Publication: Effects of Financial Literacy and Financial Behavior on Financial Well-Being: Meta-Analytical Review of Experimental Studies
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Issued Date
2025-03-01
Resource Type
eISSN
22277072
Scopus ID
2-s2.0-105001390595
Journal Title
International Journal of Financial Studies
Volume
13
Issue
1
Rights Holder(s)
SCOPUS
Bibliographic Citation
International Journal of Financial Studies Vol.13 No.1 (2025)
Suggested Citation
Choowan P., Daovisan H., Suwanwong C. Effects of Financial Literacy and Financial Behavior on Financial Well-Being: Meta-Analytical Review of Experimental Studies. International Journal of Financial Studies Vol.13 No.1 (2025). doi:10.3390/ijfs13010001 Retrieved from: https://hdl.handle.net/20.500.14740/20384
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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.