The current issue and full text archive of this journal is available on Emerald Insight at:

https://www.emerald.com/insight/1940-5979.htm

Financial literacy and financial Financial

literacy and
behaviour: a bibliometric analysis financial
behaviour
Kavita Karan Ingale
Symbiosis International (Deemed University), Pune, India, and
Ratna Achuta Paluri
Symbiosis Institute of Operations Management, Nashik, India and Received 28 June 2020
Symbiosis International (Deemed University), Pune, India Revised 25 September 2020
Accepted 5 October 2020

Abstract
Purpose – Numerous exploratory, conceptual and empirical enquiries on financial behaviour and literacy
have been conducted in the areas of economics, finance, business and management. However, no attempt was
made to present a comprehensive science mapping of the area so far. Hence, the study intends to elicit the trend
in the research field through synthesis of knowledge structures.
Design/methodology/approach – Bibliometric analysis in the field of financial literacy and financial
behaviour was performed on a sample of 1,138 documents based on a scientific search strategy run on the Web
of Science database for the period 1985–2020. Biblioshiny, which is a web-based application included in
Bibliometrix package developed in R-language (Ariaa and Cuccurullo, 2017), was used for the study. With the
help of automated workflow in the software, prominent journals, authors, countries, articles, themes were
identified; and citation, co-citation and social network analysis were conducted.
Findings – Results show that the themes of financial literacy and financial behaviour have evolved over a
period of time as an interdisciplinary field. In the initial stages, researchers focused on demographic and socio-
economic determinants, but gradually the field embraced topics like behavioural and psychological constructs
influencing financial behaviour. Along with conceptual structure, this research reveals the intellectual and
social structure of the domain. This study provides important insights on areas that need further investigation.
Research limitations/implications – The current research is a bibliometric analysis and hence limitations
related to such studies are applicable. For future researchers to derive a strong conceptual framework, a
systematic review of literature would be helpful. Science mapping for this study is limited to the Web of Science
database owing to its wider coverage of good quality journals, structured formats which are compatible with
the Bibliometrix software.
Practical implications – The current study provides important insights on financial literacy and financial
behaviour and their inter-linkages. It highlights the most addressed issues in the area and leads towards the
prospective areas for research. It informs the future researchers about the emergent themes, contexts and
possibilities of collaborations in this area by revealing social and intellectual structure of the domain.
Social implications – The paper can provide important insights for policy formulation in the areas of
financial education and literacy.
Originality/value – There has been lot of conceptual and empirical work done in the past, across countries,
spanning the disciplines such as economics, finance, psychology and consumer behaviour. A major
contribution of this study is that it consolidates fragmented literature in the area, highlights significant sources,
authors and documents, while exploring the relation between financial literacy and financial behaviour.
Keywords Financial literacy, Financial behaviour, Household finance, Bibliometric analysis, Bibliometrix,
Science mapping
Paper type Literature review

1. Introduction
Standard economic and finance theories based on the postulate of rational human
behaviour claim that households maximise their utility function over their life cycle.
However, surveys on consumer finance or household finance across countries reveal a
striking fact that the financial assets occupy marginal share in the entire asset allocation.
Home equity and gold still remain the priority among many in all income groups and
Review of Behavioral Finance
© Emerald Publishing Limited
1940-5979
The authors thank and acknowledge the constructive comments provided by the anonymous reviewers. DOI 10.1108/RBF-06-2020-0141
RBF households (OECD, 2017; Global Findex Database, 2017; Reserve Bank of India, 2017).
A survey on financial inclusion in 140 countries by the World Bank, in 2017 and Global
Findex Database (2017), showed that though 80% of adults own bank accounts, roughly
half of them do not use them. OECD (2017) report expressed concerns about the lower level
of financial literacy in the international financial landscape. Only 48 % of the population
could answer 70% of the questions correctly relating to financial knowledge. Of the G20
countries, only 3 countries namely France, Canada and China reported above 14 average
score out of 21 in terms of composite measures of financial literacy. It further added that
people who reflected good savings behaviour and held formal products were the ones who
scored high on financial literacy score. Though, simple products like personal credit and
mortgages have penetrated the markets to some extent, complex ones like life insurance
contracts, pensions and investment in stocks still remain outside the purview of
unsophisticated households (Devlin, 2001). These products are perceived to be complex
in nature on account of the uncertainty associated with them and high degree of knowledge,
competence and intermediation required for evaluating them. Recent economic slowdown
triggered by the coronavirus disease 2019 (COVID-19) pandemic has pushed most of the
household away from discretionary spending to essential spending and is likely to impact
their financial behaviour. In the past, whenever the economies slipped into recessions such
as those in 2000 or 2008, policymakers and financial service providers realised the need to
understand the motivations behind the financial behaviour of households.
Consumer finance, as defined by Tufano (2009), revolves around household financial
decisions and acts as an interplay between financial system and governments to facilitate this
decision-making process. Financial inclusion is the way people access and use financial
services, including the people’s decision to save, make payments, access credit and manage
financial risks, to influence their financial well-being (Global Findex Database, 2017). As
financial inclusion becomes widespread, household finances are managed more efficiently.
Further, it equips economies in dealing with problems like poverty and inequality, thereby
leading them on the path of sustainable development. Campbell’s (2006) work on household
finance highlighted the fact that households make financial mistakes related to management
of finance owing to poor financial knowledge. Given this scenario, world over initiatives to
secure the financial well-being of the households are gaining enormous attention, given that it
is an integral part of overall life satisfaction of the individual (Brown and Gray, 2016). It has
an overreaching impact on individual, organisational and societal level of well-being
(Br€uggen et al., 2017).

1.1 Financial literacy and financial behaviour

Financial well-being is defined as a perception about the ability to sustain current and
expected desired standard of living (Br€ uggen et al., 2017). For attainment of this financial
well-being, one needs to be satisfied in terms of his self-assessment of financial future.
This goal can be fulfilled only when an individual is adequately equipped and engages
himself in a responsible financial behaviour for securing financial future. Financial
literacy is a key variable influencing financial behaviour. Lusardi and Mitchell (2007) in
their review present international evidence on a strong nexus between financial literacy
and ability to save for retirement. The concept of financial literacy had been used by
different researchers in different contexts. Huhmann and McQuitty (2009) applied the
construct of financial numeracy which is a combination of financial literacy and financial
capability in their study. It highlighted the impact of financial numeracy on financial
management outcomes such as savings, borrowings, taxes and higher order decisions
like credit score, retirement security and financial well-being. Lusardi and Mitchell (2011)
and Van Rooij et al. (2012), in their respective studies in the USA and Netherlands,
revealed that financial literacy is a strong predictor of retirement planning. Financial
Sivaramakrishnan et al. (2017) inferred that some interventions enhancing financial literacy and
literacy are likely to bridge the gap between non-participation and participation in the
investment plans. A study based on an experimental setup to assess the demand for
financial
financial support among the aged in the Indian poor investigated variables affecting behaviour
adoption and willingness to contribute towards micro pension scheme demonstrated that
people do not have knowledge of financial matters (Mitchell and Mukherjee, 2017). In her
study, Grohmann (2018) reviewed the undeveloped and insufficient pension system in
Thailand. Results highlighted the fact that majority of the people rely on their kids for
their financial needs in the later part of their life. Although sophisticated financial
products are easily available to everyone in Bangkok, the level of financial knowledge of
the people is a matter of concern. According to her, there is a grave need for saving for
retirement owing to changing social setup, transforming public policy towards pension
and increased longevity. Calcagno and Monticone (2015) inferred that there exists a
positive correlation between financial literacy and demand for financial advice. As the
financial landscape has evolved over the last few decades, there have been a plethora of
financial products available in the financial markets. The governments all over the world
have highlighted a need of educating households to practice responsible financial
management for their financial well-being. Hence, to secure the financial well-being of the
individuals, along with the economic growth of nation through upgradation of human
capital, policymakers and practitioners are constantly taking efforts to design various
interventions to foster financial literacy.
Households being a key pillar in the circular flow of income have started receiving
growing attention from the research fraternity. Though there has been lot of conceptual and
empirical work done in the past, across countries, it is scattered across disciplines like
economics, finance, psychology and consumer behaviour. Several studies exploring the
antecedents of consumer financial behaviour have highlighted the importance of financial
literacy in shaping the households’ financial decisions. Numerous articles have critically
evaluated the constructs and measurement of financial literacy. Review articles mapping this
field of knowledge though good in number are mostly limited to narrative reviews. While
some studies adopted systematic approach to consolidate the literature, it was observed to be
context specific, thematic or narrowed down to theoretical frameworks.

