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Antecedents and Consequences of Financial Literacy: A Comprehensive Systematic Literature Review of the Past Decade

In: Proceedings of the 3rd International Conference on Management and Business (ICOMB 2024)

Author

Listed:
  • Eni Purnasari

    (Universitas Sarjanawiyata Tamansiswa)

  • Sri Hermuningsih

    (Universitas Sarjanawiyata Tamansiswa)

  • Riskin Hidayat

    (Universitas Sarjanawiyata Tamansiswa)

  • Syamsul Hadi

    (Universitas Sarjanawiyata Tamansiswa)

  • Atul Kumar

    (DPU Dr. D.Y. Patil B-School)

Abstract

Purpose – The rapid development of financial technology has facilitated limitless access for the public. Financial literacy has gained popularity alongside the growing number of financial service users worldwide. In this context, this study aims to identify the antecedents and consequences of financial literacy by synthesizing existing research. Methodology – This study uses a systematic literature review approach to identify the antecedents and consequences of financial literacy. It also reviews the descriptive, publication, theoretical, research methodology, and geographical coverage of 32 studies identified from the Emerald database between 2014 and 2024. Findings – The results reveal various antecedents of financial literacy, including Income, Education, Gender, Experience, Financial Knowledge, Parental Influence, Behavioral Biases, Social Capital, and Cultural Factors. Additionally, the consequences identified are Improved Financial Decision-Making, Increased Stock Market Participation, Entrepreneurial Success, Reduction in Financial Vulnerability, Better Portfolio Diversification, Decreased Risky Financial Behavior, and Enhanced Financial Inclusion. Furthermore, an integrated framework is presented to synthesize existing research and guide future finance researchers, particularly in financial literacy. Originality – This integrated approach offers a clear framework that connects key antecedents and consequences of financial literacy, providing fresh insights for future research and policy development.

Suggested Citation

  • Eni Purnasari & Sri Hermuningsih & Riskin Hidayat & Syamsul Hadi & Atul Kumar, 2025. "Antecedents and Consequences of Financial Literacy: A Comprehensive Systematic Literature Review of the Past Decade," Advances in Economics, Business and Management Research, in: Alfiatul Maulida & Md. Mahmudul Alam & ⁠⁠Mark Gabriel Wagan Aguilar (ed.), Proceedings of the 3rd International Conference on Management and Business (ICOMB 2024), pages 3-14, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-698-7_2
    DOI: 10.2991/978-94-6463-698-7_2
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