Financial literacy is considered an essential attribute for individuals and businesses to make optimal decisions. Considering the importance of financial literacy and the dearth of rigorous summaries in the existing literature on this topic, this study aims to investigate the factors affecting financial literacy. In doing so, we conducted a systematic review by selecting 53 papers from the Scopus database published between 1981 and 2024. Our investigation revealed that financial literacy is a multidimensional concept, and its determinants can be summarized into seven dimensions, namely demographic, socio-economic, psychological, financial, societal, Islamic, and technological factors. While demographic and socio-economic factors are widely used, psychological, financial, societal, and Islamic factors have received less attention from researchers. Nevertheless, the integration of technology into financial markets has recently drawn interest in the technological facet of financial literacy. Additionally, we analyzed the most influential papers and co-authorship networks in financial literacy research, providing a network analysis of existing studies. We further suggest that religious and technological factors, specifically Islamic financial literacy and digital financial literacy, may also influence financial literacy and deserve further investigation.

This study aims to conceptualise and document the historical evolution of microfinance in Bangladesh using the life cycle theory (LCT). Based on the LCT nomenclature, the microfinance sector in Bangladesh shows characteristics broadly consistent with the saturation phase (2006–2015) – which potentially has adverse impacts on both microfinance clients and institutions. The maturity phase (1996–2005) of microfinance has corresponded with competition and several innovations (financial and non-financial). However, the saturation phase sees increasing presence of uncoordinated microfinance institutions and expansion of multiple borrowing, as well as commercialisation and ‘mission drift’, which constitute important challenges for the regulatory authority and management of microfinance institutions.