1.2 Bibliometric analysis

Bibliometric analysis studies use mathematical and statistical techniques to analyse patterns
in literature that is already published (Singh and Dhir, 2019). Bibliometric studies in different
research domains, study and map published literature in the domain. Over the recent past
studies on bibliometric analysis in the domain of finance were reported in areas such as
financial literacy (Abda-Segura and Gonzalez-Zamar, 2019; Goyal and Kumar, 2019; Bedi
et al., 2019), consumer credit (Carlsson et al., 2017), accounting research (Merigo and Yang,
2017), green finance (Zhang et al., 2019), supply chain finance (Xu et al., 2018), Takaful or
Islamic insurance (Khan et al., 2020) and information and communications technology (ICT)
and financial education (Valencia et al., 2018). Recently, Santini et al. (2019) applied a meta-
analytic approach to understand antecedents and consequences of financial literacy. The
domain of financial literacy and behaviour has evolved over a period of time as an
interdisciplinary field. Against this backdrop, reviewing the available literature with the
focus on detecting the process of advancement of the research field becomes essential. Hence,
this study applies the tools of bibliometric analysis for comprehending the fragmented work
by assessing major trends in terms of its conceptual, intellectual and social structure. This
bibliometric study seeks to answer the following research questions.
RBF 1.3 Research questions
(1) Which are the most influential journals and authors in the area of financial literacy
and financial behaviour?
(2) What is intellectual structure of the research community?
(3) What are the collaborative networks in the field of financial literacy and financial
behaviour?
(4) How has the concept of financial literacy and financial behaviour evolved and what
are the most addressed issues in the recent work?
The above research questions translate into the following research objectives for the
current paper.
(1) To elicit the trends or patterns in knowledge development in the area of financial
literacy and financial behaviour.
(2) To investigate the knowledge structure and derive synthesis of knowledge.
Descriptive and network analysis are used for achieving the above objectives. Remaining
part of this document is structured into the following sections. The next section deals with the
methodology, followed by the section on data analysis. The fourth section presents the
discussion on the findings of the study, while further research directions and conclusion are
presented in the last section.

2. Research methodology
Analysis for this study starts with the identification of the database, followed by data
collection based on the search strategy (Figure 1).

Database - Refinement criteria

Keyword search -
Web of Science 1. Time span - 1985 to 2020
2073 documents extracted
2. Subject categories -
Economics,
Business Finance
Business & Management,
Research Documents Social Psychology
Selected for the Study - 3. Type of documents -
1138 documents extracted Book chapters,
Articles,
Early access
Reviews
Export of the final data for 4. Language - English
further analysis using
Bibiometrix R package

Analysis
Descriptive Analysis
Data Visualization
Figure 1. Citation Analysis
Flowchart for selection CO-citation Analysis
of documents for Social Network Analysis
Bibliometric analysis
 Data needed for this study were extracted after identifying and selecting an appropriate Financial
database (Figure 1). This was followed by running a search query using a right mix of literacy and
multiple key words. Once the data set is established using the required inclusion and
exclusion criteria, it is analysed with the help of software tools. Initially, a descriptive analysis
financial
of the data in terms of sources, documents and authors is conducted. The data were then behaviour
subject to reduction techniques such as principle component analysis and multiple
correspondence analyses. This was followed by the creation of network maps for better
visualisation of data, revealing conceptual, intellectual and social structures of the data
(Ariaa and Cuccurullo, 2017). The paper draws similarities to the work of Fahimnia et al.
(2015) on green supply chain management, which was conducted in stages. These stages are
discussed below:

2.1 Selection of database

Structured description of indexed articles in the database is a major pre-requisite for
bibliometric analysis. Based on its coverage of articles and classification of journals along
with compatibility of database with Bibliometrix software by R-studio, data retrieval is done
from Clarivate Analytics Web of Science (WoS) database. As mentioned by Rodrıguez-Ruiz
et al. (2019), majority of studies have preferred to use WoS database for bibliometric analysis
over others as it encompasses highly reputable journals from various categories and excludes
papers from magazines and non-scientific journals. Its Journal Citation Report (JCR) is widely
accepted measure of impact by the research community (Carvalho et al., 2017; Liu et al., 2013;
Rialti et al., 2019).

2.2 Preparing data for analysis

Data were downloaded from WoS in plaintext format to support the software requirement.
Documents were shortlisted based on the following search criteria applied on 4th April 2020.
2.2.1 Keywords for search strategy. Most of the research contributions use the words
“financial literacy” and “knowledge” interchangeably. Referring to Ajzen’s (1991) theory of
planned behaviour, an attitude translates into intention which ultimately culminates into
behaviour. Thus, the scientific knowledge pertaining to financial literacy and its impact on
household financial behaviour were identified using the keyword search criteria and 2073
documents were extracted. Keyword search criteria was “financial literacy” OR “financial
knowledge” AND “financial attitude” OR “financial behaviour” in the title, abstract or in the
keyword list. The search strategy used for this study is presented below:
2.2.2 Search strategy. Keywords: ((“financial literacy” or “financial knowledge”) and
(“financial attitude” or “financial behaviour”)).
Refined by: WEB OF SCIENCE CATEGORIES:
(Economics OR Business Finance OR Business OR Management OR Social Sciences
Interdisciplinary OR Psychology Multidisciplinary OR Gerontology OR Psychology OR
Humanities Multidisciplinary OR Psychology Social) AND
Document types: (Article OR Early Access OR Book Chapter OR Review) AND
Languages: English
Timespan: All years
Indexes: SCI-Expanded, SSCI, A and HCI, CPCI-SSH, BKCI-SSH, ESCI
2.2.3 Selection of time span. With the core objective to detect the trends and perspectives in
the field of financial literacy in relation to financial behaviour, data included all publications
from 1985 to 2020. This eliminated the risk of exclusion of seminal work from the data set.
2.2.4 Selection of subject categories. The search was refined by categories which included
subjects like economics, business finance, business and management and some of the social
sciences. In this stage, 1,458 items were extracted.
RBF 2.2.5 Selection of document types. Proceeding papers were excluded from the data to
further fine tune data to meet the research objectives. Thus, the shortlisted data had 1,212
documents which included book chapters, articles, early access and reviews which were used
for further analysis.
2.2.6 Selection of language. Shortlisted documents in the earlier stage were screened
through language filter – “English” –to extract the final data set of 1,164 documents.
Information related to these documents, such as title, authors, abstracts, keywords, was
imported in a plain text data format to Biblioshiny for further processing. Final data included
in the Bibliometric mainframe was 1,138 documents after refining data in terms of duplication
of the work and format compatibility (Figure 1).

