Financial well-being and financial behavior: a bibliometric analysis

The main objective of this study was to map out the concept of financial well-being and financial behavior using a bibliometric analysis to identify top-cited articles, leading countries, institutions, authors, and journals, while also exploring key themes and emerging research avenues in this domain. A total of 211 articles extracted from the Web of Science database (1991– July 2023) were analyzed using VOSviewer and Biblioshiny software. Key findings revealed the evolution of financial well-being from a narrow focus on income and wealth accumulation into a more comprehensive view that considers various facets of an individual’s financial life. The analysis also indicated the need for context-specific models, exploring rural and elderly populations, psychological processes that promote disciplined financial behaviors, and novel approaches such as gamification to improve individual financial well-being and financial behavior. The findings challenge the conventional emphasis on financial literacy and show that knowledge alone is insufficient. This supports a shift towards integrating behavioral and psychological components into financial education and interventions.