Women entrepreneurs’ financial well-being gains momentum but remains geographically skewed

In recent years, digital finance and fintech have emerged as a rapidly expanding area of study. Researchers are analyzing how digital platforms, mobile banking, and technology-driven services are opening new pathways for women to participate in financial markets. This theme links closely to global sustainability efforts, especially the United Nations’ Sustainable Development Goal 8, which calls for inclusive and sustainable economic growth.

The financial well-being of women entrepreneurs has become a growing area of global academic inquiry, reflecting broader concerns over gender, economic development, and inclusion. A new bibliometric study reveals strong growth in scholarly output but also critical gaps in coverage, collaboration, and focus.

The article, "Global Research on Financial Well-Being for Women Entrepreneurs: A Bibliometric Analysis", published in SAGE Open, examines 332 scientific publications between 2010 and 2023, analyzing authorship patterns, thematic clusters, institutional contributions, and country-level influence. Using Scopus data and bibliometric tools, the authors provide a comprehensive picture of how research in this field has developed and where it is heading.

How has global research on women’s financial well-being evolved?

The analysis shows that the academic conversation around women entrepreneurs’ financial well-being has gained momentum particularly since 2017, culminating in a peak of 71 publications in 2022. This surge reflects a wider global push to integrate gender equity and financial inclusion into economic development agendas. The annual growth rate of publications in this domain stands at an impressive 38.65 percent, signaling that the topic has moved from a niche concern into the mainstream of entrepreneurship and development studies.

Most of the research has been published in journals related to business, management, economics, and multidisciplinary outlets, with Sustainability and PLOS One ranking among the most productive sources. At the same time, the most influential work is associated with prominent scholars such as Annamaria Lusardi, known for her work on financial literacy, alongside contributions from authors like Kazemikhasragh and Mitchell. These findings suggest that while the field is expanding rapidly, its intellectual foundation continues to rest on a relatively small number of high-impact researchers.

The bibliometric mapping also underscores the extent to which research output is concentrated geographically. The United States leads both in publication volume and citations, with India ranking second by the number of publications. Contributions from European countries also feature prominently, but work from the Global South remains underrepresented. Although international collaboration accounts for nearly a third of the output, cooperation across continents is fragmented, leaving space for more diverse, cross-regional research initiatives.

What are the main themes driving this research?

The thematic clusters emerging from the study provide a clear picture of where scholars have directed their attention. Central to the field are long-standing issues around access to finance, reflecting the persistent barriers women entrepreneurs face in securing loans, credit, and investment capital. Research also emphasizes the importance of financial literacy, recognizing that knowledge and education are essential to navigating financial systems and ensuring long-term financial health.

Another major theme is financial well-being itself, encompassing not only economic stability but also the broader quality of life dimensions tied to entrepreneurship. Studies increasingly examine how women balance business responsibilities with household and social roles, highlighting the dual pressures many female entrepreneurs confront.

In recent years, digital finance and fintech have emerged as a rapidly expanding area of study. Researchers are analyzing how digital platforms, mobile banking, and technology-driven services are opening new pathways for women to participate in financial markets. This theme links closely to global sustainability efforts, especially the United Nations’ Sustainable Development Goal 8, which calls for inclusive and sustainable economic growth.

While these themes demonstrate the breadth of current research, the bibliometric analysis also exposes important gaps. There is little work examining intersectionality, meaning how factors such as class, ethnicity, and location intersect with gender to shape financial well-being. Policy analysis is similarly limited, with few studies evaluating the real-world effectiveness of government or international programs designed to close gender gaps in finance. The integration of sustainability, social justice, and long-term impact into research agendas also remains inconsistent.

Where should future research go?

The findings provide both encouragement and caution. On one hand, the rapid growth in scholarship reflects a heightened recognition of women entrepreneurs’ role in economic development. On the other hand, the fragmented nature of the literature and the geographic skew toward developed countries mean that much of the global picture remains incomplete.

Future work, the authors suggest, should address three major fronts. First, expanding collaboration networks across continents would allow the field to incorporate perspectives from regions currently underrepresented, particularly Africa, Latin America, and parts of Asia. Greater diversity in research would also help ensure that findings are relevant to the varied contexts in which women entrepreneurs operate.

Second, studies need to move beyond descriptive analysis to examine the effectiveness of specific policies, interventions, and financial products. This includes assessing whether microfinance programs, literacy campaigns, or fintech solutions actually deliver measurable improvements in financial well-being. Longitudinal research designs would be especially valuable in capturing the sustained effects of these initiatives.

Third, interdisciplinary approaches are essential. Financial well-being is not only an economic issue but also a social and psychological one. Incorporating perspectives from sociology, psychology, and public policy could enrich understanding and lead to more comprehensive strategies for promoting inclusion. The authors also point to related constructs such as financial anxiety, fragility, and competence as areas that deserve further exploration.