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Received: 16 April 2020    Revised: 12 July 2020    Accepted: 13 July 2020

DOI: 10.1111/ijcs.12605

RE VIE W PAPER
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Financial literacy: A systematic review and bibliometric analysis

Kirti Goyal | Satish Kumar

Department of Management Studies,

Malaviya National Institute of Technology Abstract
Jaipur, Jaipur, India Given the paucity of comprehensive summaries in the extant literature, this sys-
Correspondence tematic review, coupled with bibliometric analysis, endeavours to take a meticulous
Satish Kumar, Department of Management approach intended at presenting quantitative and qualitative knowledge on the ever-
Studies, Malaviya National Institute of
Technology Jaipur, Jaipur, Rajasthan, emerging subject of financial literacy. The study comprises a review of 502 articles -
302017, India. published in peer-reviewed journals from 2000 to 2019. Citation network, page-rank
Email: [email protected]
analysis, co-citation analysis, content analysis and publication trends have been em-
ployed to identify influential work, delineate the intellectual structure of the field and
identify gaps. The most prominent journals, authors, countries, articles and themes
have been identified using bibliometric analysis, followed by a comprehensive analy-
sis of the content of 107 papers in the identified clusters. The three major themes
enumerated are—levels of financial literacy amongst distinct cohorts, the influence
that financial literacy exerts on financial planning and behaviour, and the impact of
financial education. Additionally, content analysis of 175 papers has been conducted
for the last four years’ articles that were not covered in the co-citation analysis.
Emerging themes identified include financial capability, financial inclusion, gender
gap, tax & insurance literacy, and digital financial education. A conceptual framework
has been modelled portraying the complete picture, following which potential areas
of research have been suggested. This study will help policy-makers, regulators and
academic researchers know the nuts and bolts of financial literacy, and identify the
relevant areas that need investigation.

KEYWORDS

bibliometric analysis, consumer economics, financial education, financial knowledge, financial

literacy, systematic literature review

1 |  I NTRO D U C TI O N rudimentary standards have brought the subject to the top in policy
agenda (OECD, 2014). The effects of financial literacy impel better
There is a surge in access to credit and digitalisation of financial mar- financial inclusion, the benefits of which extend to the real economy
kets. Transition in the superannuation landscape, rise in longevity (Grohmann, Klühs, & Menkhoff, 2018).
and long-lasting footprints of financial crises necessitate the need Financial literacy is defined as the “knowledge and understanding
for financial literacy as a best practice for consumers and society, of financial concepts and risks, and the skills, motivation and confidence
in order to channelize their finances and protect them from finan- to apply such knowledge and understanding in order to make effective
cial abuse. Financial literacy empowers people to craft their finances decisions across a range of financial contexts, to improve the financial
in a way that they are able to manage their everyday expenses, well-being of individuals and society, and to enable participation in eco-
maintain an emergency fund, plan for children's education and pre- nomic life”. (OECD, 2014). There has been a disagreement amongst
pare for their swift post-retirement years. Its vitality throughout the scholars and experts on the definition of financial literacy in
an individual's lifecycle and the failure of people in meeting even the absence of a consistent definition in the literature. Lusardi and

Int J Consum Stud. 2020;00:1–26. wileyonlinelibrary.com/journal/ijcs© 2020 John Wiley & Sons Ltd     1 |
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Mitchell (2011a) define financial literacy as “the knowledge of basic Theory of Planned Behaviour (TPB) (Ajzen, 1991), Theory of
financial concepts and ability to do simple calculations”. Huston Consumer Socialisation (TCS) (Moschis, 1987) and Social Learning
(2010) conceptualized financial literacy as the knowledge of per- Theory (SLT) (Bandura, 1986) are the most widely used theories in
sonal finance as well as the application of that knowledge. Financial the literature. According to TPB, the attitude towards behaviour,
literacy is the “ability to use knowledge and skills to manage finan- subjective norms and perceived behavioural control are likely to
cial resources effectively for lifetime financial security” (Jump$tart influence intentions and behaviour. TCS states that family mem-
Coalition, 2007). In the literary context, financial knowledge and fi- bers can act as socialisation agents within the purview of the fam-
nancial literacy are used synonymously to each other (Huang, Nam, ily's culture and norms. There are a number of empirical studies on
& Sherraden,  2013). Financial literacy is also linked to other con- the impact of at-home financial socialisation on the financial liter-
cepts such as financial capability, education, awareness, etc. Mere acy of youth (Danes, 1994). SLT proclaims that social interactions
knowledge of basic concepts of finance is futile unless it is reflected by young adults influence their financial attitudes and knowledge.
in financial behaviour (Atkinson & Messy, 2012). Financial literacy Financial literacy is a subject of thought not confining itself to so-
and financial capability are used as synonyms (Kempson, Collard, cial welfare but also has consequences for the financial system
& Moore, 2006). People can be financially literate when they have and the real economy.
knowledge, understanding and skills to take care of their personal Prior to this review, a limited number of literature review publi-
finances but they cannot be called financially capable unless it is re- cations had come out on distinct themes of financial literacy in the
flected in their actual behaviour. Financial literacy and financial ca- last two decades. Table 1 shows a list of these reviews. Mostly, the
pability are two distinct concepts but related. The combined effect reviews pertain to a specific theme. None of them aims at encom-
of financial literacy with financial inclusion brings about financial ca- passing the unabridged scope of financial literacy. Further, we failed
pability, which means “ability to act” as well as “opportunity to act” to trace any work examining the conceptual and intellectual config-
(Sherraden,  2013). Financial capability connect internal capability uration latent in this emerging research area. Such gaps compelled
(financial knowledge and skills) and external circumstances (financial us to combine both quantitative and qualitative methods to com-
products and services) to provide “freedom” that provokes a “per- pile the extant literature and provide a roadmap for future research.
son’s capabilities”. This is the first systematic literature review-cum-bibliometric anal-
Financial literacy is a broad concept and the related research ysis on financial literacy to canvass the field holistically. This review
revolves around analysing outcomes of financial literacy, assessing encapsulates the state-of-the-art development in the field with an
the levels amongst various cohorts of population, factors affecting intent to eventually aid practitioners, policy-makers, educators and
financial literacy and the impact of financial education on improv- researchers.
ing financial literacy. In 1787, John Adams, the founding father of
financial literacy in the United States acknowledged for the first
time the significance of financial literacy and insisted upon the dire 1.1 | International evidence on financial literacy
need for basic knowledge about the nature of money. But the sub-
ject gained visibility in research only in the late 1990s. The earliest Worldwide research on financial literacy substantiates the exist-
studies on the topic were conducted amongst school and college ence of the problem, just as it was ten centuries ago (De Beckker, De
students (Bakken,  1967; Danes & Hira,  1987) who identified the Witte, & Van Campenhout, 2019; Xiao & Porto, 2017). Poor financial
need for education in specific areas of money management. When behaviour has fatal consequences not only for individuals but also
financial literacy was initially conceived, it was defined as financial for the global economy, as was seen in the U.S. mortgage bubble.
capability (Kempson et al., 2006). In 1992, the National Foundation S&P’s global financial literacy survey confirms the existence of finan-
for Educational Research considered financial literacy as the deci- cial illiteracy across developed and developing economies (Klapper
sion-making ability regarding money management (Noctor, Stoney, & Lusardi, 2019). However, there are mostly single country pieces of
& Stradling, 1992). This was the earliest used meaning of the term evidence on financial literacy. Stolper and Walter (2017) examined
“financial literacy” to date. This definition was further expanded financial literacy amongst adults across 22 single country studies,
to financial capability according to which a financially capable per- using the Big Three measure. Although higher levels of competence
son has an understanding of credit, debt, budget, insurance and all were found in upper-income countries with only 35% of total adults
other financial dimensions. Positive financial behaviour is found on average answering all three questions correctly, 13% for middle-
to be a culmination of financial literacy (Santini, Ladeira, Mette, income nations and just 4% for transition countries. According to
& Ponchio, 2019) and such behaviour is also influenced by a num- a cross-country evidence provided by Klapper, Lusardi, and Van
ber of unexplored factors (Riitsalu & Põder, 2016). The lifecycle Oudheusden (2015), the financial literacy rates amongst adults are
model developed by Lusardi and Mitchell (2014) suggests that at least 65% in the countries such as Australia, Canada, Denmark,
people who receive financial education perform better than those Finland, Germany, Israel, The Netherlands, Norway, Sweden and the
who don't. To understand the factors driving financial behaviour, United Kingdom whereas it is only 25% or less in South Asia. OECD
distinct behavioural theories have been used by the researchers. (2016) examined cross-country financial literacy levels across 30
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TA B L E 1   Summary of extant reviews in the financial literacy domain (2000–2019)