2.3 Selection of bibliometric tool

For the comprehensive science mapping, the study adopts a bibliometric technique. It is an
age old research method of statistical and mathematical analysis of scientific literature
practised in library and information science for enhancement of effectiveness and efficiency
of the libraries (Tella and Olabooye, 2014). Various software like BibExcel, Publish or Perish,
CiteSpace (Jayantha and Oladinrin, 2019), Histcite (Garfield, 2004) were used in the past for
bibliometric studies along with VOSviewer (Rialti et al., 2019) and Pajek and Gephi for data
visualisation. This study uses Bibliometrix R-package, a tool developed in R language by
Ariaa and Cuccurullo (2017). This package facilitates comprehensive bibliometric study
including data analysis and data visualisation. As mentioned earlier, most of the bibliometric
analysis is complex due to access issues owing to commercial licenses of these software tools
and require extensive training of researchers. On the other hand, Bibliometrix is open-source
software which is designed for comprehensive science mapping analysis. It is capable of
continuous upgradation and integration with other statistical R packages. Hence, it is well
received by users and becomes highly relevant in dynamic field of bibliometric analysis, for
both descriptive and network analysis. This study analysed the data using Biblioshiny,
which is a web-based application included in Bibliometrix package. It is user-friendly and
used even by non-coders. It performs science mapping analysis using core features related to
automated workflow from the Bibliometrix package.

3. Data analysis and findings

Data analysis was structured into descriptive analysis and scientific mapping (Figure 2).
(1) Descriptive analysis focuses on examining bibliometric data in terms of the basic
features of data set, such as (1) sources/journals (2) authors and (3) documents

Bibliometrics
Analysis

Descripve Network
analysis analysis

Figure 2.
Conceptual Intellectual Social
Levels of Bibliometric Sources Authors Documents
analysis Structure Structure Structure
 (2) Scientific mapping conducts extensive science mapping through visualisation Financial
methods such as network analysis, three field plots, thematic maps and derives the literacy and
knowledge structures to facilitate further analysis.
financial
behaviour
3.1 Descriptive analysis
This section on descriptive analysis discusses various dimensions undertaken for analysis.
3.1.1 Data set. Table 1 gives a bird’s-eye view of the bibliometric data frame of 1,138
documents shortlisted through a systematic search query on WoS database. These
documents were published in 421 sources with average citation score of 11.27 and
collaboration index of 2.19 indicating substantial research in the past with collaboration
among researchers.
3.1.2 Three field plots. Three field plot (Figure 3) gives the relation between three fields
using Sankey Plots, where size of the portion is proportional to the value of the node
(Riehmann et al., 2005). On the left side of the Sankey Plot are the authors, on the middle row
are the keywords, and on the right side are the sources that were selected for analysis. Each of
the ten items depicted prominent keywords like financial literacy, financial education,
financial behaviour, financial knowledge and financial capability along with their sources
and prolific authors. All the ten influential journals encompassed the topic “financial literacy”
indicating its indispensable role in shaping “financial behaviour”. “Financial capability”,
“household finance”, “personal finance” and “retirement” emerged as important sub-topics
addressed by these influential authors and journals.
3.1.3 Sources. Scientific productivity in the research domain during the period 1980–2019
showed an upward trend (Figure 4). It exhibited sharp surge in the volume post 2008,
probably owing to studies assessing consumer and financial behaviour against the backdrop
of global financial meltdown. Same period showed a surge in terms of average articles cited
per year (Figure 5). Majority of documents were older than 14 years. The topic has not yet
entered into a phase of maturity though the number of publications on this topic was
observed to be on a continuous rise. The growth of research domain evolves through the
following phases (Low and Siegel, 2019). These are (1) precursor, (2) exponential growth, (3)
consolidation of body of knowledge and (4) decrease in the number of articles. When the
extant literature was examined against the aforementioned stages, the concept of financial

Description Results

Documents 1,138
Sources (Journals, Books, etc.) 421
Keywords plus (ID) 1,505
Author’s keywords (DE) 2,326
Period 1989–2020
Average citations per documents 11.27
Authors 2,211
Author appearances 2,912
Authors of single-authored documents 183
Authors of multi-authored documents 2028
Single-authored documents 214
Documents per author 0.515
Authors per document 1.94
Co-authors per documents 2.56 Table 1.
Collaboration index 2.19 Summary of data set
RBF

Figure 3.
Three-field plot

Arcles
200

150

100

50

0
1985 1990 1995 2000 2005 2010 2015 2020 2025

50

Figure 4.
Scientific productivity
100

literacy and its relationship with financial behaviour was placed in the growth stage with
continuous increase in the publication count till 2019.
The top 20 most cited journals indicative of the quality of journal in the field are shown in
Figure 6. American Economic Review has the maximum citations, followed by Journal of
Consumer Affairs which tops the list of the most impactful sources (Figure 7). A closer look at
these journals reveals that a majority of the literature relating to financial literacy and
 Average Article Citations per Year Financial
10.0
literacy and
financial
behaviour
7.5
Citations

5.0

2.5

0.0 Figure 5.
Average article
1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
citations per year
Year

Most Cited Sources

AM ECON REV
J CONSUM AFF
J FINANC
J PENSION ECON FINAN
J FINANC ECON
Q J ECON
J ECON PSYCHOL
J BANK FINANC
J CONSUM RES
Sources

WORKING PAPER
J ECON LIT
REV FINANC STUD
J POLIT ECON
FINANCIAL COUNSELING
FINANCIAL SERVICES R
J FAM ECON ISS
J PUBLIC ECON
ECON J
J MONETARY ECON
MANAGE SCI
Figure 6.
0 500 1000
Top 20 cited sources
No. of Documents

financial behaviour is concentrated in the disciplines such as economics, finance, financial

services and consumer and family studies along with social psychology.
Figure 7 presents 20 most impactful scholarly journals in the field, based on h-index. This
metric gauges the relative quality of the journals based on their citation impact and
productivity. H-index refers to a maximum value of “n” where “n” refers to the number of
RBF Source Impact

JOURNAL OF CONSUMER AFFAIRS

JOURNAL OF PENSION ECONOMICS & FINANCE
JOURNAL OF FAMILY AND ECONOMIC ISSUES
JOURNAL OF BANKING & FINANCE
JOURNAL OF ECONOMIC PSYCHOLOGY
INTERNATIONAL JOURNAL OF CONSUMER STUDIES
JOURNAL OF FINANCIAL ECONOMICS
JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION
Sources

