Health financial resilience in individuals and households: a scoping review of components, strategies and outcomes.

Background: Financial resilience, the ability to withstand and recover from financial shocks, has become increasingly critical amid economic volatility, rising healthcare costs, and global crises such as the COVID-19 pandemic. While prior research has explored broad determinants of financial resilience.

Methods: Following the Arksey and O'Malley framework, this review systematically mapped literature from multiple databases (PubMed, Scopus, Web of Science, EconLit) and Google Scholar search engine from 1990 to 2024. Inclusion criteria focused on studies discussing financial, resilience components, strategies and outcomes in individuals or households. Data were extracted and analyzed thematically.

Results: A comprehensive search strategy was developed to identify relevant studies across multiple databases, including PubMed, Scopus, Web of Science, EconLit.The review included 30 studies from 15 countries, highlighting four key components of financial resilience: economic resources, financial knowledge and behavior, social capital, and access to financial services. Common strategies to enhance resilience included income diversification, savings, borrowing, reducing expenditures, and leveraging social networks. Outcomes of financial resilience included reduced financial fragility, improved life satisfaction, and enhanced financial stability. High-income countries emphasized financial literacy and planning, while low- and middle-income countries relied more on informal coping mechanisms like borrowing and asset sales. Some coping strategies have been used in times of illness.

Conclusion: Financial resilience is a multidimensional construct influenced by economic resources, financial knowledge, social capital, and access to financial services. Policymakers should prioritize financial literacy, expand access to financial services, and strengthen social safety nets to promote financial resilience, particularly among vulnerable populations, such as low-income individuals and the sick. Future research should explore the intersectionality of financial resilience and the role of digital financial services in enhancing resilience. Policymakers and financial institutions should focus on promoting financial literacy, expanding access to financial services, and strengthening social safety nets to support individuals and households in building financial resilience.