Mapping the landscape of financial knowledge and financial socialization: Evidence from bibliometric and systematic analysis

M. Yuvapriya; A.V.V.S. Subbalakshmi

doi:10.31893/multirev.2025027

Keywords:

financial literacy

financial behavior

bibliometric analysis

Bibliometrix

systematic review

Abstract

This study makes an essential contribution by bringing together the various literature in the field, highlighting the important sources, authors, and documents, and investigating the relationship between financial literacy and financial behavior. Bibliometric analysis was performed on the keywords “financial literacy” and “financial behavior”. A sample of 203 documents was taken for the study from the Scopus database for the period 2014-2023 insightful information about the status of research today. This study combines systematic and bibliometric analyses to demonstrate the essential association between financial literacy and financial behavior. It also makes recommendations for future research paths at some point. This study can provide valuable insights for formulating financial literacy and education policies. By employing this study, researchers can also determine future research areas in financial literacy and financial behavior. Biblioshiny, a web-based application in the bibliometric package developed in R, was used for the study. An in depth, systematic analysis of the top 20 cited papers provides.
References
1. Agarwalla, S. K., Barua, S. K., Jacob, J., & Varma, J. R. (2013). Financial Literacy Among Working Young in Urban India. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2338723
2. Almenberg, J., & Dreber, A. (2015). Gender, stock market participation and financial literacy. Economics Letters, 137, 140–142. https://doi.org/10.1016/j.econlet.2015.10.009
3. Altfest, L. J. (2017). Personal financial planning. Mcgraw-Hill/Irwin.
4. Amagir, A., Groot, W., Maassen van den Brink, H., & Wilschut, A. (2018). A review of financial-literacy education programs for children and adolescents. Citizenship, Social and Economics Education, 17(1), 56–80. https://doi.org/10.1177/2047173417719555
5. Atkinson, A., & Messy, F.-A. (2012). Measuring Financial Literacy. OECD Working Papers on Finance, Insurance and Private Pensions, 15. https://doi.org/10.1787/5k9csfs90fr4-en
6. Berry, J., Karlan, D., & Pradhan, M. (2018). The Impact of Financial Education for Youth in Ghana. World Development, 102, 71–89. https://doi.org/10.1016/j.worlddev.2017.09.011
7. Bursztyn, L., Ederer, F., Ferman, B., & Yuchtman, N. (2014). Understanding Mechanisms Underlying Peer Effects: Evidence From a Field Experiment on Financial Decisions. Econometrica, 82(4), 1273–1301. https://doi.org/10.3982/ecta11991
8. Cormann, M. (2013). OECD Financial literacy and inclusion Results oF OECD/INFE survey across Countries and by gender. https://www.oecd.org/daf/fin/financial-education/TrustFund2013_OECD_INFE_Fin_Lit_and_Incl_SurveyResults_by_Country_and_Gender.pdf. Accessed on May 07, 2024.
9. Cormann, M. (2019). DAF (Directorate for Financial and Enterprises Affairs). OECD (Organisation for Economic Co-Operation and Development). https://www.oecd.org/en/about/directorates/directorate-for-financial-and-enterprise-affairs.html. https://doi.org/10.1787/39adbd21-en Pages: 86 – 87. Accessed on May 06, 2024.
10. Deimantaite Gedmintiene, D., & Visockaite, A. (2016). The importance of personal finance for investment and applying financial behaviour principles in personal finance investment decisions in Lithuania. Societal Studies, 8(1), 118–131. https://doi.org/10.13165/SMS-16-8-1-7
11. Engels, C., Kumar, K., & Philip, D. (2019). Financial literacy and fraud detection. The European Journal of Finance, 26(4-5), 420-442.
12. Garg, N., & Singh, S. (2018). Financial literacy among youth. International Journal of Social Economics, 45(1), 173–186. https://doi.org/10.1108/ijse-11-2016-0303
13. Goodell, J. W., Kumar, S., Lim, W. M., & Pattnaik, D. (2021). Artificial intelligence and machine learning in finance: Identifying foundations, themes, and research clusters from bibliometric analysis. Journal of Behavioral and Experimental Finance, 32(C). https://ideas.repec.org/a/eee/beexfi/v32y2021ics2214635021001210.html. Accessed on April 24, 2024.
14. Grohmann, A. (2018). Financial literacy and financial behavior: Evidence from the emerging Asian middle class. Pacific-Basin Finance Journal, 48, 129–143. https://doi.org/10.1016/j.pacfin.2018.01.007
