Performance Analysis and Comprehensive Science Mapping on Financial Literacy and Financial Market Participation Using Bibliometric Technique

Abstract

Purpose – The key objective of this research paper is to conduct a performance analysis to highlight the most productive and impactful research in the domain of financial literacy and financial market participation and to conduct comprehensive science mapping to visualise the data and identify the links between different fields of research.
 Research Methodology- A total of 398 documents published between the time span of 1981 to 2022 were extracted from the Scopus database. Bibliometrix, a free and open-source software, is used to perform both descriptive as well as network analysis.
 Findings- A rising trend was witnessed in research associated with financial Literacy and financial market involvement, with an annual growth rate of 16.48% in annual scientific production on the topic. Sustainability Journal was found to be the most dominant source for literature in this field of research. America, China, and India are the top countries working in this area. Among academics, the concept of financial literacy continues to garner a growing amount of interest, since 1997. As a corollary, the evolution analysis shows an upsurge in investigating how market involvement is related to a person's level of financial literacy.Keywords like portfolio choice, Investment decision, financial planning, financial well-being, household portfolio, and market volatility, risk assessment, electronic trading, financial crisis were discovered, which have not been explored much. Factor Analysis focuses on two key factors as financial literacy and stock market.
 Limitations & recommendations for future research- Data was solely extracted from Scopus database. In future, researchers can access other databases too.
 Novelty- Previous researchers have conducted bibliometrics analysis on financial literacy, financial literacy and retirement planning, financial literacy, and its influence on financial behaviour, but so far, no work has been done related to science mapping on financial literacy and financial market participation.
 Significance-This study will assist researchers in finding the prominent work on financial literacy and active participation in financial market and to uncover the emerging trends in this domain.