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A systematic and bibliometric
review of the financial well-being:
advancements in the current status
and future research agenda
Dharmendra Singh
Faculty of Business and Economics, Modern College of Business and Science,
Muscat, Oman, and
Garima Malik
Review of the
financial wellbeing
Received 11 June 2021
Revised 17 February 2022
14 June 2022
19 July 2022
Accepted 19 July 2022
Department of Marketing and Sales, Amity Business School, Noida, India and
Xavier School of Management, XLRI, Jamshedpur, India
Abstract
Purpose – Achieving financial well-being is essential for individuals, families and countries as it leads to life
satisfaction and happiness. This study synthesizes and identifies financial well-being’s key areas and
dimensions using a blended systematic literature review and bibliometric analysis approach.
Design/methodology/approach – The authors systematically study a sample of 467 articles from the
Scopus database to identify the research trend regarding financial well-being during the last 25 years (1997–
2021). Various graphs and networks are presented to understand the publication trends, influential papers,
conceptual and intellectual structures and research collaboration status.
Findings – Four clusters in the field of financial well-being were found: conceptualization and antecedents of
financial well-being, financial well-being of young adults, the relationship between financial literacy and
financial well-being and consequences of financial well-being. Further, emerging themes in financial well-being
were identified with a content analysis of the papers published during the last five years.
Practical implications – This study will help financial planners, regulatory bodies and academic researchers in
getting a better understanding of financial well-being and in identifying potential areas for future research.
Originality/value – Prior to this study, no such comprehensive bibliometric analysis on financial well-being
has been carried out to the best of the authors’ knowledge. This gap motivated the authors to combine
quantitative and qualitative methods to review the published research and do a content analysis, to identify
prominent authors and publications.
Keywords Financial well-Being, Financial literacy, Financial behavior, Content analysis, Bibliometrics
Paper type Research paper
1. Introduction
Financial well-being has gained social and political attention across the globe in the last few
decades (Sorgente and Lanz, 2017) and, consequently, researchers (Abrantes-Braga and
Veludo-de-Oliveira, 2019). According to the Consumer Financial Protection Bureau (CFPB,
2015), financial well-being is a four-dimensional concept: control of current finances, ability to
absorb financial shocks, ability to meet financial goals and financial freedom to live and enjoy
life. Financial well-being is not just about an individual’s monetary and financial satisfaction;
it is affected by the household, community and social situations (Strumpel, 1976). The wellbeing of an individual strongly depends on their financial well-being. Therefore, individuals’
financial knowledge is essential to address future challenges such as quality of life, retirement
income and over-indebtedness (Philippas and Avdoulas, 2020).
Declaration: The authors have no relevant financial or non-financial interests to disclose, and they have
no conflicts of interest to declare that are relevant to the content of this article.
International Journal of Bank
Marketing
© Emerald Publishing Limited
0265-2323
DOI 10.1108/IJBM-06-2021-0238
IJBM
Other researchers have shared a similar view (Porter, 1990; Porter and Garman, 1990) and
describe financial well-being as an individual’s perception of the attributes of financial
situation relative to specific benchmarks. Financial well-being is positively associated with
financial wellness (Sorgente and Lanz, 2017) and is significantly related to the overall success
in the life of an individual (Shim et al., 2009) as it is vital not only for an individual; it is equally
crucial for the employer and the society and promotes the overall efficiency of the person,
which in turn helps the development of a healthy economy. This may increase the country’s
happiness index (Diener, 2000; Netemeyer et al., 2018).
Poor financial well-being results in dissatisfaction and increases anxiety and unnecessary
stress, obstructing personal and societal development (Elliott and Lewis, 2015) and may
lower employee productivity (Garman et al., 1996). On the other hand, a positive work
environment and financial behavior positively affect financial well-being (Mokhtar and
Rahim, 2016). Employee well-being practices enrich individual and organizational
performance (Guest, 2017), and ensuring employees’ financial well-being has become one
of the prime concerns for employers. Therefore, companies like American Express have taken
strategic steps to ensure the financial well-being of their employees.
While the conceptualization and measurement of financial well-being are not yet
standardized, two approaches to measuring financial well-being are widely used: the
objective approach (e.g. Joo and Grable, 2004; Kahneman and Deaton, 2010; Lanz et al., 2020)
and the subjective approach (Lind et al., 2020; Rea et al., 2019). Some studies (Br€
uggen et al.,
2017; Gerrans et al., 2014; Xiao and O’Neill, 2018) have adopted an integrated approach and
used both objective and subjective measures. The objective measure of financial well-being
employs financial variables like income, savings and financial ratios, whereas the subjective
assessment depends on personal and contextual factors.
The subjective measure has dominated the financial well-being literature (81.4%), followed
by the integrated measure (13.7%). On the other hand, objective measures are used only in 4.9%
of the studies. Table 2 lists the studies published in top core journals, identified using the
Bradford law (1934), based on the approaches used in measuring financial well-being. Personal
assessment of financial well-being depends on many subjective factors like stages in the life of
people (Malone et al., 2010), risk-taking ability, discipline towards meeting expenses and stress
due to debt (Kim and Garman, 2003). Financial well-being requires the skill to manage financial
transactions, the ability to eliminate financial surprises and the ability to steer to achieve
financial targets. Therefore, personal financial behavior is critical in improving an individual’s
financial well-being. It can be said that the subjective approach is essential to capture nonfinancial issues and cannot be ignored. The positive association between financial literacy
programs and financial well-being has been well documented (Bernheim and Garrett, 2003;
Lusardi, 2002; Tahir et al., 2021) in the literature, supporting this view. Financial literacy
programs also positively influence personal financial behavior (Urban et al., 2020).
A detailed comparison with previously published reviews on the topic and the uniqueness
of our study has been made in section 1.2. We combine quantitative and qualitative methods
to review the published research, identifying influential authors, publications and content
analysis on this emerging field of research. To the best of our knowledge, this is the first
detailed systematic literature review-cum-bibliometric study of financial well-being and
summarizes the most recent advancements in the field.
1.1 Objectives of the study
The primary objective of this study is to present the current state of research on financial
well-being by answering the following five research questions (RQs):
RQ1. What are the current publication trends in financial well-being in terms of time,
publication outlets, disciplines, affiliated countries and institutions?
RQ2. Which are the most influential authors and their production over time in the
financial well-being research?
RQ3. What is the conceptual structure of the financial well-being research?
RQ4. What is the intellectual structure of financial well-being research, and what are the
recent themes in this domain?
RQ5. What is the current state of research collaboration involving financial well-being?
1.2 Extant reviews on financial well-being
Research on financial well-being has gained recognition in the last decade, especially for the
past six to seven years. Several systematic reviews have been published to conceptualize
financial well-being, give a better and more inclusive knowledge and offer future research
directions (Ngamaba et al., 2020; Sorgente and Lanz, 2017; Wilmarth, 2020). The conceptual
model developed by Br€
uggen et al. (2017) is generally accepted and used as the basis by many
researchers (Mahdzan et al., 2020; Utkarsh et al., 2020) in this area. Sorgente and Lanz (2017)
and Br€
uggen et al. (2017) agree that financial well-being factors can be broadly categorized
into personal and contextual factors. Another important agreement was that subjective
financial well-being is more important than objective financial well-being. Other reviews in
the past cover only specific antecedents of financial well-being. Shobha and Chakraborty
(2017) gave a detailed analysis of the effect of psychological factors on financial well-being.
Ngamaba et al. (2020) focused on the relationship between financial satisfaction and
subjective financial well-being. Mahendru (2020) examined the relationship between financial
literacy and financial well-being. Two recently published systematic and bibliometric
literature reviews, Nanda and Banerjee (2021) and Gonçalves et al. (2021), studied the concept
of financial well-being covering an extended period. These two studies are comprehensive;
however, Nanda and Banerjee (2021) focused only on consumers’ subjective financial wellbeing from a marketing perspective and not on the financial antecedents of financial wellbeing, while Gonçalves et al. (2021) focused only on women’s financial well-being.
A comparative summary of previous reviews is presented in Table 1 to show how the
current study is different from those. For example, some studies have only focused on the
relationship of financial well-being with financial literacy (Mahendru, 2020) or psychological
factors (Shobha and Chakraborty, 2017). Some studies are comprehensive regarding the
period they cover but do not cover all antecedents of financial well-being (e.g. Gonçalves et al.,
2021). In some reviews, the period covered is either not specified or relatively short.
