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Financial Literacy around the World: A Systematic Review of related

Literature

Shailendra Kumar Shukla* & Dr. Meenakshi Singh**

Abstract

This paper is based on previous researches to provide insights regarding

financial literacy. Knowledge of financial literacy is important to make sound
monetary decisions which further leads to financial stability and good quality of
life. This concept is measured through its dimensions i.e., financial knowledge,
financial attitude, financial awareness and financial behavior. Financial literacy
is equally important for everyone whether they are students, youth, women,
employees, investors or old people. The purpose of this paper is to provide in-
depth view of researches conducted on financial literacy. Starting from the
introduction of financial literacy, followed by review procedure and brief
summary of review are introduced in this paper. This review paper is summed up
with discussion and concluding remarks.
Key words: Financial literacy, Financial knowledge, Financial
awareness, Financial attitude, Financial behavior.

1. Introduction

Financial literacy plays a crucial role in helping individuals effectively manage their assets
and debts, guiding them towards sound budgeting, saving, and productive utilization of
savings in the financial market. Financial literacy has been defined in different ways by
different scholars. Among the early work in this field, the most used and accepted explicit
definition found for the concept of financial literacy include: “ability to read, analyze,
manage and communicate about the personal financial conditions that affect material well-
being" (Chen & Volpe 1998). Huston (2010) has defined financial literacy in terms of
“understanding of financial knowledge and ability to use that knowledge”. Financial literacy
is defined as “financial well-being which encompasses saving, budgeting, and borrowing to
make ends meet and paying bills on time, among others” (Atkinson and Messy, 2012).

Researchers employ various methods to assess financial literacy, often categorizing it into
Basic Financial Literacy and Advanced Financial Literacy (Mahdzan and Tabiani, 2013 and
Thavva, 2021). Basic financial literacy involves awareness of fundamental concepts like
inflation, numeracy, time value of money, and the use of basic financial information. On the
other hand, advanced financial literacy encompasses more complex concepts such as
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*Research Scholar, BHU (K), Varanasi.
**Professor, BHU (K), Varanasi.
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diversification, risk and returns, stock exchange operations, mutual funds, and the fluctuation
of security prices. Some studies utilize a multidimensional approach, measuring financial
literacy across dimensions like financial knowledge, financial attitude, financial awareness,
and financial behavior (Atkinson and Messy, 2012; OECD, 2014; Kumar and Das, 2019).

(a) Financial Knowledge

Atkinson and Messy (2012) have defined financial knowledge as the fundamental
understanding of key financial terms and concepts, coupled with the ability to apply
numeracy skills in financial situations. To enhance the financial knowledge of students and
adolescents, it is recommended to implement financial literacy programs in schools and
colleges.

(b) Financial Awareness

This dimension ensures that individuals are well-informed about different financial products
and services. An individual remains well-aware when updated with the latest schemes, plans,
and services available in the financial market. Awareness on the regular basis regarding
financial affairs is essential part of financial awareness.

(c) Financial Attitude

What an individual believes or how he/she values the various financial terms can be defines
as financial attitude. If individuals believe that saving is essential then it can be said that they
have positive attitude towards finance (Chowa et al., 2012). Attitude towards money has an
important impact on financial literacy of individuals.

(d) Financial Behavior

According to Bhushan and Medury (2014), financial behavior involves decision-making in

finance and money management, such as creating and adhering to an adequate budget,
prompt bill payments, and maintaining disciplined saving habits. In other words, activities
related to payment, spending, borrowing, budgeting, saving, and investment constitute
components of financial behavior. OECD (2014) emphasizes the significance of financial
behavior, considering it a vital and fundamental aspect of financial literacy.

2. Review procedure and structure

Examining the existing body of knowledge within one's field of interest is commonly referred
to as a literature review in academic contexts. Delving into prominent academic journals,
including but not limited to Taylor & Francis, Sage Open, Elsevier, and the NCERT journals
(such as the Indian Educational Review and the Journal of Indian Education), provided a
comprehensive overview of existing scholarly discourse on financial literacy. For searching
research papers, we used the term financial literacy to match our target. There were certain

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criteria on which research papers were selected for review. The peer-reviewed journals and
research papers with empirical evidences on financial literacy were the part of this review
process. Apparently, opposites were excluded from this procedure.
Based on the selected papers, this review paper is focused to examine financial literacy in
national and international studies through the lens of dimensions of financial literacy,
different samples, methods and tools to measure financial literacy.

