Tracing the trajectory of financial vulnerability: a systematic review and bibliometric analysis

Gupta, Anju; Mishra, Shekhar; Behera, Deepak Kumar Article Tracing the trajectory of financial vulnerability: a systematic review and bibliometric analysis Cogent Economics & Finance Provided in Cooperation with: Taylor & Francis Group Suggested Citation: Gupta, Anju; Mishra, Shekhar; Behera, Deepak Kumar (2024) : Tracing the trajectory of financial vulnerability: a systematic review and bibliometric analysis, Cogent Economics & Finance, ISSN 2332-2039, Taylor & Francis, Abingdon, Vol. 12, Iss. 1, pp. 1-23, https://doi.org/10.1080/23322039.2024.2411566 This Version is available at: https://hdl.handle.net/10419/321624 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. 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If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by/4.0/ Cogent Economics & Finance ISSN: 2332-2039 (Online) Journal homepage: www.tandfonline.com/journals/oaef20 Tracing the trajectory of financial vulnerability: a systematic review and bibliometric analysis Anju Gupta, Shekhar Mishra & Deepak Kumar Behera To cite this article: Anju Gupta, Shekhar Mishra & Deepak Kumar Behera (2024) Tracing the trajectory of financial vulnerability: a systematic review and bibliometric analysis, Cogent Economics & Finance, 12:1, 2411566, DOI: 10.1080/23322039.2024.2411566 To link to this article: https://doi.org/10.1080/23322039.2024.2411566 © 2024 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group View supplementary material Published online: 08 Oct 2024. Submit your article to this journal Article views: 1092 View related articles View Crossmark data Citing articles: 1 View citing articles Full Terms & Conditions of access and use can be found at https://www.tandfonline.com/action/journalInformation?journalCode=oaef20 FINANCIAL ECONOMICS | RESEARCH ARTICLE Tracing the trajectory of financial vulnerability: a systematic review and bibliometric analysis Anju Gupta a , Shekhar Mishra a and Deepak Kumar Behera b a Department of Commerce, Manipal Academy of Higher Education (MAHE), Manipal, India; b Economics and Finance Department, The Business School, RMIT University, Ho Chi Minh City, Vietnam ABSTRACT Over the span of 40 years, a substantial number of conceptual and empirical studies have been conducted on financial vulnerability (henceforth FV). These studies primarily covered socioeconomics, finance, management, and medicine. However, there is a paucity of comprehensive reviews and scientific mapping of the extant literature in the FV domain. Bibliometric analysis attempts to provide quantitative and qualitative knowledge in this area. This study was based on a review of 475 articles published in Scopus-indexed journals from 1990 to 2023. The present study employed the Biblioshiny R studio Bibliometrix package for data extraction and analysis. Our analysis provides information on recent publication trends; prominent authors, institutes, and countries; citations; thematic groups; keyword analysis; and social network analysis to identify influential work in this research domain and future gaps. The present analysis contributes to consolidating the existing fragmented literature on FV and highlights its significance during the current pandemic. Additionally, the study would be useful for researchers, practitioners, and academicians to proceed to further explore the area and outline the trends and their empirical investigation. IMPACT STATEMENT Over the span of 40 years, a substantial number of conceptual and empirical studies have been conducted on financial vulnerability. Thus, this paper provides a comprehensive overview of the evolution of financial vulnerability research, utilizing both systematic review and bibliometric analysis to map trends, key themes, and influential works. By synthesizing existing literature and visualizing the network of scholarly contributions, this study highlights the critical factors and providing the future research directions in the field. The findings offer valuable insights for researchers, policymakers, and practitioners, aiding in the formulation of strategies to mitigate financial vulnerability and promote financial resilience in diverse socioeconomic contexts. ARTICLE HISTORY Received 10 May 2024 Revised 18 September 2024 Accepted 27 September 2024 KEYWORDS Financial vulnerability; systematic literature review; bibliometric study; household financial vulnerability; biblio-science mapping SUBJECTS Economics; Finance; Computer Graphics & Visualization JEL G51; G01 1. Introduction The Covid-19 pandemic has pushed the global economy into a financial crisis, straining household financial conditions. This economic downturn and worldwide pandemic have made households financially vulnerable. Earlier, poorly educated and unemployed individuals were considered prone to financial vulnerability (henceforth FV) (Loke, 2017). However, with the outset of the pandemic situation, even higherincome individuals can become financially vulnerable (Kalil et al., 2020; Salisbury et al., 2022). According to survey data from the FIS, 1 younger families are more prone to FV. 48% of the respondents did not have enough funds to handle unexpected financial shocks. The increased debt burden coupled with mortgages and loans elevated the adversity of the households (Lusardi et al., 2019). Therefore, knowledge of FV eventually becomes the most crucial determinant for overcoming these financial challenges. CONTACT Shekhar Mishra [email protected] Department of Commerce, Manipal Academy of Higher Education (MAHE), Manipal, Karnataka 576104, India ß2024 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. The