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Financial literacy, capability and behavior are crucial factors in personal financial management, which in turn plays a significant role in individual and societal financial well-being. The objective of this investigation is to explain critical factors and dimensions of personal financial management systems by employing a hybrid approach that encompasses a bibliometric analysis and a systematic review of the literature.

The research team carefully evaluated a selection of 606 scholarly articles from the Scopus database and studied the evolution of personal financial management behavior over 38 years (1986–2023). This research adopted several graphical representations and network structures to comprehend publishing tendencies, high-impact papers, theoretical frameworks, intellectual constructs as well as the current state of research collaboration.

Four major clusters were identified in the field of personal financial management behavior: the relationship between financial literacy and financial capability, factors influencing financial behavior, the impact of financial behavior on financial well-being and the financial behavior of different demographic groups. In addition, by performing content analysis on papers published within the last five years, new themes in personal financial management behavior were identified.

This investigation serves to equip financial advisors, policy architects and scholarly investigators with a deeper insight into the intricacies of personal financial management behavior and aids in pinpointing prospective domains for forthcoming research.

This study seeks to address a significant vacuum in the current body of research by providing a thorough bibliometric analysis that specifically examines financial literacy, ability and conduct. To the best of our knowledge, no previous research has conducted such a comprehensive investigation in this field. This research aims to identify important researchers and influential works in the subject by using a mixed-methods approach that combines qualitative and quantitative methodologies, including content analysis. The purpose of doing this is to provide exclusive insights and expertise that can be highly valuable to scholars, practitioners, policymakers and other stakeholders who are interested in furthering the comprehension and encouragement of financial literacy and responsible financial behavior.

This study aims to utilize the theory of planned behavior, integrating materialism, financial socialization, and perceived financial capability, to explore the psychological determinants influencing credit card repayment behaviors.

The data for this research was sourced from the 2016 National Financial Well-Being Survey. Employing Structural Equation Modeling, this study investigated whether materialism, financial socialization, and perceived financial capability influenced credit card repayment behaviors through their impact on financial intention.

The analysis suggests significant associations between materialism, financial socialization, and perceived financial capability with credit card repayment behaviors. Furthermore, the results highlight the substantial mediating role of financial intention in shaping the relationship between materialism, financial socialization, perceived financial capability, and credit card repayment behaviors.

Employing Structural Equation Modeling, the study investigated whether materialism, financial socialization, and perceived financial capability indirectly influenced credit card repayment behaviors through their impact on financial intention.

The findings of this study underscore the importance of considering credit card utilization and leverage used by average consumers. Supporting community-based financial education programs might be useful for reaching individuals and families at the grassroots level and educating participants about the deleterious effects of maintaining high credit card balances and the perils of pursuing their materialistic desires by leveraging these purchases through the utilization of credit cards. Credit card companies can use these findings to inform their marketing strategies and design credit products that cater to the needs of different segments of customers. From a policy standpoint, it is extremely important to develop programs that protect those individuals who are most vulnerable and need the most help with managing their money.

Policy makers can also use these findings to develop regulations and consumer protection measures to promote responsible credit card use. For instance, they can introduce laws that require credit card companies to disclose the full cost of credit, including interest rates, fees, and charges, in a clear and transparent manner. They can also promote financial education programs to help individuals with high levels of materialism manage their credit card usage and debt.

The paper integrates two well-established theoretical frameworks, the theory of planned behavior and materialism, to provide a comprehensive understanding of consumer credit card usage. This integration allows for a more nuanced analysis of the factors influencing credit card behavior. By utilizing data from the 2016 National Financial Well-Being Survey and employing Structural Equation Modeling (SEM), the paper conducts a robust empirical investigation. This adds credibility to the findings and allows for the testing of hypotheses derived from the theoretical frameworks. The findings of the paper have practical implications for policymakers, financial institutions, and consumer advocates.

