FINANCIAL SOCIALIZATION: A SYSTEMATIC REVIEW USING NVIVO 0 0

Abstract

Financial socialization is even more important in today's world, which is marked by fast technology breakthroughs, globalization, and increased financial complexity. Financial socialization is important because it provides individuals with the information, skills, and attitudes required to make sound financial decisions. Nowadays, it is explicitly observable that financial socialization instils good financial conduct, encouraging financial independence and stability throughout life. Budgeting, saving, investing, and debt management are all taught to people by their families, schools, and society. Effective financial socialization promotes economic stability, resilience, and the capacity to manage complicated financial institutions, eventually benefiting 
both personal and society well-being. This paper aims to figure out all relevant factors that determine financial socialization, with an extensive search of review of literature. A systematic review methodology was applied to examine the literature on financial well-being using the Scopus Database, which included 45 studies. The findings revealed the significant facets or attributes of financial socialization. With the application of NVivo, extensive literature review of forty-five related financial socialization research papers, findings as various dimensions of financial socialization experienced by individuals across different stages of life are examined and understood with the application of visualization analysis- Word cloud, Tree map and Cluster analysis. Based on these findings, this review proposed a need for identifying future prospects and intervening mechanisms for financial socialization.