terms on which this article has been published allow the posting of the Accepted Manuscript in a repository by the author(s) or with their consent. COGENT ECONOMICS & FINANCE 2024, VOL. 12, NO. 1, 2411566 https://doi.org/10.1080/23322039.2024.2411566 However, FV has been explored in a wide array of research domains such as marketing (Baker et al., 2005; Shultz & Holbrook, 2009), finance, (Hahm et al., 2013) economics (Anderloni et al., 2012), psychology (Shah et al., 2012), and health (Lachs & Han, 2015). Surprisingly, no universally accepted definition of FV and its dimensions exists until recently. At the same time, a plethora of studies used this construct in varied contexts; most, if not all, of them, developed idiosyncratic measures of FV and applied accordingly to solve specific research problems (e.g., Abdullah Yusof et al., 2015; Brunetti et al., 2016; Prawitz et al., 2006) without defining the construct in a wholesome manner. Further, the term “FV”has often been used interchangeably with words like “financial fragility”and “financial distress”(Ali et al., 2020; Daud et al., 2018), demonstrating vagueness in their usage. To address this research gap O’Connor et al. (2019) formally defined FV as “likelihood that an individual will experience financial hardship”where financial hardship has been conceptualized as “a state of distress in which an individual is unable to maintain their standard of living”(O’Connor et al., 2019,p. 422, Whelan, 2001). A recent definition suggests that it is subjective in nature, as it is based on how individuals perceive it, irrespective of the objective or real state of their financial condition. This also means that an individual’s FV is idiosyncratic and someone else cannot evaluate the state of another person’s financial status. In addition, it is a multi-dimensional construct, and there are various determinants of FV. These include personal spending, hedonic behaviour (Gupta & Mukherjee, 2024) short-sightedness, inappropriate money management, low income (Ziliak, 2015) individuals’education level, unemployment, indebtedness (Costa & Farinha, 2012), sudden impactful changes in financial status (Mid~ oes & Ser e, 2022) and the psychological and physiological health of individuals (Bialowolski & Weziak-Bialowolska, 2014; Hoffmann & McNair, 2018). Extant research “narrowly”used objective variables, such as income and debt ratios, credit history, and income statements to demonstrate FV (Anderloni et al., 2012; Noerhidajati et al., 2021) and subjective variables, such as individuals’attitudes and opinions about their financial conditions (Haushofer & Fehr, 2014; Mani et al., 2013). Research on FV has experienced unprecedented growth in recent times, driven by its undisputable importance for individuals and institutions in the global economic landscape. This increase in the number of empirical investigations in the domain of FV has been effectively summarized by recent research syntheses (e.g., Fern andez-L opez et al., 2023; Leandro & Botelho, 2022; Lee & Sabri, 2017). While the review by Fern andez-L opez et al. (2023) typically focused from 2000–2022 and on the phenomenon of consumer FV, Leandro and Botelho (2022) review moved beyond these phenomena and discussed the facets of consumer over-indebtedness and consumer credit. These works explored the diverse literature on FV, focusing on salient consumer behaviour and decision-making activities, theoretical underpinnings, conceptual frameworks, methodologies, and future research directions. While these reviews are meritorious in their own rights, a broader insight in this domain through a bibliometric review would be helpful in comprehending the entirety of the domain from the reader’s perspective. Unlike the previous reviews, our study extends the analysis over an extensive timeline (1990–2023), capturing the evolution of this domain over three decades and thus providing a comprehensive historical perspective. Also, our review incorporates a wider array of factors associated to FV, including socio-economic, financial, psychological and contemporary situations. This holistic approach allows a nuanced understanding of the multifaceted nature of FV. This comprehensive and bibliometric science driven approach not only enhances the understanding of FV but also direct the pathways for future research and practical implications in a wider range, thus making a significant contribution to the field of finance and economic. The bibliometric technique is exclusive to the systematic literature review, as bibliometric reviews are “highly efficient and objective as they leverage on the power of technology for data collection”(Donthu et al., 2021; Ellegaard & Wallin, 2015), especially for review articles with a large corpus (i.e., hundreds of articles). Moreover, a bibliometric review of FV complements these syntheses by providing more empirical analysis related to the impact of the domain (e.g., citations) and stakeholders (e.g., institutions) (Donthu et al., 2021; Ramos-Rodr ıguez & Ru ız-Navarro, 2004). This study makes several significant contributions to the FV literature. First, it led to the process of identification, exploration, and methodically organizing the priority areas within FV through a comprehensive review of academic papers published over the last three decades (1990–2023). Second, it enriches the understanding of this domain by including the scientific mapping of FV as a 2 A. GUPTA ET AL. multidimensional construct (O’Connor, et al., 2019; Daud et al., 2018). Third, by synthesizing and organizing the aforementioned findings, this study lays the groundwork for advancing the field while offering insights for future research directions. Finally, it provides valuable insights for policymakers and practitioners by shedding light on recent FV themes. The remainder of the paper is structured as follows. Section 2 reviews the literature on FV. Section 3 discusses the data and method of the analysis, followed by Section 4, where the key results obtained from the bibliometric analysis of the FV area are discussed. Finally, in Section 5, the agenda for future research in this domain is provided, along with a discussion and conclusion. 