Our systematic literature review differs from previous reviews in several ways. Our
systematic literature review-cum-bibliometric study of financial well-being is the first to
provide a holistic view of the field to the best of our knowledge. Second, earlier reviews were
either narrower in approach or based on a relatively short period than our study. Finally, we
have complemented our content analysis by identifying and discussing the themes of
financial well-being that emerged over the last five years (2017–2021).
The rest of this paper is designed as follows. Section 2 presents the methodology and data
selection; Section 3 discusses the findings; Section 4 offers a keyword analysis; Section 5
discusses collaborative research; Section 6 discusses co-citation-based clusters; Section 7
talks about the progress that has been made in the last five years in the research on financial
well-being; Section 8 presents the discussion; Section 9 provides future research directions,
which is followed by the managerial implications in Section 10.
2. Research methodology
2.1 Data search and collection
This study adopts a blended approach. We use systematic literature review (SLR),
bibliometric analysis and content analysis to answer our RQs. First, we identified the
Review of the
financial wellbeing
IJBM
Table 1.
Summary of existing
reviews in the financial
well-being domain
Basis of
comparison
Period
Keywords
Sorgente and
Lanz (2017)
No date
restriction
Br€
uggen et al.
(2017)
Not
specified
Shobha and
Chakraborty
(2017)
Mahendru
(2020)
2000–2016
The string of
keywords
related to
financial wellbeing
The string of
keywords
related to
financial wellbeing
Not specified
Not
specified
Not specified
Wilmarth
(2020)
2010-2019
Not specified
Ngamaba et al.
(2020)
January
1980 and
August
2019
Gonçalves
et al. (2021)
1990–2020
Nanda and
Banerjee
(2021)
1978 and
2020
Our study
1997-2021
The string of
keywords
related to
subjective wellbeing and
financial
satisfaction
The string of
keywords
related to
financial wellbeing with
female or
women
The string of
keywords
related to
financial wellbeing
The string of
keywords
related to
Financial wellbeing
The focus of the
study
Methodology
Database
Young adults
Systematic
literature review
PsycINFO,
Econ Papers,
Scopus
Conceptualization of
financial well-being
Review
Not specified
Psychological
factors and financial
well-being
Financial literacy
and financial wellbeing
Financial and
economic well-being
Review
Various
electronic
databases
Not specified
Relationship
between financial
satisfaction and
SWB
Systematic
review and
meta-analysis
Women’s financial
well-being
Systematic
literature
review,
bibliometric
analysis
Subjective Financial
Well-being in
marketing domain
Systematic
literature
review,
bibliometric
analysis
Systematic
literature
review,
bibliometric
analysis and
content analysis
All aspects of
financial well-being
Review
Review
Journal of
Family and
Economic
Issues
Web of
Science,
Medline,
Embase,
PsycINFO and
Google
Scholar
Scopus and
Google
Scholar
Scopus,
EBSCO
Scopus
keywords related to financial well-being. Table 3 displays the different terms and concepts
used in the previous studies in this field. Subsequently, sample papers were extracted from
the Scopus database based on the defined inclusion and exclusion criteria.
2.1.1 Defining search terms. The search was conducted on January 15, 2022, using a search
string based on the keywords from Table 3. The string we used was “financial well-being” OR
“financial wellbeing” OR “financial satisfaction” OR “financial wellness” OR “economic
Type of
measure
Review of the
financial wellbeing
Number of
publications
Percentage
Subjective
83
81.4
Objective
5
4.9
Integrated
14
13.7
Keywords
Definition
References
Financial satisfaction
“Financial satisfaction corresponds to the
subjective sub-dimension of financial wellbeing and is a measurement of satisfaction
with one’s present financial situation”
“Economic well-being corresponds to the
objective sub-dimension of financial wellbeing”
Absence of Financial distress in individual’s
life is financial well-being
Financial distress has a narrower scope as
compared to Financial well-being
“Financial well-being was considered as a
sub-dimension of the financial wellness”
Financial well-being is a state achieved
through the process of financial wellness
“Financial Wellness corresponds to the subdimension of general well-being”
“Well-being refers to indicators of human
development that include income, health
state, education, and environment where
people live”
Joo and Grable (2004), Sorgente and
Lanz (2017), Xiao et al., (2009),
Br€
uggen et al. (2017)
Economic well-being
Financial distress
Financial well-being
Financial wellness
Well-being/quality of
life/life satisfaction
Sample references
Prawitz et al. (2006), Xiao et al. (2014), Gutter and Copur
(2011), Kim and Garman (2003), Str€omb€ack et al. (2017),
Xiao and Porto (2017), O’Neill et al. (2005), Malone et al.
(2010), Garman et al. (1996), Van Praag et al. (2010), O’Neill
et al. (2006), Hira and Mugenda (1998), Atlas et al. (2019),
Abrantes-Braga and Veludo-de-Oliveira (2019), Fan and
Babiarz (2019), Iannello et al. (2021), Pandey et al. (2020),
Ullah and Yusheng (2020), Shi et al. (2021)
Joo and Grable (2004), Plagnol (2011), Chu et al. (2017),
Schmeiser and Seligman (2013), Zaimah et al. (2013)
Table 2.
Vera-Toscano et al. (2006), Gerrans et al. (2014), Baek and Breakup papers on the
DeVaney (2004), Xiao and O’Neill (2018), Rutherford and types of measurement
Fox (2010), Wilmarth et al. (2014), Lanz et al. (2020),
approaches in financial
Henager and Wilmarth (2018)
well-being
Sorgente and Lanz, 2017
O’Neill et al. (2005), Prawitz et al.
(2006), Netemeyer et al. (2018)
Br€
uggen et al. (2017)
Tagliabue et al., (2015), Sorgente and
Lanz (2017)
Shim et al., (2009), Sorgente and Lanz
(2017)
Joo (2008)
Ngamaba et al. (2020)
well-being” to search for relevant studies in the Scopus database. The search yielded 1,508
initial results, which were refined later using the time filter of PUBYEAR > 1996 AND
PUBYEAR < 2022, which yielded 1,393 documents. In the second stage, language (English),
publication stage (final) and document type (articles and book chapters) filters were used,
resulting in 1,102 studies. We then applied subject field filters and included only papers from
social sciences, economics and finance, business management and accounting, art and
humanities and psychology, which gave us 692 articles. The studies were screened by
reading the title and abstract and some articles on the financial well-being of companies and
countries were excluded. Finally, 467 studies were selected for our literature review and
bibliometric analysis.
Table 3.
Definition of keywords
in the literature
IJBM
2.2 Analysis method
Literature reviews play a significant role in gap identification (Paul and Benito, 2018) and
recognizing the progression of a field (Cassell et al., 2006). The SLR approach helps the
researcher identify and analyze secondary data using an evidence-based method (Inamdar
et al., 2020) by limiting bias (Tranfield et al., 2003). SLRs can be of various types, such as
theory-based review (Gilal et al., 2019), thematic review (Lim et al., 2021) and theme-based
structured review (Kahiya, 2018). Bibliometric analysis is a popular quantitative method (Li
et al., 2017), which provides a valuable understanding of the characteristics and structures of
a specific field of research systematically and transparently (Kamalski and Kirby, 2012;
Pollack and Adler, 2015). Bibliometrics is the most desirable method to study the conceptual
structure of a research domain (Castriotta et al., 2019) and identify future research directions
(Li et al., 2017).
Our review combines SLR and bibliometric analysis adopted by Goyal and Kumar (2021)
and Kumar et al. (2019). It uses a new bibliometric technique, the Bibliometrix R-package
(Aria and Cuccurullo, 2017) and VOSviewer, to identify publication trends, intellectual
structure and state of collaboration studies, influential authors and publication outlets. In the
next stage, leading studies on cluster analysis were used to perform content analysis.
Additionally, studies published in the last five years (2017–2021) were considered to identify
the progression and latest happenings in financial well-being. Figure 1 presents the research
framework adopted to achieve the research objectives of our study.
3. Findings
3.1 Main information about the data
The data extracted from the Scopus database for the last 25 years (1997–2021) contains 445
articles and 21 chapters from 231 sources (Table 4). A total of 1,088 authors have contributed
to the 467 articles used in this analysis, of which single authors have published 81. The
average citations per document are 19.66, author keywords are 1,039 and the collaboration
index is 2.62.
