Keywords:
Financial well-being
Objective financial well-being
Subjective financial well-being
Systematic review
Bibliometrics

  • Abstract

    Research on financial well-being has recently captured the attention of academics, financial analysts, and practitioners. It is indicated by research that individuals with elevated levels of financial well-being demonstrate greater resilience in facing financial shocks, pursue opportunities for economic progress, and report higher overall satisfaction. However, despite the growing number of publications and research efforts on financial well-being, examination of literature regarding individual financial well-being remains underdeveloped and fragmented. Moreover, there are few studies that examine the influence of key factors on individuals' well-being and acknowledge the significance of financial well-being's objective and subjective components. To address this gap, our study focuses on individual financial well-being by employing a systematic literature review and bibliometric analysis. Data obtained from the Scopus database were examined using R-Packages and VOSviewer. Our goal is to systematically review the key factors determining a person's financial well-being and discuss how these factors enhance individual well-being. The significance of both subjective perceptions and objective financial metrics for overall well-being is also highlighted. The paper presents a comprehensive analysis of various theories used in understanding financial well-being, thereby expanding the scope of research in this field. Our contribution includes proposing a novel definition based on literature evaluation of one's financial well-being, which considers an individual's present and future desired living standard, as well as their aspirations for financial freedom. The work aims to encourage further research on financial well-being, informing potential interventions by governments and financial institutions.

  • References

    1. Adam, A. M., Frimpong, S., & Opoku Boadu, M. (2017). Financial literacy and financial planning: Implication for financial well-being of retirees. Business and Economic Horizons, 13(2), 224–236. https://doi.org/10.15208/beh.2017.17
    2. Amagir, A., Groot, W., van den Brink, H. M., & Wilschut, A. (2020, June). Financial literacy of high school students in the Netherlands: knowledge, attitudes, self-efficacy, and behavior. International Review of Economics Education, 34, 100185. https://doi.org/10.1016/j.iree.2020.100185
    3. Archuleta, K. L., Dale, A., & Spann, S. M. (2013). College students and financial distress: Exploring debt, financial satisfaction, and financial anxiety. Journal of Financial Counseling and Planning, 24(2), 50–62. https://eric.ed.gov/?id=EJ1043230
    4. Bashir, I., & Qureshi, I. H. (2023, July 20). Examining theories, mediators and moderators in financial well-being literature: a systematic review and future research agenda. Qualitative Research in Organizations and Management: An International Journal, 18(4), 265–290. https://doi.org/10.1108/qrom-04-2022-2314
    5. Bashir, Ifra, & Qureshi, I. H. (2022). A systematic literature review on personal financial well-being: The link to key Sustainable Development Goals 2030. FIIB Business Review, 231971452211068. https://doi.org/10.1177/23197145221106862
    6. Ben-David, I., & Bos, M. (2021). Impulsive consumption and financial well-being: Evidence from an increase in the availability of alcohol. The Review of Financial Studies, 34(5), 2608–2647. https://doi.org/10.1093/rfs/hhaa094
    7. Bhatia, S., & Singh, S. (2023). Exploring financial well-being of working professionals in the Indian context. Journal of Financial Services Marketing. https://doi.org/10.1057/s41264-023-00215-x
    8. Blau, J. M. (1999). Umbrella liability insurance: Protection from threats to financial well- being. Journal of Medical Practice Management, 15(1), 30–321999.
    9. Brown, S., & Gray, D. (2016). Household finances and well-being in Australia: An empirical analysis of comparison effects. Journal Of Economic Psychology, 53, 17–36. https://doi.org/10.1016/j.joep.2015.12.006
    10. Browning, M., & Lusardi, A. (1996). Household saving: Micro theories and micro facts. Journal of Economic Literature, 34(4), 1797–1855.