2. Review of literature The concept of FV has undergone significant exploration, with early research primarily focusing on the likelihood of facing financial challenges, particularly bankruptcy, among for-profit organizations (Altman, 1968). Tuckman and Chang (1991) introduced a seminal definition for non-profit organizations, which is “likely to cut back its (program) service offerings immediately when it experiences a financial shock.”The definition frame FV as the propensity to swiftly reduce programs or services in response to financial stocks such as economic crises or decreased donations. Subsequently, they proposed a model incorporating four key financial indicators: the equity ratio, surplus margin, revenue concentration index, and administrative costs. Further studies by Greenlee and Trussel (2000) and Trussel and Greenlee (2004) expand on this framework by combining additional accounting variables. Hager (2001) applied the Tuckman and Chang (1991) model to predict the collapse of arts-based organizations, while Thomas and Trafford (2012) extended it to develop a Financial Exposure Index by introducing variations in the original four financial indicators. Bowman (2011) introduced a multi-dimensional perspective of FV, focusing on two temporal aspects (i.e., financial capacity and financial sustainability), particularly short-term profit-making over long-term capital gains for non-profit organizations. FV extends beyond organizational contexts to the individual and household levels. Previous studies explored the FV of households with high debt or consumer loans (Kim et al., 2016;Anderlonietal.,2012). Scholars from the health and medical domains have studied FV with respect to individuals suffering from geriatric issues or stressful conditions that leads to increased debt (Lachs & Han, 2015; Mason et al., 2018; Turunen & Hiilamo, 2014). However, in addition to debt and liquidity considerations, many factors make individuals or households financially vulnerable. Households are financially vulnerable when they do not have enough funds and savings to face an unexpected financial emergency and are unable to maintain their present living standards (Pew Charitable Trusts, 2017), and are not able to enjoy their festival (Sachin et al., 2018). Considerable research has been dedicated to investigating the factors/antecedents that lead to the FV of individuals and households. Such research is mainly driven by a growing consensus among scholars that the pandemic has led to a substantial reduction in income (Mid~ oes & Ser e, 2022). The financial crisis made individuals and households more vulnerable worldwide, leading to increased unemployment, debt-servicing challenges, and financial emergencies (Van Aardt et al., 2009). Some of the important determinants of FV are the indebtedness of households (Anderloni et al., 2012), level of income (Bridges & Disney, 2004), attitude towards money (Sabri et al., 2020), money management, financial literacy, and capabilities (Singh & Malik, 2022), risky credit behaviour (Burlamaqui & Kregel, 2005), financial characteristics of individuals, their financial preferences, and behaviours, and selfcontrol (Rey-Ares et al., 2021). Xu et al. (2018) found that individuals’financial distress is influenced by their genetics, personality, and cognitive skills. While a vast body of the literature already exists that explores the antecedents of FV, little is known about its consequences for individuals. Prior studies that attempted to investigate a few possible outcomes of FV document its effect on broader constructs, such as family and well-being, quality of life, success, happiness, mental health, and overall well-being of individuals (Hoffmann, & McNair). Based on a summary of the literature in this domain and following their scope and methodology, this study aimed to answer the following research questions: RQ1. What is the publication trend for FV research? RQ2. What are the most influencing articles contributing to the FV? COGENT ECONOMICS & FINANCE 3 RQ3. Which are the top contributing journals in FV research? RQ4. Who are the prominent authors in FV research? RQ5. What are the major themes on FV? RQ6. What is the future scope of research on FV? This study conducts a bibliometric review to answer the aforementioned research questions and contributes to the literature on financial vulnerability. The subsequent sections detail the database search and bibliometric analysis procedures. 3. Methods In this scholarly review, the systematic literature review (SLR) approach was selected to amalgamate previous research findings (Blanco-Mesa et al., 2017), chosen of its ability to mitigate bias (Goyal & Kumar, 2020). This review adopts the “Scientific Procedures and Rationales for Systematic Literature Reviews” Figure 1. “SPAR-4 SLR”diagram. 4 A. GUPTA ET AL. (SPAR-4-SLR) criteria. The rationale underlying this selection stems from the acknowledged superiority of SPAR-4-SLR over the PRISMA Guidelines in terms of methodological rigor. Furthermore, the SPAR-4-SLR method is structured and based on three principal stages: “assembling,”“arranging,”and “assessing” articles, (Figure 1) as described by Paul et al. (2021). A delineation of the review criteria is presented below. 