The Financial Management Behavior Scale: Development and Validation

17 Pages Posted: 16 May 2012

See all articles by Jeffrey Dew

Jeffrey Dew

Utah State University - College of Education and Human Services - Family Studies

Jing Jian Xiao

University of Rhode Island

Date Written: 2011

Abstract

Although research on financial management behavior is common, few financial management behavior scales exist that are simultaneously multi-dimensional, psychometrically validated, and validated using nationally representative data. Using data from a nationally representative sample of adults, this study developed and examined the psychometric properties of a new scale of financial management behaviors. The Financial Management Behavior Scale (FMBS) displayed adequate reliability (alpha = .81). The FMBS was highly associated with other measures of financial management behaviors and was predictive of participants’ actual levels of savings and consumer debt. These findings suggest that the full FMBS is a reliable and valid measure of financial management behaviors, though the subscales need refinement.

Keywords: financial behavior, measurement, psychometrics

Suggested Citation

Dew, Jeffrey and Xiao, Jing Jian, The Financial Management Behavior Scale: Development and Validation (2011). Journal of Financial Counseling and Planning, Vol. 22, No. 1, p. 43, 2011, Available at SSRN: https://ssrn.com/abstract=2061265

Jeffrey Dew (Contact Author)

Utah State University - College of Education and Human Services - Family Studies ( email )

Logan, UT
United States

Jing Jian Xiao

University of Rhode Island ( email )

Transition Center
Kingston, RI 02881
United States
401-874-2547 (Phone)
401-874-4020 (Fax)

HOME PAGE: http://www.uri.edu/hss/hdf/faculty/JingJXiao.htm

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