3. Brief summary of reviewed literature

3.1 Dimensions of Financial Literacy

Researchers employ various dimensions to assess financial literacy. In some studies like
Lusardi and Mitchell (2007) for Health and Retirement Study, Mahdzan and Tabiani (2013)
and Thavva (2021), financial literacy was categorized into basic financial literacy and
advanced financial literacy. Basic financial literacy involves awareness of fundamental
concepts like inflation, numeracy, time value of money, and the use of basic financial
information. On the other hand, advanced financial literacy encompasses more complex
concepts such as diversification, risk and returns, stock exchange operations, mutual funds,
and the fluctuation of security prices. Allgood and Wastad (2012) measured this concept
among American adult through actual and self-rated financial literacy.

In most of the studies (Atkinson and Messy, 2012; OECD, 2014; Rajan and Sritharan, 2018;
Abhani Dhara K., 2019; Shetty and Thomas, 2019; Kumar and Das, 2019; Utkarsh et al.,
2020; Liu and Lin, 2021 and many more), researchers utilized a multidimensional approach,
measuring financial literacy across dimensions like financial knowledge, financial attitude,
financial awareness, and financial behavior. Howlett et al. (2008) highlighted in their study
that individuals with greater financial knowledge tend to be more financially literate,
demonstrating enhanced effectiveness in handling money. Financial attitude is an essential
indicator of financial literacy. Financial attitude, social status, life style and financial
education are some factors which influence personal financial literacy and future possibility
(Joseph, 2012). Financial awareness is all about being aware about the different financial
products and services that are obtainable in financial market. Atkinson and Messy (2012)
define financial behavior, stating that positive financial behavior, such as effective expense
planning and financial stability, enhances an individual's financial literacy level.

This classification of dimension of financial literacy is widely accepted and used by many
researchers make it more relevant and effective.

3.2 Sample

Studies focused on financial literacy can be classified into two groups on the basis of their
sample which is considered to be representative of target population. Some researches
centralized on general sample groups while others concentrated on specific sample groups. In

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case of general population, most studies aimed at households and general individuals (Taylor,
2010; Japelli, 2010; Allgood and Wastad's, 2012; Mahdzan and Tabiani, 2013; Lusardi and
Tufano, 2015; Greimet-Fuhrmann, Silgoner and Weber, 2015; Yoshino, Morgan, and
Wignaraja, 2015; Wagner, 2015; Gupta, 2017; Vieira, Moreira and Potrich, 2020; Thavva,
2021; Jana, Sinha, and Gupta, 2023). Among above mentioned researches, most of them
focused on general sample has used into national surveys. Researches concentrated on
national surveys have a benefit over other researches since these surveys give large samples
for investigators, allow them to make more generalizable results from their studies (Dvorak
and Hanley (2010).

In case of specific groups, these studies have targeted the specific groups like school students
(Ansong and Gyensare, 2012; S. Kumari and Viz, 2014; Agrawal, Kureel, and Yadav, 2017;
Jayaraman and Jambunathan, 2018; Park, Kraus, and Solberg, 2021), college students (Gillen
and Loeffler, 2012; Agnew and Harrison, 2015; Boateng et al., 2015; Rajan and Sritharan,
2018; Abhani Dhara K., 2019; Shetty and Thomas, 2019; Utkarsh et al., 2020; Liu and Lin,
2021), teachers and professors (Addin et al., 2013; Surender and Sarma, 2018; ), women
(Sharma & Joshi, 2015; Roy & Jain, 2018; Shanti & Murty, 2019; Jain, 2020; Bhargava et al.,
2022), young people (Sohn et al., 2012; Sekar and Gowri, 2015; Kiliyanni and Sivaraman,
2016; Bharucha, 2019), investors (Vijayvargy and Bakhshi, 2016; Chowdhary and Kamboj,
2016; Utkarsh et al., 2020), employees (Agarwalla, Barua, Jacob, and Varma, 2013; Bhushan
and Medury, 2013; Aggrawal, 2014; Sabri and Zakaria, 2015).

