Financial Planning: Review and Research Directions of Financial Literacy

Abstract

In this contemporary world, financial concepts and financial literacy
are essential for individual financial planning and economic wellbeing. The policymaker has embraced financial planning as an
antidote for financial crisis to increase the financial literacy. This has
encouraged the interest from industrialists, academician and policy
makers to explore the study of financial literacy and financial
behaviour. This paper provides a critical review of past literature on
financial literacy. It emphasizes the study of financial literacy and
financial behaviour. The relationship of financial literacy and financial
behaviour has been conducted through a systematic review. In
addition, numerous similarities and possible discrepancies among the
past studies are examined and discussed and future research directions
are outlined.