Gup a, Anju; Mish a, Shekha ; Behe a, Deepak Kuma
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T acing he ajec o y o inancial ulne abili y: a
sys ema ic e iew and bibliome ic analysis
Cogen Economics & Finance
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T acing he ajec o y o financial ulne abili y: a
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Anju Gup a, Shekha Mish a & Deepak Kuma Behe a
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FINANCIAL ECONOMICS | RESEARCH ARTICLE
T acing he ajec o y o inancial ulne abili y: a sys ema ic e iew
and bibliome ic analysis
Anju Gup a
a
, Shekha Mish a
a
and Deepak Kuma Behe a
b
a
Depa men o Comme ce, Manipal Academy o Highe Educa ion (MAHE), Manipal, India;
b
Economics and Finance
Depa men , The Business School, RMIT Uni e si y, Ho Chi Minh Ci y, Vie nam
ABSTRACT
O e he span o 40 yea s, a subs an ial numbe o concep ual and empi ical s udies
ha e been conduc ed on inancial ulne abili y (hence o h FV). These s udies p ima -
ily co e ed socioeconomics, inance, managemen , and medicine. Howe e , he e is a
pauci y o comp ehensi e e iews and scien i ic mapping o he ex an li e a u e in
he FV domain. Bibliome ic analysis a emp s o p o ide quan i a i e and quali a i e
knowledge in his a ea. This s udy was based on a e iew o 475 a icles published in
Scopus-indexed jou nals om 1990 o 2023. The p esen s udy employed he
Biblioshiny R s udio Bibliome ix package o da a ex ac ion and analysis. Ou analysis
p o ides in o ma ion on ecen publica ion ends; p ominen au ho s, ins i u es, and
coun ies; ci a ions; hema ic g oups; keywo d analysis; and social ne wo k analysis o
iden i y in luen ial wo k in his esea ch domain and u u e gaps. The p esen analysis
con ibu es o consolida ing he exis ing agmen ed li e a u e on FV and highligh s
i s signi icance du ing he cu en pandemic. Addi ionally, he s udy would be use ul
o esea che s, p ac i ione s, and academicians o p oceed o u he explo e he a ea
and ou line he ends and hei empi ical in es iga ion.
IMPACT STATEMENT
O e he span o 40 yea s, a subs an ial numbe o concep ual and empi ical s udies
ha e been conduc ed on inancial ulne abili y. Thus, his pape p o ides a comp e-
hensi e o e iew o he e olu ion o inancial ulne abili y esea ch, u ilizing bo h sys-
ema ic e iew and bibliome ic analysis o map ends, key hemes, and in luen ial
wo ks. By syn hesizing exis ing li e a u e and isualizing he ne wo k o schola ly con-
ibu ions, his s udy highligh s he c i ical ac o s and p o iding he u u e esea ch
di ec ions in he ield. The indings o e aluable insigh s o esea che s, policy-
make s, and p ac i ione s, aiding in he o mula ion o s a egies o mi iga e inancial
ulne abili y and p omo e inancial esilience in di e se socioeconomic con ex s.
ARTICLE HISTORY
Recei ed 10 May 2024
Re ised 18 Sep embe 2024
Accep ed 27 Sep embe 2024
KEYWORDS
Financial ulne abili y;
sys ema ic li e a u e e iew;
bibliome ic s udy;
household inancial
ulne abili y; biblio-science
mapping
SUBJECTS
Economics; Finance;
Compu e G aphics &
Visualiza ion
JEL
G51; G01
1. In oduc ion
The Co id-19 pandemic has pushed he global economy in o a inancial c isis, s aining household inan-
cial condi ions. This economic down u n and wo ldwide pandemic ha e made households inancially
ulne able. Ea lie , poo ly educa ed and unemployed indi iduals we e conside ed p one o inancial ul-
ne abili y (hence o h FV) (Loke, 2017). Howe e , wi h he ou se o he pandemic si ua ion, e en highe -
income indi iduals can become inancially ulne able (Kalil e al., 2020; Salisbu y e al., 2022). Acco ding
o su ey da a om he FIS,
1
younge amilies a e mo e p one o FV. 48% o he esponden s did no
ha e enough unds o handle unexpec ed inancial shocks. The inc eased deb bu den coupled wi h
mo gages and loans ele a ed he ad e si y o he households (Lusa di e al., 2019). The e o e, know-
ledge o FV e en ually becomes he mos c ucial de e minan o o e coming hese inancial challenges.
CONTACT Shekha Mish a [email p o ec ed] Depa men o Comme ce, Manipal Academy o Highe Educa ion (MAHE),
Manipal, Ka na aka 576104, India
ß2024 The Au ho (s). Published by In o ma UK Limi ed, ading as Taylo & F ancis G oup
This is an Open Access a icle dis ibu ed unde he e ms o he C ea i e Commons A ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. The e ms on which his a icle has been
published allow he pos ing o he Accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
COGENT ECONOMICS & FINANCE
2024, VOL. 12, NO. 1, 2411566
h ps://doi.o g/10.1080/23322039.2024.2411566
Howe e , FV has been explo ed in a wide a ay o esea ch domains such as ma ke ing (Bake e al.,
2005; Shul z & Holb ook, 2009), inance, (Hahm e al., 2013) economics (Ande loni e al., 2012), psych-
ology (Shah e al., 2012), and heal h (Lachs & Han, 2015). Su p isingly, no uni e sally accep ed de ini ion
o FV and i s dimensions exis s un il ecen ly. A he same ime, a ple ho a o s udies used his cons uc
in a ied con ex s; mos , i no all, o hem, de eloped idiosync a ic measu es o FV and applied acco d-
ingly o sol e speci ic esea ch p oblems (e.g., Abdullah Yuso e al., 2015; B une i e al., 2016; P awi z
e al., 2006) wi hou de ining he cons uc in a wholesome manne . Fu he , he e m “FV”has o en
been used in e changeably wi h wo ds like “ inancial agili y”and “ inancial dis ess”(Ali e al., 2020;
Daud e al., 2018), demons a ing agueness in hei usage.