3.2 The trend of publication through time
Figure 2 shows the progress of publications on financial well-being in the last 25 years. In the
last 25 years, the annual growth rate has been 16.4%, while from 2010 to 2021, the rate has been
20.3%. Financial well-being is a well-accepted concept in developed countries, but it has
recently gained attention in developing nations. Authors like Sorgente and Lanz (2017) argue
that financial well-being has gained social and political attention across the globe in the last few
decades. In the case of average citations per year of publications, the publications from 2002
have the highest average citation rate of 7.75, followed by those from 2006 (5.8) and 2017 (5.38).
Overall, mean citations per year have decreased due to the increased number of publications.
The concept of financial well-being is multidisciplinary (Figure 3; Br€
uggen et al., 2017).
The top five disciplines are social sciences; economics, econometrics and finance; business,
management and accounting; psychology, arts and humanities. About 34% of the total
publications have been published in social sciences. This is followed by economics,
econometrics and finance (23%) and 11% from psychology, as financial well-being is also a
state of individual satisfaction.
3.3 Publication outlets
Table 5 displays the leading publication outlets on financial well-being along with total
citations (TC), total publications (TP), citation per author and their ranking as provided by the
Australian Business Deans Council (ABDC), Chartered Association of Business Schools
Review of the
financial wellbeing
Figure 1.
Research framework of
the study
(CABS) and Bradford law (1934). In ABDC, the highest-ranking journals are A* journals,
followed by A, B and C rank journals. Similarly, in CABS, the journals ranked as 4* are the
highest impact factor and quality journals; the second-highest category is journals ranked as
4. Similarly, other journals are categorized as 3, 2 and 1. The Bradford law helps classify
journals into three categories; zone 1 (core journals), zone 2 and zone 3. Bradford law describes
the distribution of literature in the field, where the scientific journals are arranged in the
decreasing order of their productivity. Journals specified as “NR” are not rated by the ABDC
or CABS journal ranking system. The 467 articles extracted from the Scopus database are
dispersed across 231 journals from different publishers, and the top 15 journals have
published 172 studies out of 467.
Main information about data
Description
Results
Timespan
Sources (journals, books, etc)
Documents
Average years from publication
Average citations per documents
Average citations per year per doc
References
1997:2021
231
467
6.28
19.66
2.266
22,542
Document types
Article
Book chapter
Document contents
Keywords plus (ID)
Author’s keywords (DE)
429
1,039
Authors
Authors
Author appearances
Authors of single-authored documents
Authors of multi-authored documents
1,088
1,306
81
1,007
Authors collaboration
Single-authored documents
Documents per author
Authors per document
Co-authors per documents
Collaboration index
83
0.429
2.33
2.8
2.62
9.00
70
8.00
7.00
60
6.00
50
5.00
40
4.00
30
3.00
20
2.00
Number of Publica ons
2021
2019
2020
2018
2016
2017
2015
2014
2013
2011
2012
2009
2010
2007
2008
2006
2005
2004
2003
2002
0.00
2000
0
2001
1.00
1999
10
1998
Figure 2.
Publication trend for
financial well-being
(1996 to December
2020) – last 25 years
80
1997
Number of Publica ons
Table 4.
Main Information
about data
446
21
Mean Cita ons Per Year
IJBM
Mean Cita ons Per Year
The top three journals in citation counts are Journal of Financial Counseling and Planning,
Social Indicators Research and Journal of Family and Economic Issues; the latter two are also
high-ranked journals in the ABDC listing. It has been observed that rankings as per the total
citations and h-index are not the same. In terms of h-index, the top two journals are the Journal
Social Science
34%
Economics, Econometrics and Finance
23%
Business, Management and Accounting
17%
Psychology
11%
hindex
TC
NP
CABS
rating
ABDC
rating
Springer
International
Publishing
Springer
International
Publishing
Springer
International
Publishing
Wiley-Blackwell
Publishing
Elsevier
16
1,267
40
NR
C
1
15
891
23
NR
A
2
9
649
18
2
B
3
4
471
4
NR
NR
20
9
443
9
2
A
8
Emerald Group
Publishing
Wiley-Blackwell
Publishing
Springer
International
Publishing
Elsevier
9
304
17
1
A
4
7
234
10
2
A
7
8
150
12
1
NR
5
4
134
6
1
A
9
4
45
4
NR
NR
14
3
38
11
1
NR
6
Sage Publishing
4
2
30
28
5
5
NR
1
NR
B
10
11
Elsevier
2
21
4
NR
NR
15
Elsevier
2
13
4
2
A
18
Source
Publisher
Journal of Financial
Counseling and
Planning
Social Indicators
Research
Journal of Marriage
and Family
Journal of Economic
Psychology
International Journal
of Bank Marketing
Journal of Consumer
Affairs
Journal of Happiness
Studies
Journal of Behavioral
and Experimental
Finance
Asian Social Science
Frontiers in
Psychology
Emerging Adulthood
International Journal
of Social Economics
Children and Youth
Services Review
Journal of Behavioral
and Experimental
Economics
Figure 3.
Percentage of articles
published in top five
subject areas
7%
Arts and Humanities
Journal of Family and
Economic Issues
Review of the
financial wellbeing
“Canadian Center of
Science and
Education”
Bradford’s
law ranking
Table 5.
Top fifteen journals
ranked on h-index
IJBM
of Financial Counseling and Planning and Social Indicators Research. In comparison, the third
spot is shared by three journals: International Journal of Bank Marketing, Journal of Family
and Economic Issues and Journal of Economic Psychology. Journal of Marriage and Family
ranks fourth in TC counts but seventh in h-index.
On analyzing the publication productivity, the Journal of Financial Counseling and Planning
(40 publications) is at the top, followed by Social Indicators Research (23 publications), Journal of
Family and Economic Issues (18 publications), International Journal of Bank Marketing (17
publications) and Journal of Happiness Studies (12 publications). Most of the top 15 journals are
from reputed publishing groups. Top journals in the financial well-being domain belong to
leading publishers and represent different subject areas. This validates the acceptability and
place of financial well-being among world-class publishers and various disciplines.
On a cumulative count, the Journal of Financial Counseling and Planning is leading in
publications. However, the International Journal of Bank Marketing has recently taken the
lead and, in the last three years (2019–2021), has published 14 articles compared to 12 articles
published by the Journal of Financial Counseling and Planning. The Family and Economic
Issues Journal has also progressed and published more in the last two years (Figure 4).
3.4 Most influential articles on financial well-being
Table 6 lists the 15 publications on financial well-being with the highest local and global
citations. Global citations refer to the number of times an article is cited across the database
by authors in other fields. Local citations refer to the citations by authors of the same field.
The ranking of the publications is based on local citations. As per global citations, Joo and
Grable (2004) top the list with 256 citations, followed by Shim et al. (2009) with 243 citations
and Prawitz et al. (2006) with 235 citations. Joo and Grable (2004) is again the most influential
article in the literature on financial well-being and financial satisfaction as it tops the list of
local citations with a total of 99 citations. Other articles include Br€
uggen et al. (2017) and Shim
et al. (2009), also top global citation articles. As expected, older studies get more cumulative
citations compared to newly published studies. To overcome the ill effect of citation counts as
Figure 4.
Yearly growth of top
five journals
Document
Title
LC
GC
LC/Y
GC/
Y
Joo and Grable, 2004, J
Fam Econ Issues
Br€
uggen et al., 2017,
Journal of Business
Research
Shim et al., 2009, Journal of
Applied Developmental
Psychology
Prawitz et al., 2006, J
Financ Couns Plann
An Exploratory Framework of the
Determinants of Financial Satisfaction
“Financial well-being: A
conceptualization and research agenda.”
99
256
5.5
14.2
0.0215
53
151
10.6
30.2
0.0299
“Pathways to life success: A conceptual
model of financial well-being for young
adults.”
“The In-charge financial distress/
financial well-being scale: Establishing
validity and reliability.”
“Personal Financial Wellness”
50
243
3.85
18.7
0.0284
42
235
2.6
14.7
0.0067
36
92
2.6
6.6
0.0163
Acting for happiness: Financial
behavior and life satisfaction of college
students
“Consumer financial capability and
financial satisfaction”
“How am I doing? Perceived financial
well-being, its potential antecedents, and
its relation to overall well-being.”
