How Has Digital Transformation Reshaped Personal Financial Management Behavior Research?

Nur Shafira Chairani; Nur Ainun Najwa; Suci Ameliya Kartika; Muhammad Ramadhani Kesuma

doi:10.61132/moneter.v4i1.2050

Authors

Nur Shafira Chairani Universitas Mulawarman
Nur Ainun Najwa Universitas Mulawarman
Suci Ameliya Kartika Universitas Mulawarman
Muhammad Ramadhani Kesuma Universitas Mulawarman

DOI:

https://doi.org/10.61132/moneter.v4i1.2050

Keywords:

Bibliometric Analysis, Financial Behavior, Fintech Integration, Personal Financial Management, Research Trends

Abstract

Personal financial management behavior has gained prominence amid economic globalization, digital transformation, and crisis-induced shifts that reshape individual decision-making, budgeting, saving, and risk practices. This study conducts a comprehensive bibliometric analysis to chart the intellectual structure, growth patterns, and future orientations of research in this domain. Drawing on 312 English-language publications from the Scopus database spanning 2000 to 2024, the analysis employs VOSviewer for co-authorship, keyword co-occurrence, and co-citation mapping, complemented by performance metrics on trends and productivity. Findings reveal a marked acceleration in scholarly output, particularly after 2020, driven by heightened attention to digital tools and resilience factors. Thematic clusters highlight progression from foundational literacy and demographic influences to psychological mediators (e.g., self-efficacy, attitudes) and outcomes centered on well-being and socialization. Geographic contributions concentrate in the United States and Indonesia, with strong Asia-Pacific networks, while productive authors form specialized collaborative hubs. The intellectual base integrates behavioral frameworks with empirical applications, underscoring interdisciplinary depth. These insights address fragmentation in prior work by providing a unified knowledge map, revealing gaps in cross-cultural integration and dynamic digital modeling. Implications extend to guiding targeted interventions for financial education and policy, fostering individual resilience in volatile environments. This synthesis supports scholars and practitioners in advancing evidence-based approaches to sustainable personal finance practices.

Downloads

Download data is not yet available.

References

Adelia, A., Rahman, M. H., Muthahari, M. W., Pramisya, F. L., Ariswati, L. D., & Kesuma, M. R. (2025). Navigating digital business performance: A bibliometric exploration and integrated evaluation framework. Ekopedia: Jurnal Ilmiah Ekonomi, 1(4), 3222–3236. https://doi.org/10.63822/yxfn4k21

Ali, S., & Talha, N. (2021). During COVID-19, impact of subjective and objective financial knowledge and economic insecurity on financial management behavior: Mediating role of financial wellbeing. Journal of Public Affairs. https://doi.org/10.1002/pa.2789

Almeida, F. de, Ferreira, M. B., Soro, J. C., & Silva, C. S. (2021). Attitudes toward money and control strategies of financial behavior: A comparison between overindebted and non-overindebted consumers. Frontiers in Psychology. https://doi.org/10.3389/fpsyg.2021.566594

Althaf, S. A., Sustyaningsih, S., Kusuma, A. M. N., Anwar, A. G., Irianto, E. D. O., & Kesuma, M. R. (2025). Digital transformation and sustainability: Unraveling interconnections and challenges through bibliometric insights. Digital Bisnis: Jurnal Publikasi Ilmu Manajemen dan E-Commerce, 4(4), 206–223. https://doi.org/10.30640/digital.v4i4.5506

Ansari, Y., Albarrak, M. S., Sherfudeen, N., & Aman, A. (2022). A study of financial literacy of investors: A bibliometric analysis. International Journal of Financial Studies. https://doi.org/10.3390/ijfs10020036

Ariswati, L. D., Kesuma, M. R., Aini, R. N., Irianto, E. D. O., Widaryo, C. M., & Henrika, M. (2025). Does financial literacy drive SME success in resource-rich regions? Priviet Social Sciences Journal, 5(11), 308–321. https://doi.org/10.55942/pssj.v5i11.714

Baker, H. K., Kumar, S., & Pandey, N. (2020). A bibliometric analysis of managerial finance: A retrospective. Managerial Finance, 46(11), 1495–1517. https://doi.org/10.1108/MF-06-2019-0277

Bayakhmetova, A., Rudenko, L., Krylova, L., Suleimenova, B., Niyazbekova, S., & Nurpeisova, A. (2025). Artificial intelligence in financial behavior: Bibliometric ideas and new opportunities. Journal of Risk and Financial Management, 18(3), 159. https://doi.org/10.3390/jrfm18030159

Boubaker, S., Goodell, J. W., Kumar, S., & Sureka, R. (2023). COVID-19 and finance scholarship: A systematic and bibliometric analysis. International Review of Financial Analysis. https://doi.org/10.1016/j.irfa.2022.102458