To add ess his esea ch gap O’Conno e al. (2019) o mally de ined FV as “likelihood ha an indi id-
ual will expe ience inancial ha dship”whe e inancial ha dship has been concep ualized as “a s a e o
dis ess in which an indi idual is unable o main ain hei s anda d o li ing”(O’Conno e al., 2019,p.
422, Whelan, 2001). A ecen de ini ion sugges s ha i is subjec i e in na u e, as i is based on how
indi iduals pe cei e i , i espec i e o he objec i e o eal s a e o hei inancial condi ion. This also
means ha an indi idual’s FV is idiosync a ic and someone else canno e alua e he s a e o ano he
pe son’s inancial s a us.
In addi ion, i is a mul i-dimensional cons uc , and he e a e a ious de e minan s o FV. These
include pe sonal spending, hedonic beha iou (Gup a & Mukhe jee, 2024) sho -sigh edness, inapp op i-
a e money managemen , low income (Ziliak, 2015) indi iduals’educa ion le el, unemploymen , indeb -
edness (Cos a & Fa inha, 2012), sudden impac ul changes in inancial s a us (Mid~
oes & Se
e, 2022) and
he psychological and physiological heal h o indi iduals (Bialowolski & Weziak-Bialowolska, 2014;
Ho mann & McNai , 2018). Ex an esea ch “na owly”used objec i e a iables, such as income and deb
a ios, c edi his o y, and income s a emen s o demons a e FV (Ande loni e al., 2012; Noe hidaja i
e al., 2021) and subjec i e a iables, such as indi iduals’a i udes and opinions abou hei inancial
condi ions (Hausho e & Feh , 2014; Mani e al., 2013).
Resea ch on FV has expe ienced unp eceden ed g ow h in ecen imes, d i en by i s undispu able
impo ance o indi iduals and ins i u ions in he global economic landscape. This inc ease in he num-
be o empi ical in es iga ions in he domain o FV has been e ec i ely summa ized by ecen esea ch
syn heses (e.g., Fe n
andez-L
opez e al., 2023; Leand o & Bo elho, 2022; Lee & Sab i, 2017). While he
e iew by Fe n
andez-L
opez e al. (2023) ypically ocused om 2000–2022 and on he phenomenon o
consume FV, Leand o and Bo elho (2022) e iew mo ed beyond hese phenomena and discussed he
ace s o consume o e -indeb edness and consume c edi . These wo ks explo ed he di e se li e a u e
on FV, ocusing on salien consume beha iou and decision-making ac i i ies, heo e ical unde pinnings,
concep ual amewo ks, me hodologies, and u u e esea ch di ec ions. While hese e iews a e me i o i-
ous in hei own igh s, a b oade insigh in his domain h ough a bibliome ic e iew would be help ul
in comp ehending he en i e y o he domain om he eade ’s pe spec i e. Unlike he p e ious e iews,
ou s udy ex ends he analysis o e an ex ensi e imeline (1990–2023), cap u ing he e olu ion o his
domain o e h ee decades and hus p o iding a comp ehensi e his o ical pe spec i e. Also, ou e iew
inco po a es a wide a ay o ac o s associa ed o FV, including socio-economic, inancial, psychological
and con empo a y si ua ions. This holis ic app oach allows a nuanced unde s anding o he mul i ace ed
na u e o FV. This comp ehensi e and bibliome ic science d i en app oach no only enhances he
unde s anding o FV bu also di ec he pa hways o u u e esea ch and p ac ical implica ions in a
wide ange, hus making a signi ican con ibu ion o he ield o inance and economic. The bibliome -
ic echnique is exclusi e o he sys ema ic li e a u e e iew, as bibliome ic e iews a e “highly e icien
and objec i e as hey le e age on he powe o echnology o da a collec ion”(Don hu e al., 2021;
Ellegaa d & Wallin, 2015), especially o e iew a icles wi h a la ge co pus (i.e., hund eds o a icles).
Mo eo e , a bibliome ic e iew o FV complemen s hese syn heses by p o iding mo e empi ical ana-
lysis ela ed o he impac o he domain (e.g., ci a ions) and s akeholde s (e.g., ins i u ions) (Don hu
e al., 2021; Ramos-Rod
ıguez & Ru
ız-Na a o, 2004).
This s udy makes se e al signi ican con ibu ions o he FV li e a u e. Fi s , i led o he p ocess o
iden i ica ion, explo a ion, and me hodically o ganizing he p io i y a eas wi hin FV h ough a comp e-
hensi e e iew o academic pape s published o e he las h ee decades (1990–2023). Second, i
en iches he unde s anding o his domain by including he scien i ic mapping o FV as a
2 A. GUPTA ET AL.
mul idimensional cons uc (O’Conno , e al., 2019; Daud e al., 2018). Thi d, by syn hesizing and o ganiz-
ing he a o emen ioned indings, his s udy lays he g oundwo k o ad ancing he ield while o e ing
insigh s o u u e esea ch di ec ions. Finally, i p o ides aluable insigh s o policymake s and p ac i-
ione s by shedding ligh on ecen FV hemes.
The emainde o he pape is s uc u ed as ollows. Sec ion 2 e iews he li e a u e on FV. Sec ion 3
discusses he da a and me hod o he analysis, ollowed by Sec ion 4, whe e he key esul s ob ained
om he bibliome ic analysis o he FV a ea a e discussed. Finally, in Sec ion 5, he agenda o u u e
esea ch in his domain is p o ided, along wi h a discussion and conclusion.