    11. Brüggen, E. C., Hogreve, J., Holmlund, M., Kabadayi, S., & Löfgren, M. (2017, October). Financial well-being: A conceptualization and research agenda. Journal of Business Research, 79, 228–237. https://doi.org/10.1016/j.jbusres.2017.03.013
    12. Buckland, J., Daniels, C., & Godinho, V. (2020). Does Australia have an advantage in promoting financial well-being and what might Canada and other countries learn? Canadian Journal of Urban Research, 29(1), 39–54. https://www.jstor.org/stable/26929896
    13. Bureau, C. F. P. (2015). Financial well-being: What it means and how to help. Author. CreateSpace. http://books.google.ie/books?id=hdtErgEACAAJ&dq=Bureau,+C.+F.+P.+(2015).+Financial+well-being:+What+it+means+and+how+to+help.+Author.&hl=&cd=1&source=gbs_api
    14. CFPB, C. (2017). Financial well-being in America. Recuperado em, 30, 201.
    15. Cherney, K., Rothwell, D., Serido, J., & Shim, S. (2019). Subjective financial well-being during emerging adulthood: The role of student debt. Emerging Adulthood, 8(6), 485–495. https://doi.org/10.1177/2167696819879252
    16. Chu, Z., Wang, Z., Xiao, J. J., & Zhang, W. (2017). Financial literacy, portfolio choice and financial well-being. Social Indicators Research, 132(2), 799–820. https://doi.org/10.1007/s11205-016-1309-2
    17. Clark, R. L., Lusardi, A., Mitchell, O. S., & Davis, H. (2020). Financial Well-being among Black and Hispanic Women. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3792558
    18. Michael Collins, J., & Urban, C. (2019, October 30). Measuring financial well-being over the lifecourse. The European Journal of Finance, 26(4–5), 341–359. https://doi.org/10.1080/1351847x.2019.1682631
    19. Cummins, R. A. (2009, October 9). Subjective Wellbeing, Homeostatically Protected Mood and Depression: A Synthesis. Journal of Happiness Studies, 11(1), 1–17. https://doi.org/10.1007/s10902-009-9167-0
    20. Dabić, M., Vlačić, B., Paul, J., Dana, L.-P., Sahasranamam, S., & Glinka, B. (2020). Immigrant entrepreneurship: A review and research agenda. Journal of Business Research, 113, 25–38. https://doi.org/10.1016/j.jbusres.2020.03.013
    21. Danes, S. M. (1994). Parental perceptions of children’s financial socialization. Journal of Financial Counseling and Planning, 5, 127–149.
    22. Danes, S. M., & Yang, Y. (2014). Assessment of the use of theories within the Journal of Financial Counseling and Planning and the contribution of the family financial socialization conceptual model. Journal of Financial Counseling and Planning, Vol. 25, No. 1, 2014. https://ssrn.com/abstract=2466560
    23. de Oliveira Cardoso, N., Markus, J., de Lara Machado, W., & Guilherme, A. A. (2023, October 30). Measuring Financial Well-Being: A Systematic Review of Psychometric Instruments. Journal of Happiness Studies, 24(8), 2913–2939. https://doi.org/10.1007/s10902-023-00697-5
    24. Delafrooz, N., & Paim, L. H. (2011). Determinants of saving behavior and financial problem among employees in Malaysia. Australian Journal of Basic and Applied Sciences, 5(7), 222–228. ISSN 1991-8178
    25. Dewey, A., & Drahota, A. (2016). Introduction to systematic reviews: online learning module. Cochrane Training. Available at https://Training.Cochrane.Org/Interactivelearning/Module-1-Introducti on-Conducting-Systematic-Reviews. Retrieved March 6, 2020.
    26. Diener, E., Tay, L., & Oishi, S. (2013). Rising income and the subjective well-being of nations. Journal of Personality and Social Psychology, 104(2), 267–276. https://doi.org/10.1037/a0030487
    27. Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Lim, W. M. (2021). How to conduct a bibliometric analysis: An overview and guidelines? Journal of Business Research, 133, 285–296. https://doi.org/10.1016/j.jbusres.2021.04.070
    28. Drever, A. I., Odders-White, E., Kalish, C. W., Else-Quest, N. M., Hoagland, E. M., & Nelms, E. N. (2015). Foundations of financial well-being: Insights into the role of executive function, financial socialization, and experience-based learning in childhood and youth. The Journal of Consumer Affairs, 49(1), 13–38. https://doi.org/10.1111/joca.12068
    29. Dubovskaya, E. M., & Korablinov, R. A. (2018). Subjective characteristics of economic wellbeing of the personality. Psychology issues, 3, 53-65
    30. Elliott, W., & Lewis, M. (2015). Student debt effects on financial well-being: Research and policy implications: Student debt effects on financial well-being. Journal of Economic Surveys, 29(4), 614–636. https://doi.org/10.1111/joes.12124
    31. Falahati, L., & Hj. Paim, L. (2012, July 13). Experiencing financial problems among university students. Gender in Management: An International Journal, 27(5), 315–330. https://doi.org/10.1108/17542411211252633.
