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).
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
GEOGRAPHIES TESTED:
POPULATIONS INCLUDED:
Female
AGE RANGE:
Adults
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
Qualitative Research
Existing Literature/Theoretical Framework
Field Expert Input
Cognitive Interviews / Pilot Testing
Internal
Test-retest
Interrater
Content
Face
Criterion (gold-standard)
Construct
Total Score: 4.00/8 Points (MEDIUM)
For more details, see Scoring Methodology