15. Henchoz, C., Coste, T., & Wernli, B. (2019). Culture, money attitudes and economic outcomes. Swiss Journal of Economics and Statistics, 155(1). https://doi.org/10.1186/s41937-019-0028-4
16. https://doi.org/10.1080/1351847x.2019.1646666
17. Kaiser, T., & Menkhoff, L. (2016). Does Financial Education Impact Financial Behavior, and If so, When? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2753510
18. Kaiser, T., & Menkhoff, L. (2019). Financial education in schools: A meta-analysis of experimental studies. Economics of Education Review, 78, 101930. https://doi.org/10.1016/j.econedurev.2019.101930
19. Kaiser, T., Lusardi, A., Menkhoff, L., & Urban, C. (2021). Financial Education Affects Financial Knowledge and Downstream Behaviors. Journal of Financial Economics, 145(2). https://doi.org/10.1016/j.jfineco.2021.09.022
20. Kamel, A., & Sahid, S. (2021). Financial Literacy and Financial Behaviour of University Students in Malaysia. Turkish Online Journal of Qualitative Inquiry (TOJQI), 12(9), 1208–1220.
21. Lind, T., Ahmed, A., Skagerlund, K., Strömbäck, C., Västfjäll, D., & Tinghög, G. (2020). Competence, Confidence, and Gender: The Role of Objective and Subjective Financial Knowledge in Household Finance. Journal of Family and Economic Issues, 41(4), 626–638. https://doi.org/10.1007/s10834-020-09678-9
22. Lusardi, A., & Mitchell, O. S. (2014). 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
23. Lusardi, A., Mitchell, O. S., & Curto, V. (2010). Financial Literacy among the Young. The Journal of Consumer Affairs, 44(2), 358–380. https://www.jstor.org/stable/23859796
24. Mandell, L., & Klein, L. (2009). The Impact of Financial Literacy Education on Subsequent Financial Behavior. Journal of Financial Counseling and Planning, Vol. 20, No. 1, https://files.eric.ed.gov/fulltext/EJ859556.pdf
25. Morgan, P. J. (2019). The Need to Promote Digital Financial Literacy for the Digital Age. T20 Japan 2019: The future of work and education for the Digital age https://t20japan.org/policy-brief-need-promote-digital-financial-literacy/. Accessed on June 08, 2024.
26. Muñoz-Murillo, M., Álvarez-Franco, P. B., & Restrepo-Tobón, D. A. (2020). The role of cognitive abilities on financial literacy: New experimental evidence. Journal of Behavioral and Experimental Economics, 84, 101482. https://doi.org/10.1016/j.socec.2019.101482
27. Phoong, S. W., Phoong, S. Y., & Khek, S. L. (2022). Systematic Literature Review With Bibliometric Analysis on Markov Switching Model: Methods and Applications. SAGE Open, 12(2), 215824402210930. https://doi.org/10.1177/21582440221093062
28. Rai, K., Dua, S., & Yadav, M. (2019). Association of Financial Attitude, Financial Behaviour and Financial Knowledge Towards Financial Literacy: A Structural Equation Modeling Approach. FIIB Business Review, 8(1), 51–60. https://doi.org/10.1177/2319714519826651
29. Sayinzoga, A., Bulte, E. H., & Lensink, R. (2015a). Financial Literacy and Financial Behaviour: Experimental Evidence from Rural Rwanda. The Economic Journal, 126(594), 1571–1599. https://doi.org/10.1111/ecoj.12217
30. Sayinzoga, A., Bulte, E. H., & Lensink, R. (2015b). Financial Literacy and Financial Behaviour: Experimental Evidence from Rural Rwanda. The Economic Journal, 126(594), 1571–1599. https://doi.org/10.1111/ecoj.12217
31. Skagerlund, K., Lind, T., Strömbäck, C., Tinghög, G., & Västfjäll, D. (2018). Financial Literacy and the Role of numeracy–How Individuals’ Attitude and Affinity with Numbers Influence Financial Literacy. Journal of Behavioral and Experimental Economics, 74(1), 18–25. https://doi.org/10.1016/j.socec.2018.03.004
32. Stolper, O. A., & Walter, A. (2017a). Financial literacy, financial advice, and financial behavior. Journal of Business Economics, 87(5), 581–643. https://doi.org/10.1007/s11573-017-0853-9
33. Stolper, O. A., & Walter, A. (2017b). Financial literacy, financial advice, and financial behavior. Journal of Business Economics, 87(5), 581–643. https://doi.org/10.1007/s11573-017-0853-9
34. Xiao, J. J., & O’Neill, B. (2016). Consumer financial education and financial capability. International Journal of Consumer Studies, 40(6), 712–721. https://doi.org/10.1111/ijcs.12285
35. Xiao, J. J., & 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
36. Xiao, J. J., Chen, C., & Sun, L. (2015). Age differences in consumer financial capability. International Journal of Consumer Studies, 39(4), 387–395. https://doi.org/10.1111/ijcs.12205
37. Zupic, I., & Čater, T. (2015). Bibliometric Methods in Management and Organization. Organizational Research Methods, 18(3), 429-472. https://doi.org/10.1177/1094428114562629