2. Re iew o li e a u e
The concep o FV has unde gone signi ican explo a ion, wi h ea ly esea ch p ima ily ocusing on he
likelihood o acing inancial challenges, pa icula ly bank up cy, among o -p o i o ganiza ions (Al man,
1968). Tuckman and Chang (1991) in oduced a seminal de ini ion o non-p o i o ganiza ions, which is
“likely o cu back i s (p og am) se ice o e ings immedia ely when i expe iences a inancial shock.”The
de ini ion ame FV as he p opensi y o swi ly educe p og ams o se ices in esponse o inancial
s ocks such as economic c ises o dec eased dona ions. Subsequen ly, hey p oposed a model inco po-
a ing ou key inancial indica o s: he equi y a io, su plus ma gin, e enue concen a ion index, and
adminis a i e cos s. Fu he s udies by G eenlee and T ussel (2000) and T ussel and G eenlee (2004)
expand on his amewo k by combining addi ional accoun ing a iables. Hage (2001) applied he
Tuckman and Chang (1991) model o p edic he collapse o a s-based o ganiza ions, while Thomas and
T a o d (2012) ex ended i o de elop a Financial Exposu e Index by in oducing a ia ions in he o i-
ginal ou inancial indica o s. Bowman (2011) in oduced a mul i-dimensional pe spec i e o FV, ocusing
on wo empo al aspec s (i.e., inancial capaci y and inancial sus ainabili y), pa icula ly sho - e m
p o i -making o e long- e m capi al gains o non-p o i o ganiza ions.
FV ex ends beyond o ganiza ional con ex s o he indi idual and household le els. P e ious s udies explo ed
he FV o households wi h high deb o consume loans (Kim e al., 2016;Ande lonie al.,2012). Schola s om
he heal h and medical domains ha e s udied FV wi h espec o indi iduals su e ing om ge ia ic issues o
s ess ul condi ions ha leads o inc eased deb (Lachs & Han, 2015; Mason e al., 2018; Tu unen & Hiilamo,
2014). Howe e , in addi ion o deb and liquidi y conside a ions, many ac o s make indi iduals o households
inancially ulne able. Households a e inancially ulne able when hey do no ha e enough unds and sa ings
o ace an unexpec ed inancial eme gency and a e unable o main ain hei p esen li ing s anda ds (Pew
Cha i able T us s, 2017), and a e no able o enjoy hei es i al (Sachin e al., 2018).
Conside able esea ch has been dedica ed o in es iga ing he ac o s/an eceden s ha lead o he
FV o indi iduals and households. Such esea ch is mainly d i en by a g owing consensus among schol-
a s ha he pandemic has led o a subs an ial educ ion in income (Mid~
oes & Se
e, 2022). The inancial
c isis made indi iduals and households mo e ulne able wo ldwide, leading o inc eased unemploymen ,
deb -se icing challenges, and inancial eme gencies (Van Aa d e al., 2009).
Some o he impo an de e minan s o FV a e he indeb edness o households (Ande loni e al.,
2012), le el o income (B idges & Disney, 2004), a i ude owa ds money (Sab i e al., 2020), money man-
agemen , inancial li e acy, and capabili ies (Singh & Malik, 2022), isky c edi beha iou (Bu lamaqui &
K egel, 2005), inancial cha ac e is ics o indi iduals, hei inancial p e e ences, and beha iou s, and sel -
con ol (Rey-A es e al., 2021). Xu e al. (2018) ound ha indi iduals’ inancial dis ess is in luenced by
hei gene ics, pe sonali y, and cogni i e skills.
While a as body o he li e a u e al eady exis s ha explo es he an eceden s o FV, li le is known
abou i s consequences o indi iduals. P io s udies ha a emp ed o in es iga e a ew possible ou -
comes o FV documen i s e ec on b oade cons uc s, such as amily and well-being, quali y o li e,
success, happiness, men al heal h, and o e all well-being o indi iduals (Ho mann, & McNai ).
Based on a summa y o he li e a u e in his domain and ollowing hei scope and me hodology, his
s udy aimed o answe he ollowing esea ch ques ions:
RQ1. Wha is he publica ion end o FV esea ch?
RQ2. Wha a e he mos in luencing a icles con ibu ing o he FV?
COGENT ECONOMICS & FINANCE 3
RQ3. Which a e he op con ibu ing jou nals in FV esea ch?
RQ4. Who a e he p ominen au ho s in FV esea ch?
RQ5. Wha a e he majo hemes on FV?
RQ6. Wha is he u u e scope o esea ch on FV?
This s udy conduc s a bibliome ic e iew o answe he a o emen ioned esea ch ques ions and con-
ibu es o he li e a u e on inancial ulne abili y. The subsequen sec ions de ail he da abase sea ch
and bibliome ic analysis p ocedu es.
3. Me hods
In his schola ly e iew, he sys ema ic li e a u e e iew (SLR) app oach was selec ed o amalgama e p e-
ious esea ch indings (Blanco-Mesa e al., 2017), chosen o i s abili y o mi iga e bias (Goyal & Kuma ,
2020). This e iew adop s he “Scien i ic P ocedu es and Ra ionales o Sys ema ic Li e a u e Re iews”
Figu e 1. “SPAR-4 SLR”diag am.
4 A. GUPTA ET AL.
(SPAR-4-SLR) c i e ia. The a ionale unde lying his selec ion s ems om he acknowledged supe io i y o
SPAR-4-SLR o e he PRISMA Guidelines in e ms o me hodological igo . Fu he mo e, he SPAR-4-SLR
me hod is s uc u ed and based on h ee p incipal s ages: “assembling,”“a anging,”and “assessing”
a icles, (Figu e 1) as desc ibed by Paul e al. (2021). A delinea ion o he e iew c i e ia is p esen ed
below.