These studies focused on specific groups like students, youth, women, employers have been
well informed that their result provides useful understanding for policy making. In this way,
policy makers could take these crucial inferences into their consideration while making
policies for these specific groups.

3.3 Method
After reviewing literature on financial literacy, it is clear that this relevant concept is studied
in many different ways. In most of the studies (Ansong and Gyensare, 2012; Gillen and
Loeffler, 2012; Agnew and Harrison, 2015; Boateng et al., 2015; Sharma & Joshi, 2015; Roy
& Jain, 2018; Rajan and Sritharan, 2018; Abhani Dhara K., 2019; Shetty and Thomas, 2019;
Kumar and Das, 2019; Utkarsh et al., 2020; Liu and Lin, 2021; Bhargava et al., 2022 and
many others), descriptive survey method was used to study the level of financial literacy
among the chosen sample.

In some studies, intervention programs and modules were used to see their impact on
financial literacy among participants. Danes, Rodriguez, and Brewton (2013) demonstrated
the positive influence of curriculum on financial knowledge and behavior. Their study
highlighted the effectiveness of the High School Financial Planning Program (HSFPP) in
enhancing students' financial knowledge and behavior. Kaisar and Menkhoff (2017)
undertook a meta-analysis to assess the impact of financial education on financial literacy and
behavior. Analyzing findings from 126 intervention studies, this meta-analysis demonstrated

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a significant positive impact of financial education on financial literacy and behavior.

However, it also revealed less effectiveness of financial education programs on low-income
individuals. Bhattacharya and Gill (2020) conducted an intervention study on California high
school students to assess the effects of financial and economic knowledge programs.
Introducing two intensive treatments on financial investment and money management, the
researchers observed a 13% point increase in test scores from pretest to posttest in the
treatment groups compared to the control groups.
In the USA, Park, Kraus, and Solberg (2021) implemented a financial literacy intervention
program for high school girls to evaluate its effectiveness. Utilizing a quasi-experimental
pretest-posttest design and a longitudinal qualitative study, the researchers delivered
workshop modules focusing on personal finance, budgeting, money investment, and debt,
insurance, and taxes. The study reported the program's effectiveness, showcasing increased
confidence and efficacy in financial literacy among the participating girls. Verma and Singh
(2022) conducted an experimental study with the aim of developing a cross-curricular
teaching module to enhance financial literacy among eighth-grade students. The results
indicated the significant positive impact of the teaching module on achieving subsidiary
objectives related to financial literacy.
In a distinct vein, Tiwari, Gopalkrishnan, Kaur, and Pal (2020) conducted a systematic
review of numerous research studies focusing on the "use of digital platforms" to enhance
financial literacy. Drawing insights from approximately 120 articles in the SCOPUS database
spanning from 1984 to 2020, the review underscored the transformative impact of digital
technologies on promoting financial literacy. The findings illuminated the utilization of social
media sites in several countries as effective tools for financial education. The synthesis of
content revealed that individuals with advanced financial literacy tended to adopt smart
practices in using financial services, particularly through mobile banking, e-commerce, and e-
banking.

3.4 Determinants of Financial Literacy

There is an extent body of literature explaining the impact of demographic varieties like
gender, age, educational background, income, employment/occupation, marital status,
parents’ education, ownership of bank account etc. on individuals’ financial literacy (Ansong
and Gyensare, 2012; Gillen and Loeffler, 2012; Agnew and Harrison, 2015; Albreedy and
Gharleghi, 2015; Boateng et al., 2015; Sharma & Joshi, 2015; Roy & Jain, 2018; Rajan and
Sritharan, 2018; Mudzingiri, Mwamba, and Keyser, 2018; Abhani Dhara K., 2019; Shetty
and Thomas, 2019; Kumar and Das, 2019; Utkarsh et al., 2020; Liu and Lin, 2021; Bhargava
et al., 2022). Aggrawal (2014) indicated that males, married individuals, middle-aged
participants, and those with higher education were more financially literate than their
counterparts. Moreover, individuals working in finance-related fields demonstrated higher
financial literacy compared to those in other occupations.
Sohn et al. (2012) in their study highlighted the positive correlation between financial literacy
and media usage, possession of a bank account, and a positive attitude towards money.

