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 Volume 19 Issue 1 (February) 2024

Financial Literacy and Its Influence on Financial Decision: A

Bibliometric Approach
Shuhaimi Samanol1, Rosliza Md Zani2*
1
Mechanical Engineering Faculty, Politeknik Seberang Perai, 14000 Permatang Pauh, Penang,
Malaysia
2
Faculty of Business and Management, Universiti Teknologi MARA Cawangan Kedah, 08400
Merbok, Kedah, Malaysia

Authors’ Email Address: 1shuhaimi@psp.edu.my, *2rosliza568@uitm.edu.my

Received Date: 24 October 2023

Accepted Date: 15 December 2023
Revised Date: 27 December 2023
Published Date: 31 January 2024

*Corresponding Author

ABSTRACT
Financial literacy is critical in influencing financial decisions, particularly in today's complex financial
market where individuals are constantly confronted with a diverse range of financial goods, complex
investing possibilities, and ever-changing economic situations. The significance of making informed
and wise financial decisions, including budgeting, savings, investments, and retirement planning,
cannot be overstated. This prompts a gaining interest in financial literacy and its impact on financial
decisions. More researchers are looking into various facets of financial literacy and how it affects
individual’s and society’s financial well-being, subsequently paving the way for a better knowledge of
this vital topic. Therefore, this study aims to highlight the current research trend on financial literacy
influencing financial decisions. It involved a bibliometric analysis of data retrieved from the Scopus
database by focusing on keywords related to financial literacy and financial decision-making. A total
of 417 relevant documents were obtained for detailed analysis. Several analytical tools were used in
this study, including Microsoft Excel for frequency analysis, VOSviewer for data visualization, and
Harzing's Publish or Perish for citation metrics and analysis. The results were presented using typical
bibliometric indicators, such as publication year, keyword analysis, geographical distribution,
authorship, active institutions, and citation analysis. The findings showed a significant increase in
financial literacy publications since 2014, highlighting the growing relevance of financial literacy and
its broader societal impacts.

Keywords: bibliometric analysis, financial decision, financial literacy, trends

INTRODUCTION

Recent years have witnessed a great deal of focus on financial literacy, which is the ability to
comprehend and navigate the complex world of finances. Its relevance is evident in the daily decisions
that individuals make regarding their savings, investments, and debt. The increasing amount of research
in this field resulted from a growing understanding of its implications for individual financial well-
being and the consequences it has on societies and economies as a whole. Scholars such as Lusardi
(2014) emphasized that financial literacy influences economic stability and growth on a broader scale

ISSN: 1675-9885 / E-ISSN 2231-7716

DOI: http://10.24191/ji.v19i1.24432
Copyright © Universiti Teknologi MARA
 Shuhaimi Samanol, Rosliza Md Zani
Jurnal Intelek Vol. 19, Issue 1 (Feb) 2024

than personal finances. Moreover, researchers have delved deeper into the complex nature of financial
behavior influenced by financial literacy. Robb and Woodyard (2021) investigated the relationship
between financial literacy and various financial behaviors, such as credit card usage, timely utility
payment, and retirement planning. They found that individuals with higher levels of financial literacy
exhibit responsible financial behavior across all these domains. In addition, Gale and Holmes (2021)
investigated the mediating role of financial literacy in addressing financial concerns and strategies.
Their research demonstrated that financially literate individuals are more likely to seek professional
financial advice and make prudent financial decisions, thereby fostering financial resilience.

As the body of research on financial literacy grows, so does the need to systematically synthesize and
analyze this knowledge. At this point, bibliometric analysis becomes essential because it provides a
comprehensive and structured view of the financial literacy landscape by employing rigorous
bibliometric techniques to assess publication trends, key authors, influential institutions, and the
development of research topics. It enables a nuanced comprehension of the field's evolution over time
and the identification of areas requiring additional research.