3.1. Assembling We used the Scopus database to extract relevant documents for this study. Scopus is a renowned electronic database that provides a platform for notable publications from prominent journals and esteemed researchers (Paul et al., 2021). According to the information available on the Elsevier website, Scopus indexed approximately 25,000 journals, around 75 million publications and 1.4 billion citations. Scopus is frequently recommended by researchers for bibliometric reviews because of its extensive data (Donthu et al., 2021). The Scopus database was suitable for the study, in contrast to Google Scholar, because previous scholars have pointed out the citation biases and errors found in the Google Scholar database (Jensenius et al., 2018; Orduna-Malea et al., 2017) and criticized for not prohibiting predatory journals as well as the complexity involved in data extraction (Chapman & Ellinger, 2019). These concerns led us to restrain the use of Google Scholar for our literature search. Our search on Scopus was conducted between 1990 and 2023, using the “TIT-ABS-KEY”search query to target key terms such as “Financial Vulnerability,” “Financial Vulnerable,”“Financial distress,”or “Household Vulnerable,”and “Financial fragility.”The search string had these critical keywords linked by OR Boolean operator. This endeavour yielded 6,414 documents. 3.2. Arranging Subsequently, rigorous inclusion and exclusion criteria were applied to refine the arrangement and selection of the most pertinent articles. The study used the category (code) function to the Scopus database to filter the gathered data according to “year, subject, document type, source, publication stage, and language.”The search strategies were confined to “1990-2023, Economics, Econometrics, Finance, Business Management, Accounting, and Social Sciences, articles, review, final, journal, and English”in those codes, respectively. This resulted in the inclusion of 2656 articles. Figure 2. A detailed flow of search and filtration process of research articles for bibliometric analysis. We excluded articles from unrelated fields (e.g., medical vulnerability, organisational distress) or used the term in a context irrelevant to personal finance or household economics. In addition, studies with little or no relation with finance, such as arts, physics, science, macroeconomics, etc., and studies where FV was measured through nonfinancial variables (chronic disease, poor consumption habits of alcohol and tobacco) were excluded from the studies. To ensure the inclusion of relevant articles, those articles were shortlisted for further analysis, which either focused on FV or financial distress (concept, measurement, determinants, and outcomes), articles dealing with a relatively wider and closely related concept “financial crisis.” Subsequently, duplicates were removed. Conversely, we excluded documents, such as conference proceedings, theses, book chapters, and papers published in languages other than English. In total 3785 articles were excluded based on above mentioned criteria. Furthermore, the next selection procedure contains three steps to retrieve the most relevant articles for the study. 1. Screening and selecting articles published in the fields of Business, Management and Accounting, Econometrics and Finance, Economics, and Social Sciences. 2. We focused on published articles and reviews because they are deemed to offer certified knowledge (Ramos-Rodr ıguez & Ru ız-Navarro, 2004). 3. We did a thorough “title and abstract”reading to select core articles related to the domain. Using these filters, the initial pool size was reduced to 486. COGENT ECONOMICS & FINANCE 5 Finally, the data were downloaded and exported to the Excel sheet, and each article was hand searched and read with special emphasis on the abstract, findings, and conclusions, and duplicates were removed which yielded a collection of 475 articles. 3.3. Assessing This study adopts a bibliometric approach to assess the comprehensive collection of 475 articles on FV. This method utilizes quantitative techniques to analyse scholarly work in real-time (Donthu et al., 2021). Moreover, this study integrates a systematic literature review methodology to enhance transparency and credibility (Ellegaard & Wallin, 2015). Furthermore, bibliometric analysis serves to mitigate bias by employing qualitative reviews through quantitative tools, which are particularly pertinent in handling a large corpus of 100–1000 articles (Burton et al., 2020), as in this review with 475 articles. Performance assessment and science mapping analysis was done by utilizing tools such as Biblioshiny. Performance analysis, the hallmark of any bibliometric studies is mostly descriptive in nature, and it examines the contributions of constitutes to a given domain (Ramos-Rodr ıguez & Ru ız-Navarro, 2004). Biblioshiny Figure 2. A flow of search and filtration process of articles. 6 A. GUPTA ET AL. incorporates a large variety of analyses such as publication trends, influential articles, notable authors, top countries, and affiliations (Donthu et al., 2021; Moral-Mu~ noz et al., 2020). The analysis options in biblioshiny are diverse and categorized based on analytics and graphs. The prominent 7 subdivisions are (1) overview, (2) sources, (3) authors, (4) documents, (5) conceptual structures, (6) intellectual structure, and (7) social structure. The results are generated in the form of graphs, and performance analyses can be easily exported to different file formats (Moral-Mu~ noz et al., 2020). Thus, because of the ease of its interface, Bibloshiny could be superior software for practitioners (Ingale & Paluri, 2022; Thangavel & Chandra, 2023). For data visualization, we used the free and user-friendly software “Vos Viewer.”By synthesizing past literature, this review paves the way for further research in this domain. The subsequent sections of the paper present the findings complemented by tables and figures that elucidate the narratives. 