3.1. Assembling
We used he Scopus da abase o ex ac ele an documen s o his s udy. Scopus is a enowned elec onic
da abase ha p o ides a pla o m o no able publica ions om p ominen jou nals and es eemed
esea che s (Paul e al., 2021). Acco ding o he in o ma ion a ailable on he Else ie websi e, Scopus
indexed app oxima ely 25,000 jou nals, a ound 75 million publica ions and 1.4 billion ci a ions. Scopus is
equen ly ecommended by esea che s o bibliome ic e iews because o i s ex ensi e da a (Don hu
e al., 2021). The Scopus da abase was sui able o he s udy, in con as o Google Schola , because p e i-
ous schola s ha e poin ed ou he ci a ion biases and e o s ound in he Google Schola da abase
(Jensenius e al., 2018; O duna-Malea e al., 2017) and c i icized o no p ohibi ing p eda o y jou nals as
well as he complexi y in ol ed in da a ex ac ion (Chapman & Ellinge , 2019). These conce ns led us o
es ain he use o Google Schola o ou li e a u e sea ch. Ou sea ch on Scopus was conduc ed be ween
1990 and 2023, using he “TIT-ABS-KEY”sea ch que y o a ge key e ms such as “Financial Vulne abili y,”
“Financial Vulne able,”“Financial dis ess,”o “Household Vulne able,”and “Financial agili y.”The sea ch
s ing had hese c i ical keywo ds linked by OR Boolean ope a o . This endea ou yielded 6,414 documen s.
3.2. A anging
Subsequen ly, igo ous inclusion and exclusion c i e ia we e applied o e ine he a angemen and
selec ion o he mos pe inen a icles. The s udy used he ca ego y (code) unc ion o he Scopus da a-
base o il e he ga he ed da a acco ding o “yea , subjec , documen ype, sou ce, publica ion s age,
and language.”The sea ch s a egies we e con ined o “1990-2023, Economics, Econome ics, Finance,
Business Managemen , Accoun ing, and Social Sciences, a icles, e iew, inal, jou nal, and English”in
hose codes, espec i ely. This esul ed in he inclusion o 2656 a icles. Figu e 2. A de ailed low o
sea ch and il a ion p ocess o esea ch a icles o bibliome ic analysis. We excluded a icles om un e-
la ed ields (e.g., medical ulne abili y, o ganisa ional dis ess) o used he e m in a con ex i ele an o
pe sonal inance o household economics. In addi ion, s udies wi h li le o no ela ion wi h inance,
such as a s, physics, science, mac oeconomics, e c., and s udies whe e FV was measu ed h ough non-
inancial a iables (ch onic disease, poo consump ion habi s o alcohol and obacco) we e excluded
om he s udies. To ensu e he inclusion o ele an a icles, hose a icles we e sho lis ed o u he
analysis, which ei he ocused on FV o inancial dis ess (concep , measu emen , de e minan s, and ou -
comes), a icles dealing wi h a ela i ely wide and closely ela ed concep “ inancial c isis.”
Subsequen ly, duplica es we e emo ed. Con e sely, we excluded documen s, such as con e ence p o-
ceedings, heses, book chap e s, and pape s published in languages o he han English. In o al 3785
a icles we e excluded based on abo e men ioned c i e ia.
Fu he mo e, he nex selec ion p ocedu e con ains h ee s eps o e ie e he mos ele an a icles
o he s udy.
1. Sc eening and selec ing a icles published in he ields o Business, Managemen and Accoun ing,
Econome ics and Finance, Economics, and Social Sciences.
2. We ocused on published a icles and e iews because hey a e deemed o o e ce i ied knowledge
(Ramos-Rod
ıguez & Ru
ız-Na a o, 2004).
3. We did a ho ough “ i le and abs ac ” eading o selec co e a icles ela ed o he domain. Using
hese il e s, he ini ial pool size was educed o 486.
COGENT ECONOMICS & FINANCE 5
Finally, he da a we e downloaded and expo ed o he Excel shee , and each a icle was hand
sea ched and ead wi h special emphasis on he abs ac , indings, and conclusions, and duplica es we e
emo ed which yielded a collec ion o 475 a icles.
3.3. Assessing
This s udy adop s a bibliome ic app oach o assess he comp ehensi e collec ion o 475 a icles on FV.
This me hod u ilizes quan i a i e echniques o analyse schola ly wo k in eal- ime (Don hu e al., 2021).
Mo eo e , his s udy in eg a es a sys ema ic li e a u e e iew me hodology o enhance anspa ency and
c edibili y (Ellegaa d & Wallin, 2015). Fu he mo e, bibliome ic analysis se es o mi iga e bias by
employing quali a i e e iews h ough quan i a i e ools, which a e pa icula ly pe inen in handling a
la ge co pus o 100–1000 a icles (Bu on e al., 2020), as in his e iew wi h 475 a icles. Pe o mance
assessmen and science mapping analysis was done by u ilizing ools such as Biblioshiny. Pe o mance
analysis, he hallma k o any bibliome ic s udies is mos ly desc ip i e in na u e, and i examines he
con ibu ions o cons i u es o a gi en domain (Ramos-Rod
ıguez & Ru
ız-Na a o, 2004). Biblioshiny
Figu e 2. A low o sea ch and il a ion p ocess o a icles.
6 A. GUPTA ET AL.
inco po a es a la ge a ie y o analyses such as publica ion ends, in luen ial a icles, no able au ho s,
op coun ies, and a ilia ions (Don hu e al., 2021; Mo al-Mu~
noz e al., 2020). The analysis op ions in bib-
lioshiny a e di e se and ca ego ized based on analy ics and g aphs. The p ominen 7 subdi isions a e (1)
o e iew, (2) sou ces, (3) au ho s, (4) documen s, (5) concep ual s uc u es, (6) in ellec ual s uc u e, and
(7) social s uc u e. The esul s a e gene a ed in he o m o g aphs, and pe o mance analyses can be
easily expo ed o di e en ile o ma s (Mo al-Mu~
noz e al., 2020). Thus, because o he ease o i s in e -
ace, Bibloshiny could be supe io so wa e o p ac i ione s (Ingale & Palu i, 2022; Thanga el & Chand a,
2023). Fo da a isualiza ion, we used he ee and use - iendly so wa e “Vos Viewe .”By syn hesizing
pas li e a u e, his e iew pa es he way o u he esea ch in his domain. The subsequen sec ions o
he pape p esen he indings complemen ed by ables and igu es ha elucida e he na a i es.