Chhillar, N., & Arora, S. (2022). Personal financial management behavior using digital platforms and its domains. Journal of Financial Management, Markets and Institutions. https://doi.org/10.1142/S2282717X22500098

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

Dorfleitner, G., & Quỳnh, A. N. (2022). Mobile money for women's economic empowerment: The mediating role of financial management practices. Review of Managerial Science. https://doi.org/10.1007/s11846-022-00564-2

Gan, L. Y., Islam Khan, M. T., & Liew, T. W. (2021). Understanding consumers’ adoption of financial robo-advisors at the outbreak of the COVID-19 crisis in Malaysia. Financial Planning Review. https://doi.org/10.1002/cfp2.1127

Goyal, K., & Kumar, S. (2023). A bibliometric review of Journal of Financial Counseling and Planning between 1990 and 2022. Journal of Financial Counseling and Planning. https://doi.org/10.1891/JFCP-2023-0009

Goyal, K., Kumar, S., & Hoffmann, A. O. I. (2023). The direct and indirect effects of financial socialization and psychological characteristics on young professionals’ personal financial management behavior. International Journal of Bank Marketing. https://doi.org/10.1108/IJBM-09-2022-0419

Goyal, K., Kumar, S., & Xiao, J. J. (2021). Antecedents and consequences of personal financial management behavior: A systematic literature review and future research agenda. International Journal of Bank Marketing. https://doi.org/10.1108/IJBM-12-2020-0612

Goyal, K., Kumar, S., Xiao, J. J., & Colombage, S. (2022). The psychological antecedents of personal financial management behavior: A meta-analysis. International Journal of Bank Marketing. https://doi.org/10.1108/IJBM-02-2022-0088

Hall, S., Leaver, A., Seabrooke, L., & Tischer, D. (2023). The changing spatial arrangements of global finance: Financial, social and legal infrastructures. Environment and Planning A: Economy and Space. https://doi.org/10.1177/0308518X231159396

Henrika, M., Ariswati, L. D., Kesuma, M. R., Widaryo, C. M., Irianto, E. D. O., & Aini, R. N. (2025). Trade wars and tech giants: The U.S.–China policy effect on American technology companies. JEMBA: Jurnal Ekonomi Pembangunan, Manajemen & Bisnis, Akuntansi, 5(1), 65–74. https://doi.org/10.52300/jemba.v5i1.20277

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

Irianto, E. D. O., Kesuma, M. R., Henrika, M., Widaryo, C. M., Aini, R. N., & Ariswati, L. D. (2025). Liquidity and financial resilience: Lessons from Indonesia amid COVID-19 resurgence. RIGGS: Journal of Artificial Intelligence and Digital Business, 4(2), 2749–2757. https://doi.org/10.31004/riggs.v4i2.931

Jäger, J., & Schmidt, L. (2020). Global green finance and sustainability: Insights for progressive strategies. Journal für Entwicklungspolitik. https://doi.org/10.20446/JEP-2414-3197-36-4-4

Jariyapan, P., Mattayaphutron, S., Gillani, S. N., & Shafique, O. (2022). Factors influencing the behavioural intention to use cryptocurrency in emerging economies during the COVID-19 pandemic: Based on technology acceptance model 3, perceived risk, and financial literacy. Frontiers in Psychology. https://doi.org/10.3389/fpsyg.2021.814087

Kayode, O. S., Sibanda, M., & Olarewaju, O. M. (2022). Analyzing the determinants of financial management behavior of administrators in Nigerian state-owned enterprises. Investment Management and Financial Innovations. https://doi.org/10.21511/imfi.19(3).2022.23

Kesuma, M. R., Defung, F., & Kusumawardani, A. (2021). Bankruptcy prediction and its effect on stock prices as impact of the COVID-19 pandemic. Technium Social Sciences Journal, 25, 567–582. https://doi.org/10.47577/tssj.v25i1.4964

Kesuma, M. R., Henrika, M., & Ariswati, L. D. (2025). The impact of capital intensity on financial stability of energy sector companies in Indonesia. Journal of Financial Economics & Investment, 5(2), 115–127. https://doi.org/10.22219/jofei.v5i2.40516

Korip, Z. M., Assyifa, A. R., Mantika, S. U., Kesuma, M. R., & Ariswati, L. D. (2025). A bibliometric analysis of financial literacy and financial planning research. Ekopedia: Jurnal Ilmiah Ekonomi, 1(4), 3354–3374. https://doi.org/10.63822/31gje388

Kumar, R. (2025). Global trends and research patterns in financial literacy and behavior: A bibliometric analysis. Management Science Advances, 2(1), 1–18. https://doi.org/10.31181/msa2120256

Larisa, L. E., Anastasia, N., & Wijaya, S. (2020). Female workers’ readiness for retirement planning: An evidence from Indonesia. Review of Behavioral Finance. https://doi.org/10.1108/RBF-04-2020-0079

