Mapping the Landscape of Personal Finance Research in Developing Countries: A Bibliometric Perspective

Auteurs

DOI :

https://doi.org/10.31637/epsir-2027-2331

Mots-clés :

personal finance, financial education, financial literacy, financial inclusion, financial behavior, digital technologies, financial well-being, resilience

Résumé

Introduction: This study presents the first comprehensive bibliometric mapping of research on personal finance, financial education, and financial inclusion in developing countries between 2007 and 2023. Methodology: Through the analysis of 83 articles indexed in Web of Science and the use of VOSviewer and Bibliometrix, temporal trends, collaboration networks, and thematic clusters were examined. Results: The results show a sustained growth in scientific production, concentrated in a few countries—mainly the United States, India, and China—with fragmented collaboration networks and scarce South-South linkages. Keyword analysis identified four main streams: (1) financial literacy and education; (2) financial inclusion and poverty reduction; (3) financial behavior and digital technologies; and (4) well-being and financial resilience. Discussions: Although the field has diversified its approaches, weak theoretical integration and limited international cooperation persist. Conclusions: This paper contributes evidence on the geographic, institutional, and thematic composition of the field, highlighting gaps and opportunities for future research, as well as recommendations for educational policies and programs that integrate behavioral, technological, and resilience components.

Téléchargements

Les données relatives au téléchargement ne sont pas encore disponibles.

Bibliographies de l'auteur

Francisca Matus-Zambrano, Universidad Católica de Temuco

Francisca Matus-Zambrano is a young and emerging researcher from Temuco, Chile. She holds a degree in Business Engineering and a Bachelor’s degree in Economics and Administration from the Catholic University of Temuco, Chile. Her research interests focus on financial education and personal finance in vulnerable and emerging contexts.

Jairo Dote-Pardo, Universidad Católica de Temuco

Jairo Stefano Dote-Pardo is a Professor and Researcher in the Department of Economics and Administration at the Catholic University of Temuco, Chile. He is a PhD candidate in Business Economics from the University of Salamanca and holds a Master's degree in Administration from the University of Bío-Bío. He currently serves as Secretary General and Researcher at the Center for Management and Applied Economics. His research interests include corporate sustainability, personal finance, innovation, applied economics, and financial education. He has participated in diverse research projects and published articles in peer-reviewed journals such as Sustainability, Sustainable Futures, Mental Health and Social Inclusion, Journal of Accounting Literature, Journal of Money Laundering Control, Journal of Family Business Management, and, Transylvanian Review of Administrative Sciences He has also led training, outreach, and academic development activities at the undergraduate, graduate, and continuing education levels in higher education institutions.

Elias Maldonado-Montecinos, Universidad Superior de Guadalajara

Elias Maldonado-Montecinos is a Professor, holds a Master’s degree in Educational Management and Leadership from Andrés Bello University, a PhD candidate in Teaching and Learning in Higher Education from the Universidad Superior de Guadalajara, and a PhD in Educational Leadership from Warnborough College Ireland. He has worked in secondary education, participating in the development of Institutional Educational Projects and the various management plans that support them. His academic interest focuses on Technical-Vocational Education (ETP). He works as a Higher Education Teacher and is currently in charge of Alternation and Reconnection in Technical-Vocational Secondary Education, a strategy that articulates the school curriculum with external training spaces, allowing students to develop knowledge, technical competencies, and socio-emotional skills in real-life learning contexts.