4. Resul s
Table 1 indica es ha , wi h an annual g ow h a e o 11.23%, documen collec ion e lec s a dynamic accu-
mula ion o knowledge o e a pe iod o h ee decades. On a e age, he a icles we e se en yea s old, indi-
ca ing a ela i ely ecen su ge in publica ions. In e ms o ci a ion impac , each documen has an a e age
o 15.95 ci a ions, unde sco ing he signi icance and popula i y o he esea ch domain among schola s.
The da ase includes a b ead h o opics, as e idenced by he p esence o 1206 Keywo ds Plus (ID) and
1405 au ho keywo ds (DE), signi ying he ichness and di e si y o he subjec ma e co e ed. A o al o
1243 au ho s con ibu ed o he da ase , wi h 86 documen s au ho ed by a single au ho . Collabo a ion in
his domain is p e alen , wi h an a e age o 2.9 co-au ho s pe documen . App oxima ely 23.58% o he col-
labo a ions we e in e na ional, highligh ing he global each and collabo a i e wo k o schola ly esea ch.
In e ms o documen ype, he da ase p ima ily comp ises a icles (452) and e iews (19), ep esen ing
igo ous academic s udy and c i ical analysis wi hin he schola ly communi y.
4.1.1. Publica ion end (RQ1)
The ch onological dis ibu ion o schola ly a icles o e he yea s e ealed a p og essi e inc ease in
esea ch ou pu . In he ini ial yea s, he e we e a modes numbe o published a icles, g adually ansi-
ioning o a pa amoun g ow h phase om he la e 1990s o he ea ly 2000s. Subsequen yea s, no ably
he mid-2000s, exhibi ed a dis inc upwa d end in schola ly con ibu ions because o he inancial c isis.
No ably, an upwa d end in a icle p oduc ion was e iden in he la e hal o he 2010s (Figu e 3) indi-
ca ing a p o ound su ge in esea ch ac i i y. This empo al pa e n unde sco es he popula i y and esca-
la ing engagemen wi hin he subjec ma e due o he a e ma h o he global pandemic, and i s
impac on indi iduals’o e all well-being leads o he dynamic inclina ion o academics in his ield.
Table 1. Summa y o bibliome ic analysis based on Scopus.
Main in o ma ion abou da a
Timespan 1990:2023
Sou ces (Jou nals, Books, e c.) 337
Documen s 475
Annual G ow h Ra e % 11.23
Documen A e age Age 7
A e age ci a ions pe doc 15.95
Documen con en s
Keywo ds Plus (ID) 1206
Au ho ’s Keywo ds (DE) 1405
Au ho s
Au ho s 1243
Au ho s o single-au ho ed docs 86
Au ho s collabo a ion
Single-au ho ed docs 88
Co-au ho s pe doc 2.9
In e na ional co-au ho ships % 23.58
Documen ypes
A icle 452
Re iew 19
Sou ce: Biblioshiny and au ho s.
COGENT ECONOMICS & FINANCE 7
4.3.3. S uc u e map de eloped om he mul iple co espondence analysis (MCA)
Bibliome ic analysis is no only an analysis o keywo ds bu also he e ms used in he a icle’s i les
and abs ac s. Co espondence analysis (CA) and mul iple co espondence analysis (MCA) p esen isual-
iza ions o he concep ual s uc u e o a wo-dimensional plo (A ia & Cuccu ullo, 2017). He e, MCA is
used o deduce he concep ual s uc u e o he domain o disco e clus e s o a icles ha in eg a e
common concep s, and he esul s a e plo ed on a wo-dimensional map (A ia & Cuccu ullo, 2017).
The concep ual s uc u e map is cons uc ed based on mul iple co espondence analysis (MCA), which
b ings oge he he keywo ds by conside ing hei homogenei y in he ne wo k. Figu e 10 shows com-
mon keywo ds g ouped in o wo clus e s. Clus e 1 o he igh o he concep ual s uc u e map
Figu e 8. Mos ele an keywo ds. Sou ce: Biblioshiny using Scopus da abase.
Figu e 9. Wo d cloud o au ho s’keywo ds. Sou ce: Biblioshiny using Scopus da abase.
14 A. GUPTA ET AL.
ep esen s he keywo ds ha a e mos equen ly used in he esea ch a icles o FV, wi h esea ch
hemes o heal h and managemen in common. Fo example, keywo ds such as “Humans,”“Mac o-eco-
nomic,”“Psychology,”“O ganiza ions,”“Finance,”and “The U.S. Whe eas clus e 2 o he le o he con-
cep ual s uc u e map shows he keywo ds “Finance, “ inancial sys ems,”“banking,”“in es men ,”
“ inancial c isis”and “Canada.”These keywo ds e eal ha e y limi ed wo k has been done and he e is
u he scope o explo ing he FV a ea. The closeness o he keywo ds owa ds he cen e in bo h clus-
e s can be iden i ied as a high esea ch heme in ecen yea s; he close he keywo ds a e o he edge
o he clus e s, he na owe is he esea ch co e age (A ia & Cuccu ullo, 2017).
4.3.4. Fu u e di ec ion as he way o wa d (RQ6)
Th ough a comp ehensi e e iew o exis ing li e a u e and he applica ion o hema ic and keywo d
analyses, his s udy p esen s signi ican indings ha gene a e p omising a enues o u u e esea ch.
The p oposed di ec ions o u he in es iga ion emphasize ou key a eas: (a) de ini ion and scope, (b)
an eceden s and consequences o FV, (c) me hodological pe spec i e, and (d) in e disciplina y s udies.
Thus, he indings o his s udy no only con ibu e o he cu en unde s anding o FV, bu also guide
and inspi e u u e schola ly s udies wi hin his ield.
