FINANCIAL LITERACY IN MSMEs/SMEs: A SYSTEMATIC LITERATURE REVIEW AND BIBLIOMETRIC ANALYSIS Evidence Synthesis: 2010–2026

Abstract

Financial literacy is increasingly recognised as a core capability shaping the sustainability, performance, and financing prospects of micro, small, and medium enterprises (MSMEs/SMEs), particularly in developing and emerging economies. Although empirical research on this relationship has expanded rapidly, the evidence remains dispersed across methods, regions, and thematic streams. This study provides an updated synthesis by combining a systematic literature review with bibliometric analysis of 346 peer-reviewed and scholarly publications drawn from Scopus, Web of Science, EBSCO, Google Scholar, and ProQuest for the period January 2010 to July 2026. Using PRISMA 2020 screening procedures and VOSviewer-supported co-citation and keyword co-occurrence mapping, the paper identifies six major intellectual clusters and seven emerging research gaps, traces the intellectual structure of the field, and highlights influential authors, journals, and country-level concentrations. The most recent literature from 2025–2026 points to three important emerging areas: the interaction between artificial intelligence and financial literacy, where AI advisory systems may both support and intensify the value of human financial judgement; climate and ESG finance literacy, which is becoming essential for MSMEs seeking sustainability-linked finance; and the maturation of digital financial literacy research in the context of embedded fintech and decentralised finance. Overall, evidence indicates that financial knowledge, financial attitudes, and financial behaviour together explain between 31% and 58% of the variation in SME performance indicators. The paper proposes an updated conceptual framework incorporating these new dimensions and identifies seven research gaps that frame a forward-looking research agenda up to 2030.