INTERNATIONAL JOURNAL OF BANK MARKETING

JOURNAL OF FINANCIAL SERVICES MARKETING
INTERNATIONAL REVIEW OF ECONOMICS EDUCATION
SOCIAL INDICATORS RESEARCH
ASIAN ACCOUNTING BUSINESS AND FINANCE JOURNAL
JOURNAL OF BEHAVIORAL AND EXPERIMENTAL FINANCE
JOURNAL OF ECONOMIC EDUCATION
WORLD DEVELOPMENT
JOURNAL OF FINANCE
MANAGEMENT SCIENCE
JOURNAL OF BEHAVIORAL FINANCE
Figure 7.
FRONTIERS IN PSYCHOLOGY
Top 20 impactful
resources 0 5 10 15
h_index

journals which have published “n” articles which have least “n” citations. Neither the journals
with the maximum number of articles in the field nor the journals with the maximum number
of citations may solely indicate the contribution of the journal in the field. H-index could be a
better indicator of the quality and quantity or the impact of a journal.
Figure 8 shows the source dynamics of the top five journals using LOESS (locally
estimated scatterplot smoothing) to indicate the number of publications over the period.

Source Growth
5
INTERNATIONAL JOURNAL OF BANK MARKETING

INTERNATIONAL JOURNAL OF CONSUMER STUDIES

4
Annual occurences (loess smoothing)

3 JOURNAL OF FAMILY AND ECONOMICS ISSUES

JOURNAL OF CONSUMER AFFAIRS

2 JOURNAL OF PENSION ECONOMICS & FINANCE

Figure 8.
Source dynamics 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
Year
According to this figure, International Journal of Bank Marketing and International Journal of Financial
Consumer Studies show a rapid increase in publications from 2008 onwards, while the literacy and
remaining journals saw a decline in publications in the recent years, particularly 2016
onwards. This could indicate emergence of an inter-disciplinary research domain. Most cited
financial
journals include domain specific journals such as economics and finance as well as behaviour
interdisciplinary research in the areas such as consumer studies and marketing. Higher
number of journals covering the research domain implies a wide variety of research themes
and multi-disciplinary nature of research domain (Low and Siegel, 2019).
3.1.4 Authors. Lusardi A., Michell O., Nicolini G., Xiao J.J., and Benett D.A. were the most
productive authors with the maximum publications in the field (Figure 9). Lusardi and
Michell had more than 20 articles published on the field. An analysis of the h-index of the
authors also shows that Lusardi, Michell and Xiao were the most impactful authors
(Figure 10). Their output is seminal. These articles are important from a future research
perspective in this domain.
3.1.5 Country-wise contribution. Table 2, which shows the contribution of different
countries to the field, indicates that developed countries contributed the most to the literature
in this area. The USA had a majority of the publications in the area while Australia was a
distant second. The number of publications in the area also translates into the number of
citations received for the articles. The USA received around 70% of the total citations in the
field, indicating the concentration of the research in this region. China along with India
appears in the second half of the table with low score in relevant production. This could
indicate gradual progress of the developing countries towards good quality research in the
field. Furthermore, bibliometric data showed that the USA outperforms rest of the world in
terms of citations received, followed by the Netherlands, the UK, Germany and Australia.
These countries received relatively lesser number of citations.

Most Relevant Authors

LUSARDI A
MITCHELL OS
NICOLINI G
XIAO JJ
BENNETT DA
BONGOMIN GOC
BOYLE PA
GERRANS P
MUNENE JC
Authors

BRIMBLE M
CHATTERJEE S
GATHERGOOD J
SERIDO J
YU L
DE BRUIN WB
LOIBL C
NEMETH E
NTAYI JM
SHIM S
THORP S
Figure 9.
0 5 10 15 20 25
Most relevant authors
No. of Documents
RBF Author Impact
LUSARDI A
MITCHELL OS
XIAO JJ
BENNETT DA
BOYLE PA
YU L
GERRANS P
GATHERGOOD J
ZIA B
Authors

SERIDO J
DE BRUIN WB
THORP S
ALESSIE R
COLE S
HUSTON SJ
VAN ROOIJ M
BATEMAN H
JAMES BD
BRIMBLE M
CHATTERJEE S
Figure 10.
Author impact 0 5 10 15
h_index

Country’s scientific production Most cited countries

Country Frequency Country Total citations

USA 812 USA 7,383

Australia 167 Netherlands 984
UK 148 UK 674
Germany 144 Germany 578
Italy 141 Australia 548
Netherlands 100 Italy 344
Table 2. China 86 Canada 269
Top 10 countries: India 65 Sweden 176
Productivity and Malaysia 59 Spain 114
citations Canada 42 Brazil 112

3.1.6 Documents. Figure 11 presents the 20 most cited documents in the field. All these articles
have more than 100 citations. The top four publications were authored by Lusardi, indicating
the seminal contribution of Lusardi A to the field. Lusardi and Mitchell (2007) with more than
550 citations and Lusardi and Mitchell (2014) with around 500 articles were the most cited
articles in the field. Both these articles discuss the importance of financial literacy and its
economic impact on individuals. These top cited articles can be considered as key reference
articles in the field.
3.1.7 Keywords. An analysis of the frequency of the keywords used in the articles showed
that that the term “financial literacy” appeared 212 times, followed by “behaviour”,
“education”, “literacy”, “knowledge”, “risk”, “wealth”, “information”, “decision” and “impact”.
The word cloud represented in Figure 12 is a visual representation of frequency of the words
in the document indicated by the size of the word. It can be used as a proxy for relevance of the
word in literature. Apart from these, economic or financial variables like income,
 Most Cited Documents Financial
LUSARDI A, 2007, J MONETARY ECON literacy and
LUSARDI A, 2014, J ECON LIT financial
LUSARDI A, 2010, J CONSUM AFF
LUSARDI A, 2008, AM ECON REV
behaviour
FERNANDES D, 2014, MANAGE SCI
HUSTON SJ, 2010, J CONSUM AFF
LUSARDI A, 2011, J PENSION ECON FINAN
PURI M, 2007, J FINANC ECON
PROWSE SD, 1990, J FINANC ECON
Documents

VAN ROOIJ MCJ, 2012, ECON J

REIMERS S 2009, PERS INDIV DIFFER
NORVILITIS JM, 2006, J APPL SOC PSYCHOL
LUSARDI A, 2011, J PENSION ECON FINAN-a
REMUND DL, 2010, J CONSUM AFF
PERRY VG, 2005, J CONSUM AFF
HASTINGS JS, 2013, ANNU REV ECON
GATHERGOOD J, 2012, J ECON PSYCHOL
VAN ROOIJ M, 2011, J FINANC ECON
CHOI JJ, 2010, REV FINANC STUD
FOX J, 2005, J CONSUM AFF
Figure 11.
0 200 400 Most cited documents
Total Citations