4.3.4.1. De ini ion and scope o FV. The i s esea ch di ec ion s ems om he li e a u e e iew and
pe ains di ec ly o he de ini ion and scope o he FV cons uc . A c i ical e alua ion o he cu en
body o wo k e eals a lack o consensus ega ding he p ecise bounda ies o FV, he eby aising con-
ce ns abou i s de ini ion and scope (O’Conno e al., 2019). Al hough he e m “FV”is widely used
among academics and p ac i ione s, he e has been limi ed discussion on i s concep ual cla i y wi hin
he ealm o pe sonal and household inance. Te ms like “ inancial c isis,”“ inancial agili y,”and
“ inancial dis ess”a e o en used in e changeably wi h FV (Ali e al., 2020; Daud e al., 2018), which u -
he complica es i s concep ualiza ion. Figu e 5 highligh s eme ging hemes ( ep esen ed in g een
Figu e 10. Concep ual s uc u e map –me hod MCA. Sou ce: Biblioshiny using Scopus da abase.
COGENT ECONOMICS & FINANCE 15
colou ) ha include e ms such as “ inancial c isis”and “ ulne abili y”and illus a es his ambigui y in
usage. This inding unde sco es he need o a homogeneous and comp ehensi e de ini ion o FV.
Addi ionally, i is unlikely ha a same concep o FV can be uni o mly applied ac oss economically
di e se egions, such as he USA, A ica, India, and Malaysia (Fe n
andez-L
opez e al., 2023). As such, i is
essen ial o de elop con ex -speci ic de ini ions o FV ha a e adap able o a ying economic condi ions.
Impo an ly, ou indings also indica e ha he majo i y o exis ing li e a u e p edominan ly ocuses on
economically de eloped coun ies, o en o e looking egions wi h highe po e y a es o less-de eloped
economies. Gi en he sca ci y o esea ch om de eloping na ions, u u e s udies should p io i ize hese
con ex s.
4.3.4.2. An eceden and consequences o FV. The second co e esea ch di ec ion o e s aluable
insigh s in o po en ial an eceden s and ou comes wi hin he domain o FV and enhances ou unde -
s anding necessa y o conduc ing empi ical in es iga ions in his domain. Exis ing esea ch has p ima ily
ocused on iden i ying he ac o s ha de e mine he FV o indi iduals and households. These ac o s
a e la gely d i en by he g owing consensus among schola s ha he pandemic has caused a signi ican
decline in income le els (Mid~
oes & Se
e, 2022). Indeed, he global inancial c isis has heigh ened he ul-
ne abili y o indi iduals and household and con ibu es o issues such as ising unemploymen , di icul-
ies in se icing deb , and inancial eme gencies (Van Aa d e al., 2009). Keywo d analysis (Figu e 7) also
e ealed simila e ms such as “household deb ,”“human,”“Co id-19,”and “po e y.”In ac , much o
he ex an esea ch has na owly elied on objec i e measu es such as income and deb a ios, c edi his-
o y, and income s a emen s o assess FV (Ande loni e al., 2012; Noe hidaja i e al., 2021), alongside
subjec i e measu es such as indi iduals’pe cep ions o hei inancial ci cums ances (Hausho e & Feh ,
2014; Mani e al., 2013). This highligh s he need o u u e s udies o inco po a e a b oade ange o ac-
o s in unde s anding FV.
In Figu e 5, he niche hemes (p esen ed in pu ple colou ) exhibi a esea ch gap in ca ego izing he
de e minan s o FV, pa icula ly in dis inguishing be ween sociodemog aphic, beha io al, mac oeco-
nomic, and social ac o s. Inco po a ing mo e beha io al a iables, such as sel -con ol, locus o con ol
(Heidhues & K}
oszegi, 2010), and inancial capabili y, is c ucial o de eloping a mo e comp ehensi e
unde s anding o FV. Also, in gene al, while a as body o li e a u e has examined he an eceden s o
FV, much less is known abou i s consequences. P e ious s udies ha ha e explo ed po en ial ou comes
o FV ha e documen ed i s e ec s on b oade cons uc s, such as amily dynamics, well-being, quali y o
li e, men al heal h, and o e all indi idual well-being (Ho mann & McNai , 2018; Sulli an & Meschede,
2016). This e iew opens up u u e a enues o explo e he consequences o FV in g ea e dep h, which
could o e aluable insigh s o bo h academic esea ch and policy ini ia i es aimed a add essing FV.
4.3.4.3. Me hodological pe spec i e. The hi d esea ch di ec ions come om he me hodological pe -
spec i e, as his e iew is based on he a icles ex ac ed om he Scopus da abase. Employing o he
da abases o he ex ac ion o da a could p o ide a comp ehensi e iew in u u e s udies. The keywo d
sea ch could be enhanced by inco po a ing addi ional keywo ds so ha mo e ele an publica ions in
his ield a e included in he s udy. Fu he mo e, u u e esea che s could include an au oma ic p ocess
ha sea ches a icles as pe me a-keywo ds and co-occu ences o keywo ds om li e a u e da abases.
Addi ionally, we en isage he use o di e si ied app oaches, including bo h quan i a i e and quali a i e
o mixed me hods, as his may a emp o p o ide a sub le nuance and unde s anding i s impac o e
he a ious s ages o li e (Bake e al., 2005).
4.3.4.4. In e disciplina y s udies. The inal esea ch di ec ion unde sco es he need o inc eased in e -
disciplina y esea ch, pa icula ly in he b oad domains such inancial managemen , economics, and soci-
ology (see Figu e 5, displayed in blue colou ). This e iew iden i ies a p omising di ec ion o u u e
explo a ion h ough in e disciplina y s udies, such as hose ocusing on in ech, inancial inclusion, sus-
ainabili y, echnology adop ion, and ela ed ac o s. Mo eo e , u he s udies should p io i ize assessing
he e ec i eness o inancial educa ion and li e acy p og ams in educing FV, as well as explo ing
inno a i e and ailo ed app oaches o inancially ulne able indi iduals (Bu lamaqui & K egel, 2005).
