Preprint Article Version 1 Preserved in Portico This version is not peer-reviewed

Financial Literacy and Sustainable Consumer Behavior

Version 1 : Received: 5 July 2021 / Approved: 6 July 2021 / Online: 6 July 2021 (13:42:31 CEST)

How to cite: Muñoz-Céspedes, E.; Ibar-Alonso, R.; Lorenzo-Ros, S. Financial Literacy and Sustainable Consumer Behavior. Preprints 2021, 2021070157 (doi: 10.20944/preprints202107.0157.v1). Muñoz-Céspedes, E.; Ibar-Alonso, R.; Lorenzo-Ros, S. Financial Literacy and Sustainable Consumer Behavior. Preprints 2021, 2021070157 (doi: 10.20944/preprints202107.0157.v1).

Abstract

A more sustainable society and economy also implies a more sustainable behavior in the consumption of financial products. A possible change in focus can come from the demand side, so that more sustainable consumption of financial products have to go hand to hand with financial literacy. However, financial literacy, potential favoring of this sustainable behavior, is far from reaching an international consensus about its definition, object and scope. Two objectives are analyzed; the different interpretations of financial literacy in the academic literature, as well as its evolution and how, in what context and with what other concepts the term is used in social networks. Scientometric techniques and content analysis have been used to carry out a systematic review of literature and also NLP to analyze the comments on Social Networks. Critical moments are identified in the definition of financial literacy. Also ten sentiments are analyzed in social networks in wich positivity, trust, and anticipation predominate. Greater attention to this issue is necessary both from the private initiative and from public policies, so that financial literacy is an effective tool for a more sustainable behavior by consumers. Finally, a new definition is proposed based on our findings.

Subject Areas

Financial Literacy; Financial Behaviour; Consumer Behavior; Sustainable Consumer Behavior; Social Media; Natural Language Processing; Social Network

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