Financial literacy: A systematic review and bibliometric analysis

Abstract

Given the paucity of comprehensive summaries in the extant literature, this systematic review, coupled with bibliometric analysis, endeavours to take a meticulous approach intended at presenting quantitative and qualitative knowledge on the ever‐emerging subject of financial literacy. The study comprises a review of 502 articles ‐ published in peer‐reviewed journals from 2000 to 2019. Citation network, page‐rank analysis, co‐citation analysis, content analysis and publication trends have been employed to identify influential work, delineate the intellectual structure of the field and identify gaps. The most prominent journals, authors, countries, articles and themes have been identified using bibliometric analysis, followed by a comprehensive analysis of the content of 107 papers in the identified clusters. The three major themes enumerated are—levels of financial literacy amongst distinct cohorts, the influence that financial literacy exerts on financial planning and behaviour, and the impact of financial education. Additionally, content analysis of 175 papers has been conducted for the last four years’ articles that were not covered in the co‐citation analysis. Emerging themes identified include financial capability, financial inclusion, gender gap, tax & insurance literacy, and digital financial education. A conceptual framework has been modelled portraying the complete picture, following which potential areas of research have been suggested. This study will help policy‐makers, regulators and academic researchers know the nuts and bolts of financial literacy, and identify the relevant areas that need investigation.

Consumer decision‐making in omnichannel retailing: Literature review and future research agenda

“…Following the guidelines of Paul and Criado (2020), our study has applied a systematic review approach. Systematic literature could of different types such as structured review (Canabal & White, 2008; Dhaliwal et al., 2020; Kahiya, 2018; Hao et al, 2019; Paul & Feliciano‐Cestero, 2020), framework‐based review (Paul & Benito, 2018; Paul & Mas, 2019; Paul & Rosado‐Serrano, 2019), Bibliometric review (Goyal & Kumar, 2020; Rialp et al, 2019) and Meta analytical review (Barari et al., 2020; Rana & Paul, 2020; Schmid & Morschett, 2020).…”

Debt and Overindebtedness: Psychological Evidence and its Policy Implications

“…Which is the lower amount to pay back: $105 or $100 plus 3%?” Klapper and Lusardi also show that some of the correlates of lower levels of financial literacy are the same as the correlates of debt. On the basis of data like these, it is strongly and widely argued that enhancing financial literacy could lead to wiser economic choices by consumers, including reduced risk of debt (e.g., Goyal & Kumar, 2020; Klapper & Lusardi, 2019; Williams & Oumlil, 2015). However, although there is some direct evidence that poor financial literacy is associated with higher levels of debt (e.g., Lusardi & Tufano, 2015, in a population sample; Norvilitis et al., 2006, among college students), such evidence is limited compared with the attention the question has been given.…”

Consumer financial education and risky financial asset holding in China

“…Household financial asset holding is an important topic in household finance (Campbell, 2006;Xiao & Tao, 2020) and consumer financial literacy research (Goyal & Kumar, 2020). Risky financial assets refer to financial assets that possess financial risk, such as stocks, bonds, and mutual funds.…”