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Monthly allowances were identified as a significant factor, with students receiving mid-range
allowances exhibiting higher financial literacy compared to those with high allowances.
Mahdzan and Tabiani (2013) unveiled a positive relationship between financial literacy and
individuals' savings, with men, higher education, high income, and the number of children
positively associated with savings behavior. Shaari, Hasan, & Jafri (2013) in their study
revealed that business and non-business majors, spending habits, and year of study were
found to be positively associated with financial literacy, while age and gender showed no
significant impact.
In the study of Lusardi and Tufano (2015), American individuals identified as debt-illiterate
tended to engage in high-cost transactions frequently. The survey further highlighted a gender
disparity, with women, both younger and older, displaying higher levels of debt illiteracy
than men. Sabri and Zakaria (2015) highlighted a direct correlation between moderate levels
of financial capability, financial literacy, and financial well-being with a positive attitude
towards money. Additionally, income and marital status emerged as significant factors
influencing employees' financial well-being. The study underscores the importance of
considering diverse factors in understanding and enhancing the financial well-being of young
employees. Silgoner, Greimet-Fuhrmann, and Weber (2015) underscored a concerning low
level of financial literacy among specific demographics, particularly young people, women,
individuals with lower educational qualifications, and those with lower incomes.
Chowdhary and Kamboj (2016) concluded that financial literacy was notably low among
participants, leading to risk-averse behavior, with investments predominantly directed
towards fixed deposits and gold loans. Additionally, gender disparities were observed, with
females exhibiting lower financial literacy. In the study of Kiliyanni and Sivaraman (2016)
and Gupta (2017), it was observed that male participants demonstrated higher financial
literacy and the study found a positive correlation with marital status.
Isomidinova and Singh (2017) strongly advocated that financial literacy is highly influenced
by financial education and socialization agents. Phillippas and Tzora (2017) analyzed various
demographic characteristics, including age, sex, department, study years, parental
employment status, income of parents, work experience, and bank account holder. Significant
relationships were identified between selected demographic characteristics and the level of
financial literacy among students.
Mudzingiri, Mwamba, and Keyser (2018) found that university students' financial literacy
levels differed based on their perception of financial literacy, preferred risk, time discounting,
confidence level, and financial behavior. The study identified lack of patience, more risk-
taking behavior, and overconfidence as financial behaviors associated with low financial
literacy, suggesting that addressing these behaviors is crucial for preventing economic crises.
Vieira, Moreira and Potrich (2020) revealed in their study an overall low level of financial
literacy among men and women. However, a higher percentage of men demonstrated high
financial literacy compared to women. The study recommended targeted efforts to enhance
financial literacy, particularly among women.
In the cross-sectional study of Johan, Rowlingson, and Appleyard (2021), they revealed a
significant difference in financial knowledge between students who attended financial
courses and those who did not. Attendees exhibited twice the correct answers compared to

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non-attendants. Differences were also observed in financial attitudes and behavior, with
course attendants demonstrating more risk-taking behavior. Liu and Lin (2021) uncovered a
positive and significant relationship between financial cognition and financial education,
financial behavior, and financial cognition, as well as financial behavior and financial
education.
Although, there are some studies like Agarwalla, Barua, Jacob, and Varma (2013), Boateng et
al. (2015) and Jayaraman and Jambunathan (2018), in which female students and women
respondents outperformed the male students and male respondents demonstrating higher
financial literacy. These studies challenged conventional gender stereotypes by finding that
women were more financially literate than men.
In a different vein, Bhargava et al. (2022) explored the different dimensions of financial
literacy among women and found that they have better financial attitudes and behaviors but a
notable deficiency in financial knowledge. This aligns with the broader pattern identified in
other studies (Shanti & Murty, 2019; Roy & Jain, 2018; Sharma & Joshi, 2015) emphasizing
the lack of financial knowledge among women.