Consequently, this paper reports a bibliometric analysis of the relationship between financial literacy
and financial decision-making that is driven by a dual purpose. First, it aims to fill an existing void in
the literature by providing a comprehensive and recent list of resources. Due to the ever-increasing
volume of research on financial literacy, stakeholders, such as policymakers, educators, and financial
service providers, require an extensive body of synthesized knowledge to guide their strategies and
decisions. The present study seeks to address this gap by developing a valuable tool for evidence-based
policymaking, curriculum development, and financial product design. This can enhance the present
understanding of how financial literacy is conceptualized and applied in various contexts through a
systematic analysis of research trends and theoretical frameworks, ultimately serving as a foundational
resource for academics, practitioners, and policymakers. Meanwhile, the second purpose of this
bibliometric study is to contribute towards the theoretical foundations of financial literacy. It recognizes
that financial literacy is a dynamic, context-dependent phenomenon influenced by cognitive processes,
emotions, and social factors (Lusardi, 2014). By consolidating and analyzing the wealth of research in
this field, this study seeks to facilitate collaborative efforts, nurture interdisciplinary insights, and
ultimately contribute to more informed financial decisions at both individual and societal levels.

The objectives of this bibliometric study on financial literacy encompass several crucial dimensions. It
shall begin with a comprehensive analysis of publication trends by examining the annual number of
publications. This will be followed by an identification of influential authors and institutions that have
made substantial contributions to the field by analyzing the authorship and citation metrics. The analysis
shall conclude with an examination of keyword usage in the literature by distinguishing the most
frequently used keywords and examining their trends over time.

The structure of this paper is outlined as follows. The first section describes the evolution of literature
in the field of financial literacy while the second section explains the methodology and search strategy
flow chart employed for this study. The third section discusses the outcomes and analyses of the
pertinent bibliometric indicators with the incorporation of tables and figures for bibliometric analysis.
The final section ends with conclusions and recommendations.

LITERATURE REVIEW

In recent years, financial literacy has emerged as a significant influence on the financial decision-
making processes of individuals. As the financial landscape becomes more complex and diverse,
individuals’ financial well-being is closely linked to their level of financial literacy.

Numerous studies have consistently demonstrated that financial literacy is a crucial determinant of
responsible financial behavior across a broad spectrum of domains. Kawamura et al. (2020) and Kumar
 Shuhaimi Samanol, Rosliza Md Zani
Jurnal Intelek Vol. 19, Issue 1 (Feb) 2024

et al. (2017) set the foundation by emphasizing the essential role of increased financial literacy in
facilitating well-informed and prudent financial decisions, including savings, investments, and debt
management. Such perspective is further expanded by Lusardi (2014) who revealed the intricate
interplay between financial literacy, individual financial behavior, and the broader societal context. Her
work illuminates the rippling effects of financial literacy, which extend beyond individual actions to
impact entire communities, nations, and societies.

Asaad (2015) delved deeper into the components of financial literacy by emphasizing the importance
of both financial knowledge and confidence. These elements mutually reinforce one another, with
knowledge serving as the foundation and confidence as the catalyst for making sound financial
decisions. Recent research by Agarwal and Mazumder (2021) confirms the positive correlation between
financial literacy and prudent savings behavior. This follows earlier findings by Behrman et al. (2015)
where individuals with greater financial literacy are more likely to engage in regular savings practices,
establish emergency funds, and adhere to structured budgeting.

The context of investment decisions is another area where financial literacy has a significant impact.
Alzahrani et al. (2023) emphasized the impact of financial literacy on investment choices, indicating
that individuals with greater financial knowledge tend to make more diversified and informed
investment decisions. It is aligned with the findings of Mitchell and Lusardi (2018), who highlighted
the importance of financial literacy not only for investment decisions but also for retirement planning
and long-term financial security. Additionally, the effectiveness of financial literacy also extends to
debt management. Brown et al. (2020) found that individuals with higher levels of financial literacy are
more likely to make informed borrowing decisions, effectively manage debt, and avoid excessive debt
loads, thereby contributing to their long-term financial stability. Furthermore, Robb and Woodyard
(2021) highlighted the multifaceted nature of financial behavior by demonstrating how financial literacy
influences various aspects, such as credit card utilization, timely bill payment, and retirement planning.
Their findings demonstrated that individuals with a higher level of financial literacy exhibit responsible
financial behaviors across these various domains, reinforcing the extensive impact of financial literacy
on overall financial well-being.

