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Financial Sustainability Through Literacy and Retirement Preparedness

Author

Listed:
  • Sheela Sundarasen

    (Department of Accounting, Prince Sultan University, Riyadh 11586, Saudi Arabia)

  • Usha Rajagopalan

    (Department of Accounting, Prince Sultan University, Riyadh 11586, Saudi Arabia)

  • Izani Ibrahim

    (Department of Finance, Prince Sultan University, Riyadh 11586, Saudi Arabia)

Abstract

This study discusses financial sustainability in retirement via a comprehensive bibliometric and content analysis on financial literacy and retirement preparedness for 1970–October 2024. Data for this study are extracted from the Scopus database. In line with the PRISMA guideline, the inclusion and exclusion criteria were applied, and the final corpus of articles used in the analysis is 518 articles. These articles are analyzed using the bibliometric methods: Bibliometrix R-package (Biblioshiny) version 4.0 and VOSviewer 1.6.20. The descriptive analysis identified the publication trends, prominent authors, articles, sources, country collaboration, and quadrant analysis. Based on the bibliographic coupling, the following themes were identified: (1) financial literacy and retirement planning, (2) behavioral finance and psychological determinants of retirement planning and preparedness, (3) financial risk, decision making, and retirement preparedness, and (4) gender, socioeconomic factors, and financial literacy disparities. This study has consolidated and enriched the understanding of how financial literacy, education, psychology and behaviors, and financial risk play a pivotal and central role in shaping long-term financial sustainability, as well as retirement planning and preparedness. From a practical perspective, an all-inclusive understanding of the above is essential for guiding regulators and policymakers in designing policies, targeted interventions, and programs that empower individuals towards retirement preparedness, considering regional, socioeconomic, and gender-related factors.

Suggested Citation

  • Sheela Sundarasen & Usha Rajagopalan & Izani Ibrahim, 2024. "Financial Sustainability Through Literacy and Retirement Preparedness," Sustainability, MDPI, vol. 16(23), pages 1-20, December.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:23:p:10692-:d:1537827
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    References listed on IDEAS

    as
    1. Annamaria Lusardi & Olivia S Mitchelli, 2007. "Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 42(1), pages 35-44, January.
    2. Maarten C.J. van Rooij & Annamaria Lusardi & Rob J.M. Alessie, 2012. "Financial Literacy, Retirement Planning and Household Wealth," Economic Journal, Royal Economic Society, vol. 122(560), pages 449-478, May.
    3. Annamaria Lusardi & Olivia S. Mitchell & Noemi Oggero, 2020. "Debt and Financial Vulnerability on the Verge of Retirement," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(5), pages 1005-1034, August.
    4. repec:ecj:econjl:v:122:y:2012:i::p:449-478 is not listed on IDEAS
    5. Sundarasen Sheela & Ahnaf Ali Alsmady & K. Tanaraj & Ibrahim Izani, 2023. "Navigating the Future: Blockchain’s Impact on Accounting and Auditing Practices," Sustainability, MDPI, vol. 15(24), pages 1-26, December.
    6. Kalmi, Panu & Ruuskanen, Olli-Pekka, 2018. "Financial literacy and retirement planning in Finland," Journal of Pension Economics and Finance, Cambridge University Press, vol. 17(3), pages 335-362, July.
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