    32. Falahati, L., & Paim, L. H. (2011). The emergence of gender differences in consumer socialization among college students. LIFE SCIENCE JOURNAL-ACTA ZHENGZHOU UNIVERSITY OVERSEAS EDITION, 8(3), 187-191. https://www.lifesciencesite.com/lsj/life0803/035_6274life0803_187_191.pdf
    33. Fan, L., & Henager, R. (2022). A structural determinants framework for financial well-being. Journal of Family and Economic Issues, 43(2), 415–428. https://doi.org/10.1007/s10834-021-09798-w
    34. Fan, L., & Park, N. (2021). Factors mediating the association between financial socialization and well-being of young adults: Testing a conceptual framework. Journal of Financial Counseling and Planning, JFCP-20-00056. https://doi.org/10.1891/jfcp-20-00056
    35. Garman, E. T., Leech, I. E., & Grable, J. E. (1996). The negative impact of employee poor personal financial behaviors on employers. Financial Counseling and Planning, 7, 157–168.
    36. Gilal, F. G., Zhang, J., Paul, J., & Gilal, N. G. (2019). The role of self-determination theory in marketing science: An integrative review and agenda for research. European Management Journal, 37(1), 29–44. https://doi.org/10.1016/j.emj.2018.10.004
    37. Gonçalves, V. N., Ponchio, M. C., & Basílio, R. G. (2021, April 19). Women’s financial well‐being: A systematic literature review and directions for future research. International Journal of Consumer Studies, 45(4), 824–843. https://doi.org/10.1111/ijcs.12673
    38. Goyal, K., & Kumar, S. (2021). Financial literacy: A systematic review and bibliometric analysis. International Journal of Consumer Studies, 45(1), 80–105. https://doi.org/10.1111/ijcs.12605
    39. Gutter, M., & Copur, Z. (2011). Financial behaviors and financial well-being of college students: Evidence from a national survey. Journal of Family and Economic Issues, 32(4), 699–714. https://doi.org/10.1007/s10834-011-9255-2
    40. Hira, T. K., & Mugenda, O. M. (1999). The relationships between self-worth and financial beliefs, behavior, and satisfaction. Journal of Family and Consumer Sciences, 91(4).
    41. Hung, A., Parker, A. M., & Yoong, J. (2009). Defining and measuring financial literacy. RAND Working Paper Series WR-708, http://dx.doi.org/10.2139/ssrn.1498674
    42. Jahan, N., Naveed, S., Zeshan, M., & Tahir, M. A. (2016, November 4). How to Conduct a Systematic Review: A Narrative Literature Review. Cureus. https://doi.org/10.7759/cureus.864
    43. Joo, S. (2008). Personal Financial Wellness. In Handbook of Consumer Finance Research (pp. 21–33). Springer New York. https://doi.org/10.1007/978-0-387-75734-6_2