Author(s) Scope of the review Type of study

Fox et al. (2005) Impact of financial education programmes Review

Collins and O’ Rourke (2010) Effectiveness of financial education and counselling programmes Review
Remund (2010) Definitions and measures of financial literacy Review + Conceptual
Huston (2010) Measures of financial literacy Review + Conceptual
Vaihekoski (2011) Research on Education in finance in Finland Review
Hastings et al. (2013) Measuring financial literacy, financial education impact and financial Review
outcomes
Fernandes et al. (2014) Impact of financial literacy and financial education on financial behaviour Meta -analysis
Drever et al. (2015) Role of parental socialisation, executive education and experience based Review
financial education in youth and children
Van Campenhout (2015) Parental role in youth financial socialisation Review
Totenhagen et al. (2015) Education programmes on youth financial literacy Review
Miller, Reichelstein, Salas, and Zia (2014) Impact of financial education on financial literacy and behaviour Meta -analysis
Williams and Oumlil (2015) Financial capabilities and debt issues of college students Review + Conceptual
Kaiser and Menkhoff (2017) Influence of education in finance on financial literacy and consequently Meta -analysis
behaviour
Peeters et al. (2018) Evaluation of group based financial education and counselling programmes Review + Conceptual
Walstad et al. (2017) Evaluation of programmes in financial education Review
Burrus et al. (2018) Effectiveness of interventions in developing adolescents’ skills for adulthood Review
Steinert et al. (2018) Impact of saving promotion interventions in consumption and investments Review + Meta - analysis
Montalto, Phillips, McDaniel, and Baker College students’ financial wellness, literacy and behaviour Review
(2019)
Ståhl et al. (2019) Social insurance literacy Review
Santini et al. (2019) Factors and outcomes of financial literacy Meta -analysis
Compen, De Witte, and Schelfhout Impact of Teacher professional development on financial literacy Review
(2019)

countries using financial knowledge, financial attitude and financial RQ3: What is the intellectual structure of financial literacy re-
behaviour as a combined measure of financial literacy. It was found search, how has it evolved over the years and what are the recent
that overall financial literacy levels are low. France's population research trends in this domain?
scored highest whereas European countries such as Poland, Belarus RQ4: What are the gaps and areas for future research?
and Croatia scored lowest. International evidence exists not only on The rest of this paper is designed as follows: Section 2 delin-
financial literacy amongst adults but also adolescents. OECD (2017) eates methods of analysis and data search, Section  3 covers find-
analysed levels of financial literacy amongst 15-year old students ings on publication trends, Section 4 deals with citation network and
in the PISA survey. About 22% of all students on an average score Section 5 covers page-rank analysis. Section 6 presents keyword
below the threshold level across 15 OECD countries and 12% are on analysis, while Section  7 covers co-citation analysis. Section  8 de-
the top. China scores best with only 9% of students being financially tails the content study of the last 4 years’ literature, Section 9 de-
illiterate, students in Brazil, moreover, score worst with 53% being lineates the conceptual framework of financial literacy and finally,
financially illiterate. Section 10 includes the discussion. Section 11 suggests future re-
search avenues in reference to theory, methods and contexts. The
study is concluded in Section 12.
1.2 | Objectives of the study

The fundamental purpose of this study is to present the prevailing 2 | R E S E A RC H M E TH O D O LO G Y

state of research on financial literacy, with the following questions
deciphering the scope of the study: 2.1 | Database, keywords and inclusion criteria
RQ1: What are the current publication trends in financial literacy
in terms of time, journals, disciplines, authors, affiliated countries In order to arrive at information pertinent to this study, data were
and institutions, type of study and economy? retrieved in December 2019 from the Web of Science core collec-
RQ2: Which are the influential studies and themes of research tion platform by Clarivate analytics, which is the world's premier da-
in this domain? tabase for published articles and citations. It includes publications in
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top-tier journals and is most suited for bibliometrics (Korom, 2019).

The search was conducted in December 2019 and data from the pe-
riod 2000–2019 were analysed. In the year 2000, thrust for educa-
tion was seeded into the system and the U.S. government included the
term ‘financial literacy’ in naming the Financial Literacy and Education
Commission (U.S. Government Accountability Office, 2006). The most
interchangeably used terms in the literature are financial literacy, fi-
nancial knowledge and financial education (Huston, 2010). The term
financial capability is also used interchangeably with financial literacy
(Kempson et al., 2006). The UK’s Financial Services Authority (FSA)
began using this term in 2003 at the time of planning and implement-
ing the National Strategy for Financial Capability because financial
capability encompasses behaviour (Mundy, 2011). According to Social
and Enterprise Development Innovations (SEDI) (2004), the concept
of financial literacy is used in North America, while financial capability
is used in the British term. A string of appropriate search terms (“fi-
nanc* literacy” OR “financ* knowledge” OR “financ* education” OR
“financ* capability”) was used to search the papers in title, abstract or
keywords, yielding 1,368 initial results. Then the search was refined to
include only English language articles which resulted in 1,330 articles.
The articles were screened on the basis of reading abstracts and even
full- length papers were accessed in case there was a doubt on the rel-
evancy. To ensure the inclusion of relevant articles, those articles were
shortlisted for final analyses which either focused on financial literacy
or financial knowledge (concept, measurement, determinants and out-
F I G U R E 1   1Data retrieval process
comes), articles related to financial education interventions to improve
financial knowledge and articles dealing with a relatively wider and
closely related concept “financial capability”. Subsequently, duplicates topics (Blanco-Mesa, Merigó, & Gil-Lafuente, 2017). Systematic lit-
were removed. The final database used for this review comprised 502 erature reviews are used to synthesize the contents of the literature,
articles (Annexure-1). The co-citation analysis was performed on 502 limit bias (Tranfield, Denyer, & Smart, 2003) and figure out possible
articles which resulted in the clusters of articles (n = 107) articles for research gaps (Kumar, Tomar, & Verma, 2019; Paul & Benito, 2018;
detailed content analysis. Additionally, out of 257 articles published Talan & Sharma, 2019). For the purpose of delving into the domain,
between 2016 and 2019, only ABDC ranked journal articles (n = 175) bibliometric analysis is performed followed by content analysis of
were taken into consideration for further content analysis in order the major themes (Baker, Pandey, Kumar, & Haldar, 2020).
to focus on the quality papers (Hao, Paul, Trott, Guo, & Wu, 2019). The most common bibliometric methods used to exhibit simi-
Figure 1 shows the complete data retrieval process. larities amongst the citing and the cited documents are citation and
co-citation analysis (Small, 1973). Tools such as publication trends
and citation network analysis are applied in the present study
2.2 | Analysis method (Paul & Benito, 2018; Paul & Rosado-Serrano, 2019). Additionally,
co-citation for clustering, keyword analysis, page rank analysis
Systematic review papers can be of several types, namely—Structured and content analysis are also used (Xu et al., 2018). The software
review focusing on widely used methods, theories and constructs used for analysis is VOS Viewer and Gephi. VOS Viewer provides a
(Rosado-Serrano, Paul, & Dikova, 2018), Framework based (Paul & map in which the relatedness of items can be explained by the dis-
Benito, 2018), Hybrid- Narrative with a framework for setting fu- tance between them. Shorter the distance between the items, the
ture research agenda (Dabić et al., 2020), theory- based review (Gilal, more related they are (Van Eck & Waltman, 2010). This is based on
Zhang, Paul, & Gilal, 2019) meta-analysis (Knoll & Matthes,  2017), the “visualization of similarities” (VOS). Citation, co-citation and
bibliometric review (Randhawa, Wilden, & Hohberger, 2016) and re- keyword analysis have been performed through the VOS viewer.
view aiming for model/framework development (Paul & Mas, 2019). Gephi, because of its editable features, has been used for network
In this study, a combination of bibliometrics and systematic litera- visualisation and centrality and page rank analysis. First, 502 arti-
ture review is followed, which is similar to the procedure adopted by cles were fed into the VOS Viewer for citation and co-citation anal-
Caputo, Marzi, Pellegrini, and Rialti (2018). Bibliometrics is the most ysis. Then, the network file was taken to Gephi for the purpose of
extensively practiced approach to trace the knowledge anatomy of modularity, centrality, page rank and visualisation. Figure 2 shows
a research field (Li, Wu, & Wu, 2017) and is used to analyse research the methodology of analysis.
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3 | FI N D I N G S financial crisis that began in 2008, characterized by soaring losses,

household debt and liquidity crunch. The macroeconomic shock
3.1 | Trend of publication in time expressed a “teachable moment” for the public at large and called
for a policy focus on sound conventions in financial education and
Figure  3 illustrates the progression of publications available in the consumer protection (OECD, 2009). For the first time in 2009, na-
WOS data on financial literacy in the period 2000–2019. There has tional strategies for financial education were launched as a policy
been an upsurge in publications: from just one article published in tool to counter the deep-rooted effects of the financial crisis. And in
2000 to 90 articles in 2019. Research on financial literacy has seen a 2012, leaders of G20 recommended high-level principles related to
sudden spurt from 2009. The main reason for this surge is the global the national strategies on financial education introduced by OECD/

F I G U R E 2   Scheme of analysis used in present study

F I G U R E 3   Annual publication trend of 502 papers between period 2000–2019 retrieved from WOS
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INFE. Since then, publications on the topic have increased more than be the plausible argument for a lack of studies in sociology. There
twofold. are very few papers in the field of development studies. Research on
financial literacy in developing countries is challenging because of
wide socio-economic diversities and basic literacy levels.
3.2 | Publication outlets