16 A. GUPTA ET AL.
A no able gap exis s in unde s anding he g owing in luence o digi al inancial se ices on FV, espe-
cially o ulne able popula ions (Mogaji, 2020). Add essing his gap h ough u u e esea ch could o e
c i ical insigh s in o he mul i ace ed na u e o FV. This e iew aises se e al impo an ques ions ha
wa an u he in es iga ion: (1) How should household FV be concep ualized o be e cap u e i s
dimensionali y and s a egic implica ions? (2) How do di e en con ex s –such as amily en i onmen ,
gende , socie al ac o s, and eme ging echnologies –a ec an indi idual’s expe ience o FV, and how
do indi iduals espond o hese in luences? (3) Wha insigh s can inancial and beha io al heo ies o e
on o e coming and mi iga ing he impac o FV on indi iduals and households? (4) A e go e nmen
in e en ions equally e ec i e in mi iga ing FV ac oss di e en popula ion coho s globally? (5) Wha
oles do in ech and digi aliza ion play in shaping he FV o indi iduals?
Answe ing hese ques ions will p o ide a mo e comp ehensi e unde s anding o he ield and cha a
clea pa h o wa d o u u e esea ch. Such s udies will no only syn hesize exis ing knowledge bu also
iden i y key gaps ha can se e as he ounda ion o u he in es iga ion in his c i ical a ea.
5. Discussion and conclusion
The a e ma h o Co id-19 pandemic has led o global inancial c isis, agg a a ing inancial ulne abili y
(FV) ac oss a ied demog aphic g oups. The pandemic has alida ed ha e en high-income indi iduals
a e no immune o inancial ha dship and ulne abili y. This shi unde sco es he need o deepen ou
unde s anding o FV o de eloping s a egies o o e come hese challenges. Consequen ly, esea ch on
FV has expe ienced unp eceden ed g ow h in ecen imes, d i en by i s undispu able impo ance o
indi iduals and ins i u ions in he global economic landscape. This inc ease in he numbe o empi ical
in es iga ions in he domain o FV has been e ec i ely summa ized by ecen esea ch syn heses ocus-
ing on salien consume beha iou and decision-making ac i i ies (e.g., Fe n
andez-L
opez e al., 2023;
Leand o & Bo elho, 2022; Lee & Sab i, 2017). Unlike, p e ious e iews, ou s udy ex ends he analysis
o e an ex ensi e imeline (1990–2023), cap u ing he e olu ion o his domain o e h ee decades,
emphasizing i s c i icali y in comp ehending cons uc s a he indi idual, household, and o ganiza ional
le els, and hus p o iding a comp ehensi e his o ical pe spec i e. Also, ou e iew inco po a es a wide
a ay o ac o s associa ed o FV, including socio-economic, inancial, psychological and con empo a y
si ua ions. This holis ic app oach allows a nuanced unde s anding o he mul i ace ed na u e o FV. This
comp ehensi e and bibliome ic science d i en app oach no only enhances he unde s anding o FV
bu also di ec he pa hways o u u e esea ch and p ac ical implica ions in a wide ange, hus making
a signi ican con ibu ion o he ield o inance and economic.
By sys ema ically examining a di e se ange o s udies, we o e a comp ehensi e o e iew o key
hemes, esea ch ajec o ies, and a eas o in e es among schola s. I is e iden om end analysis ha
he e is a dea h o academic ou pu in his ield. The publica ion end (Answe o RQ1) e ealed a
s eady boos in publica ions o e a pe iod, pa icula ly a e he 2008 inancial c isis, indica ing inc eased
schola ly in e es . One o he undamen al ou comes o his analysis is he iden i ica ion o co e hemes
o his li e a u e (Answe o RQ5), such as “ ulne abili y,”“po e y,”“ inancial c isis,”“socioeconomic
ac o s”and “indeb edness”and i unde sco es he uni e sal conce n su ounding economic ins abili y
and social wel a e, specially pos pandemic. Mo eo e , he collabo a i e e o and he in e disciplina y
esea ch is e iden om he di e si y o he keywo ds iden i ied such as “human,”“ emale,”“mac o-eco-
nomic,”“ inancial li e acy”and “heal hca e cos ”sugges ing a holis ic app oach ha in eg a es unde -
s anding om di e se ields. This in e disciplina y pe spec i e en iches ou unde s anding o FV by
conside ing b oade social, demog aphic, and heal h- ela ed ac o s ha in luence indi iduals’o e all
well-being and li e. Fo example, he mos ci ed a icles (Answe o RQ 2&4) on FV a e “C edi con-
s ain s, he e ogeneous i ms, and in e na ional ade”(Mano a, 2012) wi h 372 ci a ions ollowed by
“O he cli and back? C edi condi ions and in e na ional ade du ing he global inancial c isis”(Cho
& Mano a, 2012) wi h 258 ci a ions. We ound ha “Volun as”and “Jou nal o Banking and Finance”a e
he majo sou ces (Answe o RQ3) o he ela ed wo k. The p e alence o keywo ds like “co id-19,”
“ inancial c isis,”“low income”and “pandemic” e lec s he con empo a y ele ance o unde s anding he
impac o global heal h c ises on inancial esilience. This emphasizes he esponsi eness o schola s in
inco po a ing he cu en scena io and unde sco es he need o adap i e s a egies o add ess eme ging
COGENT ECONOMICS & FINANCE 17
challenges in FV esea ch (Answe o RQ6). Fu he mo e, he s udy unde sco es inclusi e s a egies and
assis s policymake s and p ac i ione s in e ec i e in e en ions and p og ams o mi iga e FV and p o-
mo e economic s abili y.
