“Measuring Financial Capabilities of Individual Investors: A Systematic Review”
Keywords:
Financial capability, financial literacy, financial behavior, financial socialization, financial advice and financial access.
Abstract
Financial capabilities are crucial for individual investors when making optimal selections. Due to the significance of financial capabilities and the lack of thorough summaries in recent study on this subject, this paper tries to analyze the measurements of financial capability, contemporary developments in research methods, and theoretical viewpoint from the social perspective. In this regard, we conducted a systematic review by selecting 55 papers published between 2007 and 2025 from the Scopus database. Our study found that financial capability is a multifaceted notion and can be measured in several manners: financial literacy, financial behavior, financial education, financial knowledge, financial attitude, financial confidence, financial self-efficacy, financial socialization, financial advice, and financial access. Furthermore, we performed a co-occurrence citation analysis of keywords from existing studies to identify the most influential predictors of financial capabilities. The current review also examines the inclination to incorporate significant theoretical dimensions into the research. This comprehensive investigation will provide academics, practitioners, and institutions in commerce and management with valuable information.
References
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Asandimitra, N., Kautsar, A., Kusumaningrum, T. M., & Arifah, I. D. C. (2023). Undermining Shoestring Budget: Financial Capability Determinants of Millennial Generation. International Journal of Sustainable Development and Planning, 18(4), 1137–1147. https://doi.org/10.18280/ijsdp.180417
Akhtar, M. A., Khan, I., & Ajaz Khan, A. K. (2023). Linking Financial Capability, Advice, Anxiety, Social Security, and Residential Status with Outward Remittances: Evidence from the UAE. Contemporary Review of the Middle East, 10(4), 386–407. https://doi.org/10.1177/23477989231198327
Ajaz Khan, K., Çera, G., & Pinto Alves, S. R. (2022). FINANCIAL CAPABILITY AS A FUNCTION OF FINANCIAL LITERACY, FINANCIAL ADVICE, AND FINANCIAL SATISFACTION. E+M Ekonomie a Management, 25(1), 143–160. https://doi.org/10.15240/tul/001/2022-1-009
Atkinson, A., McKay, S., Collard, S., & Kempson, E. (2007). Levels of financial capability in the UK. Public Money and Management, 27(1), 29-36.
Ajzen I (1991) The theory of planned behavior. Organ Behav Hum Decis
Process 50(2):179–211. https:// doi. org/ 10. 1016/ 0749- 5978(91) 90020-T
Bihun, N., Alieksieieva, I., Herasina, S., Yelchaninova, T., Meshko, O., & Sobkova, S. (2023). Self-Sufficiency as a Factor in the Development of the System of Psychological Self-Regulation of Personality. Revista Romaneasca Pentru Educatie Multidimensionala. https://doi.org/10.18662/rrem/15.3/750
Babajide, A., Osabuohien, E., Tunji-Olayeni, P., Falola, H., Amodu, L., Olokoyo, F., Adegboye, F., & Ehikioya, B. (2023). Financial literacy, financial capabilities, and sustainable business model practice among small business owners in Nigeria. Journal of Sustainable Finance & Investment, 13(4), 1670–1692. https://doi.org/10.1080/20430795.2021.1962663
Birkenmaier, J., Rothwell, D., & Agar, M. (2022). How is Consumer Financial Capability Measured? Journal of Family and Economic Issues, 43(4), 654–666. https://doi.org/10.1007/s10834-022-09825-4
Białowolski, P., Cwynar, A., & Cwynar, W. (2021). Decomposition of the Financial Capability Construct: A Structural Model of Debt Knowledge, Skills, Confidence, Attitudes, and Behavior. Journal of Financial Counseling and Planning, 32(1), 5–20. https://doi.org/10.1891/JFCP-19-00056
Chen, Y.-C., & Sun, S. (2023). Gender Differences in the Relationship Between Financial Capability and Health in Later Life: Evidence From Hong Kong. Innovation in Aging, 7(6), igad072. https://doi.org/10.1093/geroni/igad072
Chiang, T. (2021). Financial capability and investment management of Chinese households: An application of hybrid item response theory. Journal of Consumer Affairs, 55(4), 1442–1463. https://doi.org/10.1111/joca.12319
Çera, G., Khan, K. A., Mlouk, A., & Brabenec, T. (2021). Improving financial capability: The mediating role of financial behaviour. Economic Research-Ekonomska Istraživanja, 34(1), 1265–1282. https://doi.org/10.1080/1331677X.2020.1820362
Çera, G., Phan, Q. P. T., Androniceanu, A., & Çera, E. (2020). FINANCIAL CAPABILITY AND TECHNOLOGY IMPLICATIONS FOR ONLINE SHOPPING. E+M Ekonomie a Management, 23(2), 156–172. https://doi.org/10.15240/tul/001/2020-2-011
Caplan, M. A., Sherraden, M. S., & Bae, J. (2018). Financial capability as social investment. J. Soc. & Soc. Welfare, 45, 147.