4. Results Table 1 indicates that, with an annual growth rate of 11.23%, document collection reflects a dynamic accumulation of knowledge over a period of three decades. On average, the articles were seven years old, indicating a relatively recent surge in publications. In terms of citation impact, each document has an average of 15.95 citations, underscoring the significance and popularity of the research domain among scholars. The dataset includes a breadth of topics, as evidenced by the presence of 1206 Keywords Plus (ID) and 1405 author keywords (DE), signifying the richness and diversity of the subject matter covered. A total of 1243 authors contributed to the dataset, with 86 documents authored by a single author. Collaboration in this domain is prevalent, with an average of 2.9 co-authors per document. Approximately 23.58% of the collaborations were international, highlighting the global reach and collaborative work of scholarly research. In terms of document type, the dataset primarily comprises articles (452) and reviews (19), representing rigorous academic study and critical analysis within the scholarly community. 4.1.1. Publication trend (RQ1) The chronological distribution of scholarly articles over the years revealed a progressive increase in research output. In the initial years, there were a modest number of published articles, gradually transitioning to a paramount growth phase from the late 1990s to the early 2000s. Subsequent years, notably the mid-2000s, exhibited a distinct upward trend in scholarly contributions because of the financial crisis. Notably, an upward trend in article production was evident in the latter half of the 2010s (Figure 3) indicating a profound surge in research activity. This temporal pattern underscores the popularity and escalating engagement within the subject matter due to the aftermath of the global pandemic, and its impact on individuals’overall well-being leads to the dynamic inclination of academics in this field. Table 1. Summary of bibliometric analysis based on Scopus. Main information about data Timespan 1990:2023 Sources (Journals, Books, etc.) 337 Documents 475 Annual Growth Rate % 11.23 Document Average Age 7 Average citations per doc 15.95 Document contents Keywords Plus (ID) 1206 Author’s Keywords (DE) 1405 Authors Authors 1243 Authors of single-authored docs 86 Authors collaboration Single-authored docs 88 Co-authors per doc 2.9 International co-authorships % 23.58 Document types Article 452 Review 19 Source: Biblioshiny and authors. COGENT ECONOMICS & FINANCE 7 4.3.3. Structure map developed from the multiple correspondence analysis (MCA) Bibliometric analysis is not only an analysis of keywords but also the terms used in the article’s titles and abstracts. Correspondence analysis (CA) and multiple correspondence analysis (MCA) present visualizations of the conceptual structure of a two-dimensional plot (Aria & Cuccurullo, 2017). Here, MCA is used to deduce the conceptual structure of the domain to discover clusters of articles that integrate common concepts, and the results are plotted on a two-dimensional map (Aria & Cuccurullo, 2017). The conceptual structure map is constructed based on multiple correspondence analysis (MCA), which brings together the keywords by considering their homogeneity in the network. Figure 10 shows common keywords grouped into two clusters. Cluster 1 to the right of the conceptual structure map Figure 8. Most relevant keywords. Source: Biblioshiny using Scopus database. Figure 9. Word cloud of authors’keywords. Source: Biblioshiny using Scopus database. 14 A. GUPTA ET AL. represents the keywords that are most frequently used in the research articles of FV, with research themes of health and management in common. For example, keywords such as “Humans,”“Macro-economic,”“Psychology,”“Organizations,”“Finance,”and “The U.S. Whereas cluster 2 to the left of the conceptual structure map shows the keywords “Finance, “financial systems,”“banking,”“investment,” “financial crisis”and “Canada.”These keywords reveal that very limited work has been done and there is further scope for exploring the FV area. The closeness of the keywords towards the centre in both clusters can be identified as a high research theme in recent years; the closer the keywords are to the edge of the clusters, the narrower is the research coverage (Aria & Cuccurullo, 2017). 4.3.4. Future direction as the way forward (RQ6) Through a comprehensive review of existing literature and the application of thematic and keyword analyses, this study presents significant findings that generate promising avenues for future research. The proposed directions for further investigation emphasize four key areas: (a) definition and scope, (b) antecedents and consequences of FV, (c) methodological perspective, and (d) interdisciplinary studies. Thus, the findings of this study not only contribute to the current understanding of FV, but also guide and inspire future scholarly studies within this field. 