Financial Self-Efficacy Scale (FSES)

The Financial Self-Efficacy Scale (FSES) is a 6-item measure of an individual's self-perceived capacity to manage their finances and their confidence to do so. The scale was developed by Lown (2012) and was validated for a sample of adult Australian women by Farrell, Fry, & Risse (2016).


ITEMS:

1. It is hard to stick to my spending when unexpected expenses arise.
2. It is challenging to make progress towards my financial goals.
3. When unexpected expenses occur, I usually have to use credit.
4. When faced with a financial challenge, I have a hard time figuring out a solution.
5. I lack confidence in my ability to manage my finances.
6. I worry about running out of money in retirement.

Response Options:
Exactly true - 1
Moderately true - 2
Hardly true - 3
Not true at all - 4

CATEGORIES:


GEOGRAPHIES TESTED:

Australia

POPULATIONS INCLUDED:
Female

AGE RANGE:
Adults

DOWNLOAD MEASURE

Scoring Procedures:

Each participant’s scores for the six items were summed to produce a total score that could range from a minimum value of 6 to a maximum value of 24. Higher scores correspond to higher levels of perceived financial self-efficacy.

PRIMARY CITATION:

Farrell, L., Fry, T. R., & Risse, L. (2016). The significance of financial self-efficacy in explaining women’s personal finance behaviour. Journal of Economic Psychology, 54, 85-99. https://doi.org/10.1016/j.joep.2015.07.001

Psychometric Score:

FORMATIVE RESEARCH

 Qualitative Research

 Existing Literature/Theoretical Framework

 Field Expert Input

 Cognitive Interviews / Pilot Testing

RELIABILITY

 Internal

 Test-retest

 Interrater

VALIDITY

 Content

 Face

 Criterion (gold-standard)

 Construct

Psychometric Scoring

MEDIUM
Total Score: 4.00/8 Points (MEDIUM) 

Citation Frequency

HIGH

KEY

 FULL POINTS
 PARTIAL POINTS
 NOT ASSESSED
 NOT APPLICABLE

For more details, see Scoring Methodology

You have successfully registered

There was an error while trying to send your request. Please try again.

EMERGE will use the information you provide on this form to be in touch with you and to provide updates and marketing.