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Effects of Financial Literacy and Financial Behavior on Financial Well-Being: Meta-Analytical Review of Experimental Studies

Author

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  • Phaktada Choowan

    (Behavioral Science Research Institute, Srinakharinwirot University, Bangkok 10110, Thailand)

  • Hanvedes Daovisan

    (Behavioral Science Research Institute, Srinakharinwirot University, Bangkok 10110, Thailand)

  • Charin Suwanwong

    (Behavioral Science Research Institute, Srinakharinwirot University, Bangkok 10110, Thailand)

Abstract

The purpose of this meta-analytical review of experimental studies was to examine the effects of financial literacy and financial behavior on financial well-being. This research was conducted by a master’s in library and information science (MLIS)-trained Information Specialist using the PICO framework. Of the 3089 publications identified, 415 studies were assessed for eligibility, and 9 articles met the inclusion criteria. The meta-analytical review of the selected studies was performed using a two-level model of the MAJOR module for JAMOVI 2020. The potential effect size of the intervention studies was 0.75, indicating the heterogeneity between groups in terms of financial literacy, which rejected the null hypothesis in favor of the alternative hypothesis. The theoretical and practical implications, strengths and limitations, and possibilities for future research were also addressed in this meta-analysis.

Suggested Citation

  • Phaktada Choowan & Hanvedes Daovisan & Charin Suwanwong, 2024. "Effects of Financial Literacy and Financial Behavior on Financial Well-Being: Meta-Analytical Review of Experimental Studies," IJFS, MDPI, vol. 13(1), pages 1-20, December.
    • Handle: RePEc:gam:jijfss:v:13:y:2024:i:1:p:1-:d:1554285
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    References listed on IDEAS

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    1. Ifra Bashir & Ishtiaq Hussain Qureshi, 2023. "A Systematic Literature Review on Personal Financial Well-Being: The Link to Key Sustainable Development Goals 2030," FIIB Business Review, , vol. 12(1), pages 31-48, March.
    2. Congmin Peng & Po-Wen She & Ming-Kun Lin, 2022. "Financial Literacy and Portfolio Diversity in China," Journal of Family and Economic Issues, Springer, vol. 43(3), pages 452-465, September.
    3. Maqsood Ahmad & Syed Zulfiqar Ali Shah, 2020. "Overconfidence heuristic-driven bias in investment decision-making and performance: mediating effects of risk perception and moderating effects of financial literacy," Journal of Economic and Administrative Sciences, Emerald Group Publishing Limited, vol. 38(1), pages 60-90, December.
    4. Umer Mushtaq Lone & Suhail Ahmad Bhat, 2024. "Impact of financial literacy on financial well-being: a mediational role of financial self-efficacy," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(1), pages 122-137, March.
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