The 502 publications analysed are dispersed across 206 journals. 3.3 | Prolific authors and their affiliated
Table 2 presents the list of most prominent journals publishing on institutions and countries
financial literacy. The top 15 journals have published 229 of the
total articles studied, representing 45.62% of the total. Journal of Based on our data set, 1,036 authors, affiliated with 573 organisa-
Consumer Affairs is the most productive platform, publishing 64 ar- tions spread across 61 countries, publish articles on financial lit-
ticles, followed by the International Journal of Consumer Studies. eracy. Table  3 lists the top contributors based on their number of
Financial literacy is a matter of consumers’ interest in the market- publications. Annamaria Lusardi leads the list with 26 publications,
place and justifies its presence well within the scope of these jour- followed by Jing Jian Xiao with 14 articles and Olivia S. Mitchell with
nals. Furthermore, many of these journals have Australian Business 12 articles. Annamaria Lusardi and Olivia S. Mitchell also receive
Deans Council (ABDC) ranking of A* and A, and a Chartered the highest number of citations- 2,652 and 1,959, respectively. The
Association of Business Schools (CABS) rating which shows that the two authors are considered experts in the field and have published
field occupies a position in the quality journals of business and man- widely on financial literacy, financial education and social security.
agement research. Soyeon Shim ranks third with 381 citations and has published on
Figure 4 shows that the subject of financial literacy is connected young adults’ financial behaviour and financial socialisation.
well not only to business and economics but also to fields like edu- Table 3 also shows the top institutions affiliated with the authors
cation, social work, gerontology, psychology and family studies. This of financial literacy. The most active institution working on financial
signifies that the topic is multidisciplinary in nature. What is inter- literacy is George Washington University with 21 publications. The
esting is the lack of research in other fields, notably sociology and second in the list is the University of Rhode Island together with
development studies. There is a wide array of research around the the University of Wisconsin, with 15 publications each. They are
economic importance of financial literacy and it is more related to succeeded by the University of Pennsylvania with 13 publications.
money matters. The relevance of financial literacy in the effective These institutions are located in the United States, which shows that
functioning of the society, in general, is still uncovered which might the research on financial literacy is concentrated in the western part

TA B L E 2   Leading journals publishing on financial literacy

Journal name ABDC ranking ABS rating Publisher TP

Journal of Consumer Affairs A 2 Wiley - Blackwell Publishing 64

International Journal of Consumer Studies A 2 Wiley - Blackwell Publishing 32
Journal of Pension Economics and Finance B 2 Cambridge University Press 26
International Journal of Bank Marketing A 1 Emerald Group Publishing 16
Journal of Family and Economic Issues B 2 Springer International Publishing 13
Journal of Banking and Finance A* 3 Elsevier 13
Journal of Economic Psychology A 2 Elsevier 12
Journal of Economic Education B 1 Taylor and Francis Online 11
American Economic Review A* 4* American Economic Association 6
Journal of Economic Behaviour and Organisation A* 3 Elsevier 6
Social Indicators Research A NR Springer International Publishing 7
Journal of Social Service Research NR NR Taylor and Francis Online 6
Applied Economics Letters B 1 Taylor and Francis Online 6
African Journal of Business Management NR NR Academic Journals 6
Emerging Markets Finance and Trade B 2 Taylor and Francis Online 5

Notes: Here TP = Total publications; ABDC = ABDC is ranking of journal quality (provided by Australian Business Deans Council), A* = highest
quality showing top 5%–7% journals in the field, A = second highest quality showing the next 15%–25% journals in the field, B = third highest
quality showing the next 35%–40% journals in the field, C = fourth highest quality showing the rest of the journals in the field, NR = Not ranked/
rated. CABS = CABS rating is given by Chartered Association of business schools, 4* = journals having highest impact factor and publishing most
original research, 4 = journals having second highest impact factor and publishing original research, 3 = journals publishing original research but not
necessarily have high impact factor, 2 = journals publishing acceptable standard research, 1 = journals publishing satisfactory standard research.
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F I G U R E 4   Top disciplines of financial literacy research in 502 papers

TA B L E 3   Top authors, affiliated institutions and countries publishing on financial literacy

Top authors Top institutions Top countries

Author TP TC Institution TP TC Country TP TC

Annamaria Lusardi 26 2,652 George Washington University 21 1,430 United States 256 6,979
Jing Jian Xiao 14 369 University of Rhode Island 15 481 England 43 706
Olivia S. Mitchell 12 1,959 University of Wisconsin 15 242 Australia 31 491
Soyeon Shim 9 381 University of Pennsylvania 13 1,960 Germany 26 369
Joyce Serido 8 269 University of Arizona 11 380 Italy 26 310
John Gathergood 7 199 University of Groningen 11 444 Netherlands 25 834
William B. Walstad 6 124 Ohio State University 10 182 China 23 153
Bilal Zia 6 161 University of Georgia 9 96 Canada 15 202
Michael J. Collins 6 100 World Bank 9 236 South Korea 13 51
Paul Gerrans 5 50 University of Alabama 7 10 Turkey 11 44
Rob Alessie 4 147 Dartmouth College 7 1,223 Malaysia 9 39
Swarn Chatterjee 4 46 Texas Tech University 7 344 India 9 43
Brenda J. Cude 4 22 University of Illinois 7 252 South Africa 9 40
Leila Falahati 4 6 University of Nottingham 7 199 Sweden 9 109
Jin Huang 4 46 Universiti Putra Malaysia 7 14 Spain 8 13

Abbreviations: TC, total citations; TP, total publications.

of the world—showing a further gap between the research in the 3.4 | Sample statistics
United States and in other parts of the world.
Table  3 also lists the top countries affiliated with authors of Financial literacy research has been carried out through various study
financial literacy, with the leading three being the United States methods. In order to examine the distinct modalities of research
(256 articles), England (43 articles) and Australia (31 articles). Since used in the domain (Brozovic, 2018), we have manually classified
2003, when the U.S. Government established its Financial Literacy the 502 documents into four distinct study approaches: empirical,
and Education Commission and the United Kingdom launched conceptual/theoretical, review and meta-analysis. Conceptual stud-
its national strategy on financial capability (Financial Literacy and ies focus on developing a conceptual framework based on a theory
Education Commission, 2006), personal finance has been a focus or a concept. Empirical studies, in our context, are the ones that test
of these countries. The U.S. mortgage crisis further supports the financial literacy levels amongst the populace through surveys, ex-
evidence of increasing interest in financial literacy research in the amine the factors and measure the influence of financial education
United States. through experimentation. Review studies take a retrospective view
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of past research, while meta-analysis combines the results of previ- conceptualisation of financial literacy supported by grounded
ous studies and analyses them using a new statistical framework. theories. The answer to “What?” has been addressed fairly well,
Figure 5 shows the proportion of different study methods but there is a gap in answering “Why?” on the basis of concepts
used in financial literacy research. Out of 502 papers, 86% are and reinterpretation of existing theories. Also evident is the
empirical, only 10% are conceptual and just 4% are reviews and dearth of review studies providing up-to-date knowledge in fi-
meta-analysis. It can be inferred that few studies provide a proper nancial literacy.
The present study segregated the literature into four catego-
ries based on the economy of the country in which the study was
conducted: Developed, Developing, Cross-country and Not appli-
cable. “Not applicable” was assigned to those studies which were
not country-specific. Cross-country studies compared data amongst
countries. Figure  6 shows that out of 502 studies, 62% were con-
ducted in developed countries, 23% in developing countries and 2%
at a cross-country level. About 13% of the studies were not coun-
try-specific. Financial literacy, as a field of study, is more popular in
developed countries because illiteracy of basic finance is prevalent
not only in middle-income societies but in mature financial markets,
too (Lusardi & Mitchell, 2011b). In developing countries, the topic is
still in its infancy. Much needs to be performed on the subject mat-
ter to enhance policy initiatives on financial education in developing
countries.

