Tri-Decadal Review on Personal Finance and Financial Well-Being

Abstract

Individual money management directs funds to significant paths to achieve financial well-being. This study aims to analyse the articles already published in this research area and explore the future scope of expansion of this study. Systematic mapping and bibliometric analysis of 497 articles from the Scopus database were done to identify the trends in the study of personal finance and financial well-being for the last three decades. Researchers have used theoretical, graphical, and visualisation techniques to understand this drift to analyse and portray the results. It was found that research in the field of personal finance and financial well-being was protracted and made its impact in this research arena. Its trend has felt pervasive lately because of the rising relevance in the current trend patterns resulting from the advancements in various scenarios like technology and the availability of funds. The study will help researchers and other stakeholders to find unexplored avenues related to personal finance and attaining financial well-being for future research. The study is conducted because of the novelty in this area and this gap has motivated the researcher to adopt quantitative and qualitative techniques to explore this research avenue. The study directs us toward the conclusion that personal finance and financial well-being have a wider scope to expand in various multidisciplinary areas.