Références

Akhtar, M., & Malik, M. U. (2023). Personality traits and investor risk behavior: moderating role of financial literacy. Managerial Finance, 49(5), 884-905. https://doi.org/10.1108/MF-08-2021-0387 DOI: https://doi.org/10.1108/MF-08-2021-0387

Alqam, M. A., & Hamshari, Y. M. (2024). The impact of financial literacy on financial inclusion for financial well-being of youth: evidence from Jordan. Discover Sustainability, 5(1), 528. https://doi.org/10.1007/s43621-024-00704-6 DOI: https://doi.org/10.1007/s43621-024-00704-6

Angsten Clark, A., Awoyemi, O. B., & Allen, B. S. (2025). What Enables Financial Resilience: Insights from a Participatory Research and Design Process with VSLA Members in Nigeria. The European Journal of Development Research, 37(3), 477-499. https://doi.org/10.1057/s41287-024-00679-0 DOI: https://doi.org/10.1057/s41287-024-00679-0

Ansar, S., Hess, J., & Klapper, L. (2023). Resilience in emergencies, savings, and credit. In Handbook of Microfinance, Financial Inclusion and Development (pp. 99-118). Edward Elgar Publishing. https://doi.org/10.4337/9781789903874.00012 DOI: https://doi.org/10.4337/9781789903874.00012

Aria, M., & Cuccurullo, C. (2017). bibliometrix : An R-tool for comprehensive science mapping analysis. Journal of Informetrics, 11(4), 959-975. https://doi.org/10.1016/j.joi.2017.08.007 DOI: https://doi.org/10.1016/j.joi.2017.08.007

Atkinson, A., & Messy, F. (2012). Measuring Financial Literacy. https://doi.org/10.1787/5k9csfs90fr4-en DOI: https://doi.org/10.1787/5k9csfs90fr4-en

Berlinger, E., Dömötör, B., Megyeri, K., & Walter, G. (2025). Financial literacy of finance students: a behavioral gender gap. International Journal of Educational Management, 39(8), 116-133. https://doi.org/10.1108/IJEM-04-2024-0221 DOI: https://doi.org/10.1108/IJEM-04-2024-0221

Birkle, C., Pendlebury, D. A., Schnell, J., & Adams, J. (2020). Web of Science as a data source for research on scientific and scholarly activity. Quantitative Science Studies, 1(1), 363-376. https://doi.org/10.1162/qss_a_00018 DOI: https://doi.org/10.1162/qss_a_00018

Czech, K., Ochnio, L., Wielechowski, M., & Zabolotnyy, S. (2024). Financial Literacy: Identification of the Challenges, Needs, and Difficulties among Adults Living in Rural Areas. Agriculture, 14(10), 1705. https://doi.org/10.3390/agriculture14101705 DOI: https://doi.org/10.3390/agriculture14101705

Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Lim, W. M. (2021). How to conduct a bibliometric analysis: An overview and guidelines. Journal of Business Research, 133,

285-296. https://doi.org/10.1016/j.jbusres.2021.04.070 DOI: https://doi.org/10.1016/j.jbusres.2021.04.070

Fischer, A. M., & Storm, S. (2023). The Return of Debt Crisis in Developing Countries: Shifting or Maintaining Dominant Development Paradigms? Development and Change, 54(5),

954-993. https://doi.org/10.1111/dech.12800 DOI: https://doi.org/10.1111/dech.12800

Gallego-Losada, M. J., Montero-Navarro, A., Gallego-Losada, R., & Rodríguez-Sánchez, J. L. (2024). Measuring financial divide in the rural environment. The potential role of the digital transformation of finance. International Entrepreneurship and Management Journal, 20(4), 2791-2810. https://doi.org/10.1007/s11365-024-00992-4 DOI: https://doi.org/10.1007/s11365-024-00992-4

Goyal, K., & Kumar, S. (2021). Financial literacy: A systematic review and bibliometric analysis. International Journal of Consumer Studies, 45(1), 80-105. https://doi.org/10.1111/ijcs.12605 DOI: https://doi.org/10.1111/ijcs.12605

Han, K., Wan, J., Lao, Z., & Wang, X. (2025). The effect of financial literacy on over-indebtedness of rural households: evidence from China. Applied Economics, 1-18. https://doi.org/10.1080/00036846.2025.2504193 DOI: https://doi.org/10.1080/00036846.2025.2504193

Hanley, K. W. (2023). Editorial for the special issue on accounting and personal finance in the Journal of Accounting and Public Policy. Journal of Accounting and Public Policy, 42(2), 107076. https://doi.org/10.1016/j.jaccpubpol.2023.107076 DOI: https://doi.org/10.1016/j.jaccpubpol.2023.107076