Figure 12.
Word dynamics

consumption, savings, credit, retirement and psychological or behavioural variables like

overconfidence, risk taking, security, self-control, attitude and perceptions were seen to be
dominant. There is a phenomenal increase in the frequencies from 2015 onwards. One can
infer from this word cloud that these studies have explored various antecedents of financial
literacy like education and attitude. Most of them dealt with impact of financial literacy on
decision-making pertaining to investments, retirement, wealth and credit.
3.1.8 Trend topics. Figure 13 indicates the evolution of the top trending topics on a two-
dimensional scale with logarithmic value of frequency on vertical axis against publication
years on horizontal axis. A review of the topics in last five years unveiled an interesting
pattern. Major topics in 2015 revolved around adolescents, children, money attitudes,
cognitive function and models, which are demographic, cognitive and affective factors. In the
years 2016 and 2017, the focus shifted to economic and financial aspects such as households,
insurance, retirement, stock market participation, portfolio choice and decision making,
RBF Trend Topics
wealth

4.0
decisions

retirement

3.5
preferences
log(frequency)

portfolio choice
3.0 psychology

scale investors
households materialism
insurance stock-market participation personality
2.5 markets trust
children time
bias cognitive function demand
experience consumers
money attitudes
2.0 agency costs models

consumer socialization policy plans innovation

equity adolescents
curriculum
household finance economic socialization achievement
Figure 13. rationality
1.5 institutions
Trend topics 2012 2014 2016 2018
year

implying a focus on household financial decisions. On the other hand, investors, personality,
materialism, psychology themes emerged as the dominant topics in 2018, underlining the
behavioural perspective. The year 2019 witnessed topics such as innovation, institutions,
achievement and curriculum, signalling interventions.

3.2 Data visualisation

The topic of financial literacy and well-being has attracted growing interest and research
focus over the last few years. This section presents a thematic evolution of the field. Data
visualisation uses network analysis for quantitative assessment on the number of clusters
emerging, number of occurrences and associations between various units of analysis, total
link strengths and citation counts (Low and Siegel, 2019). It involves drawing various
approaches based on different units of analysis such as documents, authors and keywords to
extract the networks. These networks contain the nodes that are connected with the links. It
performs statistical analysis over maps generated to indicate different measures of the entire
network (Ariaa and Cuccurullo, 2017). The scientific mapping done through the network
analysis culminates in three kinds of knowledge structures, namely conceptual structure,
intellectual structure and social structure (Figure 2).
3.2.1 Conceptual structure. Conceptual structure shows the interaction between themes,
topics and trends using co-occurrence network or co-word analysis. It is the only method
which uses the content of research papers. Thus, the unit of study is a concept or commonly
used terms, or a theme found together in the network (Li et al., 2018). Bibliometrix package
derives this conceptual structure of the research field by conducting multiple correspondence
analysis (MCA). Numerical and graphical analysis of multivariate nominal data can be done
using MCA (Greenacre and Blasius, 2006). Drawn for keyword plus unit of analysis, with
default options–automatic layout and normalisation by association using Louvain’s
clustering algorithm with 50 nodes–gave the keyword co-occurrence network as shown in Financial
Figure 14. “Keyword Plus” are the words extracted by a computer algorithm based on literacy and
commonly found words in the titles and in the reference list of documents. They are preferred
as they capture document’s content with more profundity and diversity (Garfield and Sher,
financial
1993; Zhang et al., 2016). As seen in Figure 14, three clusters indicated in red, blue and green behaviour
emerged from the data. The colours represent different clusters; distance implies the
relatedness; vertex is represented by words and the size of the node is proportionate to its
occurrence. Green cluster is dominated by the financial literacy; red cluster highlights
behaviour and education; While the blue cluster integrates the household financial decisions
like consumption, savings, insurance and retirement.
3.2.2 Thematic map. Thematic map plots the typological themes on a two-dimensional
plot (Cobo et al., 2011). Based on the co-word analysis, keywords clusters are identified
thereby generating themes in the research domain. Based on their density and centrality,
these themes can be classified into four quadrants on the two-dimensional graph with
centrality and density as the two dimensions. Each theme is represented in the map with a
bubble. “Behaviour”, “financial literacy”, “wealth” and “information” can be seen plotted as
bubbles on the graph (Figure 15). Theme in the upper right quadrant “behaviour”, with high
density and centrality is a motor theme and, is at the core of the discipline and is the most
widely discussed topic. The theme financial literacy which appears in the lower right
quadrant is a basic theme, signalling important but not well-developed area. Upper left
quadrant indicates a niche theme–“information”–which is well-developed with internal links
but weak external ties and is of marginal importance. Lower left quadrant theme wealth is
weakly developed and is of less importance. It represents emerging as well as declining ties
(Ariaa and Cuccurullo, 2017; Huang and et al., 2020).

Figure 14.
Co-occurrence network
RBF behavior

Density information

financial
literacy

wealth
Centrality

Figure 15.
Thematic map

3.2.3 Thematic evolution. Thematic evolution in the field examines the broad picture of
evolution of the field over a period of time by dividing the entire time frame into different time
slices. It guides the evolution of the research area based on the centrality and density of
components of keyword and the fields (Chen et al., 2019; Della Corte, Del Gaudio et al., 2019).
With 100-word count in keyword plus field, and a minimum cluster frequency of five,
thematic evolution, over three time slices with cut points of 2010 and 2015 was used
(Figures 16–18) in this study.

money

behavior
Density

knowledge

Figure 16.
Time slice 1 - Thematic
evolution during determinants
1989–2010
Centrality
 retirement Financial
literacy and
financial
financial literacy behaviour

decision-making
Density

behavior

choice

Figure 17.
Time slice 2 - Thematic
wealth evolution during
2011–2015
Centrality

investment

education
Density

financial literacy

Figure 18.
Time slice 3 - Thematic
formation evolution during
2016–2020
Centrality

It is observed that “money” was a niche theme and “knowledge” was an emerging theme,
while behaviour was a motor theme, with extremely low occurrence during the period 1989–
2010. Behaviour gradually attracted greater attention during the period 2011–2015 as it
reached the mid of motor and basic themes. Retirement started evolving as a niche theme
during this period, with growing interest on the topic. Financial literacy was a motor theme
during this period, possibly owing to the global financial meltdown. Behaviour became a
central and developed theme eventually merging with the theme education. During the period
2016–2020, financial literacy emerged as a basic theme which is at the centre of research
domain yet not well developed. There seems to be a transition in the approach towards
financial literacy from mere financial knowledge or study of its determinants to its
RBF application in various decision-making or choice functions related to wealth and retirement
outcomes. Financial literacy stands out as a major theme, which is an amalgamation of
subthemes, namely decision-making, choice, wealth and retirement. The themes “wealth” and
“information” experienced a declining trend during second and third time slices, respectively.
The emergence of broad and core themes is captured using the three-field plot (Figure 19). A
closer look at the inter-linkages among the themes separated by three-time spans, namely
period from 1989 to 2010, 2011–2015 and 2016–2020 underscores the thematic evolution. Four
major themes in the first period, namely behaviour, determinants, knowledge and money,
converge into a major theme behaviour. While the five themes in the second period which
includes decision-making, financial literacy, retirement, wealth and choice merged into the
single theme financial literacy. This recognises the growing importance and relevance of
financial literacy and behaviour. A major theme “behavior” in second time span delineates its
close association with education implying its pertinence with interventions influencing
behavior.

