Incharge Financial Distress/Financial Well-Being Scale: Development, Administration, and Score Interpretation

17 Pages Posted: 26 Mar 2013

See all articles by Aimee Prawitz

Aimee Prawitz

Northern Illinois University

E. Thomas Garman

Virginia Polytechnic Institute & State University

Benoit Sorhaindo

InCharge Education Foundation

Barbara O'Neill

Rutgers University - Rutgers Cooperative Extension

Jinhee Kim

University of Maryland - Department of Family Science

Patricia Drentea

Department of Sociology

Date Written: 2006

Abstract

This article describes development of the InCharge Financial Distress/Financial Well-Being Scale, designed to measure a latent construct representing responses to one’s financial state on a continuum ranging from overwhelming financial distress/lowest level of financial well-being to no financial distress/highest level of financial well-being. It describes a formative Delphi study, validity criteria and testing, factor analysis, Cronbach’s alpha coefficients, administration instructions, norming of the data and score interpretation, and implications for use.

Keywords: economic stress, financial distress, financial stress, financial well-being, personal finance

Suggested Citation

Prawitz, Aimee and Garman, E. Thomas and Sorhaindo, Benoit and O'Neill, Barbara and Kim, Jinhee and Drentea, Patricia, Incharge Financial Distress/Financial Well-Being Scale: Development, Administration, and Score Interpretation (2006). Journal of Financial Counseling and Planning, Vol. 17, No. 1, 2006, Available at SSRN: https://ssrn.com/abstract=2239338

Aimee Prawitz (Contact Author)

Northern Illinois University ( email )

1425 W. Lincoln Hwy
Dekalb, IL 60115-2828
United States

E. Thomas Garman

Virginia Polytechnic Institute & State University ( email )

250 Drillfield Drive
Blacksburg, VA 24061
United States

Benoit Sorhaindo

InCharge Education Foundation ( email )

2101 Park Center Drive
Suite 310
Orlando, FL 32835
United States

Barbara O'Neill

Rutgers University - Rutgers Cooperative Extension ( email )

55 Dudley Road
New Brunswick, NJ 0801-8520
United States

Jinhee Kim

University of Maryland - Department of Family Science ( email )

College Park
College Park, MD 20742
United States

Patricia Drentea

Department of Sociology ( email )

Birmingham, AL 35233
United States

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