4.3.4.1. Definition and scope of FV. The first research direction stems from the literature review and pertains directly to the definition and scope of the FV construct. A critical evaluation of the current body of work reveals a lack of consensus regarding the precise boundaries of FV, thereby raising concerns about its definition and scope (O’Connor et al., 2019). Although the term “FV”is widely used among academics and practitioners, there has been limited discussion on its conceptual clarity within the realm of personal and household finance. Terms like “financial crisis,”“financial fragility,”and “financial distress”are often used interchangeably with FV (Ali et al., 2020; Daud et al., 2018), which further complicates its conceptualization. Figure 5 highlights emerging themes (represented in green Figure 10. Conceptual structure map –method MCA. Source: Biblioshiny using Scopus database. COGENT ECONOMICS & FINANCE 15 colour) that include terms such as “financial crisis”and “vulnerability”and illustrates this ambiguity in usage. This finding underscores the need for a homogeneous and comprehensive definition of FV. Additionally, it is unlikely that a same concept of FV can be uniformly applied across economically diverse regions, such as the USA, Africa, India, and Malaysia (Fern andez-L opez et al., 2023). As such, it is essential to develop context-specific definitions of FV that are adaptable to varying economic conditions. Importantly, our findings also indicate that the majority of existing literature predominantly focuses on economically developed countries, often overlooking regions with higher poverty rates or less-developed economies. Given the scarcity of research from developing nations, future studies should prioritize these contexts. 4.3.4.2. Antecedent and consequences of FV. The second core research direction offers valuable insights into potential antecedents and outcomes within the domain of FV and enhances our understanding necessary for conducting empirical investigations in this domain. Existing research has primarily focused on identifying the factors that determine the FV of individuals and households. These factors are largely driven by the growing consensus among scholars that the pandemic has caused a significant decline in income levels (Mid~ oes & Ser e, 2022). Indeed, the global financial crisis has heightened the vulnerability of individuals and household and contributes to issues such as rising unemployment, difficulties in servicing debt, and financial emergencies (Van Aardt et al., 2009). Keyword analysis (Figure 7) also revealed similar terms such as “household debt,”“human,”“Covid-19,”and “poverty.”In fact, much of the extant research has narrowly relied on objective measures such as income and debt ratios, credit history, and income statements to assess FV (Anderloni et al., 2012; Noerhidajati et al., 2021), alongside subjective measures such as individuals’perceptions of their financial circumstances (Haushofer & Fehr, 2014; Mani et al., 2013). This highlights the need for future studies to incorporate a broader range of factors in understanding FV. In Figure 5, the niche themes (presented in purple colour) exhibit a research gap in categorizing the determinants of FV, particularly in distinguishing between sociodemographic, behavioral, macroeconomic, and social factors. Incorporating more behavioral variables, such as self-control, locus of control (Heidhues & K} oszegi, 2010), and financial capability, is crucial for developing a more comprehensive understanding of FV. Also, in general, while a vast body of literature has examined the antecedents of FV, much less is known about its consequences. Previous studies that have explored potential outcomes of FV have documented its effects on broader constructs, such as family dynamics, well-being, quality of life, mental health, and overall individual well-being (Hoffmann & McNair, 2018; Sullivan & Meschede, 2016). This review opens up future avenues to explore the consequences of FV in greater depth, which could offer valuable insights for both academic research and policy initiatives aimed at addressing FV. 4.3.4.3. Methodological perspective. The third research directions come from the methodological perspective, as this review is based on the articles extracted from the Scopus database. Employing other databases for the extraction of data could provide a comprehensive view in future studies. The keyword search could be enhanced by incorporating additional keywords so that more relevant publications in this field are included in the study. Furthermore, future researchers could include an automatic process that searches articles as per meta-keywords and co-occurrences of keywords from literature databases. Additionally, we envisage the use of diversified approaches, including both quantitative and qualitative or mixed methods, as this may attempt to provide a subtle nuance and understanding its impact over the various stages of life (Baker et al., 2005). 4.3.4.4. Interdisciplinary studies. The final research direction underscores the need for increased interdisciplinary research, particularly in the broad domains such financial management, economics, and sociology (see Figure 5, displayed in blue colour). This review identifies a promising direction for future exploration through interdisciplinary studies, such as those focusing on fintech, financial inclusion, sustainability, technology adoption, and related factors. Moreover, further studies should prioritize assessing the effectiveness of financial education and literacy programs in reducing FV, as well as exploring innovative and tailored approaches for financially vulnerable individuals (Burlamaqui & Kregel, 2005). 