3.5 Tools used in Measuring Financial Literacy

Financial literacy has been measured through different scales and questionnaires from time to
time. First of all, Chen and Volpe (1998) used a questionnaire to measure the financial
literacy containing 36 items. These items were related to financial knowledge, insurance,
investment, saving and borrowing. In Lusardi and Mitchell’s work (2007) for Health and
Retirement Study, financial literacy was measured as basic and advanced financial literacy
containing questions based on calculation of interest, inflation, risk diversification, stock
market, mutual funds and financial products. In the survey of National Jump$tart Coalition
(2008), separate questionnaires were used to assess the financial literacy among high school
and college students. ‘Financial Literacy Test’ for high school students contained 49
questions and ‘Test of Financial Literacy’ for college students included 56 questions. In
2011, Van Rooij, Lusardi and Alessi employed a financial literacy module contained 16 true-
false type questions with “don’t know” option.

In the survey of OECD (2014), questions were based on the three dimensions of financial
literacy i.e., financial knowledge, behavior and attitude. These questions were in the form of
statement. This toolkit of OECD is followed by many other studies making it reliable tool on
financial literacy. Another tool on financial literacy was found as ‘Financial Literacy
Attainment Test (Verma and Singh, 2022) for grade VIII students to assess the effectiveness
of the teaching module made (for financial literacy) through pre-test and post-test
evaluations.

These studies have utilized objective financial literacy scales in measuring at which level
participant’ financial knowledge, behavior and attitude are. Consequently, some finance
related questions are asked to target sample and then their responses are measured according
to their accuracy.

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4. Discussion
This paper has summarized the detailed and rich information on financial literacy with its
dimensions, samples, different methods and tools utilized to measure this concept and various
determinants which have influenced financial literacy in positive or negative way. After its
emergence, financial literacy has been defined in many different ways like basic financial
literacy and advanced financial literacy. It is also defined as multidimensional concept in
terms of financial knowledge, financial attitude, financial awareness and financial behavior.
Majority of researchers have adapted this dimension of financial literacy in their studies.

Vast literature on financial literacy suggests that investigation of this concept is not limited to
general individuals or households only but it is equally important for school students, college
going students, women, youth and old people too who have been financially illiterate. In
other words, researchers have used general sample group as well as specific sample groups in
their studies to measure financial literacy. Many studies have suggested that financial literacy
should be introduced from the early stage of schooling to make students financially equipped
at right time.

Several studies have used demographics like gender, age, marital status, educational
qualification, occupation, stream of study, study hours, ownership of account, parental
educational background, parental income, work experience, etc. as determinants of financial
literacy which were found to be more or less connected to it. In some studies, socialization
agents, financial experiences, and attitudes towards money were strong determinants of
financial literacy while in another study, compulsory saving, financial courses and interaction
with people were found to have impact on financial literacy. Impact of financial capability,
money attitude, financial strain, and financial literacy on financial well-being was observed in
some studies. Financial literacy perception, financial behavior, risk preference, confidence
level, and time discounting were some determinants which were revealed to be strongly
influence financial literacy.

Here, we can see that on the name of determinants, majority of studies have used
demographic characteristics to see their impact on financial literacy. Van Rooij, Kool and
Prast (2007) and Van Rooij, Lusardi and Alessi (2011) have suggested that financial literacy
can be of endogenous nature. So investigators should study financial literacy with other
explanatory variables. Also, the concept of financial literacy should not be limited to business
or commerce subject but it should be taught in cross-curricular manner from the school
phase. Further, very less experimental research works have been traced on financial literacy,
so it can also be the part of future studies.

5. Conclusion
This paper has presented a brief summary of vast literature on financial literacy. It has
reviewed the literature in the light of dimensions of financial literacy, different methods,
various samples, determinants and available tools to measure this concept are some points on
which this paper is based. In conclusion, these studies collectively underscore the

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multifaceted nature of financial literacy, influenced by demographic factors, educational

experiences, and geographic locations. The findings highlight disparities in financial literacy
based on gender, educational backgrounds, and income levels. Strategies to enhance financial
education and awareness, especially in regions with lower financial literacy levels, are crucial
for fostering sound financial behaviors and positive attitudes towards money. While gender
disparities persist, initiatives such as curriculum changes hold promise for enhancing
financial literacy among diverse populations. Understanding these dynamics is crucial for
developing targeted interventions that address specific challenges and foster a more
financially literate society.

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