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

How to cite

Yuvapriya, M., & Subbalakshmi, A. (2024). Mapping the landscape of financial knowledge and financial socialization: Evidence from bibliometric and systematic analysis. Multidisciplinary Reviews, 8(1), 2025027. https://doi.org/10.31893/multirev.2025027

[1] Agarwalla, S. K., Barua, S. K., Jacob, J., & Varma, J. R. (2013). Financial Literacy Among Working Young in Urban India. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2338723

[2] Almenberg, J., & Dreber, A. (2015). Gender, stock market participation and financial literacy. Economics Letters, 137, 140–142. https://doi.org/10.1016/j.econlet.2015.10.009

[3] Altfest, L. J. (2017). Personal financial planning. Mcgraw-Hill/Irwin.

[4] Amagir, A., Groot, W., Maassen van den Brink, H., & Wilschut, A. (2018). A review of financial-literacy education programs for children and adolescents. Citizenship, Social and Economics Education, 17(1), 56–80. https://doi.org/10.1177/2047173417719555

[5] Atkinson, A., & Messy, F.-A. (2012). Measuring Financial Literacy. OECD Working Papers on Finance, Insurance and Private Pensions, 15. https://doi.org/10.1787/5k9csfs90fr4-en

[6] Berry, J., Karlan, D., & Pradhan, M. (2018). The Impact of Financial Education for Youth in Ghana. World Development, 102, 71–89. https://doi.org/10.1016/j.worlddev.2017.09.011

[7] Bursztyn, L., Ederer, F., Ferman, B., & Yuchtman, N. (2014). Understanding Mechanisms Underlying Peer Effects: Evidence From a Field Experiment on Financial Decisions. Econometrica, 82(4), 1273–1301. https://doi.org/10.3982/ecta11991

[8] Cormann, M. (2013). OECD Financial literacy and inclusion Results oF OECD/INFE survey across Countries and by gender. https://www.oecd.org/daf/fin/financial-education/TrustFund2013_OECD_INFE_Fin_Lit_and_Incl_SurveyResults_by_Country_and_Gender.pdf. Accessed on May 07, 2024.

[9] Cormann, M. (2019). DAF (Directorate for Financial and Enterprises Affairs). OECD (Organisation for Economic Co-Operation and Development). https://www.oecd.org/en/about/directorates/directorate-for-financial-and-enterprise-affairs.html. https://doi.org/10.1787/39adbd21-en Pages: 86 – 87. Accessed on May 06, 2024.

[10] Deimantaite Gedmintiene, D., & Visockaite, A. (2016). The importance of personal finance for investment and applying financial behaviour principles in personal finance investment decisions in Lithuania. Societal Studies, 8(1), 118–131. https://doi.org/10.13165/SMS-16-8-1-7

[11] Engels, C., Kumar, K., & Philip, D. (2019). Financial literacy and fraud detection. The European Journal of Finance, 26(4-5), 420-442.

[12] Garg, N., & Singh, S. (2018). Financial literacy among youth. International Journal of Social Economics, 45(1), 173–186. https://doi.org/10.1108/ijse-11-2016-0303

[13] Goodell, J. W., Kumar, S., Lim, W. M., & Pattnaik, D. (2021). Artificial intelligence and machine learning in finance: Identifying foundations, themes, and research clusters from bibliometric analysis. Journal of Behavioral and Experimental Finance, 32(C). https://ideas.repec.org/a/eee/beexfi/v32y2021ics2214635021001210.html. Accessed on April 24, 2024.

[14] Grohmann, A. (2018). Financial literacy and financial behavior: Evidence from the emerging Asian middle class. Pacific-Basin Finance Journal, 48, 129–143. https://doi.org/10.1016/j.pacfin.2018.01.007

[15] Henchoz, C., Coste, T., & Wernli, B. (2019). Culture, money attitudes and economic outcomes. Swiss Journal of Economics and Statistics, 155(1). https://doi.org/10.1186/s41937-019-0028-4

[16] https://doi.org/10.1080/1351847x.2019.1646666

[17] Kaiser, T., & Menkhoff, L. (2016). Does Financial Education Impact Financial Behavior, and If so, When? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2753510

[18] Kaiser, T., & Menkhoff, L. (2019). Financial education in schools: A meta-analysis of experimental studies. Economics of Education Review, 78, 101930. https://doi.org/10.1016/j.econedurev.2019.101930

[19] Kaiser, T., Lusardi, A., Menkhoff, L., & Urban, C. (2021). Financial Education Affects Financial Knowledge and Downstream Behaviors. Journal of Financial Economics, 145(2). https://doi.org/10.1016/j.jfineco.2021.09.022

[20] Kamel, A., & Sahid, S. (2021). Financial Literacy and Financial Behaviour of University Students in Malaysia. Turkish Online Journal of Qualitative Inquiry (TOJQI), 12(9), 1208–1220.