4 | C ITATI O N N E T WO R K A N A LYS I S

Citation count determines the number of citations a given document

F I G U R E 5   Sample statistics of 502 papers based on study has received over a period of time. A more frequently cited docu-
methods ment is considered as more influential and productive than those

F I G U R E 6   Sample statistics of
502 papers based on economy of the
country
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which are less frequently cited. Citation analysis is the best method observable gap between global and local citations signifies that
to map the influence of a research publication (Tsay, 2009). To fig- the financial literacy domain has received interest from other dis-
ure out the most influential articles on financial literacy, the citation ciplines, too.
network of 502 articles was analysed using VOS Viewer and Gephi.
Citation analysis of these articles shows that 457 articles have cited
other studies in the 502-node network. 5 | PAG E R A N K A N A LYS I S
Table 4 presents the 15 articles on financial literacy most fre-
quently cited locally and globally between 2000 and 2019. Global The number of citations measures the popularity of an article but
citations imply the number of times an article is cited by other its prestige is measured by page rank analysis, which indicates the
works across all databases, inclusive of other areas and research number of times an article is cited by highly cited articles. It cannot
fields. Local citations indicate the number of times a paper is cited be assumed that a highly referred paper is also a prestigious paper.
by other papers within this 502-node network. According to the PageRank introduced by Brin and Page (1998) is a composite meas-
global citations, Lusardi and Mitchell (2007a) top the list with 514 ure of both eminence and prestige. PageRank was used for the first
citations, followed by Lusardi and Mitchell (2014) with 418 cita- time in order to prioritize web pages when a search is performed on
tions and Lusardi, Mitchell, and Curto (2010) with 265 citations. Google. Now, it can be used to measure linkage in citation networks.
Concerning local citations, Lusardi and Mitchell (2014) rank first Suppose, Paper A has been referred by other papers T1 …., Tn, and
with 169 citations. Lusardi and Mitchell (2007a) come second, with paper Ti has references C(Ti ). Paper A’s page rank represented by
136 citations. Lusardi and Mitchell (2007a, 2014) are the most PR(A) in a network of N number of papers is estimated as follows
prominent articles paving the way for further research on financial ( ( ) ( ))
(1 − d) PR T1 PR Tn
literacy. They provide a theoretical model to support the notion PR (A) = +d ( ) +⋯+ ( ) .
N C T1 C Tn
that knowledge in finance is a kind of human capital investment.
Also, they provide a snapshot of a number of empirical evidence on
financial literacy and economic behaviour. Figure 7 shows the most where “d” denotes the damping factor, fixed between 0 and 1. It
prominent well-connected nodes within the network having a large denotes the ratio of arbitrary walks that disseminate alongside the
number of local citations. An article with a large number of local citations. Originally, the value of “d” in the Google algorithm was es-
citations is considered as an influential work within the whole body tablished on the view that a web surfer pursues six hyperlinks before
of literature on financial literacy. It is again evident that Lusardi beginning a new search. The sum of the page ranks of all the papers
and Mitchell are significant contributors to this area. It can further is equal to 1, representing their total probability distribution. Table 4
be inferred that apart from financial knowledge and financial edu- lists the top papers based on PageRank. Contrasting results are
cation, financial behaviour and financial socialisation are the most found on the comparison between papers based on citation count
influential topics leading the way to financial literacy research. The and PageRank.

TA B L E 4   Top publications based on local and global citation count and page rank

Article Global citations Local citations Article Page rank

Lusardi and Mitchell (2007a) 514 136 Lusardi and Mitchell (2014) 0.042296
Lusardi and Mitchell (2014) 418 169 Fonseca et al. (2012) 0.020043
Lusardi et al. (2010) 265 117 Lusardi and Mitchell (2008) 0.019765
Lusardi and Mitchell (2008) 260 89 Carlin and Robinson (2012) 0.017576
Huston (2010) 249 104 Bernheim and Garrett (2003) 0.015585
Fernandes et al. (2014) 248 87 Khan, Rothwell, Cherney, and Sussman 0.014286
(2017)
Lusardi and Mitchell (2011b) 238 82 Shen, Lin, Tang, and Hsiao (2016) 0.013879
Bernheim and Garrett (2003) 164 62 Lusardi et al. (2017) 0.013673
Van rooij et al. (2012) 163 63 Norvilitis and Maclean (2010) 0.0123
Shim et al. (2010) 143 44 Huston (2010) 0.012226
Norvilitis et al. (2006) 141 19 Collins (2013) 0.012107
Lusardi and Mitchell (2011) 129 53 Moreno-Herrero, Salas-Velasco, and 0.011078
Sánchez-Campillo (2018)
Willis (2008) 128 37 Allgood and Walstad (2016) 0.010784
Remund (2010) 121 43 Kiliyanni and Sivaraman (2016) 0.010208
Hastings et al. (2013) 115 55 Van rooij et al. (2011a) 0.009832
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F I G U R E 7   Citation network on
financial literacy. Note: This figure
represents financial literacy citation
network with the help of Gephi on the
basis of citations with a threshold of
minimum 50 citations

When the top 10 papers were compared based on citation TA B L E 5   Top keywords of financial literacy based on the
count and PageRank measure, it was found that only 1 (Lusardi occurrence
& Mitchell, 2014) out of 5 highly cited papers is amongst the top
Keyword Occurrences
five papers based on PageRank. Other top four papers based
Financial literacy 231
on PageRank are Fonseca, Mullen, Zamarro, and Zissimopoulos
Financial education 55
(2012), Lusardi and Mitchell (2008), Carlin and Robinson (2012),
and Bernheim and Garrett (2003). As the field matured over time, Financial capability 30

these papers were amongst the most influential primary studies ei- Financial knowledge 26

ther discussing the impact of financial education on school students Financial behaviour 24
through role-play as adults (Carlin & Robinson, 2012) or seminars at Household finance 23
the workplace (Bernheim & Garrett, 2003) or gender-centric issues Retirement planning 17
in financial literacy (Fonseca et al., 2012), thus contributing to the Financial socialisation 15
rest of the quality papers. Gender 14
Financial inclusion 13
Personal finance 13
6 |  K E Y WO R D A N A LYS I S
Financial well-being 11
Savings 10
The author keywords represent the themes of research articles
Education 8
(Comerio & Strozzi, 2019). Using the VOS Viewer, keyword analy-
Behavioural finance 6
sis was performed to explore the most prevalent themes in finan-
cial literacy. A total of 919 keywords were identified in 502 papers.
Table 5 shows the top keywords used in financial literacy research
from 2000 to 2019. “Financial literacy” is the most frequently used “financial capability” (30 occurrences) and “financial knowledge” (26
keyword, with 231 occurrences, which indicates that this word alone occurrences). A significant finding from the analysis is that there is
is used as a termed concept in the literature. The other three most no unanimity on the conceptualisation of financial literacy and that
frequently used keywords are “financial education” (55 occurrences), a lack of standardized meaning compels authors to use the terms
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F I G U R E 8   Network of keyword co-

occurrence on financial literacy. Note:
This figure shows the most often used
keywords on financial literacy using
Gephi with a threshold of minimum
15 keywords. Larger the bubble size
indicates, more often the word has been
used

financial literacy, financial education, financial capability and finan- co-citation for 10 years period. Similarly, Uysal (2010) used a thresh-
cial knowledge interchangeably. Figure 8 shows that literacy is more old of 10 co-citations for 20 years period. The analysis shows that
widely connected with the term education, knowledge and behav- 107 documents out of 502 are co-cited at least 15 times by other
iour. Financial literacy is also linked to retirement planning (Lusardi documents in the network.
& Mitchell, 2011a; Van Rooij, Lusardi, & Alessie, 2011b) as is seen in
Figure 8. Increasingly, as individuals are taking charge of their finan-
cial well-being after retirement with the shift from Defined Benefit 7.1 | Thematic categorisation: Clustering
(DB) to Defined Contribution (DC) plans, financial literacy has be-
come equally important. Financial literacy is also a core element of In a network, nodes can be segregated into clusters in which the
household finance that makes it viable for households to plan their weight of edges is higher between the nodes in a cluster than those
finances (Bernheim, 1995; Lusardi & Mitchell, 2007a). Financial so- of other clusters (Leydesdorff, Bornmann, & Wagner, 2017). The ar-
cialisation, financial inclusion, gender and financial well-being are ticles in the same cluster share a common theme and differ from
other emerging themes in the domain. articles in other clusters. Clustering enables a thematic analysis of
the co-citation network (Xu et al., 2018). The modularity mechanism
has been widely applied in social network analysis to measure the
7 | CO - C ITATI O N A N A LYS I S density of links within the clusters versus those outside the clusters
and a clustering tool in Gephi, which is based on the Louvain algo-
Co-citation is defined as the frequency of citing two papers together rithm, is used to optimize the count of partitions and magnify the
by another paper (Small, 1973). This method is widely used in a bib- modularity index (Blondel, Guillaume, Lambiotte, & Lefebvre, 2008).
liometric analysis to explore the intellectual structure of the most The modularity index is calculated as
influential documents in a field of research. The more frequently two
articles are co-cited, the more similar they are in terms of the broad ∑ ki kj ( )
Q= [A𝑖𝑗 − ] 𝛿 ai , a j .
research area (Culnan,  1987). Too-old documents with only a few 2m
citations or too-current documents fail to have a reasonable impact
on the research domain (Pilkington & Fitzgerald, 2006). Therefore, where Aij denotes edge's weight between i and j; ki represents the
to concentrate on the most impactful publications in the field, a sum of the weights of the edges connected to i; ci is the community
co-citation threshold of 15 documents was used for our analysis. of vertex i; δ(ai,aj ) is equal to 1 if ai = aj and 0 otherwise; and last, m is
Pilkington and Fitzgerald (2006) prefer a threshold of 15 articles for the total of all edge's weight.
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TA B L E 6   Top articles in each cluster based on page rank in the co-citation network

Cluster 1 (Relationship between financial Cluster 2 (Impact of financial literacy and education on Cluster 3 (Levels, causes and
literacy and financial planning) financial behaviour, notably of young people) consequences of financial literacy)

