The Evolution of Financial Literacy Research: A Bibliometric Analysis of Trends and Patterns

Abstract

The field of financial literacy is intricate and developing. This systematic review of the literature provides a thorough overview of financial literacy. It examines the sample of 3182 papers of the period 1990 to 2023 from different databases such as Scopus, Web of Science, IEEE, Science Direct, and JSTOR and identifies important publications, knowledge gaps, and rising themes. The four major topics that emerged are the degree of financial literacy among various groups of people, gender disparity in financial literacy, the influence of financial literacy on financial behavior and planning, and the impact of financial education on day-to-day decisions. Groups with lower levels of financial literacy include adults, women, people in the lower-income band, rural people, etc. Financial planning and financial behavior are positively associated with financial literacy. Financial literacy could be enhanced with financial education; however, output depends upon program design and experimental group. The review also discusses financial literacy in the context of gender disparity, including its definition, difficulties encountered, and possible solutions. This systematic study will help researchers, practitioners, and policymakers by providing insightful information on financial literacy and its ramifications.