3.3 Intellectual structure

Intellectual structure comments on how various authors impact the scientific community by
studying the collaboration between authors and countries. It reveals the extent of
co-operation between research groups and research fraternity and their affiliations to the
various institutes (Cobo et al., 2011; Mendes et al., 2017). Intellectual structure derived from
citation and co-citation analysis reveals different perspectives and schools of thought that
have evolved over a period of time.
3.3.1 Citation analysis and co-citation analysis. Citation and co-citation analysis are
quantitative techniques (Rodrıguez-Ruiz et al., 2019). Citation analysis is based on the
assumption that authors cite documents that is important from their research point of view.
Higher number of citations is indicative of higher relevance and quality of a document in
scholarly inquiry by the research fraternity (Ruggeri et al., 2019).

behavior--1989-2010
behavior--2011-2015

determinants--1989-2010

education--2016-2020

knowledge--1989-2010
decision-making--2011-2015

money--1989-2010
financial literacy--2011-2015

retirement--2011-2015 financial literacy--2016-2020

wealth--2011-2015
Figure 19.
information--2016-2020
Thematic evolution –
Three-field plot choice--2011-2015
investment--2016-2020
When a cited document appears in the reference section of another document, it is indicative of Financial
a relationship between the two documents (Egghe and Rousseau, 1990). Co-citation analysis literacy and
deals with the aspect of analysing the relationship between the citing and cited articles.
Frequency of co-citation indicates the number of times a certain group of articles is cited
financial
together implying that they are bounded by a common theme (Liu and et al., 2013). It studies behaviour
the cited documents which results in realising the shifts in research paradigms. It measures
similarity between documents, authors and journals. With the unit of analysis as papers,
number of nodes as 50 and Louvain clustering algorithm followed, the diagram reveals three
clusters of authors indicated by three different colours. The degree of association between
articles as seen by the citing authors is measured by the co-citation strength (Small, 1978;
Edge, 1979). Betweenness which is a measure of centrality in social network analysis (SNA)
indicates the lead article network coverage with other articles’ influence (Hu et al., 2013).
From cluster 1, Lusardi A. is found to be the most influential authors with highest
betweenness centrality measures. He is followed by Hilgard M., OECD and Vanrooij M. who
had a highly significant contribution to the study of financial literacy. Second cluster had
authors like Kahneman, Benartzi, Thaler and Tversky who are the pioneers in the area of
Behavioural Finance. The third cluster had names (themes) like Ameriks (retirement
planning), Hastings (retirement wealth), Gathergood (indebtedness), Jappelli (savings
decisions), Van Rooij (retirement wealth) and Guiso (portfolio). All these themes can be
grouped into a common theme, “household financial decisions”. When two or more
documents are cited together, there is a strong association which is likely to capture old data
than a contemporary one, leading to historical intellectual structure. These documents form a
cluster which shares common themes and hence indicative of most relevant and crucial
developments in the field. The intellectual structure here emerges from three different
structures namely financial literacy antecedents, measurement and outcomes, household
financial decisions and the emerging research area of behavioural finance.

3.4 Social network analysis

SNA conducted to elicit the interrelationships within the research domain (Low and Siege,
2019). Nodes imply actors such as authors, institutions or publication sources and set of nodes
indicate the connected relationships in the social network. The dynamics of network is
represented through ties that connect these domains. Geographical distribution and
collaboration were analysed with the help of collaboration networks drawn based on 30
countries. From a regional perspective, the USA dominates the scholarly inquiry and has
collaboration with most of the European countries and emerging economies as well. Diversity
in knowledge base is studied in a comprehensive manner through cluster analysis. If a
document is identified with a particular cluster, within that cluster the texts are strongly
linked with each other through shared references (Ariaa and Cuccurullo, 2017). Researchers
from the USA were found to have strong collaborations with scholars in Canada, Switzerland,
China, Japan, India and Portugal. Second cluster is dominated by Germany in association
with Netherlands, Italy, Spain, Sweden, France, Luxembourg and Greece (Figure 21). The
third cluster is led by UK along with Australia, New Zealand, South Africa and Ghana.
Collaboration network between institutions shown in Figure 22 exhibit the dominance of
the cluster led by University of Penn in collaboration with George Washington University,
University of Groningen, Tilburg University and Dartmouth College (Figure 20).

4. Conclusions
This article underlines the evolution of financial literacy and financial behaviour domain over
a period of time 1985–2020. It further presents a comprehensive assessment of the conceptual,
RBF

Figure 20.
Co-citation network -
papers

intellectual and social structure of the research topic. Major contribution of the study is in the
form of consolidation of fragmented literature in the area highlighting the significant sources,
authors and documents. Bibliometrix R-package which is a tool useful for bibliometrics was
used owing to its flexibility and user friendliness. Data set for the study was generated from
the WoS database, given its formal structure, quality research sources and compatibility with
the software. The data set shows that there is a gradual increase in publications in the initial
years followed by a spurt in the publications during 2010–2012. These years coincide with the
years wherein policy efforts for recovery from aftermaths of global financial crisis of 2008
were undertaken. Major scholarly work in this field of research was from the USA followed by
Germany and the UK research and its collaborations in emerging economies are moving from
a nascent stage to an expansionary one. Entry of new authors and countries has expanded the
social structure of the field. Conceptual structure revealed the advancement in the area from
determinants, measurements and association with demographic variables to economic or
financial variables such as wealth, portfolio choice, retirement, insurance and credit. It has
gradually advanced into psychological and behavioural facets such as personality, attitude,
materialism and similar behavioural traits.
Most publications were from sources such as economics, finance and business domain,
followed by consumer and family studies, services marketing and social psychology. This paves
the path for the journey from a domain specific approach towards interdisciplinary approach.
Thus, this study attempts to build a roadmap for academicians and practitioners to understand
 Financial
literacy and
financial
behaviour

Figure 21.
Geographical
collaboration network

existing knowledge. Further, they can explore the research opportunities through examination of
patterns for publications in terms of authorship, citations, sources and countries, high impact
papers seminal authors, collaboration between authors’ countries and thematic evolution using
bibliometric analysis. Important insights on the recent trends provided by this study would help
policymakers in devising financial education programs, policy interventions or the modes of
intervention. Practitioners like investment advisors, financial planners, banking and financial
service industry professionals would be able to understand the emerging issues. This will
facilitate better understanding of their respective fields. In a nutshell, this paper demonstrates the
progress in this field of research. It promotes building of knowledge base and identifies
unexplored facets of financial literacy and its relationship with financial behaviour. This would
stimulate further studies in consumer behaviour, investor behaviour or policy research in the area
of financial literacy, behavioural finance by different groups of researchers, practitioners and
policymakers taking leads from the extant literature.

