Abstract
This article presents a global empirical overview of studies on financial behavior in relation to education, money-saving, and consumption, contributing to research on the Sustainable Development Goals (SDGs) related to social equity in the quality education (4th Sustainable Development Goal) and inequality reduction (10th Sustainable Development Goal) areas. Thus, the data and metadata of 492 articles registered between 1992 and August 2021 were extracted from the Web of Science (Journal Citation Report, JCR) and analyzed with a bibliometric approach, using classical methodological laws and the specialized software VOSviewer. Among the results, we highlight the exponential scientific production growth in the last decades, the concentration in only twelve specific journals indexed in the Journal Citation Report, the global hegemony of US universities in institutional co-authorship networks, and the thematic and temporal segregation of the concepts of financial behavior. We conclude an evolution of two decades in the relevant topics and a concentration in three large blocks: (1) financial education; (2) savings and consumption decisions; (3) financial literacy and investments, which are a temporal evolution that gives for the irruption of diverse visions in the relationship between the evolution of individual financial behavior and the global market. Given it is necessary to know the impact of financial education and financial literacy on personal savings, consumption, and investment behaviors, a larger study on financial behavior could be conducted with this research and an assessment of these results.
Highlights
Introduction published maps and institutional affilFor many years, traditional financial theory has based its principles on profit maximization, taking only the rationality of investment and borrowing [1,2,3]
We used a set of articles as a homogeneous basis for citation, including the main collection of Web of Science (WoS), by selecting articles published in WoS-indexed journals in the Science Citation Index (WoS-SCI), and Social Science Citation Index (WoS-SSCI), based on a search vector [66] about financial and behavior, TS =, discounting articles without abstract and without restricted time parameters, performing the extraction on 25 August 2021
We used a set of articles as a homogeneous basis for citation, including the main collection of Web of Science (WoS), by selecting articles published in WoS-indexed journals in the Science Citation Index (WoS-SCI), and Social Science Citation Index (WoS-SSCI), based on a search vector [66] about financial and behavior, TS =, discounting articles without abstract and without restricted time parameters, per4 of 12 forming the extraction on 25 August 2021
Summary
Introduction published maps and institutional affilFor many years, traditional financial theory has based its principles on profit maximization, taking only the rationality of investment and borrowing [1,2,3]. The literature has been evolving to consider the emotional aspects as part of the decision process, either biasing, mediating or playing a role in the psychological process in investment and credit decision making [4,5,6] An example of this is when credit options are considered as part of current income by making impulsive purchases with risky debt behaviors [7]. The latter, in some cases, is directly related to financial literacy While it is not the only factor in financial decision making [8], there are studies of methodological, cultural, economic, and theoretical moderation effects between financial literacy and investment decisions [9]. This lack of financial literacy is often made up for by financial advisors, who help to ensure a better return on investments and take out loans [10,11,12]
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