Ingale, K. K., & Paluri, R. A. (2022). Financial literacy and financial behaviour: a bibliometric analysis. Review of Behavioral Finance, 14(1), 130-154. https://doi.org/10.1108/RBF-06-2020-0141 DOI: https://doi.org/10.1108/RBF-06-2020-0141

Iram, T., Bilal, A. R., & Ahmad, Z. (2023). Investigating The Mediating Role of Financial Literacy on The Relationship Between Women Entrepreneurs’ Behavioral Biases and Investment Decision Making. Gadjah Mada International Journal of Business, 25(1), 93. https://doi.org/10.22146/gamaijb.65457 DOI: https://doi.org/10.22146/gamaijb.65457

Katnic, I., Katnic, M., Orlandic, M., Radunovic, M., & Mugosa, I. (2024). Understanding the Role of Financial Literacy in Enhancing Economic Stability and Resilience in Montenegro: A Data-Driven Approach. Sustainability, 16(24), 11065. https://doi.org/10.3390/su162411065 DOI: https://doi.org/10.3390/su162411065

Li, X., Wei, Y., & Wang, S. (2025). Household finance research: A systematic bibliometric analysis of evolution, trends, and emerging research directions. Review of Economics of the Household, 23(2), 839-867. https://doi.org/10.1007/s11150-025-09774-5 DOI: https://doi.org/10.1007/s11150-025-09774-5

Lusardi, A., & Mitchell, O. S. (2008). Planning and Financial Literacy: How Do Women Fare? American Economic Review, 98(2), 413-417. https://doi.org/10.1257/aer.98.2.413 DOI: https://doi.org/10.1257/aer.98.2.413

Lusardi, A., & Mitchell, O. S. (2014). The Economic Importance of Financial Literacy: Theory and Evidence. Journal of Economic Literature, 52(1), 5-44. https://doi.org/10.1257/jel.52.1.5 DOI: https://doi.org/10.1257/jel.52.1.5

Mancone, S., Tosti, B., Corrado, S., Spica, G., Zanon, A., & Diotaiuti, P. (2024). Youth, money, and behavior: the impact of financial literacy programs. Frontiers in Education, 9. https://doi.org/10.3389/feduc.2024.1397060 DOI: https://doi.org/10.3389/feduc.2024.1397060

Nogueira, M. C., Almeida, L., & Tavares, F. O. (2025). Financial Literacy, Financial Knowledge, and Financial Behaviors in OECD Countries. Journal of Risk and Financial Management, 18(3), 167. https://doi.org/10.3390/jrfm18030167 DOI: https://doi.org/10.3390/jrfm18030167

OECD. (2021). G20/OECD Report on Lessons Learnt and Effective Approaches to Protect Consumers and Support Financial Inclusion in the Context of COVID-19.

Osuma, G., Nzimande, N., & Simon-Ilogho, B. (2025). Examining microfinance and financial inclusion nexus in poverty alleviation and sustainable development in Sub-Saharan Africa. Journal of Cleaner Production, 520, 146135. https://doi.org/10.1016/j.jclepro.2025.146135 DOI: https://doi.org/10.1016/j.jclepro.2025.146135

Pal, S., Vankila, S., & Fernandes, M. N. (2025). Interplay of financial inclusion and economic growth in emerging economies. World Development Sustainability, 6, 100201. https://doi.org/10.1016/j.wds.2025.100201 DOI: https://doi.org/10.1016/j.wds.2025.100201

Pandey, A., & Utkarsh. (2024). Determinants of positive financial behavior: a parallel mediation model. International Journal of Emerging Markets, 19(11), 4073-4093. https://doi.org/10.1108/IJOEM-01-2022-0124 DOI: https://doi.org/10.1108/IJOEM-01-2022-0124

