EXPLORING THE EVOLUTION OF FINANCIAL LITERACY AND INVESTMENT: A BIBLIOMETRIC ANALYSIS OF THE PAST DECADES’ ACADEMIC LITERATURE

Abstract

Purpose: Several exploratory, conceptual, and empirical studies on investing behaviour and financial literacy have been undertaken in economics, finance, psychology, business, and management. However, no attempt has been undertaken thus far to offer a full scientific mapping of the area. As a result, the study attempts to elicit the tendency in the scientific sector via the synthesising of information structures. Design & Methodology: A bibliometric study of 420 papers in the area on financial literacy as well as investments research was conducted using a scientific search method ran on the scopus database from 2002 to 2022. The study made use of Biblioshiny, a web-based application contained in the Bibliometrix package written in R (Ariaa and Cuccurullo, 2017). Using the software's automated process, notable journals, authors, nations, articles, and topics were discovered, and citation, co-citation, and social network analyses were performed. Findings: The findings indicate that the topics of financial literacy with investment have grown through time as a multidisciplinary discipline. In addition to the conceptual structure, the present study discloses the domain's intellectual and social structure. This study sheds light on issues that require additional exploration. Research Limitations: Because the current study is a bibliometric analysis, the limitations associated with such studies apply. A comprehensive study of the literature might be beneficial for future scholars in developing a robust conceptual framework. The Scopus database was used for this study because it has a greater coverage of high-quality publications in structured forms that are compatible with the Bibliometrix programme. The quality and extent of the current literature limit the scope of the review. The methodology and populations analysed in the papers that make up the review differ, limiting the ability to be generalised of the findings. Practical Implications: The current study sheds light on financial literacy, investments, and their interrelationships. It emphasises the most addressed challenges in the field and points to potential study opportunities. It educates future scholars about emerging topics, settings, and cooperation opportunities in this field by showing the domain's social and intellectual structure. Social Implications: The review has important social implications, as investment has significant implications for individual and societal welfare. Improving financial literacy and investment behavior can enhance financial well-being, reduce inequality, and promote economic growth. Originality/Value: This study gives a detailed summary of existing financial literacy and investment information on global Level. The study synthesises a wide range of studies, finds similar patterns, and offers insights into the variables influencing investing behaviour.