Indian Journal of Finance

Open Access Open Access  Restricted Access Subscription Access

A Bibliometric Analysis on Financial Inclusion and Financial Literacy – Analyzing the Current Research Trends


Affiliations
1 Research Scholar (Corresponding Author), Symbiosis Centre for Research and Innovation, Symbiosis International 1(Deemed University), Pune - 411 026, Maharashtra. and Teaching Assistant, Symbiosis College of Arts & Commerce, Pune - 411 004, Maharashtra, India
2 Assistant Professor, Symbiosis Centre for Management Studies, Symbiosis International (Deemed University), Pune - 411 014, Maharashtra., India

   Subscribe/Renew Journal


Purpose : Bibliometric analysis acts as a road map in research and helps understand the existing body of knowledge. We conducted a bibliometric analysis in the field of financial inclusion (FI) and financial literacy (FL). Design/Methodology/Approach : We used Biblioshiny through R studio on 2,836 documents extracted from WOS and Scopus databases from 1984 to 2022. Findings : We identified prominent authors, highly cited publications, significant themes and keywords, and co-citation networks. Originality/Value : This study used Scopus and Web of Science (WOS) data to conduct the bibliometric analysis. Practical Implications : The research results will be significant to scholars, researchers, and policymakers in FI and FL, as the study showed the roadmap and pathways to scientifically understanding current and future research trends.

Keywords

Financial Inclusion, Financial Literacy, Financial Development, Financial Behaviour, Growth, Mobile Money, Fintech, Financial Planning

JELClassification Codes : G21, G28, G53

Paper Submission Date : July 5, 2022 ; Paper sent back for Revision : January 16, 2023 ; Paper Acceptance Date : January 28, 2023 ; Paper Published Online : February 15, 2023

User
Subscription Login to verify subscription
Notifications
Font Size

  • Akpene Akakpo A. Amidu M. Coffie, W. & Abor J. Y. (2022). Financial literacy, financial inclusion and participation of individual on the Ghana Stock Market. Cogent Economics & Finance, 10(1), Article 2023955. https://doi.org/10.1080/23322039.2021.2023955

  • Akter S. Uddin M. H. & Tajuddin A. H. (2021). Knowledge mapping of microfinance performance research: A bibliometric analysis. International Journal of Social Economics, 48(3), 399–418. https://doi.org/10.1108/IJSE-08-2020-0545

  • Allen F. Demirguc-Kunt, A. Klapper, L. & Martinez Peria M. S. (2016). The foundations of financial inclusion: Understanding ownership and use of formal accounts. Journal of Financial Intermediation, 27, 1–30. https://doi.org/10.1016/j.jfi.2015.12.003

  • Archambault É. Campbell D. Gingras Y. & Lariviére V. (2009). Comparing bibliometric statistics obtained from the Web of Science and Scopus. Journal of the American Society for Information Science and Technology, 60(7), 1320–1326. https://doi.org/10.1002/asi.21062

  • 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

  • Aziz M. R. Jali M. Z. Noor M. N. Sulaiman S. Harun M. S. & Mustafar M. Z. (2021). Bibliometric analysis of literatures on digital banking and financial inclusion between 2014–2020. Library Philosophy and Practice (e-journal). https://digitalcommons.unl.edu/libphilprac/5322

  • Bhanot D. Bapat V. & Bera S. (2012). Studying financial inclusion in north-east India. International Journal of Bank Marketing, 30(6), 465–484. https://doi.org/10.1108/02652321211262221

  • Blondel V. D. Guillaume J.-L. Lambiotte R. & Lefebvre E. (2008). Fast unfolding of communities in large networks. Journal of Statistical Mechanics: Theory and Experiment, 2008(10), P10008. https://doi.org/10.1088/1742-5468/2008/10/P10008

  • Bongomin G. O. Munene J. C. Ntayi J. M. & Malinga C. A. (2018). Nexus between financial literacy and financial inclusion: Examining the moderating role of cognition from a developing country perspective. International Journal of Bank Marketing, 36(7), 1190–1212. https://doi.org/10.1108/IJBM-08-2017- 0175

