Unraveling financial well-being: A comprehensive systematic literature review

Abstract

The state of financial well-being plays a significant role in influencing an individual's overall well-being and satisfaction with life. However, only a few studies summarize the research in this field despite the importance and increase in studies on the topic. To address this issue, this article presents an in-depth systematic review of the literature on financial well-being, highlighting its publication trends, influential factors, underlying theoretical frameworks, diverse measures, varying definitions and conceptualizations. Through an intensive content analysis, this review encapsulates the evolution of research trends and identifies the important factors that affect the perception of financial well-being. It has been concluded from this review that financial well-being is a complex phenomenon influenced by a number of interrelated sociodemographic, economic, financial, and psychological factors. This review provides key insights and critical findings, giving a panoramic view of financial well-being and paves the way for future research. This article concludes with thought-provoking implications for future research directions, laying the groundwork for researchers to delve deeper into uncharted territories and emphasizing the need for continued exploration of financial well-being from diverse angles.