    44. Joo, S. H. (1998). Personal financial wellness and worker job productivity.
    45. Joo, S.-H., Durband, D. B., & Grable, J. (2008). The academic impact of financial stress on college students. Journal of College Student Retention: Research, Theory & Practice, 10(3), 287–305. https://doi.org/10.2190/cs.10.3.c
    46. Joo, S.-H., & Grable, J. E. (2004). An exploratory framework of the determinants of financial satisfaction. Journal of Family and Economic Issues, 25(1), 25–50. https://doi.org/10.1023/b:jeei.0000016722.37994.9f
    47. Kahiya, E. T. (2018). Five decades of research on export barriers: Review and future directions. International Business Review (Oxford, England). https://doi.org/10.1016/j.ibusrev.2018.04.008
    48. Kamalski, J., & Kirby, A. (2012). Bibliometrics and urban knowledge transfer. Cities, 29, S3-S8. https://doi.org/10.1016/j.cities.2012.06.012
    49. Kaur, G., Singh, M., & Singh, S. (2021). Mapping the literature on financial well‐being: A systematic literature review and bibliometric analysis. International Social Science Journal, 71(241–242), 217–241. https://doi.org/10.1111/issj.12278
    50. Knoll, J., & Matthes, J. (2017). The effectiveness of celebrity endorsements: a meta-analysis. Journal of the Academy of Marketing Science, 45(1), 55–75. https://doi.org/10.1007/s11747-016-0503-8
    51. Kumar, J., Rani, V., Rani, G., & Sarker, T. (2023). Determinants of the financial wellbeing of individuals in an emerging economy: an empirical study. International Journal of Bank Marketing, 41(4), 860–881. https://doi.org/10.1108/ijbm-10-2022-0475
    52. Lapidos, A., Jester, J., Ortquist, M., Werner, P., Ruffolo, M. C., & Smith, M. (2018). Survey of peer support specialists: Professional activities, self-rated skills, job satisfaction, and financial well-being. Psychiatric Services (Washington, D.C.), 69(12), 1264–1267. https://doi.org/10.1176/appi.ps.201800251
    53. Leach, L. J., Hayhoe, C. R., & Turner, P. R. (1999). Factors affecting perceived economic well-being of college students: A gender perspective. Journal of Financial Counseling and Planning, 10(2).
    54. Leime, A. N., & Ogg, J. (2019). Gendered impacts of extended working life on the health and economic wellbeing of older workers. Ageing and Society, 39(10), 2163–2169. https://doi.org/10.1017/s0144686x18001800
    55. Li, C., Wu, K., & Wu, J. (2017). A bibliometric analysis of research on haze during 2000–2016. Environmental Science and Pollution Research International, 24(32), 24733–24742. https://doi.org/10.1007/s11356-017-0440-1
    56. Lim, W. M., Yap, S.-F., & Makkar, M. (2021). Home sharing in marketing and tourism at a tipping point: What do we know, how do we know, and where should we be heading? Journal of Business Research, 122, 534–566. https://doi.org/10.1016/j.jbusres.2020.08.051
    57. Loke, Y. J. (2015). Living beyond one’s means: evidence from Malaysia. International Journal of Social Economics, 43(1), 2–18. https://doi.org/10.1108/ijse-11-2013-0248
    58. Mahdzan, N. S., Zainudin, R., Abd Sukor, M. E., Zainir, F., & Wan Ahmad, W. M. (2020). An exploratory study of financial well-being among Malaysian households. Journal of Asian Business and Economic Studies, 27(3), 285–302. https://doi.org/10.1108/jabes-12-2019-0120
    59. Mahendru, M., Sharma, G. D., & Hawkins, M. (2020). Toward a new conceptualization of financial well‐being. Journal of Public Affairs. https://doi.org/10.1002/pa.2505
    60. Mengist, W., Soromessa, T., & Legese, G. (2020). Method for conducting systematic literature review and meta-analysis for environmental science research. MethodsX, 7, 100777. https://doi.org/10.1016/j.mex.2019.100777
    61. Moher, D., Liberati, A., Tetzlaff, J., Altman, D. G., & The, P. (2009). Preferred Reporting Items for Systematic Reviews and Meta-Analyses: The PRISMA Statement. PLoS Med, 6(7). https://doi.org/10.1371/journal.pmed1000097
    62. Mokhtar, N., & Husniyah, A. R. (2017). Determinants of financial well-being among public employees in Putrajaya, Malaysia. Malaysia. Pertanika Journal of Social Sciences and Humanities, 25(3), 1241–1260.
    63. Moore, J. C., Stinson, L. L., & Welniak, E. J. (2000). Income measurement error in surveys: A review. Journal of Official Statistics-Stockholm, 16(4), 331–362.