Rubio, J., & León, M. (2025). Financial Inclusion as a Pathway to Poverty Alleviation and Equality in Latin America: An Empirical Analysis. Journal of Risk and Financial Management, 18(7), 392. https://doi.org/10.3390/jrfm18070392 DOI: https://doi.org/10.3390/jrfm18070392

Sethi, M., Das, C. P., Bindu, S., & Bisoyi, T. (2025). Financial inclusion and financial resilience: insights from current literature and future research agenda through bibliometric and content analysis approach. Discover Sustainability, 6(1), 506. https://doi.org/10.1007/s43621-025-00997-1 DOI: https://doi.org/10.1007/s43621-025-00997-1

Shi, W., Ali, M., & Leong, C.-M. (2025). Dynamics of personal financial management: a bibliometric and systematic review on financial literacy, financial capability and financial behavior. International Journal of Bank Marketing, 43(1), 125-165. https://doi.org/10.1108/IJBM-06-2023-0359 DOI: https://doi.org/10.1108/IJBM-06-2023-0359

Stolper, O. A., & Walter, A. (2017). Financial literacy, financial advice, and financial behavior. Journal of Business Economics, 87(5), 581-643. https://doi.org/10.1007/s11573-017-0853-9 DOI: https://doi.org/10.1007/s11573-017-0853-9

Urban, C., Schmeiser, M., Collins, J. M., & Brown, A. (2020). The effects of high school personal financial education policies on financial behavior. Economics of Education Review, 78, 101786. https://doi.org/10.1016/j.econedurev.2018.03.006 DOI: https://doi.org/10.1016/j.econedurev.2018.03.006

van Eck, N. J., & Waltman, L. (2017). Citation-based clustering of publications using CitNetExplorer and VOSviewer. Scientometrics, 111(2), 1053-1070. https://doi.org/10.1007/s11192-017-2300-7 DOI: https://doi.org/10.1007/s11192-017-2300-7

Van Hove, L., & Dubus, A. (2019). M-PESA and Financial Inclusion in Kenya: Of Paying Comes Saving? Sustainability, 11(3), 568. https://doi.org/10.3390/su11030568 DOI: https://doi.org/10.3390/su11030568

World Bank Group. (2025). Financial Inclusion: Financial inclusion is a key enabler to reducing poverty and boosting prosperity. https://www.worldbank.org/en/topic/financialinclusion/overview

Zaimovic, A., Omanovic, A., Nuhic Meskovic, M., Arnaut-Berilo, A., Zaimovic, T., Dedovic, L., & Torlakovic, A. (2025). The nexus between digital financial knowledge and financial inclusion: digital financial attitudes and behaviour as mediators enhancing financial inclusion. International Journal of Bank Marketing, 43(2), 388-423. https://doi.org/10.1108/IJBM-01-2024-0053 DOI: https://doi.org/10.1108/IJBM-01-2024-0053

Zambrano, A. F., Giraldo, L. F., Perdomo, M. T., Hernández, I. D., & Godoy, J. M. (2023). Rotating savings and credit associations: A scoping review. World Development Sustainability, 3, 100081. https://doi.org/10.1016/j.wds.2023.100081 DOI: https://doi.org/10.1016/j.wds.2023.100081

Téléchargements

Publiée

2026-09-08

Comment citer

Matus-Zambrano, F., Dote-Pardo, J., & Maldonado-Montecinos, E. (2026). Mapping the Landscape of Personal Finance Research in Developing Countries: A Bibliometric Perspective. European Public & Social Innovation Review, 12, 1–19. https://doi.org/10.31637/epsir-2027-2331

Numéro

Vol. 12 (2027)

Rubrique

Artículos Portada

Licence

© Francisca Matus-Zambrano, Jairo Dote-Pardo, Elias Maldonado-Montecinos 2026

Creative Commons License

Ce travail est disponible sous licence Creative Commons Attribution - Pas d'Utilisation Commerciale - Pas de Modification 4.0 International.

Authors who publish with this journal agree to the following terms:
  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Non Commercial, No Derivatives Attribution 4.0. International (CC BY-NC-ND 4.0.), that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
  2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
  3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).