Meanwhile, Gale and Holmes (2021) examined how financial literacy mediates the relationship
between financial concerns and strategies. Their findings showed that individuals with higher levels of
financial literacy are more likely to seek professional financial advice and make prudent financial
decisions in the face of financial concerns. This suggests that financial literacy functions as a buffer
against financial concerns and plays a vital role in fostering financial resilience. Xu and Zia (2018)
emphasized the significance of financial literacy in promoting financial inclusion and enhancing the
financial well-being of underprivileged populations. Their research revealed that interventions designed
to improve financial literacy can effectively combine financial knowledge with access to financial
services, thus enabling underserved populations to make informed financial decisions. Additionally,
Baihaqqy et al. (2020), Dewi et al. (2020), and Bongomin et al. (2018) further emphasize the role of
financial literacy in empowering underprivileged populations. The research by Xue et al. (2020)
investigated the mediating role of financial literacy in addressing financial concerns, while the findings
by Fachrudin and Fachrudin (2016) shed light on its synergy with education for bolstering informed
investment choices, ultimately demonstrating the diverse and profound impact of financial literacy on
financial behaviors and choices in a variety of contexts.

METHODOLOGY

Bibliometric analysis is a quantitative research technique that systematically analyzes and evaluates
scientific publications and their attributes, allowing the identification of patterns, trends, and
relationships within a specific field of study (Leydesdorff & Vaughan, 2006). This analytical approach
examines bibliographic data, including citations, to gain valuable insights into the scholarly
communication process and the influence of scientific research (Waltman, 2016).
 Shuhaimi Samanol, Rosliza Md Zani
Jurnal Intelek Vol. 19, Issue 1 (Feb) 2024

In this study, the Scopus database served as the primary source for collecting a thorough compilation
of articles on financial literacy and financial decisions. Scopus was selected due to its status as the
largest index comprising journals, book series, conferences, and proceedings that are ranked according
to their citation impact. Figure 1 shows an intricate visual representation of the sequential stages
involved in the search strategy and subsequent bibliometric analysis procedures.

The search timeframe was set between 2014 to 2023. All source types were considered during the
search, leading to the use of the terms “financial literacy” and “financial decision”. The screening
process generated a total of 417 records, all of which met the inclusion criteria for the study and thus
became the focus of a comprehensive bibliometric analysis. Various tools were employed to facilitate
the analysis. Firstly, Microsoft Excel was utilized to compute the frequencies of the published materials
and to create the corresponding chart and graph. Secondly, VOSviewer (available at
www.vosviewer.com) was employed to construct and visualize the bibliometric networks. Lastly,
Harzing's Publish and Perish software was used to calculate the citation metrics and other frequencies.

Figure 1: PRISMA Flow Diagram

RESULTS AND DISCUSSIONS

Year of Publications

According to the data presented in Table 1, there has been a notable increase in the number of
publications throughout the years. In 2014, there were 13 publications, accounting for 3.12% of the
total output. However, in 2022, academic productivity reached its peak with 71 publications or 17.03%
 Shuhaimi Samanol, Rosliza Md Zani
Jurnal Intelek Vol. 19, Issue 1 (Feb) 2024

of the cumulative output. In the year 2023, a total of 53 publications made a significant impact,
accounting for 12.71% of the overall publications. Additionally, Figure 2 illustrates the progression of
publication activities within this particular topic from 2014 to 2023, indicating a notable increase in
scholarly attention towards financial literacy over this timeframe. These advancements underscore the
importance of financial literacy and the need for further investigation and instruction in this field.

Table 1: Year of Publications

Year Total Publications Percentage (%)

2023 53 12.71%
2022 71 17.03%
2021 56 13.43%
2020 52 12.47%
2019 45 10.79%
2018 38 9.11%
2017 32 7.67%
2016 33 7.91%
2015 24 5.76%
2014 13 3.12%
Total 417 100.00

