Financial Self-Efficacy Scale (FSES)
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
PSYCHOMETRIC SCORE
GEOGRAPHIES TESTED:
POPULATIONS INCLUDED:
Female
AGE RANGE:
Adults
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:
Qualitative Research
Existing Literature/Theoretical Framework
Field Expert Input
Cognitive Interviews / Pilot Testing
Internal
Test-retest
Interrater
Content
Face
Criterion (gold-standard)
Construct
Psychometric Scoring
Total Score: 4.00/8 Points (MEDIUM)
Citation Frequency
KEY
FULL POINTS
PARTIAL POINTS NOT ASSESSED NOT APPLICABLEFor more details, see Scoring Methodology
