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Savings and Financial Literacy: A Review of Selected Literature


a ISCTE – Instituto Universitário de Lisboa and DINÂMIA’CET – ISCTE, Portugal; b CMVM – Comissão do Mercado de Valores Mobiliários and CICEE – Centro de Investigação em Ciências Económicas e Empresariais.

To cite this article:

Brochado, A. & V. Mendes. 2021. Savings and Financial Literacy: A Review of Selected Literature. European Review of Business Economics I(1): 61-72.


Received 5 March 2021. Accepted 11 July 2021. Published: 31 December 2021

Language: English

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This paper presents a systematic review of the literature on financial literacy and savings. A total of 183 articles published between 2005 and 2019 were analyzed. The review relied on hybrid methods, namely, descriptive, semantic network and narrative analyses. The lexical analysis of the articles’ abstracts identified 11 themes: financial literacy, financial literacy measurement, correlates, savings, savings type, financial education, target group, theories, personal finance, financial preparation and financial inclusion. The findings include avenues for future research.


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