The Nexus of Spending and Saving Decisions: A Systematic Literature Review and Bibliometric Analysis

Balancing household consumption and saving has become an increasing concern amid global economic uncertainty. This study conducts a systematic literature review following the SPAR-4-SLR protocol, employing a mixed-methods approach that integrates bibliometric analysis and content analysis grounded in the TCCM framework. A total of 145 peer-reviewed articles published between 1994 and May 2025 in the WoS database were reviewed. Bibliometric results indicate a consistent rise in publications, with the most influential studies published in leading journals and primarily originating from developed countries such as the United States and the United Kingdom. Keyword co-occurrence analysis reveals that demographics, income and wealth, uncertainty, life cycle dynamics, and interest rate fluctuations form the foundational research themes. Emerging areas include financial education, behavioral and psychological factors, and cultural differences. Content analysis highlights that the Life Cycle–Permanent Income Hypothesis and the Precautionary Saving Theory are the most frequently applied fundamental theories. Influencing factors are classified into five categories comprising 50 variables: socio-environmental, household economic, demographic, psychological, and attitudinal. Regression analysis based on large-scale secondary datasets remains the dominant methodological approach. Finally, guided by the TCCM framework, this review identifies key theoretical tensions, methodological gaps, and contextual limitations, and outlines a structured research agenda. The findings advance the understanding of household financial behavior and offer actionable insights for policymakers, educators, and financial practitioners.