• Abstract

    The focus of this study is to evaluate the features of Financial Literacy using data accessed from the Scopus online database. We are looking at two keywords: Financial Literacy and Investment Decision. This study measures bibliometric analysis from 254 articles to 197 journals during 2006-2023. The findings show that the trend of Financial Literacy publications continues to increase. Financial literacy was first published in 2006 and continues to increase to a peak in 2022. The most cited article is The economic importance of financial literacy: Theory and evidence by Lusardi A., Mitchell O.S. with 1,301 citations and Financial literacy and retirement readiness: Evidence and implications for financial education Lusardi A., Mitchelli O. with 654 citations. followed by Dhar R., Zhu N. with the title Up close and personal: Investor sophistication and disposition effects with 346 citations. The publication journal with the highest citation is Technovation and Research Policy. the United States and the United Kingdom in the top-ranked countries for Publications on this topic. Document citation categories show that the United States ranks highest with 2,780, followed by Australia with 341 citations.This study Provides a literature search on financial literacy and Investment Decision has several limitations that require future study recognition. These limitations include that databases are limited to sources originating from one database only in data collection and data synthesis.Practical implications can assist students in developing research models on Financial Literacy and investment decisions. This study also allows researchers to serve as reference material to develop study materials regarding the level of financial literacy in investor decisions. It is hoped that this research can also add knowledge and insight for academics, especially regarding the problem under study.

    Keywords: SCOPUS, VOSviewer, bibliometric review, Financial Literacy, Investment Decision

