A Systematic Literature Review on Women's Financial Planning, Financial Literacy, and Liquidity Planning

The research on women's financial literacy, financial planning, and liquidity planning is summarised in this systematic literature review, which also looks at the key variables affecting these financial practices. The examined research shows that financial literacy is a crucial component of women's financial competence, impacting their capacity to save, manage money, plan for future needs, make investment decisions, and engage in financial activities. However, financial behaviour is not solely determined by financial understanding. Women's ability to convert financial information into practical financial practices is influenced by a different factors, including financial attitudes, self-efficacy, behavioural traits, home situations, and socioeconomic and cultural contexts. The analysis also shows that saving behaviour, financial planning, and financial literacy are closely related. While saving habits support goals including education, retirement, investments, and financial security, financial knowledge can improve women's capacity to prepare for both current and future financial needs. Financial views, confidence, home responsibilities, and involvement in financial decision-making all have an impact on women's financial planning. Effective financial planning should therefore be viewed as a multifaceted process that takes into account both financial competence and the broader context in which women make financial decisions. The review also shows how interrelated economic, demographic, psychological, social, and cultural factors influence women's financial decision-making and investment behaviour. Women's financial decisions can be influenced by a variety of factors, including income, education, work, household wealth, gender and household roles, financial attitudes, self-efficacy, behavioural biases, risk perceptions, and access to financial services. This demonstrates that women's financial behaviour should be understood in light of the larger context in which financial decisions are made rather than just financial literacy. Overall, by integrating previously dispersed research on women's financial literacy, financial planning, saving habits, liquidity readiness, and financial decision-making, the review adds to the body of literature. It emphasises the necessity of going beyond the conventional focus on investing, saving, and literacy in favour of a more comprehensive understanding of women's financial readiness. More focus on women-specific liquidity planning, in particular, might enhance knowledge of their ability to handle short-term financial volatility and bolster financial resilience. As a result, the study lays the groundwork for further empirical studies that incorporate financial planning, financial literacy, and liquidity readiness into the larger socioeconomic and cultural context of women's financial life.

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