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Financial anxiety has become a global concern and a growing research area with significant potential to contribute to the behavioral and personal finance literature. Despite this, the literature is fragmented and inconsistent. Prior studies vary greatly in the breadth of definitions and measures of financial anxiety. There has been no systematic evaluation of literature on financial anxiety antecedents, consequences, and coping strategies. This systematic review fills this gap.

We followed the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines. We searched Scopus and Web of Science and identified 55 eligible studies published between 2009 and 2024.

Financial anxiety is defined and measured differently in different research domains. We identified several antecedents, including socio-demographic factors (e.g. gender, age, ethnicity, income, employment, racial background, and language proficiency), personality traits, compulsive and impulsive buying behavior, depression or other mental issues, family health issues, and the COVID-19 pandemic and consequences of financial anxiety, including psychological and psychic health, societal and personal relations, financial behavior and well-being, and job-related outcomes. In addition, the literature presents six financial anxiety coping strategies (self-imposed coping mechanisms, spiritual and theological resources, increased financial capability, social and family support, seeking professional help, and language proficiency training). Several future research directions are presented.

This review represents the first systematic compilation and evaluation of the research findings on financial anxiety.

This study aims to explore the impact of social comparison orientation (SCO) on financial management behavior (FMB) in a developing country with a collectivist culture. It examines how SCO is related to FMB directly and through financial self-efficacy (FSE) and how financial socialization (FS) moderates the SCO–FMB relationship.

Data was collected from 301 adults in Dhaka, Bangladesh, using self-administered survey questionnaires. Mediation and moderation analyses were performed using Smart PLS software.

The results indicate that SCO was positively associated with FMB. FSE mediates this relationship, enhancing SCO’s positive impact on FMB. Additionally, FS moderates the effect of SCO on FMB, with higher levels of FS strengthening this positive relationship.

The primary implication of this research is the revelation that SCO can positively impact FMB, contrary to traditional views, particularly when FSE mediates the relationship and FS moderates it. The findings suggest that interventions aimed at enhancing FSE and promoting FS can improve FMB. These insights are valuable for financial educators, policymakers and individuals in developing countries seeking to improve financial behavior.

This study makes four significant contributions: first, it demonstrates a positive direct relationship between SCO and FMB. Second, it reveals that FSE mediates the relationship between SCO and FMB. Third, it shows that FS moderates the SCO–FMB relationship. Fourth, it focuses on a sample from the emerging middle class in a developing country representing a collectivist culture, providing unique insights into this dynamic segment.