A Systematic Literature Review and Research Agenda of Financial Literacy, Investment Behavior and Risk Tolerance of Indian Women Investors

Abstract

Purpose: This article systematically reviews the literature published in the last 20 years on Financial Literacy, Investment Behavior, and Risk Tolerance of Indian Women Investors and other related topics. The paper emphasizes recognizing and addressing gaps in existing research by posing specific queries for future studies. Methodology: A systematic literature review (SLR) has been conducted on a considerable amount of peer-reviewed research articles that were published over a span of two decades. This research article's significance is determined by analyzing the journal publication, year, statistical techniques used, citation analysis, and text analysis on the literature related to relevant areas. The survey on literature focuses on significant aspects such as financial literacy, investment behavior, risk tolerance levels, and preferred investment avenues for Indian women investors. Finally, both the research gap and research agenda are scrutinized for further studies. Findings/Result: Most studies have shown that Indian female investors are risk-averse and not willing to take significant risks. Indian women investors tend to prioritize safety over high returns when investing their funds. Their preferred investment options are ornamental gold and bank deposits because these investors have a poor level of awareness regarding the stock market and mutual fund investments. Originality/Value: This is one of the few significant studies on this topic as per the best knowledge of the author. This article is valuable in understanding the present status and the existing gap in the literature for academicians, researchers, and professionals in capital markets. Paper Type: Literature Review