Hilgert et al. (2003) Huston (2010) Lusardi and Mitchell (2011b)

Lusardi and Mitchell (2007a) Lusardi et al. (2010) Lusardi and Mitchell (2014)
Bernheim, Garrett, and Maki (2001) Chen and Volpe (1998) Van rooij et al. (2012)
Van rooij et al. (2011a) Fernandes et al. (2014) Hastings et al. (2013)
Lusardi and Mitchell (2007b) Fox et al. (2005) Willis (2011)
Lusardi and Mitchell (2008) Fonseca et al. (2012) Jappelli and Padula (2013)
Bernheim and Garrett (2003) Shim et al. (2010) Bucher-Koenen and Lusardi (2011)
Agarwal et al. (2009) Mandell and Klein (2009) Jappelli (2010)
Campbell (2006) Walstad et al. (2010) Cole et al. (2011)
OECD (2005) Collins and O’rourke (2010) Meier and Sprenger (2013)
Lusardi and Tufano (2015) Chen and Volpe (2002) Behrman et al. (2012)
Christelis et al. (2010) Mandell (2008) Disney and Gathergood (2013)
Stango and Zinman (2009) Remund (2010) Klapper and Panos (2011)
Bayer, Bernheim, and Scholz (2009) Shim et al. (2009) Van rooij et al. (2011b)
Agnew and Szykman (2005) Tennyson and Nguyen (2001) Gathergood (2012)

When this algorithm is applied on a 107 node network, it results in (Lusardi & Mitchell, 2017), wealth accumulation (Hastings, Madrian, &
three distinct clusters, with 33 documents in Cluster 1, 47 documents Skimmyhorn, 2013), mortgage decisions and stock market participation
in Cluster 2 and 27 documents in Cluster 3. Table 6 portrays the top 15 (Van Rooij, Lusardi, & Alessie, 2011a). Bernheim (1995) was amongst
papers based on the PageRank measure in co-citation in each cluster. the earliest to show a low level of financial literacy amongst consum-
ers in the United States, with Agnew and Szykman (2005) providing
clear evidence of lack of basic knowledge about bonds, interest rate,
7.2 | Content analysis stocks and mutual funds. The cluster also centres around the theme
of household financial decision making and the major role of financial
Co-citation analysis was followed by a thorough content analysis of literacy. Less-educated households are more likely to make investment
107 papers included in three clusters. After careful examination of mistakes and prefer to withdraw from risky markets (Campbell, 2006).
each cluster, a common theme was identified within it. Cognitive ability, which relates to planning and problem solving, is an-
other component of financial literacy which makes households capable
of investing in stock markets, mutual funds and retirement (Christelis,
7.2.1 | Cluster 1: Relationship between financial Jappelli, & Padula, 2010). A decline in such ability with age impacts
literacy and financial planning the investment decisions over the lifecycle (Agarwal, Driscoll, Gabaix,
& Laibson, 2009). Apart from proficiency in the basic financial con-
Cluster 1 comprises 33 documents. The focal point of this cluster is cepts, the role of information and social interactions on future finan-
the association of financial literacy with more effective financial plan- cial decision making is evident (Duflo & Saez,  2003; Hong, Kubik, &
ning, particularly concerning old people. The researchers identified the Stein, 2004). Education is an effective tool for stimulating planning be-
reasons most of the households retire with inadequate wealth (Lusardi haviour (Bayer, Bernheim, & Scholz, 2009; Bernheim & Garrett, 2003;
& Mitchell, 2007a). Lusardi and Mitchell (2007b) show that planning is Bernheim, Garrett, & Maki, 2001). Thus, the nucleus of the cluster
strongly correlated with financial literacy, which, in turn, brings about highlights the fact that financial illiteracy hampers financial planning
an increase in wealth holdings. Hilgert, Hogarth, and Beverly (2003) in- and highlights the need for financial education.
dicate a positive correlation between financial knowledge and financial
management practices. Debt literacy is an important enabler in making
every-day financial decisions regarding debt and low debt literacy can 7.2.2 | Cluster 2:
result in over-indebtedness (Lusardi & Tufano, 2015). Those who can- Impact of financial literacy and education on financial
not calculate the interest rate correctly tend to borrow more (Stango & behaviour, notably of young people
Zinman, 2009). The evidence of financial illiteracy is extensive world-
wide, amongst the old as well as the young (Lusardi & Mitchell, 2007b; Cluster 2, with 47 documents, is the largest of the three clusters. The
OECD, 2005). It is especially low amongst older women (Lusardi & documents in this cluster examine how skilled young people are to make
Mitchell, 2008), with serious implications on retirement planning financial decisions, what the factors affecting their financial literacy
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are and how interventions aimed at young people can ameliorate their skilled cohorts of the population around the world, followed by
financial literacy. Financial literacy is critically deficient amongst the an evaluation of the implications of such illiteracy on economic
young; only a few know about inflation, interest rate and risk diver- decisions and the identification of the possible remedial efforts to
sification (Beal & Delpachitra,  2003; Lusardi et  al.,  2010). Women's fill up the literacy gap. It finds that low levels of financial literacy
financial knowledge is even lower (Chen & Volpe, 2002) due to differ- are rampant, financial knowledge is crucial in financial decision
ences in education levels (Fonseca et al., 2012). Previously published making and that causality moves from knowledge to behaviour
literature highlights the lack of personal finance knowledge amongst (Lusardi & Mitchell, 2014). Various studies confirm the causality
college students, with educational background heavily impacting the between financial literacy and planning for post-retirement years
level. And their financial knowledge exerts the highest influence on (Bucher-Koenen & Lusardi, 2011; Klapper & Panos, 2011; Van
financial decisions (Chen & Volpe, 1998). A major reason why col- Rooij et al., 2011b). Another influential finding is that financial il-
lege students fall into credit card-related debt is their lack of financial literacy prevails in countries with developed financial economies
knowledge (Norvilitis et al., 2006; Xiao, Tang, Serido, & Shim, 2011). too and that the most susceptible sections are older populations,
Fifteen-years-old students also lack basic financial knowledge and women and those having ethnic and regional differences (Lusardi
their financial literacy rests on socio-economic factors, demographics & Mitchell, 2011b). This cluster mainly brings into focus the re-
and reading and mathematical skills (OECD, 2014). Young adults need lationship between financial literacy and the numerous types of
financial education to make responsible financial decisions. Studies household decisions—including household net worth, retirement
coming into the arena of this cluster reveal two facets of financial and saving. A positive association is found between financial lit-
education amongst the young, through parental socialisation during eracy and wealth management, including portfolio choice, over
adolescence and current financial learning at school, college, or work- the lifecycle (Behrman, Mitchell, Soo, & Bravo,  2012; Jappelli &
place (Shim, Barber, Card, Xiao, & Serido, 2010; Shim, Xiao, Barber, & Padula, 2013; Van Rooij, Lusardi, & Alessie, 2012). Research pro-
Lyons, 2009). Parental coaching on financial skills is strongly related to vides evidence that financial literacy equips people to cope with
the credit card debt of university students (Norvilitis & Maclean, 2010). economic distress (Klapper, Lusardi, & Panos,  2013). The role
While most of the studies in this cluster measure the impact of youth of professional financial advisors in deflating losses from infe-
financial education programmes (Collins & O’Rourke, 2010; Danes rior investment decisions is also substantiated in the research
& Haberman, 2007; Mandell & Klein,  2009; Walstad, Rebeck, & (Gaudecker, 2015), but financial advice can only serve as a com-
MacDonald, 2010; Xiao & O’Neill, 2016), some of the academic work plement to financial literacy (Collins, 2012). Another important
concludes that financial education interventions have an insignificant aspect of this cluster is the role of time preferences in the acquisi-
effect in improving financial behaviour, with even weaker effects on tion of financial knowledge. Individuals with a higher degree of pa-
low-income groups (Fernandes, Lynch, & Netemeyer, 2014; Lyons, tience tend to participate in counselling programmes more (Meier
Chang, & Scherpf, 2006a; Willis, 2008). Research shows that provid- & Sprenger,  2013). Such factors guide policymakers to imple-
ers of financial education are faced with the challenge of evaluating ment effective financial education programmes. The continuous
such programmes effectively (Fox, Bartholomae, & Lee, 2005; Lyons, documentation of a parallel relation between financial illiteracy
Palmer, Jayaratne, & Scherpf, 2006). Thus, a major theme coming out and sub-optimal economic outcomes has driven policy interest in
of this cluster focuses on financial education interventions in improv- financial education interventions, but the cost and inefficacy of
ing the financial well-being of financially at-risk populations. financial education compel the interested groups to think about
In addition to this, the cluster puts forth the conceptualisation alternative policies to improve economic outcomes (Hastings
and measurement of financial literacy. The milestone study by et  al.,  2013). Cost-effective technological solutions like mobile
Huston (2010) offers a rundown of how financial literacy is defined banking can help in the achievement of financial deepening (Cole,
and measured. According to the author, financial literacy is both the Sampson, & Zia, 2011). Thus, the intellectual sketch of this cluster
knowledge and the competence to apply such knowledge in taking represents the financial illiteracy of the world and its repercus-
financial decisions. Thus, a clear line of distinction is drawn between sions on economic vitality.
financial literacy and financial education. This argument is in line
with the previous discussion in the cluster on the ineffectiveness
of financial education initiatives. In conjunction with the aforemen- 7.3 | Evolution of clusters
tioned review, Remund (2010) also stresses the need for proper con-
ceptualisation and measurement of financial literacy. To understand the evolution of financial literacy research over a
period of time, we analyse the dynamic progression of clusters in
a co-citation network. Table 7 demonstrates the number of pub-
7.2.3 | Cluster 3: Levels, causes and lications in each cluster since 1991. Before 2010, research was
consequences of financial literacy more focused on theoretical elucidation and empirical evidence
to delve into the primitive relationship between financial literacy
Cluster 3, with 27 documents, is the smallest of the three. Most and financial planning (Cluster 1). It is only from 2010 that the
of the studies in this cluster empirically spot the least financially research on the topic saw a sudden spurt and the focus shifted
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TA B L E 7   Number of publications in each cluster (1991–2017) 8 | M A PPI N G TH E TR E N DS I N FI N A N C I A L