“Building financial satisfaction”
32
164
2.5
12.6
0.0188
30
146
3.75
18.3
0.0183
29
143
7.25
35.8
0.0058
29
62
1.8
3.9
0.0255
Joo, 2008, Hand B of
Consum Fin Res
Xiao et al., 2009, Soc Indic
Res
Xiao et al., 2014, Soc Indic
Res
Netemeyer et al., 2018, J
Consum Res
Vera-Toscano et al., 2006,
Soc Indic Res
Gutter and Copur, 2011, J
Fam Econ Issues
Page
rank
Review of the
financial wellbeing
2.5
11.2
0.0159
“Financial behaviors and financial well- 27 123
being of college students: Evidence from
a national survey”
Plagnol, 2011, J Econ
Financial satisfaction over the life
25
65
2.3
5.9
0.0152
Psychol
course: The influence of assets and
liabilities
Hansen et al., 2008, Soc
Financial satisfaction in old age: A
23
72
1.6
5.14 0.0116
Indic Res
satisfaction paradox or a result of
accumulated wealth?
Gerrans et al., 2014, J Fam The relationship between personal
21
57
2.63
7.1
0.0148
Econ Issues
financial wellness and financial
wellbeing: A structural equation
modelling approach
O’Neill et al., 2005, J Financ “Financially Distressed Consumers:
21
87
1.1
4.6
0.0070
Couns Plann
Their Financial Practices, Financial
Well-Being, and Health”
Stromback et al., 2017, J
“Does self-control predict financial
19
93
3.8
18.6
0.0131
Behav Exp Financ
behavior and financial well-being?”
Table 6.
Note(s): LC: local citations, GC: global citations, LC/Y: average annual local citations since publication, GC/Y: Top 15 publications in
average annual global citations since publication, PageRank is a metric that measures the citations received the domain of financial
from the highly cited articles
well-being
a ranking criterion for new publications, average annual citations have been used in Table 6.
Netemeyer et al. (2018), with 7.25 average annual local citations (LC/Y), ranks second after
Br€
uggen et al. (2017) with an average annual citation of 10.6. In the future, this comparatively
new article might become the most influential for studies on financial well-being. Similarly,
according to average annual global citations (GC/Y), Netemeyer et al. (2018), Br€
uggen et al.
(2017) and Shim et al. (2009) rank as the top three articles being cited, which implies the
relevance of these articles in other related fields of financial well-being.
IJBM
3.5 PageRank analysis
In bibliometric analysis, citation count is t indicator of an article’s impact; however, this has a
limitation as this does not consider the importance of the citing paper (Maslov and Redner,
2008). In citation analysis, a citation from an average paper has the same weightage as the
citation from a landmark paper. The PageRank algorithm can improve this limitation by
giving extra weightage to studies that are cited by other highly cited studies (Ding et al.,
2009). There is an essential link between citation analysis and PageRank (Brin and Page,
1998; Singh, 2018). PageRank measures citations from highly cited articles (Donthu et al.,
2021) to determine the prestige of an article (Goyal and Kumar, 2021). PageRank is chosen as a
complementary method to citation analysis, allowing us to identify publications referenced
by highly cited articles. Initially, PageRank was designed for prioritizing web pages in a
keyword search but is now widely used in bibliometrics. PageRank is given as follows:
ð1 dÞ
PRðT1 Þ
PRðTn Þ
þd
þ þ
PRðAÞ ¼
N
CðT1 Þ
CðTn Þ
where A is a study cited by other highly cited studies T1, T2, T3, . . ., Tn; C(Ti) is the number of
citations of a study Ti; PR(Ti) is the study’s PageRank; d is a dampening factor and N is the
size of the network.
Br€
uggen et al. (2017) tops the list in PageRank while it is second as per local citations. Joo
and Grable (2004) ranked fourth in PageRank and first in local citations. Similarly, Shim et al.
(2009) is second in PageRank but third in local citations. We observed that the two metrics do
not give the same rankings; the slight difference is due to the different approaches followed in
PageRank. Overall, some similarities can be observed between ranking through citation
analysis and PageRank (Table 6).
3.6 Prolific authors, their affiliated institutions and countries
Four metrics have been used to highlight the most influential authors in the field: h-index, mindex, total citations and total publications. Table 7 presents in the decreasing order an
author’s h-index. Total citations are considered a second criterion to decide the ranking of
authors with the same h-index. M-index is used to highlight the work of new and emerging
authors as it helps to average out the h-index value. Top authors like J. E. Grable, S. Shim, J. J.
Xiao, E. T. Garman and J. Kim are from US universities. Another top author M. F. Sabri is
from University Putra Malaysia. Also, the most influential authors are from US Universities
and dominate the field. Among the top 20 authors, emerging authors are G, Tingh€og, D,
V€astfj€all and J. M. Lee, with the highest m-index (0.667).
An author’s publications over time is another way of highlighting the most influential
authors. The timeline of the top 20 authors according to the total number of publications is
shown in Figure 5, where the bubble size indicates the number of publications and the color
intensity is proportional to the number of citations per year. For example, the bubble size for J.
E. Grable and S. Shim indicates that they have published two articles in 2021. Among the
authors mentioned, J. E. Grable, J. Kim and J. J. Xiao are the most consistent authors in
publishing articles, and all three have also been published in 2021.
3.7 Most productive countries and institutes
The top 20 countries according to citations and productivity are displayed in Table 8. The
research in the field has been dominated by the US and its universities, such as the Kansas
State University, the University of Illinois and the University of Georgia. Other developed
countries contributing the most are the UK and Australia, while among the developing
countries, Malaysia is leading in terms of productivity through universities like the
University Putra Malaysia and the University of Malaya. Financial well-being as a research
Author
Grable JE
Shim S
Xiao JJ
Sabri MF
Serido J
Garman ET
Sorhaindo B
Kim J
Archuleta KL
Tingh€og G
V€astfj€all D
Norvilitis JM
Danes SM
Birkenmaier J
Vieira KM
Potrich AC
Rahim HA
Duxbury D
Lee JM
Boylu AA
h_index
m_index
TC
NP
PY_start
7
6
5
5
5
4
4
4
4
4
4
3
3
3
2
2
2
2
2
1
0.318
0.429
0.278
0.5
0.5
0.167
0.2
0.167
0.333
0.667
0.667
0.176
0.333
0.5
0.286
0.286
0.182
0.111
0.667
0.111
467
463
654
79
68
489
481
456
221
141
141
270
49
27
59
59
18
18
10
5
10
9
8
6
8
4
4
7
5
5
5
4
3
3
5
4
4
3
4
3
2001
2009
2005
2013
2013
1999
2003
1999
2011
2017
2017
2006
2014
2017
2016
2016
2012
2005
2020
2014
topic is also picking up in several developing countries such as China, India and Brazil, but
their citation count is significantly lower than that of the developed countries.
4. Keyword analysis
We used VOSviewer to get the information on essential keywords. A total of 1,039 keywords
were identified from the 467 documents. Table 9 shows the list of the most frequently used
keywords in the literature on financial well-being. Some modification is done to merge similar
keywords. For instance, authors have used financial stress and financial distress in a similar
context, while some authors have used young adults, college students, emerging adults and
university students to designate the same cohort and young adults are used here as an
umbrella term. Out of the 1,039 keywords, the top 20 keywords were identified with a filter of
a minimum of nine occurrences. Financial well-being is the most frequently used keyword,
with a frequency of 146. This shows the central theme of the relevant literature. Other
keywords are financial satisfaction (79 times), financial literacy (68 times), subjective well-being
(50 times), financial behavior (40 times), life satisfaction (37 times) and young adults (30 times).
Another important finding from the analysis is that some authors have specified subjective
financial well-being while others have used only financial well-being. Authors have also studied
financial wellness in a few cases and defined financial well-being as a subset of financial
wellness (Sorgente and Lanz, 2017; Tagliabue et al., 2015).
Figure 6 shows the co-occurrence of commonly used keywords and explains how
financial well-being relates to other terms in the literature. The thickness of the lines
represents the co-occurrence of the keywords. The node’s size represents the number of
occurrences of the keywords that match Table 9. The top three keywords thus are financial
well-being, financial satisfaction and financial literacy. Some authors have studied the
general well-being of individuals (e.g. Diener and Biswas-Diener, 2002), whereas others (e.g.