  • References

    1. Adil, M., Singh, Y., & Ansari, M. S. (2022). How financial literacy moderate the association between behaviour biases and investment decision? Asian Journal of Accounting Research, 7(1), 17–30. https://doi.org/10.1108/AJAR-09-2020-0086
    2. Afshar, P. (2015). Investigating of dimensions of financial literacy and its impact on participation in the stock market among the sport marketing managers in Iran. International Journal of Economic Research, 12(5), 2027–2041. https://www.scopus.com/inward/record.uri?eid=2-s2.0-84962469604&partnerID=40&md5=9f99daec2e66e59f9486fe89dd6aa459
    3. Aggarwal, M. (2019). Financial literacy and investment decisions. Finance India, 33(4), 981–1000.
    4. Ahmed, Z., Ramakrishnan, S., & Noreen, U. (2017a). Financial literacy as competitive advantage for individual investors’ decision making. Advanced Science Letters, 23(9), 8988–8993. https://doi.org/10.1166/asl.2017.10009
    5. Ahmed, Z., Ramakrishnan, S., & Noreen, U. (2017b). Financial literacy as competitive advantage for individual investors’ decision making. Advanced Science Letters, 23(9), 8988–8993. https://doi.org/10.1166/asl.2017.10009
    6. Ali, Z. (2018). A correlational study on savings, spending, investment and insurance among students at tertiary levels. Journal of Social Sciences Research, 2018(Special Is), 143–147. https://doi.org/10.32861/jssr.spi2.143.147
    7. Ammer, M. A., & Aldhyani, T. H. H. (2022). An Investigation into the Determinants of Investment Awareness: Evidence from the Young Saudi Generation. Sustainability (Switzerland), 14(20). https://doi.org/10.3390/su142013454
    8. Ansari, Y., Albarrak, M. S., Sherfudeen, N., & Aman, A. (2022). A Study of Financial Literacy of Investors—A Bibliometric Analysis. International Journal of Financial Studies, 10(2). https://doi.org/10.3390/ijfs10020036
    9. Asad, H., Toqeer, I., & Mahmood, K. (2022). A qualitative phenomenological exploration of social mood and investors’ risk tolerance in an emerging economy. Qualitative Research in Financial Markets, 14(1), 189–211. https://doi.org/10.1108/QRFM-01-2021-0006
    10. Chawla, D., Bhatia, S., & Singh, S. (2022). Parental influence, financial literacy and investment behaviour of young adults. Journal of Indian Business Research. https://doi.org/10.1108/JIBR-10-2021-0357
    11. Choudhary, S., Yadav, M., & Srivastava, A. P. (2021). Cognitive Biases Among Millennial Indian Investors: Do Personality and Demographic Factors Matter? FIIB Business Review. https://doi.org/10.1177/23197145211057343
    12. Chummun, B. Z. (2016). Emerging practices of consumer financial education (CFE) in the microinsurance industry: A case of South Africa. International Journal of Education Economics and Development, 7(1–2), 1–13. https://doi.org/10.1504/IJEED.2016.079236
    13. Chung, J., & Kim, B. (2022). Heterogeneous Relationship between Financial Literacy and Fund Investment Behaviors: Evidence from South Korea during the Financial Crisis. Seoul Journal of Economics, 35(2), 159–186. https://doi.org/10.22904/sje.2022.35.2.003
    14. Cupák, A., Fessler, P., & Schneebaum, A. (2021). Gender differences in risky asset behavior: The importance of self-confidence and financial literacy. Finance Research Letters, 42. https://doi.org/10.1016/j.frl.2020.101880
    15. Fadrul2, M. I. dan. (2018). ANALISIS PENGARUH JENIS KELAMIN, IPK, DAN PENGALAMAN KERJA TERHADAP TINGKAT FINANCIAL LITERACY. 1(2), 30–42. https://doi.org/10.16143/j.cnki.1001-9928.2018.01.002
    16. Fan, L., & Chatterjee, S. (2018). Application of situational stimuli for examining the effectiveness of financial education: A behavioral finance perspective. Journal of Behavioral and Experimental Finance, 17, 68–75. https://doi.org/10.1016/j.jbef.2017.12.009
    17. Frydman, C., & Camerer, C. F. (2016). The Psychology and Neuroscience of Financial Decision Making. Trends in Cognitive Sciences, 20(9), 661–675. https://doi.org/10.1016/j.tics.2016.07.003
    18. García Mata, O. (2021). The effect of financial literacy and gender on retirement planning among young adults. International Journal of Bank Marketing, 39(7), 1068–1090. https://doi.org/10.1108/IJBM-10-2020-0518
    19. Hala, Y., Abdullah, M. W., Andayani, W., Ilyas, G. B., & Akob, M. (2020). The Financial Behavior of Investment Decision Making Between Real and Financial Assets Sectors. Journal of Asian Finance, Economics and Business, 7(12), 635–645. https://doi.org/10.13106/JAFEB.2020.VOL7.NO12.635
    20. Hassan Al-Tamimi, H. A., & Anood Bin Kalli, A. (2009). Financial literacy and investment decisions of UAE investors. Journal of Risk Finance, 10(5), 500–516. https://doi.org/10.1108/15265940911001402
    21. Hastings, J., & Mitchell, O. S. (2020). How financial literacy and impatience shape retirement wealth and investment behaviors. Journal of Pension Economics and Finance, 19(1), 1–20. https://doi.org/10.1017/S1474747218000227
    22. Hatch, C. D., Carlson, K., & Droms, W. G. (2018). Effects of market returns and market volatility on investor risk tolerance. Journal of Financial Services Marketing, 23(2), 77–90. https://doi.org/10.1057/s41264-018-0049-6
    23. Jain, R., Sharma, D., Behl, A., & Tiwari, A. K. (2022). Investor personality as a predictor of investment intention – mediating role of overconfidence bias and financial literacy. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-12-2021-1885
    24. Jappelli, T., & Padula, M. (2013). Investment in financial literacy and saving decisions. Journal of Banking and Finance, 37(8), 2779–2792. https://doi.org/10.1016/j.jbankfin.2013.03.019
    25. Kadoya, Y., & Rahim Khan, M. S. (2020). Financial literacy in Japan: New evidence using financial knowledge, behavior, and attitude. Sustainability (Switzerland), 12(9). https://doi.org/10.3390/su12093683