Figure 2: Document by Year

Keywords Analysis

The data in Table 2 reveals that Financial Literacy emerged as the dominant keyword that
appeared in 280 publications, significantly accounting for 67.15% of all publications. This prominence
underscores the central focus of research within the discipline, emphasizing the crucial role of financial
literacy in various aspects of financial decision-making and behavior. Financial Education and Financial
Decisions also carry a significant amount of importance in 11.75% and 10.31% of the publications,
respectively. These terms represent the scholarly focus on the pedagogical aspects of financial literacy
and the outcomes of making informed financial decisions. Furthermore, Decision Making and Finance
appeared in 8.63% of the publications, reflecting the field's interest in investigating the processes and
factors that influence financial decision-making as well as broader financial concepts. Financial
Knowledge, Literacy, Education, Human, and Financial Behavior also emerged as notable keywords,
ranging from 4.80% to 7.19% in frequency. These keywords represent various interrelated topics,
including the acquisition of financial knowledge and the analysis of individual financial behavior
patterns.
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Jurnal Intelek Vol. 19, Issue 1 (Feb) 2024

Table 2: Top Keywords

Author Keywords Total Publications Percentage (%)

Financial Literacy 280 67.15%
Financial Education 49 11.75%
Financial Decisions 43 10.31%
Decision Making 36 8.63%
Finance 36 8.63%
Financial Knowledge 30 7.19%
Literacy 29 6.95%
Education 25 6.00%
Human 25 6.00%
Financial Behavior 20 4.80%

This study used WordSift (https://wordsift.org) to generate a word cloud for the author's
keywords. The outcome is depicted in Figure 3 with a scale setting and a maximum of 100 words. The
visualization demonstrates that Financial and Literacy are among the top 100 words used in the
published article, with the size of each word indicating the total occurrences of each keyword. Aside
from the keyword used to identify the document's title, the word cloud also contains keywords such as
Decision, Finance, Knowledge, Behavior, and Education. Despite their small size, these additional
keywords have been utilized to accommodate the topic of financial literacy across the period of 2014
to 2023.

Figure 3: Word Cloud of the Author’s Keywords

 Shuhaimi Samanol, Rosliza Md Zani
Jurnal Intelek Vol. 19, Issue 1 (Feb) 2024

Figure 4 shows a network visualization map of the author’s keywords with at least three
occurrences for each term. The map was constructed using VOSviewer, which is software for creating
and visualizing bibliometric networks. The color, circle size, font size, and connecting line width
indicate the relationships between the keywords. For example, keywords that are of the same color are
often listed together.

Figure 4: Network Visualization Map of the Author’s Keywords

Geographical Distribution of Publications

According to Table 3, the United States (US) contributes the highest number of publications,
accounting for 27.34% of all publications. Such dominance reflects the country’s significant influence
and participation in the academic discussion concerning financial literacy and its implications. India is
ranked second in terms of contribution, constituting 9.11% of all publications. This indicates that the
country’s academic output in financial literacy research is becoming increasingly significant.
Furthermore, Germany and Australia contribute significantly to financial literacy research across
various spectrums, which account for 7.43% and 7.67% of all publications, respectively. Finally, the
United Kingdom (UK), Malaysia, Indonesia, Italy, and Portugal are additional noteworthy contributors
with their total publications ranging from 3.36% to 6.95%.

Table 3: Top 10 Countries Contributed to the Publications

Country Total Publications Percentage (%)

United States 114 27.34%
India 38 9.11%
Australia 32 7.67%
Germany 31 7.43%
United Kingdom 29 6.95%
Malaysia 24 5.76%
Indonesia 21 5.04%
Italy 17 4.08%
Portugal 14 3.36%
China 13 3.12%
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Jurnal Intelek Vol. 19, Issue 1 (Feb) 2024

Authorship

Table 4 displays the most distinguished authors in the field of financial literacy along with their
respective publication counts and contribution percentages. Lusardi, A. emerged as the most prolific
author with eight publications, constituting 1.92% of all documents. It demonstrates the importance of
her research in the field of financial literacy. This is followed by Munene, J. C. with 6 articles,
constituting 1.44% of the total publications. It illustrates the author’s substantial contributions to this
field of study. Other productive authors include Bennett, D. A., Boyle, P. A., Gerrans, P., Okello
Candiya Bongomin, G., Santos, E., Tavares, F. O., Yu, L., and Ahmad, Z. where each of these authors
has contributed four articles (0.96%), except for Ahmad, Z. with three articles (0.72%).

