A Systematic Literature Review and Framework Development: Integrating Literacy for Financial Well-being in the Digital Era
Keywords:
Integrating Literacy, Systematic Literature Review (SLR), Financial Well-being, Digital AgeAbstract
Financial Well-being (FWB) serves as a pivotal metric for economic stability and individual quality of life. Thailand currently faces a significant structural challenge with household debt reaching 85–90% of GDP, compounded by the rapid expansion of digital financial technology, which escalates decision-making risks. This article aims to synthesize the determinants of financial well-being and develop an integrated conceptual framework interconnecting financial competence, financial psychological, financial behaviors, and structural context and policy framework. The study employs a Systematic Literature Review (SLR) of 20 empirical articles published between 2020 and 2025 from standardized databases. Thematic synthesis was utilized to analyze the patterns of relationship between variables. The findings categorize financial well-being determinants into four primary themes: 1) financial competence, 2) financial psychological, 3) financial behavior, and 4) structural context and policy framework. A critical finding reveals that positive financial behavior and self-control act as essential mediators, transforming financial literacy into financial well-being outcomes across both subjective and objective dimensions. The developed integrated framework aligns with the international guidelines of the G20/OECD. Enhancing the financial well-being of the Thai populace requires a paradigm shift beyond mere literacy to emphasize behavioral modification alongside structural reforms and digital consumer protection. This framework provides a robust foundation for designing public policies to address financial vulnerability sustainably.
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