16 A. GUPTA ET AL. A notable gap exists in understanding the growing influence of digital financial services on FV, especially for vulnerable populations (Mogaji, 2020). Addressing this gap through future research could offer critical insights into the multifaceted nature of FV. This review raises several important questions that warrant further investigation: (1) How should household FV be conceptualized to better capture its dimensionality and strategic implications? (2) How do different contexts –such as family environment, gender, societal factors, and emerging technologies –affect an individual’s experience of FV, and how do individuals respond to these influences? (3) What insights can financial and behavioral theories offer on overcoming and mitigating the impact of FV on individuals and households? (4) Are government interventions equally effective in mitigating FV across different population cohorts globally? (5) What roles do fintech and digitalization play in shaping the FV of individuals? Answering these questions will provide a more comprehensive understanding of the field and chart a clear path forward for future research. Such studies will not only synthesize existing knowledge but also identify key gaps that can serve as the foundation for further investigation in this critical area. 5. Discussion and conclusion The aftermath of Covid-19 pandemic has led to global financial crisis, aggravating financial vulnerability (FV) across varied demographic groups. The pandemic has validated that even high-income individuals are not immune to financial hardship and vulnerability. This shift underscores the need to deepen our understanding of FV for developing strategies to overcome these challenges. Consequently, research on FV has experienced unprecedented growth in recent times, driven by its undisputable importance for individuals and institutions in the global economic landscape. This increase in the number of empirical investigations in the domain of FV has been effectively summarized by recent research syntheses focusing on salient consumer behaviour and decision-making activities (e.g., Fern andez-L opez et al., 2023; Leandro & Botelho, 2022; Lee & Sabri, 2017). Unlike, previous reviews, our study extends the analysis over an extensive timeline (1990–2023), capturing the evolution of this domain over three decades, emphasizing its criticality in comprehending constructs at the individual, household, and organizational levels, and thus providing a comprehensive historical perspective. Also, our review incorporates a wider array of factors associated to FV, including socio-economic, financial, psychological and contemporary situations. This holistic approach allows a nuanced understanding of the multifaceted nature of FV. This comprehensive and bibliometric science driven approach not only enhances the understanding of FV but also direct the pathways for future research and practical implications in a wider range, thus making a significant contribution to the field of finance and economic. By systematically examining a diverse range of studies, we offer a comprehensive overview of key themes, research trajectories, and areas of interest among scholars. It is evident from trend analysis that there is a dearth of academic output in this field. The publication trend (Answer to RQ1) revealed a steady boost in publications over a period, particularly after the 2008 financial crisis, indicating increased scholarly interest. One of the fundamental outcomes of this analysis is the identification of core themes of this literature (Answer to RQ5), such as “vulnerability,”“poverty,”“financial crisis,”“socioeconomic factors”and “indebtedness”and it underscores the universal concern surrounding economic instability and social welfare, specially post pandemic. Moreover, the collaborative effort and the interdisciplinary research is evident from the diversity of the keywords identified such as “human,”“female,”“macro-economic,”“financial literacy”and “healthcare cost”suggesting a holistic approach that integrates understanding from diverse fields. This interdisciplinary perspective enriches our understanding of FV by considering broader social, demographic, and health-related factors that influence individuals’overall well-being and life. For example, the most cited articles (Answer to RQ 2&4) on FV are “Credit constraints, heterogeneous firms, and international trade”(Manova, 2012) with 372 citations followed by “Off the cliff and back? Credit conditions and international trade during the global financial crisis”(Chor & Manova, 2012) with 258 citations. We found that “Voluntas”and “Journal of Banking and Finance”are the major sources (Answer to RQ3) for the related work. The prevalence of keywords like “covid-19,” “financial crisis,”“low income”and “pandemic”reflects the contemporary relevance of understanding the impact of global health crises on financial resilience. This emphasizes the responsiveness of scholars in incorporating the current scenario and underscores the need for adaptive strategies to address emerging COGENT ECONOMICS & FINANCE 17 challenges in FV research (Answer to RQ6). Furthermore, the study underscores inclusive strategies and assists policymakers and practitioners in effective interventions and programs to mitigate FV and promote economic stability. 