A systematic and bibliometric review on Financial Literacy and Financial Well-being

Abstract

The study compromises a review of 1488 articles from the web of science database to identify the research      trend regarding financial literacy and financial well-being during the last 23 years (2000–2023). Various graphs and networks are presented to understand the publication trends, influential papers, conceptual and intellectual structures and research collaboration status. This study employs a comprehensive methodology, merging systematic literature review techniques with bibliometric analysis, to distil the core areas and dimensions of financial well-being. Four clusters in the field of financial well-being were found: income, financial literacy, literacy and performance. Further, emerging themes in financial well-being were identified with a content analysis of the papers published during the last twenty-three years. This study will help financial planners, regulatory bodies and academic researchers in getting a better understanding of financial literacy and financial well-being and in identifying potential areas for future research. Prior to this study, no such comprehensive bibliometric analysis on financial literacy and financial well-being has been carried out to the best of the authors’ knowledge. This gap motivated the authors to combine quantitative and qualitative methods to review the published research and do a content analysis, to identify prominent authors and publications.