A STUDY OF FINANCIAL LITERACY: A BIBLIOMETRIC ANALYSIS AND LITERATURE

This explains why Adams is called the founding father of financial literacy in the US. He was the first to recognise the significance of financial literacy, and emphasize the necessity of a foundational knowledge of the essence of money (Goyal & Kumar, 2021). However, the term ‘financial literacy’ only appeared in research in the late 1990s due to the increasing regulation of financial markets and the ease of access to credit loans for the community (Marcolin & Abraham, 2006). Bakken (1967) and Danes and Hira (1987), who examine the need for special education in money management, conducted early studies on financial literacy among high school and college students. In 1992, the National Foundation for Educational Research defined financial literacy as the ability to make the right decisions regarding money management (Noctor et al., 1992). This concept became the starting point for the development of financial literacy studies until the recent boom.