Gerrans et al., 2014) have studied financial well-being and well-being. Financial satisfaction
and financial well-being have the highest co-occurrence in the selected studies, followed by
financial literacy, financial behavior and subjective well-being. Financial well-being is also
Review of the
financial wellbeing
Table 7.
Top authors with
h-index
SHIM S
SORHAINDO B
RAHIM HA
POTRICH ACG
NORVILITIS JM
LEE JM
GARMAN ET
VIEIRA KM
VASTFJÄLL D
TINGHÖG G
ARCHULETA KL
SABRI MF
KIM J
XIAO JJ
DUXBURY D
DANES SM
BOYLU AA
BIRKENMAIER J
Author
SERIDO J
Top-Authors’ Production over the Time
2005
2003
2001
1999
Figure 5.
Author’s production
over time
GRABLE JE
Year
20
10
0
TC per year
4
3
1
2
N.Articles
IJBM
2021
2019
2017
2015
2013
2011
2009
2007
Country
USA
Australia
United Kingdom
Sweden
China
Malaysia
Italy
Finland
France
Canada
India
Iceland
Spain
Korea
Singapore
Israel
The Netherlands
Norway
Denmark
Germany
Keyword
Financial well-being
Financial satisfaction
Financial literacy
Subjective well-being
Financial behavior
Life satisfaction
Young adults
Financial stress
Financial knowledge
Debt
Retirement
Gender
Financial education
Income
Financial socialization
Financial capability
Happiness
Financial counseling
Personal finance
Financial planning
Financial self-efficacy
TC
3,932
443
395
209
175
172
167
155
151
138
130
127
120
106
97
95
72
72
54
48
Country
TP
Affiliation
TP
USA
Malaysia
Australia
UK
India
Germany
Sweden
China
Brazil
Italy
Portugal
Turkey
Canada
Spain
Netherlands
South Africa
South Korea
Singapore
Czech Republic
Estonia
258
86
75
54
46
32
32
30
24
22
21
21
20
18
14
12
11
8
7
6
Kansas state university
University Putra Malaysia
Link€oping University
University of Illinois at Urbana
University of Georgia
University of Minnesota
University of Alabama
University of Gothenburg
Iowa State University
University Kembangan Malaysia
University of Malaya
Curtin University
Purdue University
Biola University
Jahangirnagar University
Monash University
Texas tech University
University of New South Wales
University of Rhode Island
Boston College
29
21
19
19
14
13
11
11
10
10
10
9
9
8
7
7
7
7
7
6
Review of the
financial wellbeing
Table 8.
Top 20 countries and
affiliations
Occurrences
146
79
68
50
40
37
30
26
21
21
20
19
14
14
14
13
13
13
12
9
9
strongly connected to debt, financial knowledge, financial planning and gender, as these
variables are also studied along with financial well-being. Financial satisfaction, happiness
and financial stress will depend on an individual’s income, poverty and debt behavior.
Therefore, we can see a connection between income, poverty, debt satisfaction, financial
well-being and happiness.
Table 9.
Top keywords in
financial well-being
IJBM
Figure 6.
Network of keyword
co-occurrence on
financial well-being
5. State of intellectual collaboration
A VOS viewer map of co-authorship and author countries with a minimum of five documents
from a country is shown in Figure 7. Only 18 countries out of the total 72 countries meet this
criterion. The map shows that the US has the highest link strength with other countries,
followed by Australia and the UK. The central position of the US on the map shows it tops the
financial well-being literature. Emerging economies like China, Brazil and South Africa are
also present in the co-authorship map with a weak link strength. The map also shows that US
authors have worked more closely with those from China, Sweden and Canada.
6. Content analysis
Co-citation analysis is used to study the intellectual structure of a given research domain
(Rossetto et al., 2018). In a co-citation map, “two articles are linked when they co-occur in the
reference list of another article; this analysis is used to discover thematic clusters based on cited
publications” (Donthu et al., 2021, p. 288). The clusters in the present co-citation analysis are
created using the Louvain clustering algorithm present in the R studio (Bibliometrix) on 102
studies (nodes) selected on the citation threshold of 55 with the option of removing isolated
nodes. After removing seven isolated nodes, the co-citation analysis generated four clusters:
“financial well-being and financial satisfaction” (28 articles), “financial well-being of young
adults” (26 articles), “financial literacy and financial well-being” (27 articles) and “subjective
financial well-being” (14 articles). Content analysis was then performed on the clustered articles,
focusing on the top ten studies identified in each cluster by PageRank. After a thorough
examination of the abstracts, the theme of the clusters was identified (Table 10).
6.1 Cluster 1: financial well-being and financial satisfaction
Articles in this cluster discuss the overall conceptual framework of financial well-being and
focus on financial satisfaction (subjective subdimension of financial well-being) by linking
Review of the
financial wellbeing
Figure 7.
Collaboration network
of countries on
financial well-being
Cluster1: Conceptualization
and antecedents of financial
well-being
Cluster 2: Financial
well-being of young
adults
Cluster 3: Relationship
between financial literacy
and financial well-being
Cluster 4:
Consequences of
financial well-being
Vera-Toscano et al. (2006)
Br€
uggen et al. (2017)
Huston (2010)
Joo and Grable (2004)
Shim et al. (2009)
Joo (2008)
Gutter and Copur
(2011)
Lusardi et al. (2010)
Xiao et al. (2009)
Greninger et al. (1996)
Shim et al. (2009)
Lusardi and Mitchell
(2014)
Lusardi and Mitchell
(2011)
Xiao et al. (2014)
Fernandes et al. (2014)
Hilgert et al. (2003)
Perry and Morris (2005)
Diener and BiswasDiener (2002)
Dolan et al. (2008)
Roberts and Jones
(2001)
Serido et al. (2010)
Gudmundsson and
Danes (2011)
Allgood and Walstad
(2016)
Remund (2010)
Lusardi and Mitchell
(2011)
Prawitz et al. (2006)
Porter and Garman (1990)
Hansen et al. (2008)
Van Praag et al. (2003)
Vlaev and Elliott (2014)
O’Neill et al. (2005)
Archuleta et al. (2013)
Fernandes et al. (2014)
Judge et al. (2010)
Diener et al. (1999)
Gerrans et al. (2014)
Johnson and Krueger
(2006)
Diener (1984)
Van Praag et al. (2003)
Drentea (2000)
the potential antecedents to the consequences of financial well-being. The most influential
studies, according to the PageRank analysis, are Vera-Toscano et al. (2006) on the
conceptualization of financial satisfaction; Joo and Grable (2004) on the framework of the
determinants of financial satisfaction; and Joo (2008) on the conceptual framework of
personal financial wellness. Financial well-being is a state of an individual generated by an
operational financial process known as financial wellness; financial attitude and knowledge
create financial behavior and healthy financial behavior is responsible for generating a high
Table 10.
Cluster analysis
IJBM
level of financial well-being (Shim et al., 2009). However, there is a lack of consensus and
clarity about how financial well-being has been measured and defined in the previous studies
(Sorgente and Lanz, 2017). Financial well-being was initially considered a synonym for
financial wellness, but now financial wellness is much broader and encompasses financial
well-being (Consumer Financial Protection Bureau, 2015).
Similarly, financial and economic well-being have been used interchangeably, but
economic well-being is a narrower concept associated only with income level (Porter and
Garman, 1990). Consumer economic well-being is more focused on income and consumer
spending (Xiao, 2015). Joo (2008) conceptualized financial satisfaction (subjective financial
well-being) as one of the essential sub-constructs of personal financial wellness.
The objective dimension of financial well-being, discussed in the Introduction, also known
as economic well-being, is measured through indicators like assets, liabilities and income.
Understanding the subjective dimension, however, is rather complex (Salignac et al., 2020)
even though it is more suitable for measuring phenomena such as financial well-being
(Br€
uggen et al., 2017). Subjective financial well-being has been assessed using various
instruments, such as the one developed by Norvilitis et al. (2003) and another by Prawitz et al.
(2006). Recently some authors have measured financial well-being through the instrument
based on financial anxiety and financial security (Str€omb€ack et al., 2017).
Financial education appears to be one of the critical factors in improving financial
satisfaction (Joo and Grable, 2004). Individuals’ financial well-being perception keeps
changing due to the personal and contextual factors affecting the subjective assessment of
financial well-being (Sorgente and Lanz, 2017). A similar view has been cited by Salignac et al.