4.1 Future research directions

Gaps identified through this study are presented in this section. They include (1) this
bibliometric study uses the WoS database. Other databases could also be used for extraction
of data in future studies. The keyword search could be modified to include additional
keywords so that more publications relevant to this field are included in the study (2) science
mapping needs to be supplemented with abstract reading and manual selection of the articles
followed by extensive reading of full text for getting the in-depth understanding of the
research domain. So a review of literature and a meta-analysis on the field could be taken up
by researchers in the future. Reviews will give additional insights into antecedents and
outcomes related to the domain and enrich the understanding required for carrying out
empirical studies (3) an in-depth content analysis of articles in this research domain could
RBF

Figure 22.
Institutional
collaboration network

give better insights on the relevant theories and models; (4) the marginal contribution of
emerging economies as against those of developed economies indicates the contextual gap in
the research domain and paves way for potential collaborations in near future; (5) more inter-
disciplinary research through intellectual and social collaborations is needed. Linkages
between financial education and creative entrepreneurship, social marketing, indebtedness,
digital society can be explored; (6) emergent themes for further research from other studies in
the field include financial capability, financial inclusion, financial literacy with a focus on tax
and insurance and digital financial education (Goyal and Kumar, 2020); (7) the contribution of
academic scholars and practitioners in the field needs to be explored for theoretical and
practical advances; (8) longitudinal analysis of the field.
The field has experienced gradual progression towards behavioural aspects and
personality traits influencing the household financial behaviour. The entire gamut of these
variables requires attention in order to understand the interplay between them. Further, it
encompasses various economic and financial decisions ranging from consumption, savings,
credit, insurance, investments to retirement planning. The exploration of drivers of all these
decision-making areas will strengthen the research field. These themes can be broadly
classified as financial literacy – construct and measurement, impact of financial literacy on
financial behaviour, identification various exogenous factors. Various facets of financial
behaviour and the moderating and mediating variables in the financial literacy and financial
behaviour relationship need to be explored. Researchers recommend theme-specific reading
and reviews to capture the conceptual and theoretical framework in the domain.
References Financial
Ajzen, I. (1991), “The theory of planned behavior”, Organizational Behavior and Human Decision literacy and
Processes, Vol. 50 No. 2, pp. 179-211.
financial
Ariaa, M. and Cuccurullo, C. (2017), “Bibliometrix: an R-tool for comprehensive science mapping behaviour
analysis”, Journal of Informetrics, Vol. 11 No. 4, pp. 959-975, doi: 10.1016/j.joi.2017.08.007.
Bedi, H.S., Karn, A.K., Kaur, G.P. and Duggal, R. (2019), “Financial literacy–A Bibliometric analysis”,
Our Heritage, Vol. 67 No. 10, pp. 1042-1054.
Brown, S. and Gray, D. (2016), “Household finances and well-being in Australia: an empirical analysis
of comparison effects”, Journal of Economic Psychology, Vol. 53, pp. 17-36.
uggen, E.C., Hogreve, J., Holmlund, M., Kabadayi, S. and L€ofgren, M. (2017), “Financial well-being: a
Br€
conceptualization and research agenda”, Journal of Business Research, Vol. 79, pp. 228-237.
Calcagno, R. and Monticone, C. (2015), “Financial literacy and the demand for financial advice”,
Journal of Banking and Finance, Vol. 50, pp. 363-380.
Campbell, J. (2006), “Household finance”, The Journal of Finance, Vol. 61 No. 4, pp. 1553-1604.
Carlsson, H., Larsson, S., Svensson, L. and 
Astr€om, F. (2017), “Consumer credit behavior in the digital
context: a Bibliometric analysis and literature review”, Journal of Financial Counseling and
Planning, Vol. 28 No. 1, pp. 76-94.
Carvalho, G., Cruz, J., Carvalho, H., Duclos, L. and Stankowitz, R. (2017), “Innovativeness measures: a
Bibliometric review and a classification proposal”, International Journal of Innovation Science,
Vol. 9 No. 1, pp. 81-101.
Chen, X., Lun, Y., Yan, J., Hao, T. and Weng, H. (2019), “Discovering thematic change and evolution of
utilizing social media for healthcare research”, BMC Medical Informatics and Decision Making,
Vol. 19 No. 2, p. 50.
Cobo, M., Lopez-Herrera, A., Herrera-Viedma, E. and Herrera, F. (2011), “An approach for detecting,
quantifying, and visualizing the evolution of a research field: a practical application to the fuzzy
sets theory field”, Journal of Informetrics, Vol. 5 No. 1, pp. 146-166.
Della Corte, V., Del Gaudio, G., Sepe, F. and Sciarelli, F. (2019), “Sustainable tourism in the open
innovation realm: a Bibliometric Analysis”, Sustainability, Vol. 11 No. 21, p. 6114.
Devlin, J.F. (2001), “Consumer evaluation and competitive advantage in retail financial services: a
research agenda”, European Journal of Marketing, Vol. 35 Nos 5/6, pp. 639-660.
Edge, D. (1979), “Quantitative measures of communication in science: a critical review”, History of
Science, Vol. 17 No. 36, pp. 102-134.
Egghe, L. and Rousseau, R. (1990), Introduction to Informetrics. Quantitative Methods in Library,
Documentation and Information Science, Elsevier Science Publishers, Amsterdam.
Fahimnia, Sarkis, B.J. and Davarzani, H. (2015), “Green supply chain management: a review and
Bibliometric analysis”, International Journal of Production Economics, Vol. 162, pp. 101-114.
Garfield, E. (2004), “Historiographic mapping of knowledge domains literature”, Journal of
Information Science, Vol. 30 No. 2, pp. 119-145.
Garfield, E. and Sher, I. (1993), “KeyWords Plus —algorithmic derivative indexing”, Journal of the
American Society for Information Science, Vol. 44 No. 5, pp. 298-299, Association for
Information Science and Technology.
Global Findex Database (2017), Measuring Financial Inclusion and the Fintech Revolution, World
Bank, Washington, DC. doi: 10.1596/978-1-4648-1259-0.
Greenacre, M. and Blasius, J. (Eds) (2006), Multiple Correspondence Analysis and Related Methods,
Chapman and Hall/CRC, London.
Goyal, K. and Kumar, S. (2020), “Financial literacy: a systematic review and Bibliometric analysis”,
International Journal of Consumer Studies. doi: 10.1111/ijcs.12605.
RBF Grohmann, A. (2018), “Financial literacy and financial behavior: evidence from the emerging Asian
middle class”, Pacific-Basin Finance Journal, Vol. 48, pp. 129-143.
Hu, C.P., Hu, J.M., Deng, S.L. and Liu, Y. (2013), “A co-word analysis of library and information science
in China”, Scientometrics, Vol. 97 No. 2, pp. 369-382.
Huang, L., Shi, X., Zhang, N., Gao, Y., Bai, Q., Liu, L. and Hong, B. (2020), “Bibliometric analysis of