Number of publications
LITE R AC Y R E S E A RC H I N TH E L A S T FO U R
Y E A R S (2 016 –2 019)
Year Cluster 1 Cluster2 Cluster3

1991 1 In this section, we present the most original and recent influential
1994 1 works from the papers published in the last four years similar to the
1995 2 one followed by Paul, Parthasarathy, and Gupta (2017). Only ABDC
1998 1 1 category journal articles are included in further content analysis

2001 2 1 (Spasojevic, Lohmann, & Scott, 2018) which resulted in a total count

of 175 papers. Those articles would have been cited less often and
2002 2
therefore, are not covered in previously discussed co-citation analy-
2003 5 1
sis. As there is an outgrowth in financial literacy research in recent
2004 1 1
years, many emerging themes are observable, in addition to those
2005 3 2
mapped in cluster analysis. Figure 10 shows that one of the most
2006 2 4
prominent themes is the empirical research on financial literacy's im-
2007 4 5 pact on financial education. Emerging themes are tax literacy, debt
2008 3 4 literacy, insurance literacy, development of the measurement scale
2009 4 4 of financial literacy, financial inclusion, financial capability, the im-
2010 1 9 1 pact of financial literacy on being self -employed and life insurance
2011 3 3 10 participation, family financial sophistication, debt behaviour and the
2012 3 5 role of personal factors in financial literacy.
2013 6
2014 3 2
8.1 | Emerging themes in financial literacy
2015 1 2
2016 2
8.1.1 | Antecedents of financial literacy
2017 1 1
Total 33 47 27
The theme primarily falls into Cluster 3 and there are only a small num-
ber of studies in the last decade. OECD (2016) results show that fur-
ther exploration of factors affecting financial knowledge is needed so
to conceptual studies aimed at better defining and measuring the that knowledge can reinforce positive behaviour. Some empirical pa-
term “financial literacy”. It is after the global financial crises that pers examine the demographic, socio-economic, personal, structural
the dire need for financial education came into the spotlight and and cultural factors affecting financial literacy. Major factors determin-
the locus of research shifted to gathering more published evidence ing financial literacy are gender, education, income, household invest-
of the effectiveness of financial literacy education (Cluster 2). It is ments, financial knowledge, financial attitude and financial behaviour
also evident from Table 7 that research in the domain has modelled (Santini et al., 2019). Regional differences in the environment one lives
itself for more practical implications of financial illiteracy through in impact financial literacy index, along with demographic and socio-
experimental research (Cluster 3). Figure  9 shows the dynamic economic factors (Cucinelli, Trivellato, & Zenga, 2019). OECD (2018)
evolution of financial literacy research from 1991 to 2017. It can also recognizes the need for using digital technologies to improve
be observed that Clusters 1 and 2 have become crowded and that financial literacy. A recent study shows that structural factors like
the number of papers has risen from 2005. Cluster 3 came into using the internet for such information boost literacy (Bavafa, Liu, &
existence only after 2008 when the bursting of the U.S. mortgage Mukherjee, 2019). Ageing and husband's cognitive decline are impor-
bubble made researchers and policymakers scrutinize the financial tant factors that incentivize an older woman to acquire financial liter-
literacy levels and causes, thereby shifting the focus to financial acy as she approaches widowhood (Hsu, 2016). Another study shows
education strategies (OECD, 2009). Since 2011, the advancement evidence that the distribution of responsibility and decision making
of financial technology (Fintech) has been reforming the medium between couples affects their financial literacy (Ward & Lynch, 2019).
of financial investments and has been calling for the need for fi- Personal factors such as cognitive style, attitude towards money and
nancial advice. To this end, it became imperative for the research- present bias also impact financial behaviour (Aydin & Akben Selcuk,
ers to unravel the consumers’ level of financial knowledge and 2019; O’Connor, 2019; Ponchio, Cordeiro, & Gonçalves, 2019). Apart
their financial decision-making (Lusardi, 2019). Therefore, after from the provision of financial education, there are unexplored cul-
2011, the number of publications in all the three clusters have tural and societal factors like language-related cultural differences and
been accumulating, making the cluster denser. the number of books at home that do explain the variance in the PISA
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F I G U R E 9   Evolvement of clusters during 1991–2017

2012 financial literacy test results (Brown, Henchoz, & Spycher, 2018; Serrano-Cinca, & de la Cuesta González, 2017), wealth accumula-
Riitsalu & Põder, 2016). Family financial socialisation is another impor- tion, savings and investment behaviour (Deuflhard, Georgarakos,
tant factor, while direct financial teaching by parents has a positive im- & Inderst,  2019; Murendo & Mutsonziwa,  2017), stock market
pact on financial behaviour (Zhu, 2018). participation (Sivaramakrishnan, Srivastava, & Rastogi,  2017) and
retirement planning (Clark, Lusardi, & Mitchell,  2017). The newest
trends in research bend towards assessing the impact of financial
8.1.2 | Outcomes of financial literacy literacy on insurance participation (Lin, Hsiao, & Yeh,  2017), mort-
gage decisions, financial inclusion and financial well-being. Financial
Although preliminary studies in Cluster 3 also form part of this sub- literacy has a positive influence on financial well-being (Lee, Lee, &
ject matter, recent research demonstrates the effect of financial lit- Kim, 2019). Grohmann et al. (2018) show that a higher degree of fi-
eracy on overall financial behaviour (Kim, Anderson, & Seay, 2019) nancial literacy strengthens financial inclusion, while poor decisions
and specific behaviours like debt behaviour (Gutiérrez-Nieto, regarding mortgage refinancing are the result of financial illiteracy
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F I G U R E 1 0   Progression of themes
during the period 2016–2019

(Bajo & Barbi, 2018). A new and positive relationship is found be- has the strongest effect when provided in cross-curriculum, that is,
tween being financially literate and self-employed (Ćumurović & as part of other subjects (Cordero & Pedraja, 2019).
Hyll, 2019).

8.1.4 | Financial capability
8.1.3 | Impact of financial education programs and
new educational tools The research on the financial capability of consumers is developing
in the literature. Financial capability is closely related but a wider
Despite the existence of a huge body of research on the association concept than financial literacy. Financial capability includes other
between financial education, moreover and financial knowledge, at- considerations apart from financial literacy. Johnson and Sherraden
titudes and behaviours in Cluster 2 on the other, previous studies (2007) considered financial capability as “Participation in economic
have concluded that financial education results in financial knowl- life should maximize life chances and enable people to lead fulfiling
edge. But little is known about how to translate that knowledge into lives; this requires knowledge and competences, ability to act on that
behaviour. That “just in time” financial education is needed instead knowledge and opportunity to act”. Financial capability is the mani-
of “one-size-fits-all” financial education has been recognized in ear- festation of a specified level of financial literacy and the execution
lier studies. The effectiveness of traditional financial education like of a desired financial behaviour (Xia, Chen, & Chen, 2014). Financial
high school courses, seminars, etc. has been challenged, calling for capability is the blend of financial literacy and access to financial ser-
alternative education tools. Research in the past two years empha- vices and instruments (financial inclusion), which brings about finan-
sizes specific financial situation-based counselling and teaching in cial well-being (Huang et al., 2013). The National Financial Capability
groups to motivate the participants (Peeters, Rijk, Soetens, Storms, Study considers four components of financial capability: Making
& Hermans, 2018). Personal finance blogs help many who need fi- Ends Meet, Planning Ahead, Managing Financial Products and
nancial education (Hoffmann & Otteby, 2018), while media tools Financial knowledge and Decision-Making (Mottola & Kieffer, 2017).
like television prove to be cost-effective alternatives for disadvan- The movement to promote financial capability started in developed
taged people (Crawford, Lajbcygier, & Maitra, 2018). Carpena, Cole, economies (Lusardi & Mitchell, 2011a; OECD, 2016). If policymakers
Shapiro, and Zia (2019) show that goal setting and financial coun- aim to raise the level of financial capabilities, it is important not only
selling complement financial education, by filling the gap between to provide learning opportunities but also to improve access to fi-
knowledge and behaviour. Another new area of research is the im- nancial institutions (Johnson & Sherraden, 2007). A study on factors
pact of financial education on financial capability; there is a positive affecting financial capability reveals that government employees and
relationship between the two (Xiao & O’Neill, 2016). Receiving finan- those living in urban areas have better financial capability (Cui, Xiao,
cial education in an academic or professional environment impacts & Yi, 2019). Financial inclusion is empirically found to be a crucial
student loan behaviour (Fan & Chatterjee, 2019) and such education component of financial capability index (Potocki & Cierpiał-Wolan,
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2019). Financial capability variables (objective financial literacy, knowledge seems to be a shortsighted way of defining financial lit-
subjective financial literacy, desirable financial behaviour, perceived eracy. Warmath and Zimmerman (2019) define financial literacy as
financial capability and financial capability index) mediate financial a “combination of three domains of knowledge: financial skill, self-
education and financial satisfaction (Xiao & Porto, 2017). efficacy, and explicit knowledge”. There is a pressing need for a more
country-specific measurement index for financial literacy in the ab-
sence of a standard measure.
8.1.5 | Financial literacy levels