(2020), where the authors stated that financial well-being is not just about an individual’s
financial circumstances but is also affected by the individual’s interaction with the
environment, life events and stages in life. Michael Collins and Urban (2020) found that
financial well-being increases with a rise in income and savings and increases with age. The
contextual factors of the financial well-being studied by the authors can be listed as
community involvement, social status, family characteristics and its role and financial
socialization.
6.2 Cluster 2: financial well-being of young adults
Some common factors affecting the financial well-being of young adults highlighted by the
authors are the role of financial behavior, financial literacy, parental socialization, credit card
behavior and sociodemographic factors. Among the financial well-being studies conducted
on young adults, Shim et al. (2009) and Gutter and Copur (2011) are the two most influential
studies, followed by Lusardi et al. (2010) on the financial literacy of young adults and Xiao
et al. (2009) on their financial behavior and life satisfaction. Students’ financial well-being can
be high if they have a positive financial attitude (Shim et al., 2009). Specific behaviors like
savings, compulsive buying and risky credit card usage were found to significantly impact
the financial well-being of students (Gutter and Copur, 2011).
Financial literacy plays a vital role in shaping individuals’ financial behavior, and low
financial literacy can be the reason for debt traps (Lusardi and Tufano, 2015). In their seminal
work, Lusardi et al. (2010) commented that there is a severe lack of financial literacy and an
enormous heterogeneity in young adults’ financial literacy levels. Secondly, parents are a
critical source of financial knowledge for young adults. Family background and awareness
about financial responsibilities and liabilities at home make a difference in the students’
financial literacy (Sabri et al., 2010). Also, the subjective financial knowledge of students
plays a more significant role in preventing risky credit behaviors than objective financial
knowledge (Xiao et al., 2011).
Parents’ financial behavior and socioeconomic status have been identified as significant
factors affecting young adults’ financial behavior (Xiao et al., 2011). Studies have indicated
that parents, work experience and financial education in high school are strong predictors of
young adults’ financial attitude and financial behavior and the role of parents is more
important than the other two (Shim et al., 2009). Furthermore, Jorgensen and Savla (2010)
confirmed that parents have a direct influence on the financial attitude and an indirect
influence on the financial behavior of young adults. Gudmunson and Danes (2011)
conceptualized the family financial socialization model and listed socialization outcomes in
the form of good financial behavior and financial well-being of young adults. College
students’ misuse of credit cards is common and has been one of the prime sources of
compulsive buying among young adults and debt accumulation (Norvilitis et al., 2003; Phau
and Woo, 2008; Veludo-de-Oliveira et al., 2014). The key factors responsible for credit card
debt are the number of credit cards, the attitude towards credit card usage and lack of
financial knowledge, which increases debt stress and decreases financial well-being
(Norvilitis et al., 2003). A better-planned usage of credit cards reduces college students’
stress levels (Hayhoe et al., 2000; Joo and Grable, 2004; Xiao et al., 2009). Student loans are also
a concern in young adults’ financial well-being (Robb et al., 2019).
6.3 Cluster 3: relationship between financial literacy and financial well-being
Cluster 3 focuses on financial literacy, which highlights the ability to manage financial behavior
to make responsible financial decisions and discusses how financial literacy is linked with the
various antecedents of financial well-being and helps achieve it. This cluster is based on a broad
range of financial literacy measures used by researchers over the last decade (Huston, 2010) and
presents the rapidly growing body of research on financial literacy (Lusardi and Mitchell, 2014;
Van Rooij et al., 2011). In the published literature, most studies focus on how financial literacy
helps achieve personal financial outcomes (Fernandes et al., 2014; Hastings et al., 2013), which
leads to financial well-being and life satisfaction. Financial literacy has an important place in
the literature on personal financial behavior. However, many scholars and financial experts
have failed to define it and describe it as the knowledge, abilities, self-confidence and motivation
needed to manage money effectively. As a result, financial literacy is given different conceptual
and operational definitions (Lusardi et al., 2010; Remund, 2010). Existing research has
established the associations between financial knowledge and behavior (Lusardi et al., 2010),
financial literacy and retirement planning (Lusardi and Mitchell, 2007), financial literacy and
consumer over-indebtedness (Gathergood, 2012) and consumer financial capability and
financial satisfaction (Xiao et al., 2014). Also, the literature has evidence on the link between
financial literacy and students’ characteristics (Chen and Volpe, 1998), subjective financial wellbeing and self-reported health (Arber et al., 2014) and household finance and household
behavior (Campbell, 2006). Financial literacy is expected to improve five sub-domains of
personal financial behavior; consumer’s credit card usage behavior, investment behavior, credit
behavior, insurance and effectiveness of financial advice (Allgood and Walstad, 2016). The
financial capability of an individual has three dimensions; subjective financial capability,
financial literacy and financial behavior (Xiao et al., 2014), and the articles in this cluster focus
on improving a person’s financial behavior through financial literacy.
6.4 Cluster 4: consequences of financial well-being
This is the last and smallest study cluster and emphasizes life satisfaction and subjective
well-being. Wilson (1967) and Diener (1984) reviewed the psychological factors and
highlighted the theories of subjective well-being that influence dispositional stress and
coping strategies. In their comprehensive review, Diener et al. (1999) stated personality as the
most consistent predictor of subjective well-being and listed health, family, finances, leisure
and work as critical components (see Van Praag et al., 2003). The association between
financial wellness and personal well-being has also been investigated while keeping in mind
the role of financial literacy (Gerrans et al., 2014), income and subjective well-being SWB
Review of the
financial wellbeing
IJBM
(Diener et al., 1999), financial literacy and financial education to financial behaviors
(Fernandes et al., 2014). Chen et al. (2013) identify the difference between psychological and
subjective well-being using the bifactor model’s statistical approach. Dolan et al. (2008)
examined various variables that affect individuals’ subjective well-being, and a surprising
finding was that income relative to a reference group was more significant than the absolute
income of an individual.
Diener (1984) studied the three dimensions of subjective well-being and established a
relationship with positive affect, negative affect and life satisfaction. In the context of
financial decisions, the theory of planned behavior (Ajzen, 1987) is commonly used. This
theory predicts that the three core components entirely control a person’s financial behavior:
attitude, subjective norms and perceived behavioral control, which subsequently shape his/
her behavioral intentions.
7. Progression of themes in the last five years
Recently published studies are always at a disadvantage in being cited even though they
have a vital theme and impact; they are not covered in the co-citation-based cluster analysis
(Section 6). “Co-citation analysis concentrates only on highly cited publications and leaves
recent publications out of its thematic clusters” (Donthu et al., 2021, p. 288). This section will
supplement the content analysis of clusters by focusing on studies published in the last five
years (2017–2021) and discusses the quality of the recent significant themes not covered in
the cluster analysis. The classification of the recently published studies in this area generated
22 themes in Figure 8. Significant themes like the impact of financial literacy,
Financial Capability
Financial Knowledge
COVID 19
Job Sa sfac on and Job Insecurity
Socio-Economic Factors
Financial Inclusion/Access
Re rement Planning
Self-Efficacy
Credit Card Behavior
Financial Sa sfac on
Overall Financial Behaviour
Life Sa sfac on and Quality of Life
Financial Stress
Conceptualiza on of Financial well-being
Money A tude and Management
Debt/Credit Management
Impact of Financial Literacy
Rela ve Income Posi on/Income Inequality
Role of Gender in Financial Well-Being
Self-control
Financial Counselling/Advice
Family financial Socializa on
Figure 8.
Progression of themes
(2017–2021)
21 4 3
12
3 3
8
10
4
4 21
12 3 2 6
12 2 2
4 2 5 4 3
12 3 2 7
11 4 4 1
6
8
12
9
5
7
3 5
7
10
5 4
7 2 4
11 2 4 4
12 5 5 4
7
1 4
7
5
6
5
13
12 2 3 1
7
1 4 5 4
22 3 5
11 2 2
6
11 2 5
0
2017
10
2018
6
11
8
14
18
20
2019
18
17
12
30
2020
40
2021
50
60
70
conceptualization and review on financial well-being, overall financial behavior, life
satisfaction and quality of life have been discussed in detail in Section 6. Six dominant
themes not discussed there are discussed in this section, while the remaining themes are
merely mentioned with the number of their citations during 2017–2021, as depicted in
Figure 8.
