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Finanças · Finanças Comportamentais

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Título

Financial Literacy and Its Role in Sustainable Development: Empirical Insights Through Structural Equation Modelling

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Palavras-chave

Financial Literacy Structural Equation Model Systematic Review
Agradecimento: This study was financed in part by the Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - Brasil (CAPES) - Finance Code 001.
Spanish Ministry of Science, Innovation and Universities, Grant/Award Number:RYC2021-033365-I.

Autores

  • Bruno Escobar de Oliveira Lino
    UNIVERSIDADE PRESBITERIANA MACKENZIE (MACKENZIE)
  • Denis Forte
    UNIVERSIDADE PRESBITERIANA MACKENZIE (MACKENZIE)
  • Daniel Luiz de Mattos Nascimento

Resumo

Introdução

Financial literacy (FL) is essential for sustainable development and individual financial well-being. Despite its growing importance, research remains fragmented, with gaps in empirical analysis and theoretical integration. The problem statement identifies the need to consolidate existing literature and guide future studies using structural equation modeling (SEM) to better understand FL's role in reducing poverty and promoting financial inclusion.

Problema de Pesquisa e Objetivo

This study addresses the lack of consolidated empirical evidence on how FL contributes to sustainable development. Despite increasing publications, gaps remain in theoretical clarity and SEM-based applications. The main objective is to define a research agenda by reviewing key literature, identifying gaps, and exploring how FL influences sustainable development through SEM.

Fundamentação Teórica

The theoretical foundation is based on the Financial Literacy Theory (FLT), which defines FL as a combination of financial knowledge, behaviour, and attitude. It also incorporates the Theory of Planned Behaviour and elements from behavioural finance. These frameworks help explain how individuals make financial decisions and how FL influences financial well-being and sustainable development. The study uses these theories to support the use of SEM in evaluating causal relationships within FL research.

Discussão

The discussion reveals that most studies using SEM to examine FL focus on emerging countries and vulnerable populations. Key constructs include financial knowledge, behaviour, and attitude, aligned with the FLT. The analysis shows FL's positive impact on financial inclusion, well-being, and sustainable development. However, gaps remain in methods, sample diversity, and theoretical application. The study highlights the need for future research using varied regions, constructs, and advanced SEM techniques to strengthen the field.

Conclusão

FL plays a critical role in promoting sustainable development, particularly through improved financial well-being and inclusion. By reviewing 73 high-quality articles, the study identifies theoretical and methodological gaps in current research, especially in the use of SEM. It proposes a clear research agenda, encouraging future studies to explore underrepresented regions, variables, and populations, and to adopt robust SEM approaches to expand the understanding and impact of FL.

Contribuição / Impacto

The study makes two main contributions: first, it consolidates key theories, constructs, and methods related to FL and SEM, offering a practical guide for future empirical research. Second, it highlights the connection between FL and sustainable development, identifying gaps that can shape future academic and policy initiatives. Its impact lies in supporting scholars, policymakers, and practitioners to design targeted interventions that promote financial inclusion, well-being, and progress towards the Sustainable Development Goals (SDGs).

Referências Bibliográficas

Lusardi, A. & Mitchell, O.S. (2014) – The Economic Importance of Financial Literacy: Theory and Evidence.
Ajzen, I. (1991) – The Theory of Planned Behaviour.
Bandura, A. & Walters, R.H. (1963) – Social Learning and Personality Development.
Kahneman, D. & Tversky, A. (1979) – Prospect Theory: An Analysis of Decision under Risk.
Remund, D.L. (2010) – Financial Literacy Explicated: The Case for a Clearer Definition.
Van Rooij, M. et al. (2011) – Financial Literacy and Stock Market Participation.
Huston, S.J. (2010) – Measuring Financial Literacy.

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