trends and issues in traditional medicine for stroke research: 2004–2018”, BMC Complementary
Medicine and Therapies, Vol. 20 No. 1, pp. 1-10.
Huhmann, B. and McQuitty, S. (2009), “A model of consumer financial numeracy”, International
Journal of Bank Marketing, Vol. 27 No. 4, pp. 270-293.
Jayantha, W.M. and Oladinrin, O.T. (2019), “Bibliometric analysis of hedonic price model using
CiteSpace”, International Journal of Housing Markets and Analysis, Vol. 13 No. 2, pp. 357-371,
doi: 10.1108/IJHMA-04-2019-0044.
Khan, A., Hassan, M.K., Paltrinieri, A., Dreassi, A. and Bahoo, S. (2020), “A bibliometric review of
takaful literature”, International Review of Economics and Finance, Vol. 69, pp. 389-405.
Li, T., Bai, J., Yang, X., Liu, Q. and Chen, Y. (2018), “Co-occurrence network of high-frequency words in
the bioinformatics literature: structural characteristics and evolution”, Applied Sciences, Vol. 8
No. 10, p. 1994.
Liu, J., Lu, L., Lu, W. and Lin, B. (2013), “A survey of DEA applications”, Omega, Vol. 41 No. 5,
pp. 893-902.
Low, M. and Siegel, D. (2019), “A Bibliometric analysis of employee centered corporate social
responsibility research in the 2000s”, Social Responsibility Journal, Vol. 16 No. 5, pp. 691-717, doi:
10.1108/SRJ-09-2018-0243.
Lusardi, A. and Mitchell, O. (2007), “Financial literacy and retirement preparedness: evidence and
implications for financial education”, Business Economics, Vol. 42 No. 1, pp. 35-44.
Lusardi, A. and Mitchell, O. (2011), Financial Literacy and Planning: Implications for Retirement
Wellbeing, (NBER Working Paper No. W17078), National Bureau of Economic Research,
Cambridge, MA.
Lusardi, A. and Mitchell, O.S. (2014), “The economic importance of financial literacy: theory and
evidence”, Journal of Economic Literature, Vol. 52 No. 1, pp. 5-44.
Mendes, G., Oliveira, M., Gomide, E. and Nantes, J. (2017), “Uncovering the structures and maturity of
the new service development research field through a Bibliometric study (1984–2014)”, Journal
of Service Management, Vol. 28 No. 1, pp. 182-223.
Merigo, J.M. and Yang, J.B. (2017), “Accounting research: a Bibliometric analysis”, Australian
Accounting Review, Vol. 27 No. 1, pp. 71-100.
Mitchell, O. and Mukherjee, A. (2017), “Assessing the demand for micro pensions among India’s poor”,
The Journal of the Economics of Ageing, Vol. 9, pp. 30-40.
Organization for Economic Cooperation and Development (OECD) (2017), G20/OECD INFE Report on
Adult Financial Literacy in G20 Countries, OECD, Paris, available at: http://www.oecd.org/daf/
fin/financial-education/G20-OECDINFE-report-adult-financial-literacy-in-G20-countries.pdf.
Reserve Bank of India (RBI) (2017), Report of the Household Finance Committee –Indian Household
Finance, available at: https://rbidocs.rbi.org.in.
Rialti, R., Marzi, G., Ciappei, C. and Busso, D. (2019), “Big data and dynamic capabilities: a
Bibliometric analysis and systematic literature review”, Management Decision, Vol. 57 No. 8,
pp. 2052-2068.
Riehmann, P., Hanfler, M. and Froehlich, B. (2005), “Interactive Sankey diagrams”, IEEE Symposium
on Information Visualization, 2005, INFOVIS 2005, Minneapolis, MN, pp. 233-240, doi: 10.1109/
INFVIS.2005.1532152.
Rodrıguez-Ruiz, F., Almodovar, P. and Nguyen, Q. (2019), “Intellectual structure of international new
venture research”, Multinational Business Review, Vol. 27 No. 4, pp. 285-316.
Ruggeri, G., Orsi, L. and Corsi, S. (2019), “A Bibliometric analysis of the scientific literature on Financial
Fairtrade labelling”, International Journal of Consumer Studies, Vol. 43 No. 2, pp. 134-152, doi:
10.1111/ijcs.12492. literacy and
Santini, F.D.O., Ladeira, W.J., Mette, F.M.B. and Ponchio, M.C. (2019), “The antecedents and
financial
consequences of financial literacy: a meta-analysis”, International Journal of Bank Marketing, behaviour
Vol. 37 No. 6, pp. 1462-1479.
Singh, S. and Dhir, S. (2019), “Structured review using TCCM and bibliometric analysis of
international cause-related marketing, social marketing, and innovation of the firm”,
International Review on Public and Nonprofit Marketing, Vol. 16 Nos 2-4, pp. 335-347.
Sivaramakrishnan, S., Srivastava, M. and Rastogi, A. (2017), “Attitudinal factors, financial literacy, and
stock market participation”, International Journal of Bank Marketing, Vol. 35 No. 5, pp. 818-841.
Small, H.G. (1978), “Cited documents €as concept symbols”, Social Studies of Science, Vol. 8 No. 3,
pp. 327-340.
Tella, A. and Olabooye, A. (2014), “Bibliometric analysis of African journal of library, archives and
information science from 2000–2012”, Library Review, Vol. 63 Nos 4/5, pp. 305-323.
Tufano, P. (2009), “Consumer finance”, Annual Review of Financial Economic, Vol. 1, pp. 227-247.
Valencia, D.C., Giraldo, M.C.B., Valencia-Arias, J., Palacios-Moya, L. and Bran-Piedrahita, L. (2018),
“Relationship between ICT use and financial education levels in Latin America”, International
Journal of Innovation, Management and Technology, Vol. 9 No. 4, pp. 174-177.
Van Rooij, M.C., Lusardi, A. and Alessie, R.J. (2012), “Financial literacy, retirement planning and
household wealth”, The Economic Journal, Vol. 122 No. 560, pp. 449-478.
Xu, X., Chen, X., Jia, F., Brown, S., Gong, Y. and Xu, Y. (2018), “Supply chain finance: a systematic
literature review and Bibliometric analysis”, International Journal of Production Economics,
Vol. 204, pp. 160-173.
Zhang, J., Yu, Q., Zheng, F., Long, C., Lu, Z. and Duan, Z. (2016), “Comparing keywords plus of WOS
and author keywords: a case study of patient adherence research”, Journal of the Association
for Information Science and Technology, Vol. 67 No. 4, pp. 967-972.
Zhang, D., Zhang, Z. and Managi, S. (2019), “A Bibliometric analysis on green finance: current status,
development, and future directions”, Finance Research Letters, Vol. 29, pp. 425-430.

Further reading
Abad-Segura, E. and Gonzalez-Zamar, M.D. (2019), “Effects of financial education and financial
literacy on creative entrepreneurship: a worldwide research”, Education Sciences, Vol. 9 No. 3,
p. 238.
De Abreu, E.S., Kimura, H. and Sobreiro, V.A. (2019), “What is going on with studies on banking
efficiency?”, Research in International Business and Finance, Vol. 47, pp. 195-219.

About the authors

Kavita Karan Ingale is a through academician with over 10 years of experience in industry and teaching.
Her areas of interest are Economics, Financial Services and Retirement Planning.
Ratna Achuta Paluri is an ardent academician with over 19 years of teaching and research
experience. Her areas of interest for teaching and research are Marketing Financial Services,
International Business, Managerial Economics, and Corporate Social Responsibility. Ratna Achuta
Paluri is the corresponding author and can be contacted at: ratna.paluri@siom.in

For instructions on how to order reprints of this article, please visit our website:
www.emeraldgrouppublishing.com/licensing/reprints.htm
Or contact us for further details: permissions@emeraldinsight.com