Previous research suggests the crucial role of parents in developing social behaviors of their children. However, less evidence is available on the role of parents in shaping responsible financial management behavior among children for their later life. This study bridges this gap by investigating the role of financial parenting in improving well-being among young Saudi people. Particularly, this study examines the role of financial parenting, childhood financial socialization and childhood financial experiences in developing responsible financial self-efficacy and financial coping behaviors to determine financial well-being among young adults in Saudi Arabia.

This study uses a two-step mixed-method approach comprising analyses of symmetric (net effects) and asymmetric (combinatory effects) modelling to test the proposed model. A symmetrical analysis examines the role of financial parenting factors that are sufficient for improving financial well-being among Saudis. An asymmetrical analysis is used to explore that a set of combinations of financial parenting conditions lead to high performance of financial well-being. Data have been collected from 350 students enrolled in undergraduate and postgraduate programs in Saudi Arabia.

According to asymmetric modeling (i.e. fsQCA) analysis, parents and practitioners can combine financial parenting, childhood financial socialization and childhood financial experiences along with financial self-efficacy and financial coping behaviors in a way that satisfied the conditions (i.e. causal antecedent conditions) leading to high financial well-being. Importantly, the condition of high financial well-being is not mirror opposite of causal antecedent conditions of low financial well-being.

This study contributes to the current knowledge by applying both symmetrical and asymmetrical modelling to indicate a high level of financial well-being. Besides, there is sparse empirical evidence available in the context of Saudi Arabia on how financial parenting, socialization and financial experiences in childhood improve children's financial well-being in their later life.

According to asymmetric modeling (i.e. fsQCA) analysis, parents and practitioners can combine financial parenting, childhood financial socialization and childhood financial experiences along with financial self-efficacy and financial coping behaviors in a way that satisfied the conditions (i.e. causal antecedent conditions) leading to high financial well-being. Importantly, the condition of high financial well-being is not mirror opposite of causal antecedent conditions of low financial well-being. The parents and practitioners must be cautious to regulate the condition in which the combination of the antecedents is not in line with the causal recipes of financial well-being negation.

This study deepens the current knowledge by employing both symmetrical and asymmetrical analysis for testing structural and configurational models indicating the high performance of financial well-being . The study proposes and tests an integrated model to bring new contributions to prior literature. This study also attempts to propose valuable research directions for future researchers interested in the topic.

The paper examines how individuals can be susceptible to payment biases in the context of digital payment behavior by utilizing the concept of mental accounting. Furthermore, the paper investigates the moderating effects of Digital Financial Literacy (DFL) on the relationship between payment methods and spending behavior.

The study employs a survey-based approach to collect data from 503 individuals who use digital payment methods, utilizing purposive sampling from Pakistan. The collected data is analyzed using Smart-PLS 4 software to assess the direct impact of payment methods on spending behavior and the moderating influence of DFL.

The research findings demonstrate that both digital and cash payments significantly affect spending behavior. However, digital payments have a more substantial impact on spending behavior compared to cash payments. The findings also show that DFL significantly positively moderates individual spending. The study validates the mental accounting perspective by evaluating the direct impact of payment methods on consumers' spending behavior.

The findings have practical implications for policymakers, financial institutions, and educators. Policymakers can leverage the insights to design effective strategies that promote responsible spending behavior and enhance the adoption of digital payment methods. Financial institutions can design user-friendly platforms that cater to users' spending preferences, while educators can develop programs to enhance Digital Financial Literacy (DFL) among the public.

This study’s social implications lie in its potential to contribute to individuals' financial well-being by promoting responsible spending through digital payment methods. Enhanced financial literacy and informed spending decisions can lead to better financial management and ultimately contribute to societal financial stability.

The study enriches the understanding of mental accounting, shedding light on how overspending behavior can manifest through digital payment channels. In addition, this research practically provides valuable insights into enhancing the adoption and financial literacy of digital payments among the public.

Under the background of low consumer financial knowledge and accumulated credit card liabilities, this study investigates the relationship between financial knowledge and responsible credit card behavior using data from the 2019 China Household Finance Survey (CHFS). From the perspective of consumer economic well-being, this study defines accruing credit card debt to buy houses and cars when loans with lower interest rates are available as irresponsible credit card behavior.