    64. Muhammad, N., Atia, B., & Shoaib, A. (2021, June 9). Role of broker’s information transparency in determining individual investor’s financial wellbeing: A transformative service research (TSR) perspective. Contaduría Y Administración, 67(1), 313. https://doi.org/10.22201/fca.24488410e.2022.3073
    65. Munisamy, A., Sahid, S., & Hussin, M. (2022). Socioeconomic sustainability for low-income households: The mediating role of financial well-being. Sustainability, 14(15), 9752. https://doi.org/10.3390/su14159752
    66. Netemeyer, R. G., Warmath, D., Fernandes, D., & Lynch, J. G., Jr. (2018). How am I doing? Perceived financial well-being, its potential antecedents, and its relation to overall well-being. The Journal of Consumer Research, 45(1), 68–89. https://doi.org/10.1093/jcr/ucx109
    67. OECD (2021). Financial Education Responses to COVID-19. OECD Publishing
    68. Owusu, G. M. Y. (2021, October 6). Predictors of financial satisfaction and its impact on psychological wellbeing of individuals. Journal of Humanities and Applied Social Sciences, 5(1), 59–76. https://doi.org/10.1108/jhass-05-2021-0101
    69. Paul, J., & Benito, G. R. G. (2018). A review of research on outward foreign direct investment from emerging countries, including China: what do we know, how do we know and where should we be heading? Asia Pacific Business Review, 24(1), 90–115. https://doi.org/10.1080/13602381.2017.1357316
    70. Philippas, N. D., & Avdoulas, C. (2019, December 11). Financial literacy and financial well-being among generation-Z university students: Evidence from Greece. The European Journal of Finance, 26(4–5), 360–381. https://doi.org/10.1080/1351847x.2019.1701512
    71. Pollack, J., & Adler, D. (2015). Emergent trends and passing fads in project management research: A scientometric analysis of changes in the field. International Journal of Project Management, 33(1), 236–248. https://doi.org/10.1016/j.ijproman.2014.04.011
    72. Ponchio, M. C., Cordeiro, R. A., & Gonçalves, V. N. (2019). Personal factors as antecedents of perceived financial well-being: evidence from Brazil. International Journal of Bank Marketing, 37(4), 1004–1024. https://doi.org/10.1108/ijbm-03-2018-0077
    73. Porter, N. M. (1990). Testing a model of financial well-being (Doctoral dissertation).
    74. Porter, N. M., & Garman, E. T. (1993). Testing a conceptual model of financial well-being, financial counseling and planning, vol:4.
    75. Postmus, J. L., Hetling, A., & L. Hoge, G. (2015). Evaluating a financial education curriculum as an intervention to improve financial behaviors and financial well-being of survivors of domestic violence: Results from a longitudinal randomized controlled study. The Journal of Consumer Affairs, 49(1), 250–266. https://doi.org/10.1111/joca.12057
    76. Prakash, N., Alagarsamy, S., & Hawaldar, A. (2022). Demographic characteristics influencing financial wellbeing: a multigroup analysis. Managerial Finance, 48(9/10), 1334–1351. https://doi.org/10.1108/mf-09-2021-0466
    77. Prawitz, A., Garman, E. T., Sorhaindo, B., O’neill, B., Kim, J., & Drentea, P. (2006). InCharge financial distress/financial well-being scale: Development, administration, and score interpretation. Journal of Financial Counseling and Planning, 17(1). Available at SSRN: https://ssrn.com/abstract=2239338
    78. Randhawa, K., Wilden, R., & Hohberger, J. (2016). A bibliometric review of open innovation: Setting a research agenda: A bibliometric review of open innovation. The Journal of Product Innovation Management, 33(6), 750–772. https://doi.org/10.1111/jpim.12312
    79. Riitsalu, L., & Murakas, R. (2019, June 3). Subjective financial knowledge, prudent behaviour and income. International Journal of Bank Marketing, 37(4), 934–950. https://doi.org/10.1108/ijbm-03-2018-0071
    80. Riitsalu, L., Sulg, R., Lindal, H., Remmik, M., & Vain, K. (2023, January 28). From Security to Freedom— The Meaning of Financial Well-being Changes with Age. Journal of Family and Economic Issues, 45(1), 56–69. https://doi.org/10.1007/s10834-023-09886-z