Cluster 3 also explores financial literacy levels and a few results are 8.1.8 | “Debt literacy”, “tax literacy” and “insurance
noteworthy. Research in eight European countries analysed the fi- literacy”
nancial literacy levels amongst university students and found me-
dium results (Ergün, 2018). The basic financial literacy level is similar “Debt literacy” has been hardly studied in the domain of financial lit-
across developed and developing nations, but the understanding eracy, though emerging literature focusses on the factors predicting
of advanced concepts is lower in Asian middle-class economies it. There is heterogeneity in objective and self-assessed debt liter-
(Grohmann et al., 2018). Also, only half the adults in developing acy. Education level positively correlates with debt literacy (Cwynar,
countries who use a credit card are financially savvy (Klapper & Cwynar, & Wais, 2019). Insurance literacy (O'Connor & Kabadayi,
Lusardi, 2019). Younger women are the least literate and the qual- 2020) is another emerging theme in this area of research.
ity of education impacts financial literacy (Karakurum-Ozdemir,
Kokkizil, & Uysal, 2019).
9 | CO N C E P T UA L FR A M E WO R K

8.1.6 | Gender gap An extensive content analysis of clusters and of the last four years’
papers is recapitulated as a conceptual framework in Figure 11. The
A burgeoning body of empirical research has explored the role of the model illustrates the antecedents of financial literacy and its out-
gender gap in causing differences in financial behaviour. Differences comes on financial behaviour and decision making. In the expanse
in risk attitudes or division of labour can only partly justify this gap of antecedents, demographics such as age (Lusardi et al., 2010;
(Lusardi & Mitchell, 2014). Recently, OECD (2016) data were used OECD, 2005), gender (Chen & Volpe, 2002), income (Lusardi &
to find out the gender gap in 12 countries. It was found that women Tufano, 2015), years of work and socio-economic factors (Herd,
lack financial literacy more than men, that this gap is prominent in Holden, & Su, 2012) impact the financial literacy of individuals.
developed countries and that the major cause of this gap is social Other factors like personal/psychological (Aydin & Akben Selcuk,
norms associated with the participation of women in economic deci- 2019), structural (Bavafa et al., 2019), cultural (Brown et al., 2018)
sions (Cupák, Fessler, Schneebaum, & Silgoner, 2018). The presence and regional (Cucinelli et al., 2019) are the critical antecedents
of stereotypical beliefs is also put forward as a cause of under- analysed in the research so far. In the context of outcomes, litera-
investment in financial knowledge by women (Driva, Lührmann, ture clarifies that financial literacy has positive economic returns
& Winter, 2016). Gender-biased parental financial socialisation at attributed to better planning, investment, borrowing, financial
home is an additional factor establishing such a gap in financial lit- well-being, financial capability and financial inclusion, as discussed
eracy (Agnew, Maras, & Moon, 2018). As women are well aware of above in content analysis. The conceptual framework also portrays
their poor financial knowledge (as inferred by their “do not know” logical relationships between three constructs of financial literacy.
answers to asking “big three” questions), there is a grave need for Financial attitude, financial knowledge and financial behavior are
their financial education. Figure 8 shows the room for exploration of interrelated not only with financial literacy but also amongst them-
this issue due to a lack of research in the past year. selves (Agarwalla, Barua, Jacob, & Varma,  2015). OECD (2005)
determined financial knowledge, financial attitude and financial
behaviour as three peripherals intertwined with financial literacy. A
8.1.7 | Conceptualisation and measurement of more financially literate individual tends to exhibit the right knowl-
financial literacy edge, attitude and behaviour when it comes to guiding self-finance
(Atkinson & Messy, 2012; Lusardi & Mitchell, 2011a). Individuals
There is an expanding literature on the use of a combined measure with good financial knowledge are likely to report a better under-
of financial literacy which incorporates actual or objective financial standing of basic as well as advanced financial concepts (Atkinson &
literacy and perceived or subjective financial literacy. It is found that Messy, 2012; Remund, 2010). Financial attitude is also a stimulus for
perceived financial literacy is as valuable as actual financial literacy financial literacy and a person with an affirmative financial attitude
in determining financial behaviour (Allgood & Walstad, 2016). Very is likely to plan better (Lusardi & Mitchell, 2008, 2011a). Financial
few studies specifically focus on the conceptualisation of financial behaviour is another determinant of financial literacy and those with
literacy which is noticeable in Cluster 2. The construct of financial ideal financial behaviour are likely to be active participants in the
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F I G U R E 1 1   Conceptual model of financial literacy research

financial market (Agarwalla et al., 2015; Atkinson & Messy, 2012). multi-dimensional construct and revolves around a plethora of intel-
Based on TPB (Ajzen, 1991), financial attitude also mediates be- lection on financial behaviour (Lusardi & Mitchell, 2014), this system-
tween financial knowledge and financial behaviour (Serido, Shim, atic review complemented with bibliometric analysis is an objective
& Tang, 2013). Financial self-efficacy, construed based on Bandura attempt to deliver the most comprehensive retrospective on the
(1986) social cognitive theory, is defined as a person's belief in the dynamic nuances of financial literacy. This study aids policy-makers,
ability to guide their own finances. Extant literature supports an regulators and academic researchers in knowing the nuts and bolts
argument that financial self-efficacy is vital in translating financial of financial literacy and in identifying the relevant areas compelling
literacy into financial behaviour (Dans & Haberman, 2007). Financial investigation. A quantum jump in the number of studies is visible
confidence and the skills to apply financial knowledge are the wag- from a decade ago and the field is rapidly emerging. This review is an
ons that carry knowledge to behaviour. It is only through financial initial effort to trace back the converging trends in financial literacy
education that financial literacy can be richly imbibed and a finan- and map the intellectual relationships amongst the prominent works
cially educated individual can reap the potential benefits of financial of the past 20 years. Findings suggest that since the field has not
knowledge in financial actions Fernandes et al., 2014). In the extant yet matured, authors have come up with numerous diversified is-
literature, financial capability, which is a concept that goes beyond sues such as complex factors that underpin financial literacy, ways
financial literacy and takes into consideration access to financial by which people can accumulate and deploy this human capital,
products (Johnson & Sherraden, 2007), is given due importance and identifying the target groups for government regimes on financial
is an emerging theme. Xia, Chen, and Chen (2014) is the first article education and the possible economic outcomes of such literacy. A
to explicitly propose the definition of financial capability that refers wide range of studies locate the most vulnerable population across
to financial knowledge and behaviour. the globe (Atkinson & Messy, 2012; Lusardi & Mitchell, 2011b) and
substantiate that financial illiteracy is plagued not only in develop-
ing economies but also in advanced economies. Even more bother-
10 | D I S CU S S I O N some is that the levels of perceived financial literacy are much higher
than the levels of actual financial literacy (Allgood & Walstad, 2016).
Financial illiteracy is onerous and jeopardizes the financial Bibliometric review enabled us to estimate the worth of the seminal
health of people (Huston, 2012). Given that financial literacy is a work on the area, prolific authors, affiliating countries, productive
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journals, keywords used and interrelationships in the work. Financial et al., 2010). In the past few years, a few studies have examined
literacy research is mainly found in the United States and is still bud- the relationship between financial literacy and financial behaviour
ding in developing nations. The recent work on the topic has not (Jappelli & Padula, 2013; Lusardi & Mitchell, 2011b, 2014; Lusardi &
received citations. But through detailed content analysis, it is quite Tufano, 2015). Yet, far less attention has been paid to the theoretical
evident that innovative research on financial inclusion, the role of groundwork explaining the anomalies in the behaviour of individuals
professional financial advisors, literacy in the context of insurance, when it comes to financial decisions. There are several psychological
tax and digital financial literacy can further set the stage for future biases such as risk tolerance, attitude towards money, present bias,
development. Finally, we have identified a few limitations in this future orientation, overconfidence, etc., that can affect the relation-
study. First, although we have tried to ensure that the terms used ship between financial knowledge and financial behaviour. Such an
in the search represent the broad scope of the area, there might be understanding could suggest how financial education should be
a few studies missing because of the absence of any related term structured to achieve positive financial behaviour by individuals.
in the search criteria. Second, the period of this study is restricted Specific attention should be given to a combination of behaviour
to 2000–2019, resulting in the exclusion of a few previous studies. theories that can best inform specific financial behaviours. Hence, a
Although the search has taken cognisance of maximal studies on the research question is proposed:
subject, searching other databases can fetch added results. Also, the RQ 1 What are the theories that can explain the relationship be-
study analyses the broad picture instead of a precise aspect. tween financial literacy and financial behaviour?
Heterogeneity in the levels of financial literacy (Bucher-Koenen
& Lusardi, 2011; Klapper et al., 2015) demands multiple mechanisms
11  |  FU T U R E R E S E A RC H D I R EC TI O N S to track the associated factors. As per OECD (2016), additional prob-
ing into the factors affecting financial literacy is critical to attaining
Financial literacy is rather an emerging topic that has marked the desirable outcomes. Contextual variables like cultural, personal, psy-
attention of researchers in the late years. It is also becoming popu- chological and social situations demand deeper inquiry (Agarwalla
lar amongst consumers and financial educators. Financial literacy et al., 2015; Riitsalu & Põder, 2016). Therefore, another research
can prove to be one of the most fertile and contributing areas in question is proposed as:
the realm of behavioural finance research. The existing research has RQ 2 How financial literacy correlates with personal, psycholog-
probed into the manifestation of the concept of financial literacy, its ical and cultural factors across different cohorts of the population?
levels across the world, the factors and outcomes of such literacy Further, on account of an inconsistency in the association be-
and the educational interventions to improve financial knowledge. tween three dimensions of financial literacy (financial knowledge,
This review further contributes towards financial literacy research financial attitude and financial behaviour) (Agarwalla et al., 2015;
in terms of unfolding the evolving literature according to various Atkinson & Messy, 2012; Lusardi & Mitchell, 2011a), additional
themes and trends hence putting forth the status of scholarly work groundwork is needed to establish such a relationship. Such an in-
since its inception to date. However, we identify some lapse in the quiry is essential to design financial education in such a way that
research on financial literacy based on which future research ques- could enhance all the dimensions of financial literacy. An additional
tions are suggested. Following the rules of thumb outlined by Paul research question can be:
and Criado (2020), we present a dedicated section offering future RQ 3 What is the relationship between financial knowledge, fi-
research directions to extend work in this domain on the three as- nancial attitude and financial behaviour?
pects-theory, methods and contexts.

