IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v16y2024i23p10692-d1537827.html

Financial Sustainability Through Literacy and Retirement Preparedness

Author

Listed:
  • Sheela Sundarasen

    (Department of Accounting, Prince Sultan University, Riyadh 11586, Saudi Arabia)

  • Usha Rajagopalan

    (Department of Accounting, Prince Sultan University, Riyadh 11586, Saudi Arabia)

  • Izani Ibrahim

    (Department of Finance, Prince Sultan University, Riyadh 11586, Saudi Arabia)

Abstract

This study discusses financial sustainability in retirement via a comprehensive bibliometric and content analysis on financial literacy and retirement preparedness for 1970–October 2024. Data for this study are extracted from the Scopus database. In line with the PRISMA guideline, the inclusion and exclusion criteria were applied, and the final corpus of articles used in the analysis is 518 articles. These articles are analyzed using the bibliometric methods: Bibliometrix R-package (Biblioshiny) version 4.0 and VOSviewer 1.6.20. The descriptive analysis identified the publication trends, prominent authors, articles, sources, country collaboration, and quadrant analysis. Based on the bibliographic coupling, the following themes were identified: (1) financial literacy and retirement planning, (2) behavioral finance and psychological determinants of retirement planning and preparedness, (3) financial risk, decision making, and retirement preparedness, and (4) gender, socioeconomic factors, and financial literacy disparities. This study has consolidated and enriched the understanding of how financial literacy, education, psychology and behaviors, and financial risk play a pivotal and central role in shaping long-term financial sustainability, as well as retirement planning and preparedness. From a practical perspective, an all-inclusive understanding of the above is essential for guiding regulators and policymakers in designing policies, targeted interventions, and programs that empower individuals towards retirement preparedness, considering regional, socioeconomic, and gender-related factors.

