Quantitative Modeling of Consumer Financial Behavior Trends in the Digital Era: A Systematic Literature Review
DOI:
https://doi.org/10.55927/ijabm.v5i2.10Keywords:
Digital Financial Behavior, Digital Financial Literacy, Financial Technology Transformation, Psychosocial Factors, Systematic Literature ReviewAbstract
Research Aims: The purpose of the research is to map and analyze trends in consumer financial behavior in the digital era through a systematic literature review (SLR) approach based on quantitative analysis. The main focus is directed at three aspects: the influence of digital financial literacy, psychological and social factors, and the impact of technological transformation on individual and organizational financial behavior.
Metode: the PRISMA method and analyzed through a thematic synthesis approach. Research Findings: Research results show that digital financial literacy has a significant influence on the formation of healthy and inclusive financial behavior. In addition, psychosocial factors such as personality, risk sensitivity, and social interaction also affect the financial decision-making process in the digital ecosystem. Originality: Digital transformation has been proven to change transaction patterns, enhance psychological empowerment, and strengthen financial effectiveness both at the individual and institutional levels. This research provides an important contribution to the development of an integrative and data-based digital financial behavior model, as well as serving as a theoretical and practical foundation for educational interventions and digital financial literacy policies
References
Abdallah, W., Tfaily, F., & Harraf, A. (2024). The impact of digital financial literacy on financial behavior: customers’ perspective. Competitiveness Review: An International Business Journal, May. https://doi.org/10.1108/cr-11-2023-0297
Ardon, O., Asa, S. L., Lloyd, M. C., Lujan, G., Parwani, A., Santa-Rosario, J. C., Van Meter, B., Samboy, J., Pirain, D., Blakely, S., & Hanna, M. G. (2024). Understanding the financial aspects of digital pathology: A dynamic customizable return on investment calculator for informed decision-making. Journal of Pathology Informatics, 15(March), 100376. https://doi.org/10.1016/j.jpi.2024.100376
Carbó-Valverde, S., Martín-Ríos, R., & Rodríguez-Fernández, F. (2025). Exploring neuroanatomy and neuropsychology in digital financial decision-making: betrayal aversion and risk behavior. Brain Imaging and Behavior, 357–364. https://doi.org/10.1007/s11682-025-00967-1
Cheng, X., Zhang, S., Fu, S., Liu, W., Guan, C., Mou, J., Ye, Q., & Huang, C. (2022). Exploring the metaverse in the digital economy: an overview and research framework. Journal of Electronic Business & Digital Economics, 1(1/2), 206–224. https://doi.org/10.1108/JEBDE-09-2022-0036
de Almeida, F., Ferreira, M. B., Soro, J. C., & Silva, C. S. (2021). Attitudes Toward Money and Control Strategies of Financial Behavior: A Comparison Between Overindebted and Non-overindebted Consumers. Frontiers in Psychology, 12(April). https://doi.org/10.3389/fpsyg.2021.566594
Fachrudin, K. A., & Latifah, S. (2022). Relationship between individual characteristics, neurotic personality, personal financial distress, and financial behavior. Cogent Business and Management, 9(1). https://doi.org/10.1080/23311975.2022.2105565
Fan, L. (2021). Information Search, Financial Advice Use, and Consumer Financial Behavior. Journal of Financial Counseling and Planning, 32(1), 21–34. https://doi.org/10.1891/JFCP-18-00086
Jain, J., Walia, N., Singla, H., Singh, S., Sood, K., & Grima, S. (2023). Heuristic Biases as Mental Shortcuts to Investment Decision-Making: A Mediation Analysis of Risk Perception. Risks, 11(4), 1–22. https://doi.org/10.3390/risks11040072
Kim, K. H., & Moon, H. (2021). Innovative digital marketing management in B2B markets. Industrial Marketing Management. https://www.sciencedirect.com/science/article/pii/S0019850121000249
