The multidimensional subjective financial well-being scale for emerging adults: Development and validation studies

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15 Citations (Scopus)

Abstract

After the 2008 economic crisis, the financial condition of youth has become a frequent research topic and the need for an instrument measuring financial constructs relevant for this stage of life is increasing. The current paper consists of four studies aiming to develop and validate an instrument measuring subjective financial well-being in a population of European emerging adults. The first study collected qualitative data – performing interviews with experts and the target population – in order to contextualize the construct. Based on these results, we developed the initial 44-item version of the scale. The second study aimed to test the psychometric characteristics of these items. There were 25 items measuring five different aspects of subjective financial well-being (general subjective financial well-being, money management, peer comparison, having money, financial future) with acceptable psychometric properties. The third study aimed to collect validity evidence about the newly developed scale. Five different kinds of evidence suggested that the scale is a good measure of subjective financial well-being. The last study tested measurement invariance between the Portuguese and Italian versions of the scale. Results suggested that the Multidimensional Subjective Financial Well-being Scale works well in both countries.
Original languageEnglish
Pages (from-to)466-478
Number of pages13
JournalInternational Journal of Behavioral Development
Volume43
DOIs
Publication statusPublished - 2019

Keywords

  • Emerging adult
  • cross-cultural
  • financial well-being
  • scale development
  • validation

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