Purpose The present study systematically reviews the literature on personal financial management behavior (PFMB) using the theory context characteristics methodology (TCCM) framework and advances a future research agenda by synthesizing theoretical, empirical and practical insights. Moreover, the study presents meaningful insights into the differences between personal and organizational financial management. Design/methodology/approach The present study retrieves 212 articles published between 1986 and 2024. The literature was gathered using keyword searches and reference scanning on the Scopus database. The study utilizes a systematic literature review methodology to present publication trends, theories employed, research context (e.g., sample population, country), characteristics (variables studied) and methodology (e.g., research approach, analytical methods) employed in PFMB research. Findings The study's results outline that PFMB research draws upon theories from multiple disciplines, with the theory of planned behavior emerging as the most widely applied framework. Most studies focus on adults across various age groups as their primary sample population, followed by households. Geographically, the USA leads in PFMB research contributions. In terms of variables, financial literacy is identified as the most influential determinant, while financial well-being emerges as the most significant outcome for individuals engaging in PFMB. Furthermore, the findings highlight that quantitative research methods dominate the existing body of PFMB literature. Practical implications The study offers practical insights for individuals, financial advisors, policymakers and society. It highlights the role of financial literacy, socialization and psychological factors in shaping PFMB and stresses the need for personalized financial education and inclusive strategies for vulnerable groups. Relationship counselors can encourage couples to adopt sound PFMB to reduce stress and improve marital satisfaction. Policymakers should integrate AI-based technologies, gamification and financial wellness centers to enhance financial inclusion, literacy and preparedness while curbing over indebtedness. At the societal level, prudent PFMB fosters financial security, reduces poverty, supports sustainable development goals and uplifts marginalized communities, contributing to overall economic well-being. Originality/value The present study serves as an inaugural attempt to review the PFMB literature holistically using the TCCM framework. Moreover, the study also delineates future research avenues using the TCCM approach to guide future researchers in advancing research in the field.
Sharma et al. (Tue,) studied this question.