Krivosheya, E. (2020). The role of financial innovations in consumer behavior in the Russian retail payments market. Technological Forecasting and Social Change, 161(June), 120304. https://doi.org/10.1016/j.techfore.2020.120304
Li, S., Jiang, H., Xing, W., Wang, S., Zhang, Y., Li, Y., Mao, C., Zeng, D., Lan, P., Tang, D., Zhan, J., Li, L., Xu, X., & Fei, J. (2022). A Clinical Diagnostic Study: Fibulin-2 is a Novel Promising Biomarker for Predicting Infection. Infectious Diseases and Therapy. https://doi.org/10.1007/s40121-022-00622-y
Matthews, P., Alpert, M., Rahav, G., Rill, D., Zito, E., Gardiner, D., Pedersen, R., Babinchak, T., McGovern, P. C., Armstrong, P., Bailey, C., Berbel, G., Bernstein, J., Bordon, J., Bruno-Murtha, L. A., Caprioli, R., Casey, K., Chiang, T., Churukian, A., … Dolcé, P. (2012). A randomized trial of tigecycline versus ampicillin-sulbactam or amoxicillin-clavulanate for the treatment of complicated skin and skin structure infections. BMC Infectious Diseases, 12. https://doi.org/10.1186/1471-2334-12-297
Muneer, S., Singh, A., Choudhary, M. H., & Alshammari, A. S. (2025). The Mediating Role of Psychological Empowerment on the Relationship Between Digital Transformation, Innovative Work Behavior, and Organizational Financial Performance. Behavioral Sciences, 15(1). https://doi.org/10.3390/bs15010005
Negi, P., & Jaiswal, A. (2024). Impact of financial literacy on consumer financial behavior: A systematic review and research agenda using TCCM framework. International Journal of Consumer Studies, 48(3). https://doi.org/10.1111/ijcs.13053
Peter, S., Geetha, E., & Gupta, A. (2024). Navigating the digital financial landscape: unraveling the impact of financial behavior traits on women-owned enterprises in the new normal perspective. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2023.2296570
Siahtiri, V., Weiger, W. H., Tetteh-Afi, C., & Kraemer, T. (2024). Can frontline employees help consumers improve their financial planning behavior? Implications from triadic analysis. European Journal of Marketing, 58(13), 130–158. https://doi.org/10.1108/EJM-02-2023-0127
Singh, D., Malik, G., Jain, P., & Abouraia, M. (2024). A systematic review and research agenda on the causes and consequences of financial overconfidence. Cogent Economics & Finance, 12(1). https://doi.org/10.1080/23322039.2024.2348543
Singh, N., & Vaish, A. (2024). Digital Banking and Gig Workers’ Green Behaviour: The Intervening Role of Financial Inclusion and Sustainable Bank Initiatives. Engineering Economics, 35(5), 535–548. https://doi.org/10.5755/j01.ee.35.5.34631
Voysey, M., Costa Clemens, S. A., Madhi, S. A., Weckx, L. Y., Folegatti, P. M., Aley, P. K., Angus, B., Baillie, V. L., Barnabas, S. L., Bhorat, Q. E., Bibi, S., Briner, C., Cicconi, P., Clutterbuck, E. A., Collins, A. M., Cutland, C. L., Darton, T. C., Dheda, K., Dold, C., … Zuidewind, P. (2021). Single-dose administration and the influence of the timing of the booster dose on immunogenicity and efficacy of ChAdOx1 nCoV-19 (AZD1222) vaccine: a pooled analysis of four randomised trials. The Lancet, 397(10277), 881–891. https://doi.org/10.1016/S0140-6736(21)00432-3
Walczak, D., Dziawgo, L., Dziawgo, D., Buszko, M., Pawłowski, J., Żołądkiewicz-Kuzioła, A., & Krupa, D. (2021). Attitudes and behaviors regarding environmental protection in the financial decisions of individual consumers. Energies, 14(7). https://doi.org/10.3390/en14071934
Xu, S., Yang, Z., Ali, S. T., Li, Y., & Cui, J. (2022). Does Financial Literacy Affect Household Financial Behavior? The Role of Limited Attention. Frontiers in Psychology, 13(June), 1–23. https://doi.org/10.3389/fpsyg.2022.906153
Xu, Z. (2024). Research on the Influence of Microeconomic Factors on Stock Market Fluctuation. Advances in Engineering Technology Research, 9(1), 550. https://doi.org/10.56028/aetr.9.1.550.2024
