showed that Perceived Sense of Control and Time-Frame significantly affected switching intention. The findings show that JOMO can be used to exit Ponzi schemes or any fraudulent activities. Furthermore, the study recommends that Public campaigns should be encouraged to motivate individuals that missing out a good deed or business deals is not bad but a chance to reevaluate our decision.