Keywords:
financial decision making
cluster analysis
systematic literature review
bibliometric
VOSviewer

  • Abstract

    This study aims to provide a comprehensive understanding of qualitative and quantitative information about the ever-evolving field of financial literacy and its influence on the process of making financial decisions. The research encompasses an examination of 530 publications published in Scopus-indexed journals between 2009 and 2023. This study was conducted using the SPAR-4-SLR protocol. The analysis was done with the help of Biblioshiny, an R-developed online application from the Bibliometrix package, together with VOSviewer software for analytical and visualization purposes. The study employs a systematic review and bibliometric analysis to extract valuable insights from the extensive body of literature. A comprehensive scientific cartography of this area has not yet been presented; therefore, this study aims to synthesize the current knowledge frameworks within the field and determine the dominant research patterns in the specific area of investigation. According to the results, financial literacy issues have evolved over time as an interdisciplinary field. Initially, researchers focused their attention on socioeconomic and demographic variables. However, as time progressed, the scope of the study broadened to include other dimensions, such as psychological and behavioral elements that influence individuals' financial decision-making processes. The scientific mapping conducted in this study is limited to the Scopus database because of its comprehensive inclusion of articles of high quality. The authors suggest several areas for future research that could help resolve the inconsistencies found in the systematic review and bibliometric analysis. The research has the potential to provide valuable insights that can inform the development of policies in the fields of financial education and literacy.

     

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Rana, V. S., & Nandan, T. (2024). Retrospect and prospect review: Financial literacy and its influence on the process of making financial decisions using SPAR-4-SLR protocol. Multidisciplinary Reviews, 8(5), 2025139. https://doi.org/10.31893/multirev.2025139
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