    26. Kasoga, P. S. (2021). Heuristic biases and investment decisions: multiple mediation mechanisms of risk tolerance and financial literacy—a survey at the Tanzania stock market. Journal of Money and Business, 1(2), 102–116. https://doi.org/10.1108/jmb-10-2021-0037
    27. Khatik, S. K., Joshi, R., & Adwani, V. K. (2021). Inferring The Role Of Social Media On Gen Z’S Investments Decisions. Journal of Content, Community and Communication, 14(7), 309–317. https://doi.org/10.31620/JCCC.12.21/24
    28. Le Fur, E., & Outreville, J.-F. (2022). Financial literacy, education and risk aversion: a survey of French students. Managerial Finance, 48(9–10), 1530–1543. https://doi.org/10.1108/MF-10-2021-0509
    29. Liu, B., Wang, J., Chan, K. C., & Fung, A. (2021). The impact of entrepreneurs’s financial literacy on innovation within small and medium-sized enterprises. International Small Business Journal: Researching Entrepreneurship, 39(3), 228–246. https://doi.org/10.1177/0266242620959073
    30. Liu, H.-C., & Lin, J.-S. (2021). Impact of Internet Integrated Financial Education on Students’ Financial Awareness and Financial Behavior. Frontiers in Psychology, 12. https://doi.org/10.3389/fpsyg.2021.751709
    31. Lubis, H., Dileep Kumar, M., Ikbar, P., & Muneer, S. (2015). Role of psychological factors in individuals investment decisions. International Journal of Economics and Financial Issues, 5, 397–405.
    32. Lusardi, A. (2019). Financial literacy and the need for financial education: evidence and implications. Swiss Journal of Economics and Statistics, 155(1), 1–8. https://doi.org/10.1186/s41937-019-0027-5
    33. Lusardi, A., & Mitchell, O. S. (2014a). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
    34. Lusardi, A., & Mitchell, O. S. (2014b). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
    35. Lusardi, A., & Mitchelli, O. (2007). Financial literacy and retirement preparedness: Evidence and implications for financial education. Business Economics, 42(1), 35–44. https://doi.org/10.2145/20070104
    36. Mavlutova, I., Fomins, A., Spilbergs, A., Atstaja, D., & Brizga, J. (2022). Opportunities to increase financial well-being by investing in environmental, social and governance with respect to improving financial literacy under covid-19: The case of Latvia. Sustainability (Switzerland), 14(1). https://doi.org/10.3390/su14010339
    37. Mihaylov, G., Yawson, A., & Zurbruegg, R. (2015). The decision to seek advice in the self-directed retirement fund industry. Applied Economics, 47(32), 3367–3381. https://doi.org/10.1080/00036846.2015.1013620
    38. Okoye, K., Hussein, H., Arrona-Palacios, A., Quintero, H. N., Ortega, L. O. P., Sanchez, A. L., Ortiz, E. A., Escamilla, J., & Hosseini, S. (2022). Impact of digital technologies upon teaching and learning in higher education in Latin America: an outlook on the reach, barriers, and bottlenecks. Education and Information Technologies. https://doi.org/10.1007/s10639-022-11214-1
    39. Paul, S. N., Mishra, A. K., & Upadhyay, R. K. (2022). Locus of control and investment decision: an investor’s perspective. International Journal of Services, Economics and Management, 13(2), 93–107. https://doi.org/10.1504/IJSEM.2022.122736
    40. Raut, R. K. (2020). Past behaviour, financial literacy and investment decision-making process of individual investors. International Journal of Emerging Markets, 15(6), 1243–1263. https://doi.org/10.1108/IJOEM-07-2018-0379
    41. Seraj, A. H. A., Alzain, E., & Alshebami, A. S. (2022). The roles of financial literacy and overconfidence in investment decisions in Saudi Arabia. Frontiers in Psychology, 13(September), 1–12. https://doi.org/10.3389/fpsyg.2022.1005075
    42. Soepriyanto, G., & Limijaya, A. (2022). Jouska: a lesson on financial (il)literacy of Indonesian millennials? Emerald Emerging Markets Case Studies, 12(2), 1–21. https://doi.org/10.1108/EEMCS-09-2021-0319
    43. Suresh, G. (2021). Impact of Financial Literacy and Behavioural Biases on Investment Decision-making. FIIB Business Review. https://doi.org/10.1177/23197145211035481
    44. Thakur, S., & Mago, M. (2021). Development of a financial literacy model for individuals in India using structural equation modelling. International Journal of Business Innovation and Research, 25(1), 94–116. https://doi.org/10.1504/IJBIR.2021.115014
    45. Topa, G., Hernández-Solís, M., & Zappalà, S. (2018). Financial management behavior among young adults: The role of need for cognitive closure in a three-wave moderated mediation model. Frontiers in Psychology, 9(NOV). https://doi.org/10.3389/fpsyg.2018.02419
    46. Tsalitsa, A., & Rachmansyah, Y. (2016). Analisis Pengaruh Literasi Keuangan dan Faktor Demografi terhadap Pengambilan Kredit pada PT. Columbia Cabang Kudus. Media Ekonomi Dan Manajemen, 31(1), 1–13.
    47. Volpe, H. C. and R. P. (2019). An Analysis of Personal Financial Literacy Among College Students. Journal of Consumer Marketing, 36(6), 858–868. https://doi.org/10.1108/JCM-01-2018-2514
    48. Weixiang, S., Qamruzzaman, M., Rui, W., & Kler, R. (2022). An empirical assessment of financial literacy and behavioral biases on investment decision: Fresh evidence from small investor perception. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.977444
    49. Willis, L. E. (2008). Against financial-literacy education. Iowa Law Review, 94(1), 197–285.
    50. Yin, H., & Yang, Q. (2022). Investor Financial Literacy, Decision-Making Behavior, and Stock Price Volatility—Evidence From Behavioral Experiments. Journal of Neuroscience, Psychology, and Economics, 15(2), 69–88. https://doi.org/10.1037/npe0000158

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Copyright (c) 2023 Multidisciplinary Reviews

How to cite

Damayanti, S., Rahmawati, A., & Wihandaru. (2023). A Bibliometric Analysis VOSviewer of Publication On Financial Literacy And Investment Decision . Multidisciplinary Reviews, (| Accepted Articles). Retrieved from https://malque.pub/ojs/index.php/mr/article/view/1115
  • Article viewed - 38