7.1 Family financial socialization
One of the recent developments in financial well-being research is the research on young
adults’ financial socialization and financial well-being. Although cluster 2 is based on
financial literacy, financial behavior, financial knowledge and credit behavior of young
adults, the importance of the financial socialization of family for financial well-being need to
be discussed separately as many recent publications on this theme could find a place in the cocitation-based clusters. This part highlights how parents’ financial behavior and informal
financial discussions at home are building blocks for young adults’ financial behavior. Danes
(1994) explained financial socialization as “learning and developing values, knowledge,
attitudes and behaviors that promote well-being and financial feasibility among the people.”
It has been established that individuals’ financial behavior in adulthood is based on the
financial behavioral patterns they learned during childhood (Danes and Yang, 2014; Drever
et al., 2015). Different socialization agents like parents, relatives, peers and schools help
individuals imbibe financial knowledge and behavior throughout their lives (Gudmunson
and Danes, 2011; Gutter and Copur, 2011). Research has also established that the parents play
the most vital role in developing sound financial behavior and attitude in children, which
helps them in achieving financial well-being in adulthood (Ammerman and Stueve, 2019;
Lanz et al., 2020; Shim et al., 2009; Watson and Barber, 2017). Financial well-being could be
improved by socializing with parents and teachers and using childhood experiences (Shi
et al., 2021).
In one of the studies, Sansone et al. (2019) concluded that managing pocket money in
childhood gives confidence in managing finances later. Even discussions on financial issues
at home also play an essential role in developing positive financial behavior later in life (Lanz
et al., 2020). Pandey et al. (2020) reported a similar finding and endorsed the importance of
involving children in financial discussions. Furthermore, Lanz et al. (2020) highlighted the
importance of communication on finances between parents and emerging adults as it has a
positive indirect effect on the future subjective well-being of the latter. Parental
communication on financial matters also helps develop a sense of financial security and
well-being in individuals (Serido et al., 2010). In contrast, lack of communication with parents
has been associated with children getting into a debt trap over time (Norvilitis and
MacLean, 2010).
Parental financial socialization affects habits like savings, high credit scores and investing
in financial assets among young adults (KIm and Chatterjee, 2013). Studies like Curran et al.
(2018) and Rea et al. (2019) have confirmed that financially socialized individuals make sound
financial decisions in adulthood and achieve financial well-being. Furthermore, Zhao and
Zhang (2020) reaffirmed the impact of parental financial socialization on young adults’
financial skills and financial self-efficacy.
7.2 Money attitude and money management
This theme highlights the importance of a money attitude in building and improving the
financial well-being of individuals. Individuals with a positive money attitude have saving
habits and proper money management skills, leading to financial well-being. Research has
recognized the effect of individuals’ money attitude on their financial behaviors like saving
behavior (Canova et al., 2005), buying behavior (Aw et al., 2018), credit behavior (Pereira and
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IJBM
Coelho, 2019) and credit card use (Phau and Woo, 2008; Simanjuntak and Rosifa, 2016). It also
has been established that a positive attitude toward money helps achieve financial well-being
(Abdullah et al., 2019; Castro-Gonzalez et al., 2020; Sabri and Zakaria, 2015). In their study on
young workers, Abdullah et al. (2019) claimed that a positive attitude toward money molds
the individual’s money management skills, leading to improved financial well-being, whereas
a bad attitude toward money may cause a debt trap. A positive money attitude aids in
developing habits like saving, budgeting and using money prudently (Pandey et al., 2020).
Similarly, Castro-Gonzalez et al. (2020) confirmed that a positive attitude towards money also
leads to positive financial behavior.
7.3 Financial counseling
Most of the work in financial counseling is reported from Australia (Mackenzie and Louth,
2020; Tumataroa and O’Hare, 2019). It has been argued that financial counseling is more
beneficial for individuals with low financial literacy (Moreland, 2018; Xu, 2018). Pasco (2016)
suggested that financial counseling is needed for retirement planning, while West and
Ramcharan (2019) show that it can fill the gaps in achieving financial well-being among older
people. Mackenzie and Louth (2020) emphasized the role of financial counseling in reducing
poverty. Hayne (2019) too has advocated the importance of counseling services in achieving
the financial well-being of deprived citizens.
Financial counseling can also aid financially stressed individuals by improving their
financial behavior and raising their confidence in financial skills (Bourova et al., 2019; Pollard
et al., 2020). It also helps overcome individual behavioral biases (Hoechle et al., 2017).
Tumataroa and O’Hare (2019) claimed that financial counseling positively affects individuals’
self-control, which is very useful for low-income earners. All studies mentioned above show
the positive effect of financial counseling on financial well-being’s various antecedents. The
duo of financial literacy and financial counseling is exceptionally suitable for improving an
individual’s financial well-being (Westermann et al., 2020).
7.4 Debt and credit cards
The literature on credit behavior is dominated by the usage of credit cards and their
implications on financial well-being and highlights that lack of proper financial literacy on
credit cards and impulsive purchase behavior is the leading cause of financial stress and debt.
Studies have linked credit card use behavior and the financial well-being of individuals
(Cherney et al., 2020; Hunter and Heath, 2017; Limbu and Sato, 2019). Responsible use of credit
cards, the amount of credit used and managing the card bills can affect users’ financial wellbeing (Br€
uggen et al., 2017). Atlas et al. (2019) have shown that confident financial knowledge
leads to healthy credit card use and financial satisfaction. Factors such as income and
financial anxiety may moderate the linkage of debt to financial well-being and life satisfaction
(Ferreira et al., 2021; Tay et al., 2017).
Students are most vulnerable and usually fall into the vicious circle of debt through the
impulsive use of credit cards. At different academic stages, student debt has a recurring
negative impact on the students’ financial well-being (Cherney et al., 2020). The real problem
is the extensive use of credit cards, which can be checked by imparting financial knowledge
on personal finance (Limbu, 2017). However, financial literacy regarding credit cards may be
of limited use in improving the students’ financial well-being if one is low in self-efficacy
(Limbu and Sato, 2019) and lacks self-control (Singh et al., 2018).
Abrantes-Braga and Veludo-de-Oliveira (2019) report that impulsive purchase behavior of
an individual would lead to indebtedness and lack of financial well-being. Furthermore, high
credit limit on credit cards leads to overspending and resultant credit card debt (Lin et al.,
2019). Moreover, increasing credit card credit limits would help improve credit card users’
financial well-being (Abrantes-Braga and Veludo-de-Oliveira, 2019).
7.5 Self-control and financial self-efficacy
Self-control and self-efficacy are a part of human behavior. Self-control refers to self-discipline
that helps overcome temptations and prevent overspending while having a significant
positive effect on financial security (Fujita et al., 2006; Lind et al., 2020; Rey-Ares et al., 2021).
Self-efficacy helps make the right decisions as it comes from self-confidence in dealing with a
situation. Both factors positively affect individual financial behavior and well-being
(Str€omb€ack et al., 2017).
Self-efficacy is a measure of confidence in planning and executing a course of action for
achieving a particular goal (Bandura, 1977). Financial self-efficacy is positively correlated
with financial well-being (Kuhnen and Melzer, 2018) and may also mediate the relationship
between financial literacy and financial well-being (Limbu and Sato, 2019; Zia-ur-Rehman
et al., 2021).
7.6 Covid 19 and job insecurity
During pandemic crises, measures like social distancing, lockdown and job risk increase the
sense of financial anxiety and stress (Fitzpatrick et al., 2020; Pijoh et al., 2020). This stress
further impacts individuals’ subjective well-being (Kivi et al., 2021; Wang et al., 2020). During
a pandemic, the increase in people’s negative feelings and stress is due to financial insecurity
(Barrafrem et al., 2021) and this financial insecurity hurts their life satisfaction. Studies have
established that job insecurity hurts financial well-being, while an interesting finding is that
financial well-being is significantly different for employees working in different sectors (Choi
et al., 2020; Mahdzan et al., 2020).
Public-sector jobs are always considered more stable than those in the private sector.
Vieira et al. (2021) proved this scientifically by comparing financial anxiety and financial wellbeing of two groups: public and private sector employees. They found that public sector
employees had lower financial anxiety and lower losses in financial well-being during the
pandemic.
