The Dynamics of Behavioral Finance and Financial Behavior: A Systematic Approach to Literature Review and Bibliometric Analysis

Abstract

This study maps the intellectual structure and conceptual relationships between behavioral finance and financial behavior through an integrated systematic literature review (SLR) and bibliometric analysis. Publications were retrieved from Scopus, yielding 78 relevant studies from an initial 1,641 records following screening. VOSviewer and Biblioshiny were used to map publication trends, keyword co-occurrence, intellectual structures, and scientific collaboration patterns, complemented by a qualitative synthesis of the reviewed literature. The findings reveal growing scholarly attention between 2004 and 2025, with financial literacy, self-control, overconfidence, financial decision-making, and risk management emerging as prominent themes. Research contributions are concentrated in economics, business, management, and social sciences, while India, the United States, and Indonesia contribute substantially to publication output. The conceptual synthesis indicates that behavioral finance and financial behavior are distinct yet interconnected research domains. Behavioral finance primarily addresses psychological influences and cognitive biases in financial decision-making, whereas financial behavior focuses on individuals’ financial practices and actions. This study clarifies their conceptual intersections, identifies prominent research themes, and highlights opportunities for future research on cognitive biases, financial literacy, and self-regulation across diverse economic and institutional contexts.