Financial Well‐Being of Vulnerable Populations: Review, Synthesis and Future Research Agenda

ABSTRACT

Over the past two decades, academic interest in financial well‐being (FWB) research has grown significantly. However, there has been limited effort to systematically review this growing research in the context of vulnerable populations. Utilising the Theory‐Context‐Characteristics‐Methods (TCCM) review framework along with SPAR 4 SLR protocol, this study offers a thorough examination of the predominant theories, research contexts (population and country), key variables and their interrelations, as well as the methodological approaches and analytical techniques used in FWB research of vulnerable populations. An analysis of 101 scholarly articles highlights a strong emphasis on psychological and economic‐based theories, while feminist, sociological, multilevel and multidisciplinary theoretical perspectives remain underexplored. Although various types of vulnerable populations have been studied, there is a noticeable gap in research focused on persons with disability (PWDs), racialised groups, low‐income individuals, rural women, street vendors, ethnic minorities and transgender individuals. Additionally, more attention is needed on how structural and institutional factors influence FWB, including the mechanisms and conditions that shape these effects. Based on the systematic synthesis of FWB research, this study conceptualises the construct of FWB in the context of vulnerable populations and uses the TCCM framework to propose promising directions for future research. This research supports the objectives of the United Nations Sustainable Development Goals (SDGs) 2030 and can assist financial counsellors, relationship therapists and policymakers in addressing poverty (SDG 1), enhancing well‐being (SDG 3), advancing gender equality (SDG 10) and fostering peace, justice and strong institutions (SDG 16).