LeBaron-Black, A. B., Curran, M. A., Hill, E. J., Toomey, R. B., Speirs, K. E., & Freeh, M. E. (2022). Talk is cheap: Parent financial socialization and emerging adult financial well-being. Family Relations. https://doi.org/10.1111/fare.12751

LeBaron-Black, A. B., Holmes, E. K., Jorgensen, B. L., & Bean, R. A. (2020). Parental financial education during childhood and financial behaviors of emerging adults. Journal of Financial Counseling and Planning. https://doi.org/10.1891/JFCP-20-00021

Lone, U. M., & Bhat, S. A. (2022). Impact of financial literacy on financial well-being: A mediational role of financial self-efficacy. Journal of Financial Services Marketing. https://doi.org/10.1057/s41264-022-00183-8

Martínez-Blasco, M., Serrano, V., Prior, F., & Cuadros, J. (2023). Analysis of an event study using the Fama-French five-factor model: Teaching approaches including spreadsheets and the R programming language. Financial Innovation. https://doi.org/10.1186/s40854-023-00477-3

Maulana, M. D., Mandese, R. R., Adyutasara, D., Kesuma, M. R., & Irianto, E. D. O. (2026). Public financial management: A bibliometric analysis of research trends and influential publications. Ekopedia: Jurnal Ilmiah Ekonomi, 2(1), 22–36. https://doi.org/10.63822/gt0sws91

Minh Sang, N. (2024). Evolution and future directions of banking risk management research: A bibliometric analysis. Banks and Bank Systems, 19(2), 1–14. https://doi.org/10.21511/bbs.19(2).2024.01

Rey, L., López, S. F., & Castro-González, S. (2023). Life insurance consumption across generations: The roles of financial knowledge, planning horizon, and self-control. International Journal of Finance & Economics. https://doi.org/10.1002/ijfe.2903

Rokhilawati, Y., Wardhani, R. P., & Rijal, S. (2024). A bibliometric exploration of behavioral finance: Trends, influential authors, research themes, and emerging concepts. International Journal of Business, Law, and Education, 5(1), 501–509. https://doi.org/10.56442/ijble.v5i1.413

Sahid, S., Nuris, D. M., & Hussin, M. (2023). Factors influencing financial behavior of undergraduate students: A systematic review. Review of Economics and Finance. https://doi.org/10.55365/1923.x2023.21.1

Santos, E., Tavares, V. C., Ratten, V., & Tavares, F. O. (2021). The profile of the Portuguese regarding the perception of financial literacy. Managerial Finance. https://doi.org/10.1108/MF-05-2021-0210

Saputra, S. A. J., Tofani, M. R. U., Risma, N., Aisyah, N., & Kesuma, M. R. (2025). Navigating digital horizons: A bibliometric exploration of digitalization in family businesses and emerging research agendas. Ekopedia: Jurnal Ilmiah Ekonomi, 1(4), 2926–2942. https://doi.org/10.63822/qbwx6k02

Sharma, V., Kumar, R., Jain, J., & Ahuja, P. (2024). Mapping the literature on financial satisfaction: A systematic literature review and bibliometric analysis. Qualitative Research in Financial Markets. https://doi.org/10.1108/QRFM-05-2024-0124

Silinskas, G., Ranta, M., & Wilska, T.-A. (2021). Financial behaviour under economic strain in different age groups: Predictors and change across 20 years. Journal of Consumer Policy, 44(2), 235–257. https://doi.org/10.1007/s10603-021-09480-6

Sundarasen, S., Rajagopalan, U., & Ibrahim, I. (2024). Financial sustainability through literacy and retirement preparedness. Sustainability. https://doi.org/10.3390/su162310692

Surya, A. P., Kolompoy, B. E. Y. B., Khairunnisa, S. A., Liszt, C. I. K., Aini, R. N., & Kesuma, M. R. (2025). Digital leadership in organizational transformation: Bibliometric insights and strategic implications. Ekopedia: Jurnal Ilmiah Ekonomi, 1(4), 3245–3259. https://doi.org/10.63822/wy5jyh66

Wibowo, B., Edyanto, C., Satrio, R., Aini, R., & Kesuma, M. R. (2026). Financial management in the context of globalization: A bibliometric study. Ekopedia: Jurnal Ilmiah Ekonomi, 2(1), 37–51. https://doi.org/10.63822/atc9bc19

Widaryo, C. M., Kesuma, M. R., Henrika, M., Irianto, E. D. O., Nur, A. R., & Ariswati, L. D. (2025). Dual crises resilience: Financial dynamics of ASEAN tourism firms. RIGGS: Journal of Artificial Intelligence and Digital Business, 4(2), 3842–3848. https://doi.org/10.31004/riggs.v4i2.1127

Zaimović, A., Torlaković, A., Arnaut-Berilo, A., Zaimović, T., Dedović, L., & Mešković, M. N. (2023). Mapping financial literacy: A systematic literature review of determinants and recent trends. Sustainability. https://doi.org/10.3390/su15129358