  • Chen X. Lun Y. Yan J. Hao T. & Weng H. (2019). Discovering thematic change and evolution of utilizing social media for healthcare research. BMC Medical Informatics and Decision Making, 19(Suppl 2), 50. https://doi.org/10.1186/s12911-019-0757-4

  • Chhatoi B. P. Sahoo S. P. & Nayak D. P. (2021). Assessing the academic journey of 'Financial Inclusion' from 2000 to 2020 through bibliometric analysis. Journal of Scientometric Research, 10(2), 148–159. https://doi.org/10.5530/JSCIRES.10.2.29

  • Cobo M. J. López-Herrera A. G. Herrera-Viedma E. & Herrera F. (2011). An approach for detecting, quantifying, and visualizing the evolution of a research field: A practical application to the fuzzy sets theory field. Journal of Informetrics, 5(1), 146–166. https://doi.org/10.1016/j.joi.2010.10.002

  • Dar A. B. & Ahmed, F. (2021). Financial inclusion determinants and impediments in India: Insights from the global financial inclusion index. Journal of Financial Economic Policy, 13(3), 391–408. https://doi.org/10.1108/JFEP-11-2019-0227

  • Delgadillo L. M. (2014). Financial clarity: Education, literacy, capability, counseling, planning, and coaching. Family & Consumer Sciences Research Journal, 43(1), 18–28. https://doi.org/10.1111/fcsr.12078

  • Demirgüç-Kunt A. Klapper L. Singer D. & Ansar S. (2022). The Global Findex Database: 2021 Financial inclusion, digital payments, and resilience in the age of COVID-19. The World Bank. https://www.worldbank.org/en/publication/globalfindex

  • Demirgüç-Kunt A. Klapper L. Singer D. Ansar S. & Hess J. (2018). Global Findex Database 2017: Measuring financia linclusion and the fintech revolution.World Bank. https://openknowledge.worldbank.org/handle/10986/29510

  • Echchakoui S. (2020). Why and how to merge Scopus and Web of Science during bibliometric analysis: The case of sales force literature from 1912 to 2019. Journal of Marketing Analytics, 8, 165–184. https://doi.org/10.1057/s41270-020-00081-9

  • Ellegaard O. & Wallin J. A. (2015). The bibliometric analysis of scholarly production: How great is the impact? Scientometrics, 105, 1809–1831. https://doi.org/10.1007/s11192-015-1645-z

  • Esquivias M. A. Sethi N. Ramandha M. D., & Jayanti A. D. (2021). Financial inclusion dynamics in Southeast Asia: An empirical investigation on three countries. Business Strategy and Development, 4(2), 203–215. https://doi.org/10.1002/bsd2.139

  • Fernández-Olit B. Martín Martín J. M. & Porras González E. (2020). Systematized literature review on financial inclusion and exclusion in developed countries. International Journal of Bank Marketing, 38(3), 600–626. https://doi.org/10.1108/ijbm-06-2019-0203

  • Forliano C. De Bernardi P. & Yahiaoui D. (2021). Entrepreneurial universities: A bibliometric analysis within the business and management domains. Technological Forecasting and Social Change, 165, 120522. https://doi.org/10.1016/j.techfore.2020.120522

  • Gálvez-Sánchez F. J. Lara-Rubio J. Verdú-Jóver A. J. & Meseguer-Sánchez V. (2021). Research advances on financial inclusion: A bibliometric analysis.Sustainability,13(6),3156. https://doi.org/10.3390/su13063156

  • Gorraiz J. & Schloegl C. (2008). A bibliometric analysis of pharmacology and pharmacy journals: Scopus versus Web of Science.Journal of Informati on Science,34(5),715–725. https://doi.org/10.1177/0165551507086991

  • 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

  • Grohmann A. Klühs T. & Menkhoff L. (2018). Does financial literacy improve financial inclusion? Cross country evidence. World Development, 111, 84–96. https://doi.org/10.1016/j.worlddev.2018.06.020

  • Hirsch J. E. (2010). An index to quantify an individual's scientific research output that takes into account the effect of multiple coauthorship. Scientometrics, 85, 741–754. https://doi.org/10.1007/s11192-010-0193-9