Suggested Citation

  • Sheela Sundarasen & Usha Rajagopalan & Izani Ibrahim, 2024. "Financial Sustainability Through Literacy and Retirement Preparedness," Sustainability, MDPI, vol. 16(23), pages 1-20, December.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:23:p:10692-:d:1537827
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/16/23/10692/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/16/23/10692/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Annamaria Lusardi & Olivia S. Mitchell & Noemi Oggero, 2020. "Debt and Financial Vulnerability on the Verge of Retirement," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(5), pages 1005-1034, August.
    2. Sundarasen Sheela & Ahnaf Ali Alsmady & K. Tanaraj & Ibrahim Izani, 2023. "Navigating the Future: Blockchain’s Impact on Accounting and Auditing Practices," Sustainability, MDPI, vol. 15(24), pages 1-26, December.
    3. Annamaria Lusardi & Olivia S Mitchelli, 2007. "Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 42(1), pages 35-44, January.
    4. Maarten C.J. van Rooij & Annamaria Lusardi & Rob J.M. Alessie, 2012. "Financial Literacy, Retirement Planning and Household Wealth," Economic Journal, Royal Economic Society, vol. 122(560), pages 449-478, May.
    5. Bucher-Koenen, Tabea & Lusardi, Annamaria, 2011. "Financial literacy and retirement planning in Germany," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(4), pages 565-584, October.
    6. Annamaria Lusardi & Olivia Mitchell, 2006. "Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education Programs," Working Papers wp144, University of Michigan, Michigan Retirement Research Center.
    7. Lusardi, Annamaria & Mitchell, Olivia S., 2007. "Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth," Journal of Monetary Economics, Elsevier, vol. 54(1), pages 205-224, January.
    8. repec:ecj:econjl:v:122:y:2012:i::p:449-478 is not listed on IDEAS
    9. Kalmi, Panu & Ruuskanen, Olli-Pekka, 2018. "Financial literacy and retirement planning in Finland," Journal of Pension Economics and Finance, Cambridge University Press, vol. 17(3), pages 335-362, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Hasni Abd Rahim & Syukriah Ali, 2025. "Financial Literacy and Retirement Preparedness: A Critical Review of Determinants and Policy Using Scopus AI Analytics," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(9), pages 9706-9717, September.
    2. Eugene Muvunyi & Jacek Batóg, 2025. "Financial Inclusion and Sustainability of Economic Development: Empirical Results from Selected EU Member States," Sustainability, MDPI, vol. 17(18), pages 1-21, September.
    3. Benjamin Miranda Tabak & Débora H. Cardoso & Cristiano C. Silva, 2025. "Assessing the Drivers of Financial Vulnerability and Fraud in Brazil: The Critical Role of Financial Planning over Literacy," Sustainability, MDPI, vol. 17(20), pages 1-33, October.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Noemi Oggero & Maria Cristina Rossi & Elisa Ughetto, 2020. "Entrepreneurial spirits in women and men. The role of financial literacy and digital skills," Small Business Economics, Springer, vol. 55(2), pages 313-327, August.
    2. Azra Zaimovic & Anes Torlakovic & Almira Arnaut-Berilo & Tarik Zaimovic & Lejla Dedovic & Minela Nuhic Meskovic, 2023. "Mapping Financial Literacy: A Systematic Literature Review of Determinants and Recent Trends," Sustainability, MDPI, vol. 15(12), pages 1-30, June.
    3. Ruiting Sun & Huanhuan Zhang & Calum G. Turvey & Xueping Xiong, 2021. "Impact of Financial Literacy on Retirement Financial Portfolio: Evidence from China," Asian Economic Journal, East Asian Economic Association, vol. 35(4), pages 390-412, December.
    4. Shen, Chung-Hua & Lin, Shih-Jie & Tang, De-Piao & Hsiao, Yu-Jen, 2016. "The relationship between financial disputes and financial literacy," Pacific-Basin Finance Journal, Elsevier, vol. 36(C), pages 46-65.
    5. Rayenda Khresna Brahmana & Ritzky Karina Brahmana, 2016. "The Financial Planning and Financial Literacy of ex-Malaysia Indonesian Migrant Workers," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2016(5), pages 47-59.
    6. Lin, Chaonan & Hsiao, Yu-Jen & Yeh, Cheng-Yung, 2017. "Financial literacy, financial advisors, and information sources on demand for life insurance," Pacific-Basin Finance Journal, Elsevier, vol. 43(C), pages 218-237.
    7. M. Debbich, 2015. "Why Financial Advice Cannot Substitute for Financial Literacy?," Working papers 534, Banque de France.
    8. Gerhard, Patrick & Hoffmann, Arvid O.I. & Post, Thomas, 2017. "Past performance framing and investors’ belief updating: Is seeing long-term returns always associated with smaller belief updates?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 15(C), pages 38-51.
    9. Florian Deuflhard & Dimitris Georgarakos & Roman Inderst, 2019. "Financial Literacy and Savings Account Returns," Journal of the European Economic Association, European Economic Association, vol. 17(1), pages 131-164.
    10. M. Fort & F. Manaresi & S. Trucchi, 2012. "Banks Information Policies, Financial Literacy and Household Wealth," Working Papers wp852, Dipartimento Scienze Economiche, Universita' di Bologna.
    11. George Apostolakis & Gert Dijk, 2018. "Retirement concerns and planning of cooperative members: a study in the Dutch healthcare sector," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 53(4), pages 209-224, October.
    12. Yang Li & Jan E. Mutchler & Edward Alan Miller & Jing Jian Xiao & Reginald Tucker-Seeley, 2022. "Space, Context, and Human Capital: A Micro–Macro Perspective on the Social Environment and Financial Literacy in Later Life," Population Research and Policy Review, Springer;Southern Demographic Association (SDA), vol. 41(3), pages 1385-1404, June.
    13. Jiang, Jinglin & Liao, Li & Wang, Zhengwei & Xiang, Hongyu, 2020. "Financial literacy and retail investors' financial welfare: Evidence from mutual fund investment outcomes in China," Pacific-Basin Finance Journal, Elsevier, vol. 59(C).
    14. Milena Dinkova & Adriaan Kalwij & Rob Alessie, 2021. "Know More, Spend More? The Impact of Financial Literacy on Household Consumption," De Economist, Springer, vol. 169(4), pages 469-498, November.
    15. Heenkenda, Shirantha, 2016. "The Determinants of Dropouts from Voluntary Pension Scheme: Evidence from Sri Lanka," MPRA Paper 72481, University Library of Munich, Germany.
    16. Lührmann, Melanie & Serra-Garcia, Marta & Winter, Joachim, 2015. "Teaching teenagers in finance: Does it work?," Journal of Banking & Finance, Elsevier, vol. 54(C), pages 160-174.
    17. Bechly, Paul, 2018. "An Examination of Demographic Differences in Obtaining Investment and Financial Planning Information," EconStor Theses, ZBW - Leibniz Information Centre for Economics, number 233014, March.
    18. Raquel Fonseca & Simon Lord, 2020. "Canadian Gender Gap in Financial Literacy: Confidence Matters," Hacienda Pública Española / Review of Public Economics, IEF, vol. 235(4), pages 153-182, December.
    19. Fang, Jiali & Liu, Na & de Bruin, Anne & Wongchoti, Udomsak, 2022. "The salience of children to household financial decisions," Journal of Banking & Finance, Elsevier, vol. 139(C).
    20. Buchholtz, Sonia & Gaska, Jan & Góra, Marek, 2018. "Pension Strategies of Workers in a Country Getting Old before Getting Rich," IZA Discussion Papers 11830, IZA Network @ LISER.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:16:y:2024:i:23:p:10692-:d:1537827. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager The email address of this maintainer does not seem to be valid anymore. Please ask MDPI Indexing Manager to update the entry or send us the correct address (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.