Financial Literacy and Financial Planning: Identifying the Extent of Association and Crucial Research Aspects Using Systematic Review and Bibliometric Analysis

This study aims to identify renowned contributors, scholarly affiliations, and domains in the arena of Financial Literacy (FL) and Financial Planning (FP) through bibliometric analysis and systematic review to comprehend the integration between FL and FP to identify the most crucial aspect of FP in eyes of researchers as well as to identify the factors impacting this integration. The worldwide literature works connected to this theme were extracted from Scopus and Web of Science databases for this purpose. A total of 198 documents were selected through abstract reading and analyzed using Biblioshiny software. Systematic review as well as content analysis were also performed along with bibliometric analysis. The results show that FL is vital and plays a dominating role in multiple aspects of FP. The researchers in this arena are more inclined towards retirement planning. Other aspects like savings, investment planning, debt handling, insurance, etc., have been paid little attention comparatively. The United States is found as the most contributing country, and Anna Maria Lusardi and Olivia S. Mitchell as the leading authors in this field. The results from the systematic review identified various demographic, socio-economic, and psychological factors that influence this integration between FL and FP directly or indirectly. The previous studies conducted in this arena more or less focused on retirement planning behaviour. Other aspects like savings, investments, debt management, etc., have been almost ignored. This study takes into account all the studies covering all aspects of FP in the context of FL and provides a detailed literature for new researchers doing research in this arena.