• 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.

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G, V. (2024). Understanding individual financial stability: A systematic review and bibliometric analysis (1994 – 2023). Multidisciplinary Reviews, (| Accepted Articles). Retrieved from https://malque.pub/ojs/index.php/mr/article/view/3058
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