Analytical investigation in the evolution of financial literacy and financial behavior: a bibliometric approach

Subject Areas : Financial Engineering

Kazem Dehnad ¹ , Reza Gholami Jamkarani ²

1 - Department of Finance, Qom Branch, Islamic Azad University, Qom, Iran.
2 - Department of Accounting, Qom Branch, Islamic Azad University, Qom, Iran.

Received: 2022-03-24 Accepted : 2022-09-19 Published : 2022-08-23

Keywords: financial literacy, Financial behaviour, Bibliometric analysis, Bibliometrix,

Abstract :

Purpose: Despite the numerous exploratory, conceptual, and empirical investigations that have been conducted in the fields of economics, finance, business, and management on financial behavior and literacy, no comprehensive science mapping has been presented to date. Therefore, the purpose of this study is to identify trends in the research field through the synthesis of knowledge structures.Methodology: A bibliometric investigation was conducted on a selection of 1,138 documents in the realm of financial literacy and financial behavior, utilizing a scientific search strategy implemented on the Web of Science database during the 1995-2022 period. The study was carried out using Biblioshiny, a web-based application that is part of the Bibliometrix package designed in R-language. The software's automated workflow facilitated the identification of distinguished journals, authors, countries, articles, and themes, and enabled the conduction of citation, co-citation, and social network analyses.Findings: The findings indicate that financial literacy and behavior have developed as an interdisciplinary domain over time. Initially, researchers concentrated on demographic and socioeconomic factors, but the domain later expanded to encompass themes such as behavioral and psychological constructs that impact financial behavior. This research not only unveils the conceptual framework of the domain but also its intellectual and social structure. The study offers valuable insights into areas that require further research.Originality / Value: In the past, a great deal of theoretical and practical research has been carried out on financial literacy and behavior in various countries, covering diverse fields such as economics, finance, psychology, and consumer behavior. One of the major contributions of this study is that it integrates and unites scattered literature in this area, and identifies important sources, authors, and documents, while examining the link between financial literacy and financial behavior.

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