[21] Lind, T., Ahmed, A., Skagerlund, K., Strömbäck, C., Västfjäll, D., & Tinghög, G. (2020). Competence, Confidence, and Gender: The Role of Objective and Subjective Financial Knowledge in Household Finance. Journal of Family and Economic Issues, 41(4), 626–638. https://doi.org/10.1007/s10834-020-09678-9

[22] Lusardi, A., & Mitchell, O. S. (2014). 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

[23] Lusardi, A., Mitchell, O. S., & Curto, V. (2010). Financial Literacy among the Young. The Journal of Consumer Affairs, 44(2), 358–380. https://www.jstor.org/stable/23859796

[24] Mandell, L., & Klein, L. (2009). The Impact of Financial Literacy Education on Subsequent Financial Behavior. Journal of Financial Counseling and Planning, Vol. 20, No. 1, https://files.eric.ed.gov/fulltext/EJ859556.pdf

[25] Morgan, P. J. (2019). The Need to Promote Digital Financial Literacy for the Digital Age. T20 Japan 2019: The future of work and education for the Digital age https://t20japan.org/policy-brief-need-promote-digital-financial-literacy/. Accessed on June 08, 2024.

[26] Muñoz-Murillo, M., Álvarez-Franco, P. B., & Restrepo-Tobón, D. A. (2020). The role of cognitive abilities on financial literacy: New experimental evidence. Journal of Behavioral and Experimental Economics, 84, 101482. https://doi.org/10.1016/j.socec.2019.101482

[27] Phoong, S. W., Phoong, S. Y., & Khek, S. L. (2022). Systematic Literature Review With Bibliometric Analysis on Markov Switching Model: Methods and Applications. SAGE Open, 12(2), 215824402210930. https://doi.org/10.1177/21582440221093062

[28] Rai, K., Dua, S., & Yadav, M. (2019). Association of Financial Attitude, Financial Behaviour and Financial Knowledge Towards Financial Literacy: A Structural Equation Modeling Approach. FIIB Business Review, 8(1), 51–60. https://doi.org/10.1177/2319714519826651

[29] Sayinzoga, A., Bulte, E. H., & Lensink, R. (2015a). Financial Literacy and Financial Behaviour: Experimental Evidence from Rural Rwanda. The Economic Journal, 126(594), 1571–1599. https://doi.org/10.1111/ecoj.12217

[30] Sayinzoga, A., Bulte, E. H., & Lensink, R. (2015b). Financial Literacy and Financial Behaviour: Experimental Evidence from Rural Rwanda. The Economic Journal, 126(594), 1571–1599. https://doi.org/10.1111/ecoj.12217

[31] Skagerlund, K., Lind, T., Strömbäck, C., Tinghög, G., & Västfjäll, D. (2018). Financial Literacy and the Role of numeracy–How Individuals’ Attitude and Affinity with Numbers Influence Financial Literacy. Journal of Behavioral and Experimental Economics, 74(1), 18–25. https://doi.org/10.1016/j.socec.2018.03.004

[32] Stolper, O. A., & Walter, A. (2017a). Financial literacy, financial advice, and financial behavior. Journal of Business Economics, 87(5), 581–643. https://doi.org/10.1007/s11573-017-0853-9

[33] Stolper, O. A., & Walter, A. (2017b). Financial literacy, financial advice, and financial behavior. Journal of Business Economics, 87(5), 581–643. https://doi.org/10.1007/s11573-017-0853-9

[34] Xiao, J. J., & O’Neill, B. (2016). Consumer financial education and financial capability. International Journal of Consumer Studies, 40(6), 712–721. https://doi.org/10.1111/ijcs.12285

[35] Xiao, J. J., & 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

[36] Xiao, J. J., Chen, C., & Sun, L. (2015). Age differences in consumer financial capability. International Journal of Consumer Studies, 39(4), 387–395. https://doi.org/10.1111/ijcs.12205

[37] Zupic, I., & Čater, T. (2015). Bibliometric Methods in Management and Organization. Organizational Research Methods, 18(3), 429-472. https://doi.org/10.1177/1094428114562629

Abstract

References

How to cite