Money Matters: A Contemporary Review of Young Adults’ Financial Behavior

Sheela Sundarasen (), Usha Rajagopalan and Izani Ibrahim
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Sheela Sundarasen: Department of Accounting, Prince Sultan University, Riyadh 12435, Saudi Arabia
Usha Rajagopalan: Department of Accounting, Prince Sultan University, Riyadh 12435, Saudi Arabia
Izani Ibrahim: College of Business Administration, Prince Sultan University, Riyadh 12435, Saudi Arabia

Societies, 2025, vol. 15, issue 11, 1-16

Abstract: This study intends to examine the intellectual discussion on the financial behavior of young adults between the ages of 18 and 29. Research on the financial behavior of this demographic group is critical as they are transitioning from parental guidance to independently managing their finances. Vosviewer and Biblioshiny R-package were used to examine a total of 364 peer-reviewed articles from 1993 to March 2025. The results of the study underwrote three dominant themes: (1) Red Cluster—Financial literacy, Financial Capability, and Financial Behavior among Young Adults; (2) Green Cluster—Psychosocial, Demographic (gender), and Financial Behavior among Young Adults; and (3) Blue Cluster—Socialization and Financial Behavior among Young Adults. The outcome of this study provides valuable insights to all stakeholders, i.e., parents, educational institutions, employers, and regulatory bodies, in terms of the importance of the financial behavior of young adults and thus the design of appropriate intervention strategies and tools that stakeholders could use at every stage of an individual’s life to ensure proper financial management and well-being, ultimately contributing to a sustainable economy.

Keywords: financial behavior; young adults; socialization agents; financial capability; financial literacy (search for similar items in EconPapers)
JEL-codes: A13 A14 P P0 P1 P2 P3 P4 P5 Z1 (search for similar items in EconPapers)
Date: 2025
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