  • 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

  • Jeong Y. K. Song M. & Ding Y. (2014). Content-based author co-citation analysis. Journal of Informetrics, 8(1), 197–211. https://doi.org/10.1016/j.joi.2013.12.001

  • Kame Babilla T. U. (2023). Digital innovation and financial access for small and medium-sized enterprises in a currency union. Economic Modelling, 120, 106182. https://doi.org/10.1016/j.econmod.2022.106182

  • Kaur S. & Pasricha J. S. (2019). Problems faced by bank employees in implementation of financial inclusion schemes. Indian Journal of Finance, 13(12), 34–49. https://doi.org/10.17010/ijf/2019/v13i12/149267

  • Kavita & Suman. (2019). Determinants of financial inclusion in India: Aliterature review. Indian Journal of Finance, 13(11), 53–61. https://doi.org/10.17010/ijf/2019/v13i11/148417

  • Kebede J. Naranpanawa A. & Selvanathan S. (2023). Financial inclusion and income inequality nexus: A case of Africa. Economic Analysis and Policy, 77, 539–557. https://doi.org/10.1016/j.eap.2022.12.006

  • Klapper L. Lusardi, A. & van Oudheusden P. (2015). Financial literacy around the world: Insights from the Standard & Poor's ratings services. Global financial literacy survey. https://gflec.org/wpcontent/uploads/2015/11/3313-Finlit_Report_FINAL-5.11.16.pdf?x56258

  • Ledwani S. Chakraborty, S. & Digal S. K. (2022). The evolution of Indian Journal of Finance: A retrospective review and future directions. Indian Journal of Finance,16(4),8–30. https://doi.org/10.17010/ijf/2022/v16i4/169172

  • Lin D. Chen C. & Liu Z. (2009). Statistical characteristics of an evolving co-citation network: The distribution of betweenness centrality. In, Proceedings of the 12th International Conference of the International Society for Scientometrics and Informetrics (pp. 552–560). https://www.issisociety.org/proceedings/issi_2009/ISSI2009-proc-vol2_Aug2009_batch1-paper-2.pdf

  • Liu A. Urquía-Grande E. López-Sánchez P. & Rodríguez-López Á. (2023). Research into microfinance and ICTs: A bibliometric analysis.Evaluation and Program Planning,97,102215. https://doi.org/10.1016/j.evalprogplan.2022.102215

  • 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

  • Morgan P. J. & Long T. Q. (2020). Financial literacy, financial inclusion, and savings behavior in Laos. Journal of Asian Economics, 68, 101197. https://doi.org/10.1016/j.asieco.2020.101197

  • Munim Z. H. Dushenko M. Jimenez V. J. Shakil M. H. & Imset, M. (2020). Big data and artificial intelligence in the maritime industry: A bibliometric review and future research directions. Maritime Policy & Management, 47(5), 577–597. https://doi.org/10.1080/03088839.2020.1788731

  • Ngo A. L. (2019). Index of financial inclusion and the determinants: An investigation in Asia. Asian Economic and Financial Review, 9(12), 1368–1382. https://doi.org/10.18488/journal.aefr.2019.912.1368.1382

  • Niankara I. (2023). The impact of financial inclusion on digital payment solution uptake within the gulf cooperation counc il e conomi e s. Int e rnational Journal of Innovation Studi e s, 7(1), 1–17. https://doi.org/10.1016/j.ijis.2022.09.004

  • Riehmann P. Hanfler M. & Froehlich B. (2005). Interactive sankey diagrams. In, IEEE Symposium on Information Visualization, INFOVIS 2005 (pp. 233–240). https://doi.org/10.1109/INFVIS.2005.1532152

  • Ruggeri G. Orsi L. & Corsi S. (2019). A bibliometric analysis of the scientific literature on Fairtrade labelling. International Journal of Consumer Studies, 43(2), 134–152. https://doi.org/10.1111/ijcs.12492

  • Sathiyan S. & Panda P. K. (2016). Financial inclusion in India: An analysis of pattern and determinants. Indian Journal of Finance, 10(4), 41–53. https://doi.org/10.17010/ijf/2016/v10i4/90799