Table 4: Most Productive Authors

Author’s Name No. of Documents Percentage (%)

Lusardi, A. 8 1.92%
Munene, J.C. 6 1.44%
Bennett, D.A. 4 0.96%
Boyle, P.A. 4 0.96%
Gerrans, P. 4 0.96%
Okello Candiya Bongomin, G. 4 0.96%
Santos, E. 4 0.96%
Tavares, F.O. 4 0.96%
Yu, L. 4 0.96%
Ahmad, Z. 3 0.72%

Most Influential Institutions

The author's affiliation was also evaluated in this bibliometric analysis. As shown in Table 5,
the University of Georgia emerged prominently with 8 associated publications, thus accounting for
1.92% of the total academic output. On the other hand, Universiti Malaya, GW School of Business, and
Makerere University Business School each produced 7 publications, contributing 1.68% to the total
number of publications. Meanwhile, The George Washington University, Goethe-Universität Frankfurt
am Main, Rush Alzheimer's Disease Centre, Rush University Medical Centre, Polytechnic Institute of
Leiria, and The University of Western Australia are affiliated with 5 publications, each representing
1.20% of the data.

Table 5: Most Influential Institutions with a Minimum of Five Publications

Institution Total Publications Percentage (%)

University of Georgia 8 1.92%
Universiti Malaya 7 1.68%
GW School of Business 7 1.68%
Makerere University Business School 7 1.68%
The George Washington University 5 1.20%
Goethe-Universität Frankfurt am Main 5 1.20%
Rush Alzheimer’s Disease Center 5 1.20%
Rush University Medical Center 5 1.20%
Polytechnic Institute of Leiria 5 1.20%
The University of Western Australia 5 1.20%
 Shuhaimi Samanol, Rosliza Md Zani
Jurnal Intelek Vol. 19, Issue 1 (Feb) 2024

Citation Analysis

A researcher’s productivity can be measured by the total number of citations and citations per
year. Table 6 shows the total number of citations with average citations per year for all retrieved
documents. There are 5609 citations reported in 10 years (2014 – 2023) for 417 retrieved articles with
an average of 623.22 citations/year.

Table 6: Citations Metrics

Metrics Data
Publication years 2014-2023
Citation years 10
Papers 417
Citations 5609
Citations/year 623.22
Citations/paper 13.45
Citations/author 2413.52
Papers/author 201.45
h-index 35
g-index 65

Table 7 reveals the top 10 most cited articles based on the number of citations according to the
Scopus database. The article titled “Financial Literacy, Financial Education, and Downstream Financial
Behaviors” published by Fernandes, D., Lynch Jr, J. G., and Netemeyer, R. G. in 2014 has received an
impressive total of 873 citations. It also has maintained an average citation rate of 97 per year, indicating
its significant influence in its field. Meanwhile, the article “Keeping It Simple: Financial Literacy and
Rules of Thumb” authored by Drexler, A., Fischer, G., and Schoar, A. in 2014 has received a remarkable
number of 263 citations with an average of 29.22 citations per year. This demonstrates its significance
in financial literacy research.

Table 7: Highly Cited Articles

Cites/
No. Authors Title Year Cites
Year
1 Fernandes, D., Lynch Financial Literacy, Financial Education, and 2014 873 97
Jr., J. G., & Downstream Financial Behaviors
Netemeyer, R. G.
2 Drexler, A., Fischer, Keeping It Simple: Financial Literacy and 2014 263 29.22
G., & Schoar, A. Rules of Thumb
3 Bucher-Koenen, T., How Financially Literate Are Women? An 2017 187 31.17
Lusardi, A., Alessie, Overview and New Insights
R., & van Rooij, M.
4 Calcagno, R. & Financial Literacy and The Demand for 2015 184 23
Monticone, C. Financial Advice
5 Klapper, L. & Lusardi, Financial Literacy and Financial Resilience: 2020 127 42.33
A. Evidence from Around the World
6 Finke, M. S., Howe, J. Old Age and The Decline in Financial Literacy 2017 118 19.67
S., & Huston, S. J.
7 Frydman, C. & The Psychology and Neuroscience of 2016 107 15.29
Camerer, C. F. Financial Decision Making
8 Grohmann, A., Childhood Roots of Financial Literacy 2015 105 13.13
Kouwenberg, R., &
Menkhoff, L.
9 Skagerlund, K., Lind, Financial Literacy and The Role of Numeracy 2018 103 20.6
T., Strömbäck, C., - How Individuals’ Attitude and Affinity with
Tinghög, G., & Numbers Influence Financial Literacy
Västfjäll, D.
 Shuhaimi Samanol, Rosliza Md Zani
Jurnal Intelek Vol. 19, Issue 1 (Feb) 2024