11.2 | Methods
11.1 | Theory
The extant literature on financial literacy has been dominated by
The conventional microeconomic approach to financial decision- quantitative methods. Qualitative studies could provide an in-depth
making postulates that a perfectly rational and fully aware individual understanding of how people behave and manage their day-to-
will spend less than his income during the times of high earnings day finances in different settings. Researchers could also employ
thereby saving to back up consumption in case of fall in income meta-analysis approach of review to unravel literature and identify
such as the post-retirement years (Friedman,  1957; Modigliani & possible gaps. A few studies focus on the development of a stand-
Brumberg, 1954). Financial literacy is also considered as an in- ardized measure of financial literacy. The usage of different scales
vestment in human capital (Lusardi & Mitchell, 2014). The TPB for measuring financial literacy yields different results. This hinders
(Ajzen, 1991) explains the factors that impede or facilitate an in- the application of universally accepted regulations (Huston, 2010),
dividual's behaviour. The Social Cognitive Theory (Bandura, 1986) validating the need for a more consistent measure. In the absence
and The Consumer Socialisation Theory (Moschis,  1987) have of a valid construct, researchers are likely to face difficulties in con-
been used by the researchers to explain financial education inter- ducting comparison studies and meta-analysis. Literature is scarce
ventions beginning from early childhood (Serido et  al.,  2013; Shim on the cause and effect relationship between financial education
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and financial literacy. In the absence of a reliable measure, financial the definition of financial literacy, empirical studies and educational
educators will not be able to know if they have succeeded in their ef- interventions will hold limited importance (Remund, 2010). Budding
forts to improve financial literacy (Huston, 2010). Rather than a one- researchers can distinguish the related concepts from financial lit-
size-fits-all approach, financial education must be tailored according eracy. There is limited research on the relationship between finan-
to various characteristics. More qualitative methods of study can be cial literacy and financial capability (Cui et  al.,  2019; Johnson &
used to develop a uniform measure. Future researchers can attempt Sherraden, 2007). Scholars can further expand the research present-
to answer this question: ing the varied scope of both the constructs in a specific context. The
RQ 4 How can financial literacy be measured universally? future research calls for a discussion amongst the researchers on the
Scholars can apply methods such as factor analysis for the de- universally acceptable definition with research questions in mind:
velopment of a valid financial literacy scale. Qualitative methods of RQ 7 How can financial literacy be defined or understood in a
research such as personal interviews and focus groups can reveal universal context?
hidden dimensions associated with financial literacy such as people RQ 8 How do financial literacy and financial capability differ and
with a higher level of IQ can perform better in financial aspects, an in what context?
individual's experience can also be a factor assessing financial liter- There is a dominance of financial literacy research across
acy, an individual's interest in money related aspects, etc. Primary Western nations. Although new worldwide research indicates that
research supported with structured questionnaires can help the re- financial illiteracy is prevalent even in countries with developed fi-
searchers delve into the determinants of the financial literacy of an nancial markets such as the Netherlands, Sweden, Japan, Italy, New
individual. Conceptual studies based on the grounding theories can Zealand and the United States (Lusardi & Mitchell, 2011b) but ev-
also answer unsolved questions. idence of consumer financial literacy levels in recently liberalized
Many studies divulge that financial literacy leads the way to economies seems insufficient. The coverage of non-western coun-
positive behaviour, but the challenge is in the establishment of tries and cross-country analysis needs to be broadened to imbue
the direction of causality and the issue of endogeneity (Lusardi & multiple viewpoints and examining the efficacy of interventions
Mitchell,  2014). As per the finding of Hilgert et al. (2003), reverse (Lusardi & Mitchell, 2014; Xu & Zia, 2012). The effect of financial
causality is also present. A number of econometric models and ex- literacy interventions might differ across different economies due to
perimental studies have made efforts to confirm the causality of the difference in the context. The contextual variability might be due
financial literacy to financial behaviour and also identified the sepa- to heterogeneity in levels of financial literacy across different coun-
rate effects from other factors. Still, additional experiments are crit- tries, the attitude and personality factors of the people, cultural fac-
ical to control for endogeneity and explain causality. Future studies tors and the access to financial services or other financial resources.
should focus on disentangling the causality from the effects with a Future studies in a single country, cross-country and multi-national
proposed research question: contexts are essential to developing programmes that may cater to
RQ 5 How can a potential concern for endogeneity, or reverse country-specific needs. As per discussed above, we propose a re-
causality amongst financial literacy and financial outcomes are search question:
overcome? RQ 9 What is the status of financial literacy in developing
Extant literature is scarce to conclude that financial education countries?
interventions are always effective in achieving ideal financial be- Heterogeneity prevails in the financial literacy levels across
haviour (Fernandes et al., 2014; Hastings et al., 2013; Lusardi, 2019). sub-groups particularly young, old and women (Lusardi et al., 2010;
In the absence of an analysis of benefits to cost ratio, it is difficult to Lusardi & Mitchell, 2011a). Customized education could be a pos-
assess the appropriateness of financial education interventions and sible way out (Lusardi, 2019). More population-specific studies are
identify the least costly programmes. Thus, there is a need to voice required to gauge such literacy globally. Another important research
additional explanations to the cost-benefit aspect of financial educa- question could be:
tion. An additional research question is suggested: RQ 10 What are the financial literacy levels across various groups
RQ 6 How can the success of financial education be measured of population and which groups are more vulnerable?
and what is the relative effectiveness of financial education com- Financial education programmes worldwide have been im-
pared to the costs involved in taking it? plemented in different settings such as schools, colleges, work-
places and amongst various subgroups of the population (Lusardi &
Mitchell, 2014). Financial education needs and concerns vary across
11.3 | Contexts demographic characteristics (Xu & Zia, 2012). Only a few scholars
have attempted to evaluate programmes’ effectiveness in the con-
It is observable in the nascent literature that the financial literacy text of individual characteristics and the specific financial behaviour
construct has been explicated in the context of knowledge, skills, ca- it is expected to change (saving, investment, retirement, or borrow-
pability, confidence, motivation, behaviour, efficacy, etc. Researchers ing). Hence, we propose a research question:
interpret the term in different ways thereby lacking a common RQ 11 What are the effective financial education interventions
ground. Until the community of research reaches a consensus on across various demographic groups?
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Another context that paves a way for promising research in this Atkinson, A., & Messy, F. (2012). Measuring financial literacy: Results of the
OECD/International Network on Financial Education (INFE) Pilot Study
domain is digital financial literacy which is a combination of finan-
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