When individuals make decisions, there are numerous factors that influence their opinions within the risk-return relationship. At times, investors engage in risky investments to achieve higher returns, while other times they prefer situations with lower risk without considering returns. Identifying the factors influencing these situations will facilitate investors in making more optimal decisions, thus preventing unforeseen losses. This study aims to determine which studies in the literature related to financial literacy, financial risk, and time perception, which are thought to have an impact on investment decisions, exist; and what findings have been obtained. Thus, it is aimed to guide researchers in this field towards new studies. Increasing individuals’ awareness in financial matters, improving their knowledge and skills regarding financial products, services, and concepts, helps them use these financial resources more effectively. The desire to view the future with concern and as a source of empowerment will influence individuals’ savings tendencies and hence their financial decisions. Therefore, when evaluating individuals’ perspective on time, the socio-economic context in which they are situated must be well defined. Otherwise, the results obtained may be misleading. Individuals’ internal emotions and thoughts, and even collectively their personalities, are the most fundamental factors influencing them at the moment of decision. An individual with good financial knowledge and a tolerance for risk will, in the subsequent process, decide when to act on this and take into account when they will achieve a better return. Therefore, when a person’s personality traits merge with their perception of time, they will make an investment either instantly or at a later time. In this context, information will also be obtained about how the individual uses their savings when making this decision.