This study uses probit regressions to examine the association between financial knowledge and responsible credit card behavior because the dependent variable is a dummy variable. To alleviate endogeneity problems, this study uses instrument variables and Heckman’s two-step estimation. Furthermore, to explore the potential mediators in this process, this study follows the stepwise regression method. Finally, this study introduces interaction terms to examine whether this association differs in different groups.

The results indicate that financial knowledge is conducive to increasing the probability of responsible credit card behavior. Mediating analyses reveal that the roles of financial knowledge occur by increasing the degree of concern for financial and economic information and the propensity to plan. Moderating analyses show that the effects of financial knowledge on responsible credit card behavior are stronger among risk-averse consumers and in regions with favorable digital access.

This study measures responsible credit card behavior from the perspective of the consumer’s well-being, which enriches practical implications for consumer finance. Furthermore, this study explores the potential mediators influencing the process of financial knowledge that affects responsible credit card behavior and identifies moderators to conduct heterogeneous analyses, which helps comprehensively understand the nexus between financial knowledge and credit card behavior. By achieving these contributions, this study helps to curb the adverse effects of irresponsible credit card behavior on consumers’ well-being and the economic system and helps policymakers promote financial knowledge to fully prevent irresponsible credit card behavior.

This study aims to examine the nexus between digital financial literacy and customers’ perceived financial behavior within the Kuwaiti context. Moreover, it will further explore how digital financial literacy relates to financial behavior dimensions.

Data collection was facilitated by creating a questionnaire derived from multiple literature sources. This study used a cross-sectional, time-based dimension. Data was analyzed using the partial least square (PLS) structural equation modeling approach, using the Smart-PLS 4 software for computation.

Findings demonstrated a significant relationship between digital financial literacy and financial behavior, with a path coefficient of 0.542, a p-value of 0.000 and an R² value of 0.581. The explorative model revealed substantial relationships between many dimensions of digital financial literacy and various dimensions of financial behavior. More precisely, financial knowledge, awareness and decision-making were the factors that had the most significant impact on financial behavior.

Kuwaiti policymakers should consider including digital financial literacy programs in comprehensive financial education programs to improve public understanding of digital financial instruments and their consequences.

As the authors know, this is the initial endeavor to evaluate the relationship between digital financial literacy, financial behavior and their respective dimensions.

This paper aims to examine and compare the associations between financial capability and financial anxiety (FA) before and during the coronavirus disease 2019 (COVID-19) pandemic. Specifically, financial capability is measured by three indicators: financial knowledge, financial behavior and financial confidence. This study also examines and compares the association among different income groups before and during the pandemic.

Data are from 2018 to 2021 National Financial Capability Study (NFCS). Structural equation modeling (SEM) is employed to examine the direct and indirect associations between financial capability factors and FA. Furthermore, this paper also conducts multi-group SEM for three income groups to examine the heterogeneous effects of household income.

Both before and during the pandemic, financial knowledge is directly positively and financial behavior is directly negatively associated with FA. In addition, both financial knowledge and financial behavior are positively associated with financial confidence, which in turn is negatively associated with FA. However, when taking the indirect effects into consideration, the total effects of financial capability factors on FA are all negative. Furthermore, the pandemic has intensified the negative association between financial behavior and FA rather than financial knowledge or financial confidence. Multi-group SEM shows that the positive direct effects of financial knowledge are only significant in the low-income group, while the negative direct effects of financial behavior are only significant in the low- and middle-income groups before the pandemic. However, direct effects of financial knowledge and financial behavior are significant in all income groups during the pandemic.

First, this study specifies a construct, financial confidence, to proxy perceived financial capability. Second, it examines the mediating role of financial confidence in the association between the other two financial capability factors (financial knowledge and financial behaviors) and FA. Third, it also compares the associations between financial capability factors and FA before and during the COVID-19 pandemic.

The study aims to explore the savings behaviour of Indian farmers. An attempt is also made to inspect the effect of financial literacy (FL) and financial confidence (FC) on the savings behaviour of the farmers in India.