6.1. Theoretical implications Based on extensive literature review and bibliometric analysis in the domain of FV, various theoretical implications emerge that can enrich our understanding and perspective of this domain. As per the traditional microeconomic approach (Life-cycle Hypothesis) to financial behaviour and decision-making, a perfectly rational and conscious individual will spend less than their income during his high-earning phase of life, thereby save for smooth consumption in reduced income periods (Anderloni et al., 2012; Ando & Modigliani, 1963; Modigliani & Brumberg, 1954). However, past literature suggests that many individuals fail to pursue this optimal saving behaviour, resulting in increased FV. Factors such as lack of financial literacy (Worthington, 2013), credit and debt burden (Bridges & Disney, 2004), unexpected life events (Lusardi et al., 2019), and self-control (Gathergood, 2012) can disrupt the saving pattern, leaving them financially vulnerable when their income decreases. Moreover, Mart ın-Legendre and S anchezSantos (2024) used the permanent income theory to explain the relation between household debt and FV of the Spanish population. The permanent income theory posits that “the individuals’consumption is not only determined by their present income level, which is transitory, but by their expected income over their lifetime, which is permanent, so that borrowing and spending will ultimately depend on this permanent income estimated by the individuals themselves”(Friedman, 1957). Past literature from behavioural economics sheds light on psychological attributes and incorporated the concept of cognitive biases to explain financial stress (e.g., Baker et al., 2005; Brown & Taylor, 2014). These psychological factors then influence individuals’financial choices in a crisis situation leads to FV (Hoffmann & McNair, 2018; Mani et al., 2013). Extant literature endorses the role family socialization on financial behaviour and financial resilience (Danes & Yang, 2014). Yet, less attention has been paid to the theoretical framework to explain the antecedents and consequences of FV (Fern andez-L opez et al., 2023;O’Connor et al., 2019). There are several demographic factors and psychological biases such as risk tolerance, attitude towards money, present/future orientation, overconfidence, etc., that can assist future researcher in developing strategies to enhance financial resilience and mitigate vulnerability. 6.2. Practical and managerial implications According to Mukherjee et al. (2022) bibliometric outcomes can be applied to these broad practical purposes: first, in determining the reach for coverage claims of this domain. Second, it identifies social dominance or hidden biases in improvement efforts. Third, anomalies should be identified for further examination. Fourth, we evaluated the relative performance of impartial decision-making. The study’s insights can be leveraged by managers and policymakers to develop impeccable and effective interventions and strategies to diminish the impact of FV on individuals and households. Lastly, the study findings help financial institutions to enhance their understanding of the factors contributing to FV, and they could include study insights for designing targeted financial education programs or products for vulnerable populations. 7. Limitation of the study Nevertheless, this bibliometric review depicts a snapshot of research publications across the world on FV, and a sincere effort has been made to execute the bibliometric analysis in the best possible way; however, the review has certain limitations. First, the results obtained from the review cannot be generalized, as they encompass research documents only from the Scopus database. Therefore, the Scopus database does not ensure the inclusion of all relevant documents and the highest quality standards. Second, the analysis was conducted using biblioshiny as the analytical tool. Therefore, the results obtained should be interpreted with caution in terms of accuracy. 18 A. GUPTA ET AL. Authors’contributions Conception and design of the work: Anju Gupta, Dr. Shekhar Mishra, and Dr. Deepak Behera. Data Collection: Anju Gupta. Contributed analysis tool: Anju Gupta, and Dr. Shekhar Mishra. Performed the analysis: Anju Gupta and Dr Shekhar Mishra. Drafted the paper: Anju Gupta. Reviewing the article for final approval: Anju Gupta, Dr. Shekhar Mishra, and Dr. Deepak Behera. Disclosure statement No potential conflict of interest was reported by the author(s). Note 1. A technology solutions provider for banks and merchants in India. About the authors Anju Gupta, a senior research scholar at the Department of Commerce, Manipal Academy of Higher Education in Manipal. Her research focuses on Behavioral Finance and Economics, with her current research directed towards Entrepreneurship, Behavioral Finance, Digital Financial Literacy, Financial Well-being and Vulnerability. Shekhar Mishra (Corresponding Author) is presently serving as Senior Assistant Professor in area of Finance at the Department of Commerce, Manipal Academy of Higher Education, Manipal, Karnataka, India. His research interests are in the area of econometrics and financial economics. He has published research articles in various journals of national and international repute. Deepak Kumar Behera is currently working as Lecturer in Economics & Finance department, The Business School, RMIT Vietnam. His research interests include macroeconomics, public finance and policy; global economic issues, development economics; health economics and policy; research methodology, and applied econometrics. He has published research articles in various journals of national and international repute. ORCID Anju Gupta http://orcid.org/0000-0002-7143-1022 Shekhar Mishra http://orcid.org/0000-0002-7382-1008 Deepak Kumar Behera http://orcid.org/0000-0001-6539-4280 Data availability statement The data will be available upon request through an email to the corresponding author. References Abdullah Yusof, S., Abd Rokis, R., & Wan Jusoh, W. J. (2015). Financial fragility of urban households in Malaysia. 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