  • Sethy S. K. & Goyari P. (2018). Measuring financial inclusion of Indian states: An empirical study. Indian Journal of Economics and Development, 14(1), 111–118. https://doi.org/10.5958/2322-0430.2018.00012.4

  • Sharma S. & Sharma S. K. (2017). Development of ITC E – Choupal based rural financial inclusion model. Indian Journal of Finance, 11(10), 20–32. https://doi.org/10.17010/ijf/2017/v11i10/118773

  • Small H. (1973). Co-citation in the scientific literature: A new measure of the relationship between two documents. Journal of the American Society for Informaion Science,24(4),265–269. https://doi.org/10.1002/asi.4630240406

  • Soumaré I. Tchana Tchana F. & Kengne T. M. (2016). Analysis of the determinants of financial inclusion in Central and West Africa.Transnational Corporations Review,8(4),231–249. https://doi.org/10.1080/19186444.2016.1265763

  • Tripathi R. Yadav N. & Shastri R. K. (2016). Financial inclusion in India through Pradhan Mantri Jan Dhan Yojana: An empirical analysis of statistical evidence. Indian Journal of Finance, 10(10), 42–55. https://doi.org/10.17010/ijf/2016/v10i10/103014

  • UN Capital Development Fund (UNCDF). (2023). Sustainable development goals. https://www.uncdf.org/sdgs

  • Wang W. Ning Z. Shu Y. Riti M.-K. & Riti J. S. (2023). ICTinteraction with trade, FDI and financial inclusion on inclusive growth in top African nations ranked by ICT development. Telecommunications Policy, 47(4), 102490. https://doi.org/10.1016/j.telpol.2023.102490

  • Yadav P. & Sharma A. K. (2018). An investigation into factors affecting access to financial services in farmers' suicide prone Bundelkhand region of India. Indian Journal of Finance, 12(6), 46–62. https://doi.org/10.17010/ijf/2018/v12i6/128135

  • Zhu J. & Liu W. (2020). A tale of two databases: The use of Web of Science and Scopus in academic papers. Scientometrics, 123, 321–335. https://doi.org/10.1007/s11192-020-03387-8

  • Zins A. & Weill L. (2016). The determinants of financial inclusion in Africa. Review of Development Finance, 6(1), 46–57. https://doi.org/10.1016/j.rdf.2016.05.001


Abstract Views: 282

PDF Views: 0




  • A Bibliometric Analysis on Financial Inclusion and Financial Literacy – Analyzing the Current Research Trends

Abstract Views: 282  |  PDF Views: 0

Authors

Careen Mary Khongwir
Research Scholar (Corresponding Author), Symbiosis Centre for Research and Innovation, Symbiosis International 1(Deemed University), Pune - 411 026, Maharashtra. and Teaching Assistant, Symbiosis College of Arts & Commerce, Pune - 411 004, Maharashtra, India
Sharmiladevi J.C.
Assistant Professor, Symbiosis Centre for Management Studies, Symbiosis International (Deemed University), Pune - 411 014, Maharashtra., India

Abstract


Purpose : Bibliometric analysis acts as a road map in research and helps understand the existing body of knowledge. We conducted a bibliometric analysis in the field of financial inclusion (FI) and financial literacy (FL). Design/Methodology/Approach : We used Biblioshiny through R studio on 2,836 documents extracted from WOS and Scopus databases from 1984 to 2022. Findings : We identified prominent authors, highly cited publications, significant themes and keywords, and co-citation networks. Originality/Value : This study used Scopus and Web of Science (WOS) data to conduct the bibliometric analysis. Practical Implications : The research results will be significant to scholars, researchers, and policymakers in FI and FL, as the study showed the roadmap and pathways to scientifically understanding current and future research trends.

Keywords


Financial Inclusion, Financial Literacy, Financial Development, Financial Behaviour, Growth, Mobile Money, Fintech, Financial Planning

JELClassification Codes : G21, G28, G53

Paper Submission Date : July 5, 2022 ; Paper sent back for Revision : January 16, 2023 ; Paper Acceptance Date : January 28, 2023 ; Paper Published Online : February 15, 2023


References





DOI: https://doi.org/10.17010/ijf%2F2023%2Fv17i2%2F172638