Cites/
No. Authors Title Year Cites
Year
10 Grohmann, A. Financial Literacy and Financial Behavior: 2018 91 18.2
Evidence from The Emerging Asian Middle
Class

CONCLUSION

This bibliometric analysis provides insights into trends, influential authors, institutions, and influential
works that shape the landscape of financial literacy research. It indicates a growing interest in the
discipline, with the highest number of publications occurring in 2022. Notably, “Financial Literacy”
stands out as a major theme. The analysis acknowledges Lusardi, A. as a notable figure in the field,
highlights the United States' prominent research contributions, and emphasizes the contributions of
prominent institutions, such as the University of Georgia and Universiti Malaya. Furthermore,
important bibliometric metrics like a significant h-index and a high number of citations per paper
demonstrate the significance and impact of financial literacy research. Therefore, examining highly
cited articles, particularly those written by Fernandes, D., Lynch Jr., J. G., and Netemeyer, R. G.,
demonstrates the evolution and influence of this field.

However, the limitations of this bibliometric analysis must be considered when interpreting its findings.
First, the analysis relies on publicly accessible data sources, such as academic databases, which may
not capture all relevant publications or have varying data quality. Second, the focus of this study is
primarily on quantitative metrics, such as publication counts and citation metrics, which may not
adequately convey the qualitative aspects of research quality. Though the analysis has identified
influential authors and institutions, it does not delve into the specific content or methodologies of the
research, which limits the depth of insights into the nature of the contributions. Lastly, bibliometric
analyses are inherently dependent on the accuracy and consistency of author affiliations and keyword
assignments in the underlying data sources, which may introduce biases or errors. Therefore, these
constraints must be considered and addressed in future research by employing mixed-method
approaches, investigating unexplored regions and populations, and embracing interdisciplinary
perspectives. The study of financial literacy should also expand beyond its current boundaries to include
psychological, neurological, sociological, and cultural influences.

In terms of its implications, this bibliometric analysis of financial literacy research can provide valuable
guidance for organizations and institutions engaged in financial education and decision-making. This
may include curriculum development, training, product design, policy development, advocacy, wealth
management, marketing, research collaboration, risk management, and internationalization. By
incorporating research-based insights into their strategies and operations, organizations and institutions
can contribute to the improvement of individuals' and communities' financial literacy and decision-
making.

Finally, the evolving conceptualization of financial literacy can generate theoretical advancements,
transforming it from a static concept into a context-dependent, dynamic phenomenon that is influenced
by cognitive processes, emotions, and societal factors. This transformation enhances the theoretical
foundations of financial literacy research and provides a strong foundation for future studies.

ACKNOWLEDGEMENTS

We would like to extend our sincere appreciation to Universiti Teknologi MARA Cawangan Kedah for
excellent efforts in facilitating publication training and for the generous dissemination of information
on numerous publication opportunities. This initiative has been immensely valuable in advancing our
research endeavors and enhancing our academic capabilities.
 Shuhaimi Samanol, Rosliza Md Zani
Jurnal Intelek Vol. 19, Issue 1 (Feb) 2024

FUNDING

This research received no specific grant from any funding agency in the public, commercial, or not-for-
profit sectors.

AUTHORS’ CONTRIBUTION

The authors confirm their contribution to the paper as follows: Introduction, Conclusion, and
References: Samanol, S.; Literature Review, Methodology, and Result and Discussion: Md Zani, R.
Both authors reviewed the results and approved the final version of the manuscript.

CONFLICT OF INTEREST DECLARATION

We certify that the article is the Authors’ and Co-Author’s original work. The article has not received
prior publication and is not under consideration for publication elsewhere. This research/manuscript has
not been submitted for publication nor has it been published in whole or in part elsewhere. We testify
to the fact that all Authors have contributed significantly to the work, validity and legitimacy of the data
and its interpretation for submission to Jurnal Intelek.

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