Financial Literacy and its Determinants: A Systematic Review

Financial Literacy Surveys around the world have indicated that financial literacy levels are low in developed countries and lower in developing countries (S&P Global FinLit Survey, 2014). It is also noted that individual financial decisions are affected by factors such as age, schooling, investment period, marital status, occupation, etc., but at different geographical locations in differing capacities. India’s low financial literacy level can hinder its ambition of becoming an economic superpower in the coming years. Therefore, it’s important to systematically assesses the literature in the field of financial literacy and its determinants which is attempted in the study using biblometric analysis on a final sample of 584 articles from the databases including Google Scholar, Microsoft academia and Crossref extracted using Publish or perish software application. Vosviewer and MS Excel were utilized for citation analysis, co-citation analysis and key word/term occurrence analysis. The study found the current significant researchable area in the field of financial literacy include "financial technology," "financial satisfaction," and "financial behavior". By bringing together dispersed studies in the area, emphasize key authors and documents, and analysing the factors that influence financial literacy, the study makes a significant contribution by informing research community about the most discussed aspects of financial literacy in the literature and points towards potential areas for further studies.