    81. Riitsalu, Leonore, Atkinson, A., & Pello, R. (2023). The bottlenecks in making sense of financial well-being. International Journal of Social Economics, 50(10), 1402–1422. https://doi.org/10.1108/ijse-11-2022-0741
    82. Riitsalu, Leonore, & van Raaij, W. F. (2022). Current and future financial well-being in 16 countries. Journal of International Marketing, 30(3), 35–56. https://doi.org/10.1177/1069031x221095076
    83. Rutherford, L. G., & Fox, W. S. (2010). Financial wellness of young adults age 18–30: Financial wellness of young adults. Family and Consumer Sciences Research Journal, 38(4), 468–484. https://doi.org/10.1111/j.1552-3934.2010.00039.x
    84. Sabri,M. F., Cook, M., & Gudmunson, C. C. (2012). Financial well-being of Malaysian college students. Asian Education and Development Studies, 1(2), 153–170. https://doi.org/10.1108/20463161211240124
    85. Sabri, M. F., Anthony, M., Law, S. H., Rahim, H. A., Burhan, N. A. S., & Ithnin, M. (2023, May 22). Impact of financial behaviour on financial well-being: evidence among young adults in Malaysia. Journal of Financial Services Marketing. https://doi.org/10.1057/s41264-023-00234-8
    86. Sacks, D. W., Stevenson, B., & Wolfers, J. (2010). Subjective Well-Being, Income, Economic Development and Growth. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1690067
    87. Samuel, S., & Kumar, J. (2024). Significance of financial attitude, financial education on financial well-being. In Technical and Vocational Education and Training: Issues, Concerns and Prospects (pp. 507–513). Springer Nature Singapore. https://doi.org/10.1007/978-981-99-6909-8_44
    88. Sass, S. A., Belbase, A., Cooperrider, T., & Ramos-Mercado, J. D. (2015). What do subjective assessments of financial well-being reflect? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2577285
    89. Schmeiser, M. D., & Seligman, J. S. (2013). Using the right yardstick: Assessing financial literacy measures by way of financial well‐being. The Journal of Consumer Affairs, 47(2), 243–262. https://doi.org/10.1111/joca.12010
    90. She, L., Waheed, H., Lim, W. M., & E-Vahdati, S. (2022). Young adults’ financial well-being: current insights and future directions. International Journal of Bank Marketing. https://doi.org/10.1108/ijbm-04-2022-0147
    91. Shim, S., Xiao, J. J., Barber, B. L., & Lyons, A. C. (2009). Pathways to life success: A conceptual model of financial well-being for young adults. Journal of Applied Developmental Psychology, 30(6), 708–723. https://doi.org/10.1016/j.appdev.2009.02.003
    92. Singh, D., & Malik, G. (2022). A systematic and bibliometric review of the financial well-being: advancements in the current status and future research agenda. International Journal of Bank Marketing, 40(7), 1575–1609. https://doi.org/10.1108/ijbm-06-2021-0238
    93. Soman, D., & Cheema, A. (2002). The effect of credit on spending decisions: The role of the credit limit and credibility. Marketing Science, 21(1), 32–53. https://doi.org/10.1287/mksc.21.1.32.155
    94. Sorgente, A., & Lanz, M. (2017). Emerging adults’ financial well-being: A scoping review. Adolescent Research Review, 2(4), 255–292. https://doi.org/10.1007/s40894-016-0052-x
    95. Sorgente, A., & Lanz, M. (2019). The multidimensional subjective financial well-being scale for emerging adults: Development and validation studies. International Journal of Behavioral Development, 43(5), 466–478. https://doi.org/10.1177/0165025419851859
    96. Sorgente, A., Totenhagen, C. J., & Lanz, M. (2022). The use of the intensive longitudinal methods to study financial well-being: A scoping review and future research agenda. Journal of Happiness Studies, 23(1), 333–358. https://doi.org/10.1007/s10902-021-00381-6
    97. Strumpel, B. E. (1976). Economic means for human needs: Social indicators of well-being and discontent. U Michigan Press.
