Digital Financial Literacy: Insights from Bibliometric Review based on SPAR-4-SLR ADO Model and Future Research Direction

This study combines a systematic literature review with bibliometric analysis to provide both qualitative and quantitative insights in the field of digital financial literacy (DFL), which integrates the concepts of financial literacy and digital literacy. With the increasing penetration of digital devices and internet usage, the need for digital financial literacy among individuals has become more noticeable. The study draws on data collected from the Scopus database, comprising 743 documents published between 2015 and 2025 for bibliometric analysis and 119 articles for in-depth content analysis. Bibliometric analysis was conducted using the Biblioshiny package in R and VOSviewer to identify emerging research areas and thematic structures within the DFL literature. This was followed by content analysis guided by the SPAR-4-SLR model. Based on this integrated approach, a conceptual framework was developed using the Antecedents–Decisions–Outcomes (ADO) framework. The framework identifies key antecedents of digital financial literacy namely demographic characteristics, financial capacity, behavioural factors, and institutional influences and links them to outcomes such as financial stability, empowered decision-making, investment growth, fintech development, and digital financial inclusion. The study offers valuable insights for policymakers, individuals, and academics seeking to better understand and advance digital financial literacy.

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