This study used secondary data on 10,263 Indian farmers from Financial Inclusion Insights, 2017 database. Relevant statistical techniques and ordered probit regression were used to unfold the effect of FL and FC on the savings behaviour of farmers.

The outcome of the study revealed that the majority of the Indian farmers exhibited poor levels of FL and FC. Of the total, 42.99% were found to save regularly. FL and FC were observed to play instrumental roles in steering the savings behaviour of the Indian farmers. Household size, financial shocks, gender, farm ownership, income, household financial decision-making process, religion and educational attainment have emerged to be significant predictors of the savings behaviour of Indian farmers.

The present study makes an original contribution to the extant literature by unfolding the savings behaviour of Indian farmers and the effect of FL and FC on such behaviour using a rich sample of 10,263 farmers for the first time.

The study investigated the relationship between future time perspective and financial well-being among Chinese working millennials and its serial mediators, such as financial goal clarity, subjective financial knowledge and responsible financial behaviour, to foster consumer resilience in the financial realm.

A total of 526 Chinese working millennials (Mage = 31.78) participated in the online survey in response to questions on demographic characteristics and items to measure the variables adopted in the research model. Covariance-based structural equation modelling (CB-SEM) and AMOS version 27 were used to test the research hypotheses.

The results revealed a positive correlation between future time perspective and financial well-being. Moreover, the results showed that financial goal clarity, subjective financial knowledge and responsible financial behaviour serially mediated the correlation between future time perspective and financial well-being.

The findings provide implications for companies and policymakers to refine their intervention programmes to boost young millennials' future time perspectives in reinforcing their financial knowledge and financial goal clarity which in turn fosters their responsible financial behaviour in contributing to financial well-being in boosting their overall consumer resilience. Future studies should deepen the way in which the studied factors are leveraged as a tool to improve individuals' resilience in the economic realm.

The findings of this study shed light on the underlying mechanisms that drive and promote the financial well-being of Chinese working millennials.

This study aims to understand the unique financial behavior of transgender individuals compared to cisgender individuals. Furthermore, this study aims to demonstrate that understanding the financial behavior of transgender people will help financial institutions, regulators and policymakers to include them in the formal financial sector.

The qualitative approach to research aims at understanding a given phenomenon among the participants. Semi-structured interviews are conducted with 28 transgender and cisgender individuals each. Thematic analysis is used to understand the participants’ financial behavior and propose future research directions and implications to regulators and practitioners.

The transgender participants (TP) earn no stable income compared to cisgender participants. Due to a lack of regular income, TP faces hardships covering their spending. No fixed spending or financial planning pattern is found among the TP, and they are found to be highly uncertain of their income and spending. The TP is found wholly excluded from the financial system, and not even a single participant with an active bank account or insurance is found. TP has not visited a bank in their lifetime, and financial literacy is found completely missing among them. No TP has ever taken a bank loan or credit from a financial institution. A zeal among TP to be financially included is found, and such participation will undoubtedly help them live a financially independent life. Cisgender people (CP) are found to be earning a stable income, have full-time jobs, save money, transact through a formal financial system and are financially more independent than TPs. Gender is shown to play a role in the financial behavior of the participants.

This study gathers information from transgender and CP and does not focus on the financial services providers; the decision not to interview the providers of financial services is a potential limitation of the present study. Another limitation is the small number of respondents who participated in the semi-structured interviews. Due to these limitations, the generalizability of the findings of this study regarding financial behavior will be restricted and require further evidence from future research.

The present study has several practical implications. First, the requirement of understanding the financial behavior of transgender people from their perspective is missing in the literature, and studies focusing on their behavior are required to help them be financially independent. The present study has implications for regulators, policymakers and practitioners to help transgender people improve their financial conditions.

The existing literature does not include studies focusing on understanding the financial behavior of transgender people or drawing a comparison of the financial behavior of transgender or CP. The present study explores the financial behavior of transgender people and highlights the unique financial behavior of transgender individuals.