6.1. Theo e ical implica ions
Based on ex ensi e li e a u e e iew and bibliome ic analysis in he domain o FV, a ious heo e ical
implica ions eme ge ha can en ich ou unde s anding and pe spec i e o his domain. As pe he ad-
i ional mic oeconomic app oach (Li e-cycle Hypo hesis) o inancial beha iou and decision-making, a
pe ec ly a ional and conscious indi idual will spend less han hei income du ing his high-ea ning
phase o li e, he eby sa e o smoo h consump ion in educed income pe iods (Ande loni e al., 2012;
Ando & Modigliani, 1963; Modigliani & B umbe g, 1954). Howe e , pas li e a u e sugges s ha many
indi iduals ail o pu sue his op imal sa ing beha iou , esul ing in inc eased FV. Fac o s such as lack o
inancial li e acy (Wo hing on, 2013), c edi and deb bu den (B idges & Disney, 2004), unexpec ed li e
e en s (Lusa di e al., 2019), and sel -con ol (Ga he good, 2012) can dis up he sa ing pa e n, lea ing
hem inancially ulne able when hei income dec eases. Mo eo e , Ma
ın-Legend e and S
anchez-
San os (2024) used he pe manen income heo y o explain he ela ion be ween household deb and
FV o he Spanish popula ion. The pe manen income heo y posi s ha “ he indi iduals’consump ion is
no only de e mined by hei p esen income le el, which is ansi o y, bu by hei expec ed income
o e hei li e ime, which is pe manen , so ha bo owing and spending will ul ima ely depend on his
pe manen income es ima ed by he indi iduals hemsel es”(F iedman, 1957). Pas li e a u e om
beha iou al economics sheds ligh on psychological a ibu es and inco po a ed he concep o cogni-
i e biases o explain inancial s ess (e.g., Bake e al., 2005; B own & Taylo , 2014). These psychological
ac o s hen in luence indi iduals’ inancial choices in a c isis si ua ion leads o FV (Ho mann & McNai ,
2018; Mani e al., 2013). Ex an li e a u e endo ses he ole amily socializa ion on inancial beha iou
and inancial esilience (Danes & Yang, 2014). Ye , less a en ion has been paid o he heo e ical ame-
wo k o explain he an eceden s and consequences o FV (Fe n
andez-L
opez e al., 2023;O’Conno e al.,
2019). The e a e se e al demog aphic ac o s and psychological biases such as isk ole ance, a i ude
owa ds money, p esen / u u e o ien a ion, o e con idence, e c., ha can assis u u e esea che in
de eloping s a egies o enhance inancial esilience and mi iga e ulne abili y.
6.2. P ac ical and manage ial implica ions
Acco ding o Mukhe jee e al. (2022) bibliome ic ou comes can be applied o hese b oad p ac ical pu -
poses: i s , in de e mining he each o co e age claims o his domain. Second, i iden i ies social dom-
inance o hidden biases in imp o emen e o s. Thi d, anomalies should be iden i ied o u he
examina ion. Fou h, we e alua ed he ela i e pe o mance o impa ial decision-making. The s udy’s
insigh s can be le e aged by manage s and policymake s o de elop impeccable and e ec i e in e en-
ions and s a egies o diminish he impac o FV on indi iduals and households. Las ly, he s udy ind-
ings help inancial ins i u ions o enhance hei unde s anding o he ac o s con ibu ing o FV, and
hey could include s udy insigh s o designing a ge ed inancial educa ion p og ams o p oduc s o
ulne able popula ions.
7. Limi a ion o he s udy
Ne e heless, his bibliome ic e iew depic s a snapsho o esea ch publica ions ac oss he wo ld on
FV, and a since e e o has been made o execu e he bibliome ic analysis in he bes possible way;
howe e , he e iew has ce ain limi a ions. Fi s , he esul s ob ained om he e iew canno be gene -
alized, as hey encompass esea ch documen s only om he Scopus da abase. The e o e, he Scopus
da abase does no ensu e he inclusion o all ele an documen s and he highes quali y s anda ds.
Second, he analysis was conduc ed using biblioshiny as he analy ical ool. The e o e, he esul s
ob ained should be in e p e ed wi h cau ion in e ms o accu acy.
18 A. GUPTA ET AL.
Au ho s’con ibu ions
Concep ion and design o he wo k: Anju Gup a, D . Shekha Mish a, and D . Deepak Behe a. Da a Collec ion:
Anju Gup a. Con ibu ed analysis ool: Anju Gup a, and D . Shekha Mish a. Pe o med he analysis: Anju Gup a
and D Shekha Mish a. D a ed he pape : Anju Gup a. Re iewing he a icle o inal app o al: Anju Gup a, D .
Shekha Mish a, and D . Deepak Behe a.
Disclosu e s a emen
No po en ial con lic o in e es was epo ed by he au ho (s).
No e
1. A echnology solu ions p o ide o banks and me chan s in India.
Abou he au ho s
Anju Gup a, a senio esea ch schola a he Depa men o Comme ce, Manipal Academy o Highe Educa ion in
Manipal. He esea ch ocuses on Beha io al Finance and Economics, wi h he cu en esea ch di ec ed owa ds
En ep eneu ship, Beha io al Finance, Digi al Financial Li e acy, Financial Well-being and Vulne abili y.
Shekha Mish a (Co esponding Au ho ) is p esen ly se ing as Senio Assis an P o esso in a ea o Finance a he
Depa men o Comme ce, Manipal Academy o Highe Educa ion, Manipal, Ka na aka, India. His esea ch in e es s
a e in he a ea o econome ics and inancial economics. He has published esea ch a icles in a ious jou nals o
na ional and in e na ional epu e.
Deepak Kuma Behe a is cu en ly wo king as Lec u e in Economics & Finance depa men , The Business School,
RMIT Vie nam. His esea ch in e es s include mac oeconomics, public inance and policy; global economic issues,
de elopmen economics; heal h economics and policy; esea ch me hodology, and applied econome ics. He has
published esea ch a icles in a ious jou nals o na ional and in e na ional epu e.
ORCID
Anju Gup a h p://o cid.o g/0000-0002-7143-1022
Shekha Mish a h p://o cid.o g/0000-0002-7382-1008
Deepak Kuma Behe a h p://o cid.o g/0000-0001-6539-4280
Da a a ailabili y s a emen
The da a will be a ailable upon eques h ough an email o he co esponding au ho .
Re e ences
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