Despard, M. R., & Chowa, G. A. N. (2014). Testing a Measurement Model of Financial Capability Among Youth in Ghana. Journal of Consumer Affairs, 48(2), 301–322. https://doi.org/10.1111/joca.12031
Engel, L., Arowolo, I., Ewesesan, R., Khan, M. N., Ripat, J., Bottari, C., Hunt, A., Poncet, F., & Karpa, J. (2024). Contextual factors of financial capability and financial well-being for adults living with brain injury: A qualitative photovoice study. Brain Injury, 38(4), 273–281. https://doi.org/10.1080/02699052.2024.2310210
Fernández-López, S., Álvarez-Espiño, M., Castro-González, S., & Rey-Ares, L. (2023). Financial capability and households’ financial vulnerability: Evidence for the Spanish case. Managerial Finance, 49(4), 679–702. https://doi.org/10.1108/MF-02-2022-0086
Frey, J. J., Svoboda, D., Sander, R. L., Osteen, P. J., Callahan, C., & Elkinson, A. (2015). Evaluation of a Continuing Education Training on Client Financial Capability. Journal of Social Work Education, 51(3), 439–456. https://doi.org/10.1080/10437797.2015.1043195
Gupta, R., & Bhadouria, S. S. (2024). Pathways to financial autonomy: the interplay of financial socialization and capability in women. ShodhKosh Journal of Visual and Performing Arts, 5(1). https://doi.org/10.29121/shodhkosh.v5.i1.2024.3082
Guo, B., & Huang, J. (2023). Financial Well-Being and Financial Capability among Low-Income Entrepreneurs. Journal of Risk and Financial Management, 16(3), 181. https://doi.org/10.3390/jrfm16030181
Huang, J., Nam, Y., & Lee, E. J. (2015). Financial Capability and Economic Hardship Among Low-Income Older Asian Immigrants in a Supported Employment Program. Journal of Family and Economic Issues, 36(2), 239–250. https://doi.org/10.1007/s10834-014-9398-z
Hong, P. Y. P., Wathen, M. V., Shin, A. J., Yoon, I., & Park, J. H. (2022). Psychological Self-Sufficiency and Financial Literacy among Low-Income Participants: An Empowerment-Based Approach to Financial Capability. Journal of Family and Economic Issues, 43(4), 690–702. https://doi.org/10.1007/s10834-022-09865-w
Johnson, E., & Sherraden, M. S. (2007). From financial literacy to financial capability smong youth. J. Soc. & Soc. Welfare, 34, 119.
