Mapping Financial Literacy: A Systematic Literature Review of Determinants and Recent Trends

Azra Zaimovic (), Anes Torlakovic, Almira Arnaut-Berilo, Tarik Zaimovic, Lejla Dedovic and Minela Nuhic Meskovic
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Azra Zaimovic: School of Economics and Business, University of Sarajevo, Trg Oslobodjenja—Alija Izetbegovic 1, 71000 Sarajevo, Bosnia and Herzegovina
Anes Torlakovic: School of Economics and Business, University of Sarajevo, Trg Oslobodjenja—Alija Izetbegovic 1, 71000 Sarajevo, Bosnia and Herzegovina
Almira Arnaut-Berilo: School of Economics and Business, University of Sarajevo, Trg Oslobodjenja—Alija Izetbegovic 1, 71000 Sarajevo, Bosnia and Herzegovina
Tarik Zaimovic: School of Economics and Business, University of Sarajevo, Trg Oslobodjenja—Alija Izetbegovic 1, 71000 Sarajevo, Bosnia and Herzegovina
Lejla Dedovic: School of Economics and Business, University of Sarajevo, Trg Oslobodjenja—Alija Izetbegovic 1, 71000 Sarajevo, Bosnia and Herzegovina
Minela Nuhic Meskovic: School of Economics and Business, University of Sarajevo, Trg Oslobodjenja—Alija Izetbegovic 1, 71000 Sarajevo, Bosnia and Herzegovina

Sustainability, 2023, vol. 15, issue 12, 1-30

Abstract: Financial literacy is a critical life skill that is essential for achieving financial security and individual well-being, economic growth and overall sustainable development. Based on the analysis of research on financial literacy, we aim to provide a balance sheet of current research and a starting point for future research with the focus on identifying significant predictors of financial literacy, as well as variables that are affected by financial literacy. The main methods of our research are a systematic literature review, and bibliometric and bibliographical analysis. We establish a chronological path of the financial literacy topic in the scientific research. Based on the analysis of the most cited articles, we develop a comprehensive conceptual framework for mapping financial literacy. We identified a large number of predictors of financial literacy starting with education, gender, age, knowledge, etc. Financial literacy also affects variables such as retirement planning, financial inclusion, return on wealth, risk diversification, etc. We discuss in detail the main trends and topics in financial literacy research by involving financial literacy of the youth, financial literacy from the gender perspective, financial inclusion, retirement planning, digital finance and digital financial literacy. Our research can help policymakers in their pursuit of improving the levels of individual financial literacy by enabling individuals to make better financial decisions, avoid financial stress and achieve their financial goals. It can also help governments in their efforts in achieving sustainable development goals (SDGs).

Keywords: financial literacy; personal finance; financial education; bibliometric analysis; youth; young adults; gender; retirement planning; financial inclusion; digital finance; digital financial literacy; SDGs (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:15:y:2023:i:12:p:9358-:d:1167717

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