    98. Sumarwan, U., & Hira, T. K. (1993). The effects of perceived locus of control and perceived income adequacy on satisfaction with financial status of rural households. Journal of Family and Economic Issues, 14(4), 343–364. https://doi.org/10.1007/bf01013984
    99. Taft, M. K., Hosein, Z. Z., & Mehrizi, S. M. T. (2013). The relation between financial literacy, financial wellbeing and financial concerns. International Journal of Business and Management, 8(11). https://doi.org/10.5539/ijbm.v8n11p63
    100. Tahir, M. S., Ahmed, A. D., & Richards, D. W. (2021). Financial literacy and financial well-being of Australian consumers: a moderated mediation model of impulsivity and financial capability. International Journal of Bank Marketing, 39(7), 1377–1394. https://doi.org/10.1108/ijbm-09-2020-0490
    101. Thao, N. P., Eales, J., Lam, D. M., Hien, V. T., & Garside, R. (2023, December 14). What are the impacts of activities undertaken in UNESCO biosphere reserves on socio-economic wellbeing in Southeast Asia? A systematic review. Environmental Evidence, 12(1). https://doi.org/10.1186/s13750-023-00322-1
    102. Thomas, A., & Gupta, V. (2021). Social capital theory, social exchange theory, social cognitive theory, financial literacy, and the role of knowledge sharing as a moderator in enhancing financial well-being: From bibliometric analysis to a conceptual framework model. Frontiers in Psychology, 12, 664638. https://doi.org/10.3389/fpsyg.2021.664638
    103. van Praag, B. M. S., Frijters, P., & Ferrer-i-Carbonell, A. (2003). The anatomy of subjective well-being. Journal of Economic Behavior & Organization, 51(1), 29–49. https://doi.org/10.1016/s0167-2681(02)00140-3
    104. Vosloo, W., Fouche, J., & Barnard, J. (2014). The relationship between financial efficacy, satisfaction with remuneration and personal financial well-being. International Business & Economics Research Journal (IBER), 13(6), 1455. https://doi.org/10.19030/iber.v13i6.8934
    105. Walson, C. O., & Fitzsimmons, V. S. (1993). Financial manager’s perception of rural household Economie Well-Being: Development and testing of a composite measure. Journal of Family and Economic Issues, 14(3), 193–214. https://doi.org/10.1007/bf01022177
    106. Wesslund, H. M., Payne, J. S., Baxter, J. D., Westmark, D. M., Bartels, K., Bailey, K. L., & Krutsinger, D. C. (2023). Personal financial wellness curricula for medical trainees: A systematic review. Academic Medicine: Journal of the Association of American Medical Colleges, 98(5), 636–643. https://doi.org/10.1097/ACM.0000000000005136
    107. Wilmarth, M. J. (2021). Financial and economic well-being: A decade review from journal of family and economic issues. Journal of Family and Economic Issues, 42(S1), 124–130. https://doi.org/10.1007/s10834-020-09730-8
    108. Wong, K.Y. and Lynn, M. (2020), "Credit card cue effect: How mere exposure to credit card cues promotes consumers’ perceived financial well-being and spending", International Journal of Bank Marketing, Vol. 38 No. 2, pp. 368-383. https://doi.org/10.1108/IJBM-01-2019-0010
    109. Xiao, J. J. (2016). Consumer financial capability and wellbeing. Handbook of consumer finance research. 3–17. ISBN : 978-3-319-28885-7
    110. Xiao, J. J., & Porto, N. (2017). Financial education and financial satisfaction: Financial literacy, behavior, and capability as mediators. International Journal of Bank Marketing, 35(5), 805–817. https://doi.org/10.1108/IJBM-01-2016-0009
    111. Xiao, Jing Jian, & O’Neill, B. (2018). Propensity to plan, financial capability, and financial satisfaction. International Journal of Consumer Studies, 42(5), 501–512. https://doi.org/10.1111/ijcs.12461
Creative Commons License

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

Copyright (c) 2024 The Authors

How to cite

Anandhi, E. D., & Velmurugan, G. (2024). Understanding individual financial stability: A systematic review and bibliometric analysis (1994 – 2023). Multidisciplinary Reviews, 7(9), 2024208. https://doi.org/10.31893/multirev.2024208
Crossref
Scopus
Google Scholar
Europe PMC
  • Article viewed - 466
  • PDF downloaded - 237