8. Discussion
The objective of the current study was to present the most comprehensive retrospective on
the various dimensions of financial well-being by doing a systematic review and a
bibliometric analysis of the literature published in the last 25 years. Ours is the first study to
comprehensively review through bibliometric analysis, content analysis and visualization
networks. We have done a detailed analysis of top authors, affiliations and publications
outlets while analyzing the research themes in two ways; first, by analyzing four clusters
obtained through the co-citation network in Bibliometrix (R studio) and, second, by providing
a theme classification in financial well-being through an analysis of recently published
articles (2017–2021). We have also identified a gap in the existing literature and proposed
various opportunities for future research. This study reveals that financial well-being is not
novel; Strumpel (1976) and later Porter and Garman (1990) say that financial well-being is an
individual’s satisfaction regarding personal financial situation and perception about
achieving financial goals. Although the concept is not new, it is still an emerging area of
research as new and comprehensive conceptualizations and antecedents of financial wellbeing are still evolving. The findings show that financial well-being is a multidisciplinary
field of research as a wide range of factors like socio-economic, demographic, family, life
stages, life events, behavior and personality affect individuals’ financial well-being directly
and, in some cases, indirectly. Most studies have recognized the prominence of subjective
financial well-being over objective financial well-being as it is an individual’s perception of
financial freedom and satisfaction with current and future financial situations.
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The following limitations are present in the study. First, although the study has covered
studies from the last 25 years through specific search criteria, a few studies might be missing
because of filters and the absence of related keywords. Second, a more comprehensive study
can be conducted by including more databases like the Web of Science. This is always an
intrinsic limitation of all SLRs, as some well-defined search is required. Despite the limitations
mentioned above, this paper offers a comprehensive assessment of the research on financial
well-being. The paper’s findings will help extend and advance the research on financial
well-being.
9. Future research directions
The research on financial well-being, considered more seriously in the last decade, is still
emerging. The current review covers financial well-being, its antecedents, life satisfaction
and general well-being outcomes. This study has identified some gaps based on in-depth
literature analysis and proposes future research directions categorized into five different
themes.
9.1 Conceptual factors
One of the greatest needs is to get a more cohesive understanding of financial well-being by
clarifying its definitions and conceptualizations. Financial well-being is a multidimensional
concept, and the extant literature is dominated by quantitative studies, making the
comparison challenging as various scales have been used to measure it. One of the most
comprehensive scales is developed by the Consumer Financial Protection Bureau (CFPB,
2015), which measures financial well-being using the four-dimensional concept. Different
scales produce different results, and this lack of uniformity in the measurement of financial
well-being is one of the biggest challenges for researchers in conducting comparative studies
and meta-analyses of financial well-being literature. A meta-analysis of the critical
antecedents of financial well-being will be helpful to get a broader and more conclusive
relationship. Therefore, a standard scale of financial well-being is required, which can be
adopted by all countries and policymakers.
9.2 Contextual factors
A majority of studies on financial well-being has been conducted in developed nations
(Ngamaba et al., 2020), and a noticeable gap exists in understanding the financial well-being
of an individual from developing and poor nations (Br€
uggen et al., 2017; Lusardi et al., 2010;
Shim et al., 2009). Financial stress in different life stages and post-retirement life is also a
severe concern in developing and non-western nations, but the evidence is very limited. This
is problematic in global decision-making representation (Ngamaba et al., 2020). Furthermore,
financial well-being solutions recommended for developed nations could be challenging for
non-developed countries due to variability in contextual factors like culture, society and
family characteristics. Therefore, studies focusing on financial well-being in developing
countries are required to identify their status and issues.
9.3 Dynamic factors interacting with financial well-being
Financial well-being is dynamic as it changes with contextual and personal factors
throughout one’s life. The existing literature has not addressed the dynamic interaction of
financial well-being with life stages and an individual’s environment (Salignac et al., 2020).
There are very few studies that address the dynamism of financial well-being. Longitudinal
studies can significantly enhance understanding of financial well-being (Wilmarth, 2020).
Therefore, researchers should consider using longitudinal data to enrich our understanding
of financial well-being.
9.4 Personal and social factors
Studies on personality factors and behavioral factors like self-control and self-efficacy are
instrumental in understanding and improving the financial well-being of individuals.
Although a few studies on the abovementioned behavioral factors exist, there is still a need to
study the relationship between financial well-being and specific behaviors like insurance and
risk-taking.
Salignac et al. (2020) have highlighted a lack of studies on the role of structural factors like
government policy, social inequalities and social relationships on the subjective financial
well-being of individuals. The study also stressed the importance of the interaction between
the individual, family and social factors and how they shape financial well-being.
10. Managerial implications
The financial well-being of individuals is an area of interest to stakeholders like businesses,
policymakers, third parties (personal financial planners and financial advisors) and academic
researchers who will benefit from our study. As employees’ productivity can be enhanced by
improving their financial behavior and well-being, the human resource department of
business houses should increase job satisfaction and minimize the sense of job insecurity in
employees, leading to employee retention and profitability. Another way of dealing with this
problem is establishing financial clinics to support employees with financial counseling
sessions and literacy to help their financial management.
Government can support a lot in developing the well-being of citizens. During the
pandemic, it was observed that the trust in government bodies and their activities in health
and financing sectors helped reduce stress and insecurity among people and entrepreneurs.
Policymakers should invest in programs and initiatives to develop personal capacities for
financial well-being aimed at government bodies and set up dedicated centers for imparting
financial literacy and advice to society’s poor and socially deprived sections. Policymakers
should also implement new policies to increase the financial well-being of individuals. These
interventions should aim to improve individuals’ financial access and financial behavior
through awareness programs. The outcomes will be in the form of improvements in saving
habits, credit behavior and knowledge of financial products, leading to financial satisfaction
and overall financial well-being. The government should support other financial institutions
in providing financial literacy to all people as financial literacy has been one of the major
antecedents in shaping individuals’ financial well-being and financial behavior. Banks with
government support can improve the money management behavior of customers with low
income and financial literacy.
Better outcomes can be achieved if government officials and other organizations work
closely as financial planners and counselors have a vital role. Proper planning, budgeting and
financial advice are very helpful in improving people’s financial behavior, self-control
and well-being. Organizations involved in credit counseling, financial literacy programs and
wealth management should consider gender differences and socioeconomic factors while
devising their plans and sessions for their clients. Programs should be customized based on
demographic and socioeconomic factors to make them more effective.
Another essential factor is the behavior of individuals. Factors like self-control, financial
self-efficacy, credit and saving behavior are crucial in building financial well-being and life
satisfaction. Many indebtedness problems related to credit card usage can be controlled
through proper counseling (on self-control and literacy) and parental socialization. Such
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organizations should work on identifying and improving the behavioral side of their clients.
Proper execution of financial programs by third parties will enhance customers’ financial
well-being and contribute to society’s well-being.
The current work would benefit academic researchers as it highlights the emerging
themes and offers future research directions for studying financial well-being. There is a
considerable scope for developing a comprehensive scale to measure subjective financial
well-being. Researchers from developing nations are encouraged to research financial wellbeing, especially addressing the dynamic social factors affecting financial well-being at
different stages of life.
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About the authors
Dharmendra Singh is an assistant professor at Modern College of Business and Science, Muscat (Oman).
He possesses a rich professional experience of over 22 years in the field of finance. He holds a Ph.D.
(Finance), professional certifications like Certified Financial Planner (CFP), associate diploma (life
insurance) from Insurance Institute of India and CFA. He has published a number of articles and
research papers in various reputed international and refereed journals indexed in ABDC and Scopus. His
research area includes banking, corporate finance and financial markets. He also serves as a reviewer for
select journals. He is a member of the Financial Planning Standard Board (FPSB), Indian Econometric
Society and Insurance Institute of India.
Garima Malik is a doctoral scholar of Marketing at Xavier School of Management, XLRI Jamshedpur,
India. She has more than 18 years of academic experience. She is also associated with Amity Business
School, Noida, India. Her area of research includes banking, marketing of services, marketing analytics
and customer relationship management. Her research papers are published in various leading journals
such as International Journal of Bank Marketing, Tourism Analysis, Journal of Event Management,
Information Technology and Tourism, International Journal of Healthcare Management, Journal of
Global Marketing, Innovative Marketing, Pacific Asia Journal of the Association for Information Systems,
Journal of Science and Technology Policy Management among others. Garima Malik is the corresponding
author and can be contacted at: r17002@astra.xlri.ac.in
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