Jin, M., & Chen, Z. (2020). Comparing Financial Socialization and Formal Financial Education: Building Financial Capability. Social Indicators Research, 149(2), 641–656. https://doi.org/10.1007/s11205-019-02248-z
Kim, K. T., Xiao, J. J., & Porto, N. (2024). Financial inclusion, financial capability and financial fragility during COVID-19 pandemic. International Journal of Bank Marketing, 42(3), 414–436. https://doi.org/10.1108/IJBM-07-2023-0373
Kempson, E., Perotti, V., & Scott, K. (2013). Measuring financial capability: a new instrument and results from low-and middle-income countries. https://scholar.google.com
Loke, V., Choi, L., & Libby, M. (2015). Increasing Youth Financial Capability: An Evaluation of the MyPath Savings Initiative. Journal of Consumer Affairs, 49(1), 97–126. https://doi.org/10.1111/joca.12066
Li, Z., Chatterjee, S., & Moorman, D. (2024). Exploring the interplay of materialism, financial socialization, financial capability, and credit card debt. International Journal of Bank Marketing, 42(7), 2099–2116. https://doi.org/10.1108/IJBM-02-2024-0106
Luukkanen, L., & Uusitalo, O. (2019). Toward financial capability—empowering the young. Journal of Consumer Affairs, 53(2), 263-295. https://scholar.google.com
Lusardi, A., & Mitchell, O. S. (2011). Financial literacy and planning: Implications for retirement wellbeing (No. w17078). National Bureau of Economic Research. https://scholar.google.com
León, W. F. D., Chaparro, O. L. M., & Rojas, C. A. R. (2024). Development of a Battery for the Measurement of Financial Capabilities in Young People. Social Indicators Research, 172(3), 1041–1059. https://doi.org/10.1007/s11205-024-03336-5
McGarity, S. V., Okech, D. O., Risler, E., & Clees, T. J. (2020). Assessing financial capability among people with disabilities. Journal of Social Work, 20(5), 657–672. https://doi.org/10.1177/1468017319860308
Moher, D., Liberati, A., Tetzlaff, J., Altman, D. G., & PRISMA Group*, T. (2009). Preferred reporting items for systematic reviews and meta-analyses: the PRISMA statement. Annals of internal medicine, 151(4), 264-269. https://doi.org/10.7326/0003-4819-151-4-200908180-00135
Mohamed, M. A., Faizal, S. M., & Jaffar, N. (2024). Effects of financial literacy and attitude toward money on financial capability among SMEs in Malaysia. International Journal of Management and Sustainability, 13(4), 832–844. https://doi.org/10.18488/11.v13i4.3919
Muduli, S., & Ramana, D. V. (2018). Measuring Financial Capability of the Street Vendors (No. 06/2018). RBI Working Paper Series.
Murendo, C., & Mutsonziwa, K. (2017). Financial literacy and savings decisions by adult financial consumers in Zimbabwe. International Journal of Consumer Studies, 41(1), 95–103. https://doi.org/10.1111/ijcs.12318
Núñez‐Letamendia, L., Sánchez‐Ruiz, P., & Silva, A. C. (2025). More Than Knowledge: Consumer Financial Capability and Saving Behavior. International Journal of Consumer Studies, 49(1), e13097. https://doi.org/10.1111/ijcs.13097
Nguyen, T. A. N., & Rozsa, Z. (2019). Financial literacy and financial advice seeking for retirement investment choice. Journal of Competitiveness, 11(1), 70-83. https://scholar.google.com
Polito, F. (2024). The Capability Approach: Addressing learners’ ability to pursue STEM interests and careers. https://doi.org/10.31274/td-20240617-65
Opiniano, J. M. (2021). Remittances and the financial capabilities of migrant households in the Philippines. Asian and Pacific Migration Journal, 30(3), 370–385. https://doi.org/10.1177/01171968211044573
Potocki, T., & Białowąs, S. (2023). What Factors Predict a Positive Change in a Consumer’s Financial Capability over Time? The New Evidence from Poland. Journal of Family and Economic Issues, 44(3), 634–654. https://doi.org/10.1007/s10834-022-09868-7
Parvathy, V. K., & Kumar, J. (2022). Financial capability and financial wellbeing of women in community-based organizations: Mediating role of decision-making ability. Managerial Finance, 48(9/10), 1513–1529. https://doi.org/10.1108/MF-05-2021-0234
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Published
2025-03-29
How to Cite
Halder, P., & Milan, R. (2025). “Measuring Financial Capabilities of Individual Investors: A Systematic Review”. International Journal of Business and Quality Research, 3(02), 15-34. https://doi.org/10.63922/ijbqr.v3i02.1691
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